Cryptocurrency has been gaining popularity in Venezuela as the country battles hyperinflation, sanctions and an economic crisis. The falling value of the Venezuelan Bolivares(VEF) has made people turn towards cryptocurrencies like Bitcoin and Ethereum and stablecoins like Tether(USDT).
Crypto trading is legal in Venezuela and a regulatory framework was established in 2018 to govern the growing industry. Therefore, traders in the country can use a cryptocurrency exchange to access Bitcoin and other crypto assets. However, due to sanctions, a number of platforms may impose restrictions on the features available to Venezuelan traders.
Here, we present a list of the best crypto exchanges in Venezuela to help you learn more about the cryptocurrency exchanges operating in Venezuela.
6 Best Cryptocurrency Exchanges in Venezuela
Kraken
San Francisco-based Kraken is a major international cryptocurrency exchange popular in Venezuela. Here, you can create an account for free and then easily buy and sell 200+ cryptocurrencies. It also offers some good staking opportunities for interested users. You can invest in bonded or flexible products as per your liking and earn some good rewards.
For seasoned traders, Kraken has a Pro version with more advanced trading options. Here, you can do spot and margin trading with lower spreads as compared to the basic version. You can do margin trading with upto 5x leverage on Kraken Pro and even trade 70+ futures contracts.
Fees on Kraken Instant Buy are determined by dynamic factors such as order size, market conditions, and payment method etc., Kraken Pro simply uses the maker-taker model for the same.
To maintain transparency, Kraken publishes its Proof-of-Reserves audit results on its website which can be verified by anyone. It also runs a bug bounty program where anybody who reports a bug is rewarded as per the severity of the vulnerability reported.
Features
✔️200+ cryptocurrencies available
✔️Has two versions- Basic and Pro
✔️Spot, margin and futures trading available
✔️Publically available proof-of-reserves reports
Pros and Cons
✅Decent coin selection ❌Costly Kraken Instant Buy
✅Lower fees on Kraken Pro ❌Funding restrictions in Venezuela
✅Staking opportunities
✅Bug bounty program
Trading Fees
Kraken Instant Buy fees breakdown
Kraken Pro fees breakdown
Customer Reviews
Kraken has really fast and smooth withdrawals
ID verification on Kraken can be a tedious process
Why We Picked It
Kraken is a good platform for intermediate and above-level traders due to the several trading types available combined with the low fees especially on Kraken Pro. It is transparent about its reserves and the proof-of-reserves audit reports are available on the Kraken website.
Bybit
Bybit, the world’s largest USDC Options market is also one of the top cryptocurrency exchanges as per CoinMarketCap. For spot trading, Bybit has a great collection of spot trading pairs and also has spot grid bots that can execute trades on your behalf.
There are many flexible and fixed-term products here that you can choose from to customize your savings plan. Pretty much all these products have competitive and guaranteed APYs. The VIP levels are charged lower fees on Bybit as compared to the non-VIP levels.
For safety reasons, data access is strictly controlled on Bybit. Only the users can access their private information. Bybit further employs 2FA, human-computer authentication and hardware authentication to secure user accounts and the platform.
Features
✔️One of the fastest-growing centralized exchanges
✔️270+ spot assets are available
✔️Spot trading, perpetual trading and options trading supported
✔️Multi-lingual platform
Pros and Cons
✅Extremely low trading fees ❌Trade volume statistics unverified
✅Fast transaction settlements
✅Intuitive interface design
Trading Fees
Details of Bybit fees
Customer Reviews
Bybit has a vibrant social community for crypto trading
Reports of Bybit freezing often
Why We Picked It
Bybit supports multiple order types, has low trading fees and supports P2P trading. It has a native crypto wallet and it also maintains an insurance fund to protect user assets. Bybit has never been hacked and this has helped it build its image as a safe crypto trading platform.
OKX
Formerly known as OKEx, OKX is a Seychelles-registered exchange founded by Star Xu. With 350+ crypto coins, it has a healthy collection of cryptocurrencies for users to choose from.
OKX is a platform that is easy to navigate and hence, it is quite beginner-friendly. Beyond basic buy/sell transactions, you can also stake your crypto assets in OKX mining pools and earn some income. OKX supports spot, margin and derivatives markets and you can explore DApps too on the exchange.
OKX’s fee structure is a little complex as users are categorized as Regular and VIP and then further divided into multiple categories to determine trading fees.
