How to Buy Cryptocurrency in Samoa

Buying cryptocurrency in Samoa

Buying cryptocurrency in SamoaIn 2019, the Central Bank of Samoa reminded the countryís 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.) arenít currencies regulated or issued by this bank. Furthermore, they arenít legal tender, so they canít 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

Bybit

Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.

Pros
  • Advanced and secure technology
  • Anonymous accounts
  • Attractive trading bonuses
  • Very low fees
Cons
  • Limited asset coverage
  • No option instruments
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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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