How to Buy Cryptocurrency in Samoa

Buying cryptocurrency in Samoa

Buying cryptocurrency in SamoaIn 2019, the Central Bank of Samoa reminded the country’s citizens that all promoters of cryptocurrencies who want to promote them or deliver presentations in Samoa must first receive approval from the bank. This statement is in agreement with the Money Laundering Prevention Act 2007. Cryptocurrency promoters that violate this Act could face imprisonment or a penalty fine, or both. The Central Bank of Samoa also wished to remind the citizens that any form of cryptocurrency (virtual currencies like OneCoin, Ethereum, Lite Coin, etc.) aren’t currencies regulated or issued by this bank. Furthermore, they aren’t legal tender, so they can’t be accepted as currency. The bank added that because of their volatile nature those who wish to invest in cryptocurrencies do so at their own risk. However, the Central Bank has recognized the potential of blockchain technology and FinTech, and is testing it as a financial inclusion platform in Samoa.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Samoa. 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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