OKX uses cold storage to keep most of the user funds for security. Still, only 1,000 BTC are kept in one wallet address. It also maintains an asset risk reserve and encourages users to switch on 2FA, anti-phishing code and mobile verification for security.
Features
✔️Over 400 cryptocurrencies available
✔️Native blockchain isvOKX Chain and native token is OKB
✔️OKX Wallet supports multiple networks
✔️Customizable layout on advanced platform
Pros and Cons
✅Spot, futures and options trading supported ❌Several scandals
✅Several payment methods involving the company
✅High APYs on asset staking ❌Fee structure is complex
✅Demo trading feature
Trading Fees
Details of OKX fees
Customer Reviews
OKX is a very easy-to-use crypto trading platform
Spam is a major problem on OKX
Why We Picked It
OKX’s interface makes it easy to use on both desktop and mobile. This exchange is a good option for beginners due to its simplicity and ease of navigation. It has an extensive FAQ section, low trading fees and even a demo trading mode.
Bitstamp
Bitstamp, which was founded in 2011, is one of the oldest cryptocurrency exchanges out there. It is a heavily regulated platform and holds a whopping 50 licenses and registrations in various jurisdictions globally. Although it only has around 80 cryptocurrencies, Bitstamp makes up for that with its simple maker-taker fee structure.
Plus, Bitstamp is one of the best exchanges if you are new to cryptocurrency. There isn’t anything fancy and it delivers on what it promises- an easy, fast and reliable trading experience. Bitstamp also has a mobile app with which you can trade on the go.
Bitstamp has quite competitive trading fees which keep on going down as the trade volume increases.
Like most cryptocurrency exchanges, Bitstamp keeps 95% of the crypto assets in offline cold storage and encrypts all personal data. It also enables address whitelisting and transaction confirmations for added security.
Features
✔️80+ cryptocurrencies available
✔️One of the oldest cryptocurrency exchanges
✔️Offline storage for funds
Pros and Cons
✅Low trading fees ❌Limited cryptocurrencies available
✅Easy to navigate ❌No margin trading
✅Solid mobile app
Trading Fees
Bitstamp fees explained
Customer Reviews
Bitstamp is a basic but trusted exchange
Withdrawals can be an issue on Bitstamp
Why We Picked It
Bitstamp has been in the game for a long time and is a heavily regulated platform. While it is not loaded with features, it is easy to use and enough to help you get acquainted with cryptocurrency trading.
KuCoin
Check out KuCoin if you want an exchange with a massive cryptocurrency collection. There’s a lot to explore here and you might even find a few gems. KuCoin’s low fees along with the 20% discount it offers for paying with KCS make it an option worth considering.
In order to foster a global crypto community, KuCoin supports over 20 major languages on its platform. It employs the maker-taker model for determining trading fees. The highest rate is 0.10% and it only goes down from there. Plus, you can get 20% off for using KCS for payments.
Along with spot, futures and margin trading, you can also lend your crypto holdings to other traders on KuCoin. With KuCoin Earn, you can invest your crypto assets in several flexible and fixed-term products.
Features
✔️More than 700 cryptocurrencies available
✔️Multi-lingual platform
✔️Native coin is KuCoin Token(KCS)
Pros and Cons
✅Enormous crypto selection ❌Complex fee structure
✅Multiple order types ❌Glitchy trading bots
✅Earning opportunities
✅Limited trading without KYC
Trading Fees
KuCoin fees breakdown
Customer Reviews
KuCoin’s massive cryptocurrency collection is a major attraction
KuCoin’s customer service is poor
Why We Picked It
Apart from its cryptocurrency collection, KuCoin is known for the several order types and advanced features it supports. It is available in over 20 languages which has helped it in fostering a global crypto community.
Gate.io
Gate.io is a cryptocurrency exchange known for its massive cryptocurrency collection. At over 1,400 coins, the variety on Gate.io is unparalleled. This exchange also supports around 20 fiat currencies which is much more than the average crypto exchange.
Gate.io supports spot, margin and derivatives trading and also features ETFs. It also has a strategy bot to automate your trades and increase profits. At the same time, copy trading enables you to copy the strategies of top traders and automatically execute them.
Gate.io also has an NFT marketplace where you can explore different types of NFTs, mint your own tokens and earn income via royalty on them.
