Cryptocurrencies have been gaining popularity in many countries in South America including Ecuador. It is estimated that almost 3% of the country’s population held crypto assets in 2021. Cryptocurrencies like Bitcoin, Ethereum, and Tether(USDT) are particularly favored by crypto traders.
To cater to the demand for cryptocurrency in Ecuador, many crypto exchanges have started operating in the country. To help you learn more about Bitcoin exchanges in Ecuador, we have compiled this list of the best crypto exchanges in Ecuador. This article will further answer various questions such as- is Bitcoin legal in Ecuador and is crypto trading legal in Ecuador?
7 Best Cryptocurrency Exchanges in Ecuador
Coinbase
Coinbase, the world’s second-largest cryptocurrency exchange, is also available in Ecuador. In its home country of the USA too, it has the distinction of being the first major crypto company to go for public listing and debuting on NASDAQ.
Coinbase has a basic version that has a very simple user interface with a prominent Buy/Sell feature. This helps you in buying your preferred cryptocurrency in a few minutes with the United States Dollar(USD).
Coinbase Pro has all the advanced trading features desired by experienced traders. You can easily manage multiple portfolios here and also access advanced charting and market tracking tools.
Trading on Coinbase means that you will pay fees depending on the order size, the payment method used, the market conditions at the time of the trade and other such factors. For Coinbase Commerce accounts though a flat 1% transaction fee is charged.
Features
✔️Has over 250 cryptocurrencies for trading
✔️In-built wallet for storing cryptocurrencies and NFTs
✔️Coinbase Commerce for businesses to accept crypto payments
✔️Has a brokerage platform for digital assets
Pros and Cons
✅Lots of coins available ❌Takes high commission for staking
✅User-friendly layout ❌Fees can be high on basic version
✅Crypto trading tutorials
✅Cloud services for developers
Trading Fees
Trading fees for Coinbase
Customer Reviews
Coinbase is a stable and safe crypto exchange
The verification process on Coinbase can be complex and lengthy
Why We Picked It
Coinbase is a publicly listed, stable and secure exchange for trading cryptocurrency. The platform is easy to use thanks to its intuitive and simple design. For advanced trading features and tools, you can head over to Coinbase Pro.
Kraken
Kraken has created specialized platforms to provide dedicated service to different demographics of crypto traders. The basic version caters to new and casual traders while the Pro platform is primarily used by experienced crypto traders.
On Kraken Instant Buy, users have to take note of dynamic factors such as order size, payment method, asset type and market conditions that determine the trading fees that are to be paid. Kraken Pro, meanwhile, depends on the maker-taker system to charge trading fees.
Various types of trades such as spot, margin and futures are supported on Kraken. Users also get personalized OTC services and the option to invest in crypto indices here. In addition, Kraken has very high liquidity and low spreads which makes for a flawless trading experience.
Features
✔️200+ cryptocurrencies available
✔️Two versions- basic and pro
✔️Uses KYC, 2FA and GSL for security
✔️Proof-of-reserves are available on website
Pros and Cons
✅Satisfactory crypto collection ❌Higher fees on basic platform
✅Several trading types supported
✅Comprehensive learning material
✅Less fees on Kraken Pro
Trading Fees
Trading fees for Kraken Instant Buy
Trading fees for Kraken Pro
Customer Reviews
Kraken is a fantastic platform for crypto trading
Accounts are sometimes locked on Kraken
Why We Picked It
Kraken is a great exchange with many facilities where you can conveniently trade cryptocurrency. It offers many trading types, crypto indices and OTC services to users. Plus, there is a good collection of learning material regarding cryptocurrency on Kraken.
OKX
Seychelles-based OKX differentiates itself from other cryptocurrency exchanges by developing its own crypto ecosystem. This system is powered by its native OKX Chain and OKB token and features a native OKX wallet as well. This exchange gives you a healthy choice of 400+ cryptocurrencies for spot, margin and derivatives trading.
OKX TradingView enables you to chart and trade without any limitations. With its advanced charting tools, you can execute all your trades in one place. You can also interact with OKX’s crypto trading community to learn new things and up your skills.
OKX Earn has multiple investment products for you to choose from. You can pick either fixed or flexible-term products or a combination of them to grow your assets and earn some passive income.
Features
✔️Over 400 cryptocurrencies available for trading
✔️Native blockchain known as OKX Chain
✔️Native token is called OKB
✔️OKX Wallet can be used with 40+ networks
Pros and Cons
✅Great crypto collection ❌Fee structure is complex
✅Supports many payments
options
✅Low trading fees
✅Option to grow crypto holdings
Trading Fees
Trading fees for OKX cryptocurrency exchange
Customer Reviews
Sub-accounts can be created on OKX
OKX does not have good customer service
Why We Picked It
OKX supports everything from simple spot trading to margin and derivatives trading. The fee structure is slightly convoluted though the rates themselves are rather low. You can get good APYs on your assets here and can use the advanced market tracking tools available on OKX without any limits.
