Cryptocurrencies have been steadily gaining popularity in Chile. It is estimated that about 2% of the country’s population owns cryptocurrency. Peer-to-peer Bitcoin trading volumes reached a record 580 thousand Chilean pesos (CLP). There are local cryptocurrency exchanges that have been steadily growing as more and more people in Chile get into crypto trading.
As the number of Bitcoin exchanges in Chile keeps increasing, it can be difficult to keep track of them and figure out which one is the best option for you. To help you know more about this, we have compiled this list of the best crypto exchanges in Chile.
7 Best Crypto Exchanges in Chile
Buda
Buda is a cryptocurrency exchange developed in Chile that mainly caters to traders in South America. This platform has deep liquidity and 99.9% uptime. It keeps over 90% of the funds in cold storage i.e. vaults that are not connected to the internet for security.
Buda is KYC-compliant and also runs a referral program where you can get 20% of your friends’ payments as commission if they join with your reference. There is a mobile app available for both Android and iOS devices with which you can view your investment portfolio anywhere.
Features
✔️Home-grown exchange
✔️5 cryptocurrencies available
✔️Android and iOS apps available
✔️Offline vaults for the security of funds
Pros and Cons
✅Supports CLP ❌Limited cryptocurrencies available
✅High liquidity exchange
✅KYC-compliant platform
✅Referral program for users
Trading Fees
Trading fees for Buda
Customer Reviews
Buda is an exchange popular among users in South America
Trading on Buda can be expensive
Why We Picked It
Buda is a local cryptocurrency exchange that caters specifically to the needs of Chilean traders. It offers deep liquidity and fast transaction settlement speeds. The exchange supports Bitcoin purchases with CLP and you can also do bank transfers here.
Binance
Binance is a solid platform if you want to trade cryptocurrencies and do something a bit more. Here, you get to buy, sell and trade over 350 cryptocurrencies for fees as low as 0.1%. With that, you should also check out the various trading options that Binance offers.
It supports not just spot trading but also margin and P2P trading, swap farming, and derivatives trading and provides OTC services.
With Binance, you can earn passive income on your crypto assets that would otherwise be lying idle. You can also easily trade like a pro here with the help of trading bots. These bots automate your trades and investments and replicate trending strategies.
For institutional investors, Binance has premium solutions including asset management and custody services. They also get rebates for trading in the spot and futures markets. Crypto lending is popular on Binance as you can get loans that are secured by your crypto assets.
Features
✔️350+ cryptocurrencies available for trading
✔️Biggest cryptocurrency exchange
✔️BNB Coin is the native token
✔️Spot, margin and futures trading supported
Pros and Cons
✅Fantastic crypto collection ❌Legal troubles in many places
✅Fast transactions ❌Exchange not suitable for beginners
✅Inexpensive trades
✅Trading bots to automate trades
Trading Fees
Trading fees for Binance
Customer Reviews
Binance is a good option for crypto transactions
Binance’s customer support can be better
Why We Picked It
Binance gives a multitude of options to both individual and institutional investors. You can get cryptocurrencies at low prices here, use BNB to get discounts on fees and access many crypto-earning services. Binance also supports P2P trading if you prefer to negotiate directly with other crypto traders.
Coinbase
If you find Binance intimidating, Coinbase might be a better fit for you. Everything is very simple here, right from the registration process. Make an account on the platform, get your KYC confirmed and you are good to go. After that, you can buy or sell cryptocurrency in just a few steps with the “Buy/Sell” option.
If you ever get stuck in the way, Coinbase comes to the rescue with its extensive collection of tutorials to assist you in every step. Apart from buying, selling and trading crypto assets, you can also stake them here to earn passive income.
Coinbase’s Learn section is a gem if you want to learn more about cryptocurrency and blockchain technology. Here, you can also earn additional rewards by completing courses and doing quizzes.
Features
✔️More than 250 assets available for trading
✔️Second-largest cryptocurrency exchange
✔️Basic and pro platforms for different traders
✔️Offers consultancy services for institutions
Pros and Cons
✅Publicly listed company ❌Basic version has higher fees
✅Compulsory KYC verification ❌Customer service is poor
✅Coinbase Pro has lower fees
✅Several tutorials and learning
resources
Trading Fees
Trading fees for Coinbase
Customer Reviews
Coinbase is a good platform for crypto transactions
ID verification on Coinbase can take a lot of time
Why We Picked It
Coinbase is an old and reliable platform. It has a straightforward interface that is very user-friendly and an excellent mobile app. Coinbase Pro gives you access to better and more advanced tools and you can also earn rewards on the platform by completing educational courses.