Features
✔️Over 1,400 digital assets available
✔️Spot, margin, derivatives trading and ETFs available
✔️Has an NFT marketplace
✔️Native token is Gate Token(GT)
Pros and Cons
✅Giant coin collection ❌Previous hacking incidents
✅20+ fiat currencies supported
✅Strategy bot for automating trades
✅NFT marketplace to explore and mint
tokens
Trading Fees
Gate.io fees explained
Customer Reviews
Users find buying and selling easy on Gate.io
Gate.io’s KYC process can be difficult
Why We Picked It
Gate.io is suitable for users who have some prior experience with crypto trading and want an exchange with a diverse coin collection. Users interested in NFTs can mint and sell tokens. It also supports copy trading where you can use the strategies of top traders for your trades.
5 Top P2P Exchanges in Venezuela
Remitano
Launched in 2016, Remitano is a P2P exchange which claims to take less than 1 minute to complete trades. Its unique aspect is that categorizes traders according to their country of residence and the bank they use to ensure swift transactions. You can, therefore, instantly complete transactions with bank transfers on Remitano.
It does not charge any fees for buying and selling BTC and ensures quick deposits and withdrawals for a smooth trading experience. Remitano charges a 0.5% fee for stablecoin/fiat pairs and a higher fee for exchanging fiat with other coins. Also, it is a good idea to verify your KYC on Remitano as higher KYC levels bring additional benefits for users.
Features
✔️30+ cryptocurrencies available
✔️Supports crypto lending
✔️Learn and Earn scheme
✔️Native token is RENEC
Pros and Cons
✅Easy to use platform ❌Locking of accounts
✅KYC-compliant exchange
✅Offers learning rewards
✅Referral program
Trading Fees
Remitano fees
Customer Reviews
Remitano is an easy-to-use platform
Remitano may lock user funds
Why We Picked It
You can instantly buy cryptocurrency on Remitano. It has an attractive referral program as an incentive for users and gives added benefits with higher KYC levels. There are also other services such as crypto lending, and swing and learn and earn available.
UniSwap
Whenever we mention decentralized exchanges for trading cryptocurrency, UniSwap is almost always mentioned. And for good reason. It is the DeFi project of all DeFi projects. It is the platform that launched the craze for similar ‘swap’ platforms.
On UniSwap, you can access tons of ERC-20 tokens to swap without ever sacrificing your privacy. Yes, unlike centralized exchanges, you don’t need to share your private information to trade on UniSwap. All that is required here is a crypto wallet and some balance.
Everything is automated on UniSwap with the help of the Automated Market Maker(AMM) protocol and you can create permissionless pools for any ERC-20 token. You can provide liquidity to the platform by depositing tokens in these pools. In return, you are given a portion of the trading fees as compensation.
Features
✔️Project developed on the Ethereum blockchain
✔️Uses Automated Market Maker system
✔️Native coin is known as UNI
✔️Compatible with wallets like Metamask, Trust wallet etc.
Pros and Cons
✅ERC-20 token swapping ❌Does not vet coins
✅Easy to use platform ❌Does not have customer support
✅Non-custodial exchange
✅No registration needed
Trading Fees
UniSwap trading fees
Customer Reviews
UniSwap is a good decentralized exchange
There is no system for complaints on UniSwap
Why We Picked It
UniSwap is a very popular decentralized exchange largely because it is easy to use with reasonable pool fees and high liquidity. The fees paid on UniSwap are proportional to the risk of the pair being swapped. Further, you only need a crypto wallet to trade on UniSwap.
PancakeSwap
PancakeSwap was launched in 2020 along with many other similar ‘swap’ projects. While it is quite similar to UniSwap, it also addresses the limitations of the latter in some ways. Ethereum-based platforms are often plagued by network congestion issues and as a result, have high gas fees. Hence, PancakeSwap runs on the BNB Chain and not Ethereum.
PancakeSwap’s food-based theme and attractive design make trading fun and accessible. For instance, its native token is called ‘CAKE’ and CAKE can be staked in ‘syrup’ pools. CAKE Bridging is also possible here between Ethereum, Aptos and BNB Chain.
With PancakeSwap’s v3 upgrade, its single fee rate of 0.25% has been replaced by four fee tiers of 0.01%, 0.05%, 0.25% and 1%. You can now also set custom price ranges when providing liquidity to the platform for better efficiency.