Bybit
Bybit has managed to retain its reputation as one of the top cryptocurrency exchanges by constantly innovating and introducing lucrative offers. Though it is significantly known for derivatives trading, Bybit supports options for spot and margin trading as well.
USDC and USDT are supported as collateral for perpetual contracts. USDC is additionally used as collateral for options and inverse contracts. Apart from that, Bybit features over 280 spot pairs and also supports copy trading where you can imitate and learn from the strategies of top traders.
For experienced traders, there are advanced charting and market tracking tools available.
Features
✔️280+ pairs available for spot trading
✔️Largest USDC Options marketplace in the world
✔️Copy trading is supported
✔️Native Bybit Web3 wallet available
Pros and Cons
✅Many types of trades are supported ❌Poorly communicates risks of
✅Advanced investment tools available derivatives trading
✅Trading bots for automating trades
✅NFT collections available
Trading Fees
Bybit cryptocurrency exchange fees
Customer Reviews
Bybit is a convenient platform to trade cryptocurrency
Reports of locked accounts on Bybit
Why We Picked It
Bybit fulfills the needs of both beginner and advanced traders. It supports spot and derivatives trading and copy trading feature is also available here. At the same time, it caters to expert traders with its advanced investment tools. Further, Bybit has an NFT marketplace where you can explore interesting collections
KuCoin
If you want a place to check out relatively obscure and underrated crypto coins, KuCoin should be the platform of your choice. This exchange boasts of a collection of 700+ cryptocurrencies and as a bonus, it lets you convert one cryptocurrency to another at zero fees.
KuCoin is available in over 20 languages and hosts users from 200+ countries which has helped it nurture a global crypto community. Therefore, with KuCoin, you can interact with a global crypto trading community. Spot grids, dollar cost averaging, futures grid, infinity grid and smart rebalance can be automated here with the help of trading bots.
Additionally, you can make multi-chain swaps at the best possible price with KuCoin’s Halo wallet. You can also explore Web3 with this wallet, discover the latest market trends and follow the on-chain activities of other wallets.
Features
✔️Over cryptocurrencies available for trading
✔️Supports 20+ languages
✔️Native coin is called KuCoin Token(KCS)
✔️Supports crypto lending
Pros and Cons
✅Wide range of cryptocurrencies ❌Fee system is complex
✅Crypto-to-crypto conversion is free ❌Trading bots can glitch
✅Trading bots to automate trades
✅Explore Web3 with Halo wallet
Trading Fees
KuCoin cryptocurrency exchange fees
Customer Reviews
Obscure coins can be found on KuCoin
KuCoin’s customer service can be poor
Why We Picked It
KuCoin has a huge crypto selection that is worth checking out. You will definitely find something of interest here on this exchange. It is a multi-lingual platform and you can interact with crypto traders across the world. With the Halo Web3 wallet, you can keep track of other wallets and stay updated on market trends.
eToro
eToro is not just a cryptocurrency exchange but a multi-asset social trading and investment platform. Founded in Israel, it has 3,000+ assets belonging to different asset classes available for trading. It may not have the widest crypto collection but it does allow for cross-asset trading.
eToro is completely transparent about its charges and there are no hidden fees anywhere. You can also get discounts on the withdrawal fee once you join eToro’s VIP club. It is one of the first brokerage platforms to introduce copy trading to its users. Hence, you can freely copy the trading strategies of top traders to invest in several assets.
Features
✔️Platform for social trading and investment
✔️More than 75 crypto coins for trading
✔️Supports stocks and ETFs with crypto
✔️VIP club with added benefits for users
Pros and Cons
✅Copy trading feature available ❌Limited cryptocurrencies
✅Strictly regulated investment platform ❌Charges inactivity fees
✅Zero fees for card deposits
✅Enables demo trading
Trading Fees
eToro fees for buying and selling cryptocurrency
eToro wallet fees
Customer Reviews
eToro has a wide range of tradable assets
Users are dissatisfied with eToro’s customer service
Why We Picked It
There are over 3,000 assets on eToro. This includes not just cryptocurrencies but other conventional assets as well for investment. Therefore, you can easily keep all your investments and manage your portfolio on one platform. eToro has been around for a long time and is one of the most regulated places for trading crypto.
CEX.io
CEX.io is a simple exchange but it has a lot to offer to crypto traders. It is a platform that makes it easy to approach cryptocurrencies. Here, you can get access to 200+ cryptocurrencies with reasonable maker and taker fees.
