How to Buy Cryptocurrency in Mongolia
Buying cryptocurrency in Mongolia
Mongolia has turned into a cryptocurrency hub for mining as companies struck by the 2018 Bitcoin crash discover opportunities in a country which offers promising conditions – cheap electricity and cold water. In an underground structure located in the state capital, Ulaanbaatar, there have been sightings of large amounts of crypto mining equipment. This location is one of the two Ginco (an e-wallet company based in Tokyo) headquarters in the city. Energy price is a crucial factor that affects profits from crypto mining. With prices at around a third of Japanese rates and lower than those in China, Mongolia offers the possibility of higher profits for crypto miners. The country’s cold weather also facilitates the process of cooling the mining computers. According to Ginco, Mongolia is considered one of the very few countries where miners are still able to generate decent profits from crypto mining, along with Sweden and the U.S.
As of 20/03/2021
These exchanges all accept customers from Mongolia. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesnâ€™t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options