Features
✔️Project developed on the BNB Chain
✔️Four-tiered pool fee system
✔️Utilizes Automated Market Maker protocol
✔️Native coin is known as CAKE
Pros and Cons
✅BEP-20 token swapping ❌Issue of scams and phishing attempts
✅Has permissionless pools ❌Coins are not vetted
✅User control over private keys
✅Capital efficient exchange
Trading Fees
Trading fees for PancakeSwap
Customer Reviews
PancakeSwap’s CAKE pools are liked by users
There is no quality check for tokens on PancakeSwap
Why We Picked It
PancakeSwap is an innovative and fun platform for trading cryptocurrency. With its v3, the platform now provides more ranges for trading fees and overall more capital efficiency and lower slippage. The token CAKE can be staked in syrup pools to earn passive income on idle assets.
Curve Finance
Curve Finance is an Ethereum-run platform that majorly provides liquidity for stablecoins or wrapped versions of assets. It is, hence, far more stable than other similar DeFi platforms that can often be unpredictable.
Curve Finance’s strength lies in the fact that it works on multiple chains including Ethereum, Avalanche, Polygon, and Arbitrum. It has a native token called CRV and users holding this token are allowed to vote on governance proposals for the platform. This has helped in establishing a culture of community governance on Curve Finance.
All Curve Finance pools have a minimum 0.04% fees.
Features
✔️Primarily for stablecoin swapping
✔️Highly liquid platform
✔️Uses Automated Market maker model
Pros and Cons
✅Pools are customizable ❌Not very beginner-friendly
✅Supported on multiple chains ❌Does not have a mobile app
✅Low transaction fee
Trading Fees
Curve Finance fee details
Why We Picked It
Curve Finance is the perfect choice for you if you want a completely decentralized exchange for trading. It has stability, and efficiency and promises high liquidity for a convenient trading experience.
DODO
DODO is another decentralized exchange developed on Ethereum but it does not use AMM for creating liquidity. Instead, what it has is a protocol called Proactive Market Maker(PMM). Adopting this system in place of AMM has enabled DODO to ensure more capital efficiency and price stability.
The platform has some interesting features such as the DODO Vending Machine with which anyone can create a liquidity market. There is also an NFT Vault available for price discovery of non-standard assets. Once the vault is created, liquidity pools can also be established for NFTs.
DODO has a 0.3% fee per trade which ultimately comes to be around 0.6% per trade as stated by its co-founder.
Features
✔️Developed on Ethereum and uses PMM model
✔️Facilitates easy listing of coins
✔️Native DODO Coin is an ERC-20 token
Pros and Cons
✅Better fund utilization ❌No support for fiat currencies
✅Lower slippage
✅No impermanent loss
Trading Fees
Trading fee for DODO
Why We Picked It
DODO has more stability and better price discovery as compared to AMM-based trading platforms. There are some quite innovative products here such as DODO Vending Machine and NFT Vault that you should check out once.
Is Venezuela Crypto Friendly?
Cryptocurrency has had a tumultuous history in Venezuela. Due to the country’s economic crisis, Venezuelan authorities announced in 2017 their intention to create their own cryptocurrency called the petro.
The cryptocurrency was officially launched in 2018 but later declared illegal by the Venezuelan legislature. The President declared the petro to be legal tender but till date, no one actively seems to have used it.
In 2019, Venezuela established a regulatory framework for cryptocurrencies and declared that the National Supritendence of Cryptocurrencies(SUNACRIP) would regulate the creation and use of crypto assets. Bitcoin mining was legalized in 2020 and all such activities were done under the National Mining Pool(NMP).
However, crypto mining was temporarily banned in June 2023 for the investigation of corruption allegations regarding the SUNACRIP. Several crypto exchanges and mining farms were shutdown which effectively paralyzed Venezuela’s digital assets industry.
There are no signs of things changing and till a new order is issued, crypto mining remains banned in the country while cryptocurrencies themselves are still legal.
Conclusion
As Venezuela battles hyperinflation and a severe economic crisis, people have started turning to Bitcoin and other cryptocurrencies. The rapidly falling value of the VEF has also prompted people to convert their money into cryptocurrency.
While there are not as many options available as other places, there are a few cryptocurrency exchanges that offer their services in Venezuela.
However, it should be remembered that cryptocurrencies are highly volatile assets and you can just as easily lose money as you can earn profit. Any cryptocurrency investment, therefore, should be made only after thorough research and analysis.