While the country of Cambodia is open to blockchain technology, authorities have adopted a cautious outlook when it comes to cryptocurrency. There is no definition of cryptocurrency in Cambodian law and unlicensed crypto activities are banned in the country.
However, the country’s partnership with Binance shows that attitudes might be changing and a more favorable landscape for crypto trading might develop in Cambodia.
As crypto trading gains more popularity in the country, it is important to know more about the prominent bitcoin exchanges in Cambodia. Hence, we have compiled this list of the best crypto exchanges in Cambodia for your perusal.
Top 7 Cryptocurrency Exchanges in Cambodia
Binance
Binance is the largest cryptocurrency exchange in the world that offers endless possibilities for Cambodian traders. From direct buy/sell transactions to swap farming to P2P trading- there is something for everyone on Binance.
Binance has quite low trading fees and trading crypto on it is very economical. It also gives out discounts for using its native BNB coin for transactions.
Shoppers would definitely like the Visa-powered Binance card that can be used for making payments with crypto assets. An 8% BNB cashback is provided on eligible transactions which is another plus. On the other side, business owners can receive crypto payments via Binance Pay
Binance also has an NFT marketplace where users can check out the latest collections and dip their toes in the world of IGOs and fan tokens.
Features
✔️Biggest cryptocurrency exchange in the world
✔️350+ cryptocurrencies available
✔️NFT marketplace with IGOs and fan tokens
✔️Native coin is called BNB Coin
Pros and Cons
✅Licensed exchange ❌Not suitable for beginners
✅Fantastic coin selection ❌Past security breach incidents
✅Binance card with cashback
✅Low trading fees
Trading Fees
Trading fees for Binance
Customer Reviews
The Visa card is popular among Binance users
Binance can often be difficult to use
Why We Picked It
Binance is an excellent option for people who have experience with crypto trading. It has a wide variety of cryptocurrencies and supports several trade types including P2P trading. It even has a marketplace for NFT enthusiasts.
Coinbase
Coinbase is among one of the oldest and most reputable cryptocurrency exchanges out there. Unlike most crypto exchanges, it is not only a public company but also the first major crypto firm to be listed on NASDAQ. Coinbase is quite a simple platform and hence, suitable to the needs of beginner traders.
It has a collection of 250+ tradable assets which is at par with most major exchanges. Coinbase’s interface is straightforward and intuitive and enables users with various experience levels to trade comfortably. The platform has a mobile app that has all the functionalities of its web version and runs smoothly.
For expert traders who may want more from a crypto exchange than simple buy/sell features, Coinbase offers a specialized Pro version. The Pro version provides, among other things, advanced charting and market tracking and portfolio management tools.
Features
✔️Second-biggest cryptocurrency exchange in the world
✔️250+ tradable assets available
✔️Basic and Pro platforms
✔️Assets stored in cold wallets
Pros and Cons
✅Great crypto selection ❌Higher fees on basic platform
✅Financial transparency ❌Customer service is not up-to-the
✅User-friendly exchange mark
✅Mandatory 2FA for account security
Trading Fees
Trading fees for Coinbase
Customer Reviews
Coinbase is a safe platform for crypto trading
Transaction fees can be extremely high on Coinbase
Why We Picked It
Coinbase is a trusted crypto exchange and a major firm that is also listed on NASDAQ. Therefore, it is obligated to adhere to certain transparency and accountability standards that are higher than other similar platforms. Coinbase has a decent selection of cryptocurrencies, a solid mobile app and requisite security measures in place.
Kraken
Kraken is similar to Coinbase in that it has specialized platforms catering to different trader demographics. The basic version is suitable for inexperienced traders while the Pro platform is geared towards advanced ones. There are many differences between the two platforms including the way trading fees are determined.
On Kraken Instant Buy, factors such as market conditions, asset type, order size and payment method are taken into consideration while charging trading fees. Meanwhile, Kraken Pro simply uses the maker-taker system for determining fees.
On Kraken apart from spot trading, you can check out margin and futures trading and even invest in crypto indices. It additionally offers OTC services to users. Kraken is a very liquid exchange with low spreads which makes for a nearly flawless trading experience.