Kraken
One of the oldest cryptocurrency exchanges, Kraken offers its full services in Chile. It started with just Bitcoin, Litecoin, and Euro trades but now this exchange has over 200 cryptocurrencies for trading.
There are two versions of Kraken available- Basic and Pro. The basic platform is better suited to beginners who don’t want to do complex trading. Kraken Pro has advanced trading features such as stop orders and crypto short sales that align more with the needs of experienced traders.
On Kraken Instant Buy, there is no fixed fee and the same is decided by factors like market conditions, payment method, order size etc. Kraken Pro, on the other hand, simply follows the maker-taker model for charging fees.
When it comes to security, Kraken is ISO 27001 certified and enforces 2FA for account security. It encrypts emails used for communication and account recovery via phone or SMS is prohibited. The majority of the crypto assets are kept in cold storage with 24/7 surveillance.
Features
✔️200+ cryptocurrencies available
✔️Supports many fiat currencies
✔️Spot trading, pegged tokens, futures trading and FX pairs available
✔️2FA, cold wallets and encrypted communication for security
Pros and Cons
✅Sufficient number of coins ❌Not the best option for beginners
✅Has high liquidity ❌High fees on the basic version
✅High rewards on staking ❌History of cyber attacks
✅Extensive learning material
Trading Fees
Kraken Instant Buy fees explained
Kraken Pro fees explained
Customer Reviews
Kraken has a smooth process for withdrawals
Accounts may be closed on Kraken without prior notice
Why We Picked It
Kraken is an established and reputable platform with years of experience in facilitating crypto trading. It has a good cryptocurrency collection, supports many fiat currencies, offers high staking rewards and has several advanced features.
eToro
eToro is not exactly a full-on cryptocurrency exchange but more of a social trading platform. Therefore, along with cryptocurrencies, it offers other assets such as stocks and ETFs. eToro does not have the most extensive cryptocurrency collection but it makes up for that with many other interesting features.
The platform was one of the first places to offer copy trading with which you can imitate the strategies of other traders of your choice. You can copy just one trader or even build a team of multiple traders to make the most of your investment. eToro’s Smart Portfolio option further helps you diversify your portfolio and grow your assets.
It has a VIP Club whose members are entitled to certain perks and benefits depending on their membership levels. These benefits include things like reduced withdrawal fees, dedicated account managers and access to Trading Central.
Before actually committing to eToro, you can create a practice account on it via the demo trading feature to test out your strategies without involving real money.
Features
✔️75+ cryptocurrencies available
✔️Social trading and investment platform
✔️Stocks, crypto and ETFs available
Pros and Cons
✅Copy trading available ❌Less number of cryptocurrencies
✅Smart Portfolio ❌Fees are not very competitive
✅Demo trading option
✅Learning resources available
Trading Fees
eToro fees for cryptocurrency purchases
Wallet fees on eToro
Customer Reviews
eToro is a brokerage that is quite user-friendly
eToro has higher than average fees
Why We Picked It
eToro is a great platform for people who want to diversify their portfolios. It lets you trade crypto, stocks and ETFs in one place. You can also use its copy trading feature to copy the strategies of other traders and make the most of your investments.
Bybit
Bybit is a leveraged exchange focused mainly on margin and derivatives trading. However, it still offers a decent collection of pairs for spot trading. Leverage on Bybit are unique in the sense that they are freely adjustable i.e. you can change them even after a position has been opened.
This exchange also helps you to discover tools that are tailored specifically to your trading style. AI is used here to analyze your investment profile and then recommends trading tools based on that.
Bybit also has the option of liquidity mining wherein you can add liquidity to pools based on the automated market maker model. This lets you earn a yield which is derived from the trading fees every time a successful trade takes place.
Bybit also gives out crypto loans. Here, one type of crypto asset can be used as collateral for borrowing another asset. You can pay back these loans anytime with no penalties.
