How to Buy Cryptocurrency in Panama

Buying cryptocurrency in Panama

Buying cryptocurrency in PanamaPanama’s lawmakers will begin analyzing a draft bill which aims to regulate cryptocurrencies in the country. The bill was presented to the Commerce Commission of Panama’s National Assembly by the local deputy (MP), Rolando Rodríguez. The MP wants the bill to create a framework for Panama companies that want to conduct business with digital assets like Bitcoin (BTC). He even voiced his concerns over Panama’s lagging in this department compared to other nations. La Estrella de Panama reports that the MP is eager to pursue a plan focused on the digitalization of Panama’s economy. Rodríguez also believes in the urgency to regulate the crypto environment in the country while the system aids the growth of the economy. Additionally, the MP emphasized that the bill strives to secure financial freedom for all Panamanians that can’t access the traditional banking system. He thinks it’s high time that Panama adopts more crypto-friendly policies.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Panama. 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

Bitfinex

Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.

Pros
  • Very low trading fees
  • Large range of coins and trading pairs
  • High liquidity
Cons
  • Slow account verification
  • Two major hacks
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Kucoin

Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

Changelly

Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.

Pros
  • Non-custodial exchange
  • Great way to switch altcoins
  • Doesn’t require extensive KYC
  • 2FA security and high exchange limit
Cons
  • A high transaction fee of 0.5%
  • Unclear owners
  • Sometimes their service is quite slow
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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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