It is a trading platform committed to security and therefore, complies with all required KYC norms. There may be, however, limits put on the amount you can deposit and withdraw depending on your verification level. For account security, you need to turn on 2-factor authentication(2FA) and set up Global Settings Lock(GSL).
Features
✔️Over 200 cryptocurrencies available
✔️Two versions- basic and pro platforms
✔️KYC, 2FA and GSL for security
✔️Proof-of-reserves published on website
Pros and Cons
✅Decent crypto collection ❌Higher fees on basic version
✅Several trading types
✅Extensive learning material
✅Lower fees on Kraken Pro
Trading Fees
Trading fees for Kraken Instant Buy
Trading fees for Kraken Pro
Customer Reviews
Kraken provides decent customer support
Kraken sometimes locks user accounts
Why We Picked It
Kraken is a good exchange to trade on once you become familiar with the layout of the platform. There are several trading types available and it also offers crypto indices. There are many educational resources about cryptocurrency available on Kraken.
Crypto.com
Crypto.com is a crypto exchange popular among traders with over 80 million users as of 2023. But, unlike its contemporaries, Crypto.com focuses largely on its mobile app. The aim of the firm is to promote crypto trading from the comfort of the user’s mobile phone.
It offers over 250 cryptocurrencies and the opportunity to trade 500+ pairs with up to 5x leverage for margin trading. Derivatives trading is also supported on Crypto.com and it offers a healthy choice of 100+ perpetuals, quarterly futures as well as warrant contracts. You can get additional discounts on trading fees by locking up the Cronos(CRO) coin.
Crypto.com has a referral program that can get you rewards for inviting your friends to the platform. This is an ISO 27001 certified platform and it makes sure that all accounts have enabled multi-factor authentication(MFA). Like most crypto exchanges, it uses offline cold storage for the majority of the user funds.
Features
✔️250+ cryptocurrencies available
✔️Native coin is Cronos(CRO)
✔️Supports crypto lending
✔️In-built crypto wallet
Pros and Cons
✅Great coin selection ❌Inadequate educational resources
✅20+ assets for staking ❌App geo-restricted in Cambodia
✅Cold storage for assets
✅Referral program
Trading Fees
Trading fees for Crypto.com
Customer Reviews
The Crypto.com app offers an excellent trading experience
Users report problems with withdrawals on Crypto.com
Why We Picked It
The Crypto.com app has many interesting features that are worth exploring. It has competitive trading fees and the platform gives more discounts if you stake CRO. It offers multiple staking opportunities and you can earn rewards with its referral program.
Bybit
Bybit was launched in 2018 and it has quickly risen to become one of the top cryptocurrency exchanges with constant innovation and attractive offers for users. While primarily meant for derivatives trading, spot traders too have plenty of options on Bybit.
For derivatives, you can use both USDC and USDT as collateral for perpetual contracts. Bybit also supports inverse contracts and options contracts using USDC as collateral. You can also try copy trading where you can simply copy the strategies of top traders for your trades.
Bybit divides users into VIP and non-VIP categories. Among other things, users on higher VIP levels are charged lower fees than other users across all trading types.
Bybit also offers users advanced charting and market tracking tools. This exchange analyzes your investment profile and uses AI to recommend tools specifically suited to your trading style and needs.
Bybit also has an in-built wallet with which you can also dive deeper into the world of Web3 and DApps. Its integrated DApp aggregator helps you conveniently access Web3 and related applications.
Features
✔️Over 280 spot trading pairs available
✔️World’s largest USDC Options marketplace
✔️Supports copy trading
✔️Has a Web3 wallet
Pros and Cons
✅Supports many trading types ❌Does not properly communicate risks
✅Personalized investment tools of derivatives trading
recommendations
✅Copy trading available
✅Advanced tools for expert traders
Trading Fees
Bybit fees explained
Customer Reviews
Users have been comfortably trading on Bybit
Reports of accounts being locked on Bybit
Why We Picked It
Bybit has options suitable for expert as well as more casual traders. It supports spot trading and focuses particularly on derivatives trading. Bybit also supports copy trading and you can explore Web3 with its integrated DApps aggregator.
OKX
OKX, formerly known as OKEx, is a cryptocurrency exchange founded in 2017 by Star Xu. It has around 400 cryptocurrencies and hundreds of trading pairs available for spot, margin and derivatives trading.