Features
✔️Over 280 spot trade pairs
✔️Leveraged exchange for derivatives trading
✔️Biggest USDC Options marketplace
✔️Available in 16+ languages
Pros and Cons
✅Good cryptocurrency selection ❌Unverified trade statistics
✅Freely adjustable leverage
✅Crypto loans available
Trading Fees
Bybit trading fees
Customer Reviews
Bybit has a fantastic interface
User accounts may be locked on Bybit
Why We Picked It
Bybit supports margin trading with some great and adjustable leverages. The exchange offers a great interface, fast transactions, low fees and many other features. If you want to earn a yield on your assets, you can also check out liquidity mining.
Crypto.com
With 80 million users, Crypto.com is one of the most well-known platforms for trading cryptocurrency. In the era where smartphones are used for everything, this exchange is proving to be particularly useful with its excellent mobile app.
Crypto.com gives you access to over 250 cryptocurrencies including the Cronos(CRO) token for trading. For margin trading, there are 500+ pairs available with some having up to 5x leverage. Additionally, you can check out perpetuals, quarterly futures and warrant contracts on Crypto.com
It also has a referral program that rewards users for inviting their friends to use the exchange. Crypto.com is an ISO 27001-certified platform that uses cold storage and multi-factor authentication(MFA) for security.
Features
✔️Over 250 cryptocurrencies available
✔️Native coin is known as Cronos(CRO)
✔️Crypto lending is supported
✔️Native crypto wallet
Pros and Cons
✅Great coin selection ❌Sparse educational resources
✅Over 20 assets for staking ❌Not a very good choice for beginners
✅Uses cold storage for assets
✅Referral program for users
Trading Fees
Trading fees for Crypto.com
Customer Reviews
Crypto.com has good options for trading cryptocurrency
Withdrawals can be an issue on Crypto.com
Why We Picked It
Crypto.com is full of intriguing features and offers many opportunities to make a profit. The trading fees here are quite competitive and it gives out discounts if you stake CRO. Crypto.com also rewards users for participating in its referral program and offers many lucrative staking opportunities.
4 Top P2P Exchanges in Chile
Paxful
If you are interested in P2P crypto trading, you must have heard of Paxful. It is a platform famous in several countries where it is difficult to use traditional channels to access cryptocurrency. Paxful enables crypto buyers and sellers to meet and directly engage with each other to buy and sell cryptocurrencies.
It provides support for 350+ payment methods including cash, online wallets and debit and credit cards. It even lets you set your own rate for selling Bitcoin.
Businesses can easily accept crypto payments from a global user base with the help of Paxful Pay. It charges a 1% transaction fee and guarantees no chargeback problems. Paxful also runs a program wherein you can invite other people to the platform and grow your network to earn rewards
Features
✔️Over 350 payment methods
✔️Buying and selling with BTC and USDT
✔️Supports escrow trading
✔️Native Paxful wallet to store BTC
Pros and Cons
✅Several payment methods ❌High sales fees
supported ❌Chances of scams
✅Biometric verification available
✅Rewards program for users
✅Zero fees
Trading Fees
Fees for Paxful
Customer Reviews
Convenience is a big strength of Paxful
Scams on Paxful can be a problem
Why We Picked It
Paxful lets you interact directly with potential crypto buyers and sellers. It supports multiple payment options which is a big plus for traders in Chile. Paxful Pay too has relatively low fees and you can earn nice rewards with the referral program.
UniSwap
Ethereum-based platform UniSwap is a famous one for direct crypto trading. Launched in 2018, it is the project responsible for starting the DeFi wave in the 2020s. This is primarily because UniSwap is one of the more accessible DeFi platforms in a world where such projects are known to be too difficult for the average trader.
UniSwap automates everything- from the creation of liquidity pools to the swapping of tokens. This system is called Automated Market Maker(AMM) and it helps to eliminate the need for intermediaries and reduces the risk of manipulation on the platform.
Therefore, to use UniSwap, all you need is a crypto wallet, some funds and then you have to connect it to the platform. No other information is needed and you can trade with proper privacy.