OKX is known for its TradingView platform that lets you chart and trade without any limits. Here, you can access intuitive charting and other trading technologies with which you can chart and execute your trades all in one place. You can also join a robust crypto trading community and chat with it to expand your horizons and level up your skills.
The final trading fees charged on OKX depend on several factors such as the level of OKB holdings and whether the user account is a regular or VIP one.
OKX Earn has multiple investment options and you can choose any of them or a combination of them to earn interest and grow your assets. Simple Earn has both fixed and flexible-term products to help you use your idle assets and earn interest on them.
Features
✔️400+ cryptocurrencies available
✔️Native blockchain OKX Chain
✔️Native token is called OKB
✔️OKX Wallet supports 40+ networks
Pros and Cons
✅Massive coin collection ❌Complex fee structure
✅Supports multiple payment
options
✅Trading fees are relatively lower
✅Simple Earn to earn interest on
assets
Trading Fees
Trading fees for OKX
Customer Reviews
Users can create sub-accounts on OKX
OKX’s customer service needs improvements
Why We Picked It
OKX supports spot, margin and derivatives trading and charges very low fees. On its TradingView platform, you can chart and trade with no limits and also interact with an active crypto community to level up your skills. It also gives high APYs on assets.
Bitstamp
Bitstamp was launched in 2011 and has been a trusted cryptocurrency exchange till then. It is a fast and reliable exchange that has been registered as a Payment Institution in Luxembourg since 2016. Bitstamp checks off nearly all the things you could ask for in a cryptocurrency exchange.
Though the number of assets available for trading is on the lower end, Bitstamp makes up for it by providing bank-grade security and insurance to users. There are instant deposit options available and even instant cash out is possible in some places.
The Bitstamp exchange has launched two apps for traders. The main app can be used by both new and experienced traders and supports several popular payment options including bank transfers, debit/credit cards and PayPal.
The Bitstamp Pro app, however, caters more to professional traders and crypto experts. Along with the functionalities of the web exchange, it gives users access to real-time charts, order books and sophisticated analytical tools.
Features
✔️One of the oldest exchanges out there
✔️82 assets available for trading
✔️Web version and mobile apps available
Pros and Cons
✅Licensed in several countries ❌No margin trading
✅Mandatory KYC ❌Limited staking options
✅Acceptable trading fees
✅Navigable exchange
Trading Fees
Trading fees for Bitstamp
Customer Reviews
Bitstamp is well-established and trusted by users
Reports of problems with withdrawals on Bitstamp
Why We Picked It
Bitstamp is a safe, reliable and trusted exchange. It is an option suitable for both beginners and advanced traders. There are two apps launched by Bitstamp which are geared specifically towards novice and professional traders.
Top 4 P2P Exchanges in Cambodia
Paxful
Paxful is perhaps one of the largest P2P exchanges. It has steadily been gaining ground in several countries where it is often difficult to use traditional channels to access cryptocurrency. Paxful is a place where crypto buyers and sellers can directly engage with each other to trade cryptocurrencies.
On Paxful, you can choose between over 350 methods to buy and sell Bitcoin including using cash or online wallets like PayPal or debit and credit cards. Here, sellers can set their own rates for Bitcoin.
There are zero fees for buying crypto on Paxful but it does charge a selling fee depending on the type of payment method used.
For businesses, Paxful offers Paxful Pay to enable them to conveniently accept crypto payments from a global user base. It charges a transaction fee of 1% for the same and there is no issue of chargeback here. There is also a rewards program where you get rewards for inviting other people to the platform and growing your network.
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 selling point of Paxful
There is a possibility of scams on Paxful
Why We Picked It
Paxful enables direct interaction among crypto buyers and sellers, does not take any fees for ‘buy’ transactions and supports a wide variety of payment options. The fees for Paxful Pay too, are relatively lower and it also runs an active rewards program.
Remitano
Remitano is a P2P exchange that is known for fast transactions. It claims to take less than 1 minute to complete trades. This exchange categorizes users according to their country of residence and the bank used by them for swift transactions.
Remitano supports the Cambodian Riel(KHR) and enables you to buy Bitcoin in minutes with the KHR. You can create an account here simply by linking your e-mail account, Google, Facebook or Apple ID. Also, it is better to get your KYC verified on Remitano to get additional benefits.