Features
✔️Created on the Ethereum network
✔️Employs the AMM protocol
✔️Native token is known as UNI
✔️Governed collectively by UNI holders
Pros and Cons
✅Get access to ERC-20 tokens ❌Coins are not vetted before listing
✅Ensures users’ privacy
✅Easy-to-navigate platform
✅Active bug bounty program
Trading Fees
Pool fees tiers for UniSwap exchange
Customer Reviews
UniSwap is an accessible DeFi platform even for the average trader
There is no system to review customer complaints on UniSwap
Why We Picked It
UniSwap is an established and popular decentralized cryptocurrency exchange. It has automated almost every process with AMM to reduce the possibility of price manipulation. You can instantly start trading the ERC-20 tokens available on UniSwap by connecting your crypto wallet.
PancakeSwap
PancakeSwap is a decentralized platform that was launched in 2020. It has since become an example of a successful DeFi project. This platform, apart from its “cute” aesthetic, has a lot to offer to different types of crypto traders
As PancakeSwap has been developed on the BNB Chain, it generally does not encounter problems like slowed-down transactions and high gas fees. It provides several BEP-20 tokens and a limited number of ERC-20 tokens for trading. With the help of PancakeSwap’s StableSwap feature, you can also reduce slippage and improve efficiency while swapping stablecoins.
Features
✔️Created on the BNB Chain network
✔️Four-tiered trading fee system
✔️Native utility token is known as CAKE
✔️CAKE holders govern the network
Pros and Cons
✅Non-custodial exchange ❌Bitcoin is not available
✅Access to many BEP-20 tokens ❌Issue of persistent scams
✅Efficient stable pair trades with
StableSwap
✅Staking in yield farms
Trading Fees
Trading fees for PancakeSwap exchange
Customer Reviews
PancakeSwap offers tokens at reasonable fees
Scams are a problem on PancakeSwap
Why We Picked It
Traders like PancakeSwap due to its cute aesthetic that makes crypto trading fun. You can swap a wide variety of BEP-20 tokens on PancakeSwap without encountering gas fee issues. You can also stake CAKE and other tokens in pools to earn passive income.
DODO
DODO is a DeFi exchange that uses the Proactive Market Maker(PMM) protocol to provide better liquidity and price stability to its users. It uses oracles which act as a link between blockchains and real-time data.
DODO is an efficient platform with low slippage, high liquidity and no impermanent loss issues. If you have a wallet, you can also build a liquidity market with the DODO Vending Machine.
Liquidity mining is simple here and has no lock-up period involved. This helps you to immediately redeem your assets and rewards anytime you want to.
Features
✔️Runs on the PMM protocol
✔️Native utility token is DODO Coin
✔️Private pools available for advanced traders
Pros and Cons
✅Minimal slippage ❌Fiat currencies cannot be used
✅No impermanent loss
✅Simple listing process
Trading Fees
DODO fee details
Why We Picked It
DODO addresses the limitations of AMM by utilizing the PMM model. It has high liquidity and offers a great DeFi experience to users. It has interesting products like DODO Vending Machine, private pools and NFT Vault that are definitely worth a look.
Is Crypto Legal in Chile?
For a long time, cryptocurrencies were unregulated in Chile. They were neither considered legal tender nor foreign currency and were, hence, outside the purview of any statutory or regulatory regime. This changed in January 2023 when the country passed a Fintech Law to regulate fintech services including crypto assets.
The Fintech Law provides the definition of crypto assets and virtual financial assets and regulates their use as a financial instrument and as a means of payment. Crypto assets as financial instruments are regulated by the Financial Market Commission(CMF).
The Central Bank of Chile is also empowered to issue regulations for crypto assets meeting minimum standards and conditions for security, reliability, acceptability and use.
Further, cryptocurrency exchanges are regulated as alternative trading systems under the new Fintech Law. Such platforms need to be registered with and authorized by the CMF to operate in the country.
On the taxation front, profit from buying and selling cryptocurrency is considered income for individuals and is subject to the Global Complementary or Additional Tax.
For legal entities too, profits from crypto-related activities are considered income and the First Category Tax and the Global Complementary or Additional Tax have to be paid on them.
Conclusion
Cryptocurrencies have officially been brought under the regulatory net in Chile with the country’s new Fintech Law. This is good news for Chilean traders who can now legally trade cryptocurrencies on the many crypto exchanges operating in the country. There are even home-grown exchanges available offering a variety of options to traders.
Still, crypto trading remains a highly speculative and risky affair and it is always better to consult a professional before investing money in crypto assets.