Features
✔️More than 30 cryptocurrencies available
✔️Enables crypto lending
✔️Has a Learn and Earn program
✔️Native token is RENEC
Pros and Cons
✅Simplicity of use ❌Accounts may get locked
✅Supports KHR
✅Fast transactions
✅Has a referral program
Trading Fees
Fees for Remitano
Customer Reviews
Remitano is an exchange trusted by users
Funds and accounts may get locked on Remitano
Why We Picked It
You can directly buy BTC with KHR on Remitano. Its referral program has several attractive terms and the exchange also gives additional benefits to users with higher KYC levels. Remitano also features other services such as crypto lending.
UniSwap
Decentralized exchanges like UniSwap are generally the choice of traders whose top priority is privacy. While centralized exchanges like Coinbase have mandatory KYC requirements, this is not the case with decentralized platforms like UniSwap. These platforms give users the freedom to trade crypto as they want.
UniSwap also lets users trade as they want without asking for any sort of identifying information. If you have a crypto wallet, you are good to go. There are no middlemen here but a bunch of smart contracts that detail how liquidity pools are to be created and liquidity is to be provided.
You can instantly swap a ton of ERC-20 tokens on UniSwap at fees that are proportional to the nature of the pair being swapped. A part of the collected fees is given as compensation to liquidity providers.
Features
✔️Built on the Ethereum blockchain
✔️Uses the AMM system
✔️UNI is the native token
✔️Smart contracts are open-source
Pros and Cons
✅Access to many ERC-20 tokens ❌Coins are not vetted
✅NFTs available for buying and ❌Issue of high Ethereum gas fees
selling
✅Buy crypto with bank account
✅Governed by the community
Trading Fees
Pool fees tiers for UniSwap exchange
Customer Reviews
UniSwap exchange comes with a minimalistic UI
High gas fees are a major issue on UniSwap
Why We Picked It
One of the main advantages of UniSwap is that you can immediately start trading cryptocurrency by connecting a crypto wallet. It is an accessible platform with a slick user interface. Further, holding the UNI token gets you the right to vote on governance proposals on the platform.
Curve Finance
Curve Finance is a no-nonsense platform with low slippage and high liquidity. There are many liquidity pools each with its own rewards and some pretty good terms for long-term investments. You can even establish your own liquidity pool on Curve Finance.
To help you calculate your earnings for a specific period, Curve Finance has a Gauge Boost Calculator where you can get an estimate of your potential earnings by entering the deposit amount, the liquidity amount and the lock-in period.
Features
✔️Facilitates stablecoin swapping
✔️Traders can create their own liquidity pools
✔️Native token is CRV Coin
Pros and Cons
✅Lesser slippage ❌Not suitable for beginners
✅Minimalist design
✅Stable platform
Trading Fees
Fees for Curve Finance pools
Why We Picked It
Curve Finance is a highly efficient and low-risk platform. You can get some good returns in the short as well as long term once you get the hang of it. Curve Finance even has an earnings calculator to help you get an estimate of your earnings.
Is Cambodia Crypto Friendly?
Cryptocurrencies are neither defined nor regulated under Cambodian law. Therefore, any unlicensed activity involving virtual currencies is prohibited in Cambodia.
The National Bank of Cambodia and the Securities and Exchange Commission of Cambodia have also appealed to the public to be cautious of cryptocurrencies. Any person or legal entity that attempts to indulge in crypto-related activities without obtaining the relevant license would be penalized in accordance with the applicable law.
However, things seem to be looking up for the Cambodian crypto industry as the Securities and Exchange Commission signed an MoU with Binance to develop a legal framework to regulate and develop the country’s crypto industry. Still, the status of cryptocurrency remains ambiguous in the country in the absence of a proper legal framework for the same.
Conclusion
There are various crypto exchanges providing services in Cambodia though the status of crypto assets in the country remains ambiguous. It might however change as the authorities partner with Binance to develop a legal framework to regulate cryptocurrencies.
Till then, it is probably a good idea to keep the country’s legal environment into consideration before investing money into crypto assets.Further, cryptocurrency is a risky asset and any investment should be done into it only after proper research and professional consultation.