On CEX.io, users are divided into three categories- Everyone, Trader and Business and each category is provided services tailored to their demographic. Everyone can use the Instant Buy feature to buy cryptocurrencies and traders can conduct spot and margin trades. They can also advanced charts and stop orders on CEX.io.
Meanwhile, businesses get access to a whole institutional-grade ecosystem with CEX.io PRIME. Besides that, the platform also enables crypto lending and offers a wallet where you can store your crypto. You can also stake crypto assets on CEX.io to earn some passive income.
Features
✔️More than cryptocurrencies available for trading
✔️Licensed and regulated exchange
✔️Three user categories
✔️Has a native crypto wallet
Pros and Cons
✅Satisfactory coin collection ❌Verification process can be long
✅Provides staking opportunities ❌Low liquidity
✅Enables crypto lending
✅Spot fees are low
Trading Fees
CEX.io exchange fees
Customer Reviews
CEX.io gives a flawless trading experience
CEX.io may withhold deposits
Why We Picked It
CEX.io has obtained the relevant licenses in several places. Hence, it is a properly regulated crypto trading platform. It supports several payment methods for buying and selling cryptocurrency, and offers crypto loans and good returns on crypto staking. There is also a native wallet in which you can store your cryptocurrency.
4 Top Decentralized Exchanges in Ecuador
UniSwap
If you are not comfortable handing over your personal information to a centralized corporation, you can try a decentralized cryptocurrency exchange like UniSwap. Here, you don’t need to enter any sort of identifying information for registration and can simply start trading by connecting a compatible crypto wallet with the platform.
To eliminate the role of intermediaries, UniSwap uses a collection of smart contracts that define how liquidity pools are to be created and liquidity is to be provided. This way, everything is automated and there is no need for a central order book. Hence, you can instantly swap a variety of ERC-20 tokens on UniSwap.
The fees for token swaps on UniSwap are determined by the risk factor of the pair being swapped. A certain portion of the fee collected is given to liquidity providers as compensation for providing liquidity.
Features
✔️Platform created on Ethereum blockchain
✔️Employs the AMM protocol
✔️Native token is called UNI
✔️Open-source smart contracts
Pros and Cons
✅Access to a variety of ERC-20 tokens ❌No vetting before listing coins
✅Facilitates sale of NFTs ❌Gas fees on Ethereum can be
✅Use bank account to buy crypto high
✅Decisions taken by community vote
Trading Fees
Pool fee tiers for UniSwap exchange
Customer Reviews
UniSwap is a simple exchange with good UI
High gas fees are a major issue on UniSwap
Why We Picked It
UniSwap makes it easy to start crypto trading by just connecting a compatible wallet. It is a popular decentralized exchange partly due to its accessibility as you can buy crypto here with your bank account. UniSwap is a community-driven platform where proposals are voted on by UNI holders.
PancakeSwap
PancakeSwap is an improvement over UniSwap in many ways. Firstly, it doesn’t have much of a network congestion issue so transactions are quickly processed and users don’t have to pay expensive gas fees. Next, PancakeSwap has lots of interesting features with all sorts of rewards for users.
Syrup pools are available on PancakeSwap where you can stake the exchange’s native CAKE token, yield farms where you can stake assets to earn passive income, regular lottery programs that give you the opportunity to win CAKE tokens and Initial Farm Offerings(IFOs) to get early access to new tokens.
The pool fees on PancakeSwap are some of the lowest in the industry. Here, all the smart contracts are open-source and protected by multisig and time-lock technology.
Features
✔️Created on the BNB Chain
✔️Uses the AMM system
✔️Native utility token is called CAKE
✔️Multisig and time-locked smart contracts
Pros and Cons
✅Facilitates BEP-20 token swaps ❌Does not support BTC
✅Innovative crypto products ❌Issue of low-quality coins
✅Low trading fees
✅Staking options
Trading Fees
Four trading fee tiers at PancakeSwap cryptocurrency exchange
Customer Reviews
PancakeSwap is one of the largest DEXs
There is no verification of crypto coins on PancakeSwap
Why We Picked It
PancakeSwap is cute, colorful and an overall attractive and fun place to trade cryptocurrency. The low trading fees are an added bonus and the exchange promises a seamless trading experience with low slippage and capital efficiency. There are several interesting products such as IFOs and lottery programs that you can check out on PancakeSwap.
Bisq
Bisq is perhaps the most decentralized P2P cryptocurrency exchange. This is because it is not even a website but an open-source desktop software. You need to download and install this application on your computer for trading on the platform.
Bisq is a self-sustaining and censorship-resistant platform that is majorly run by the community as a decentralized autonomous organization(DAO).
Bisq doesn’t need any sort of registration or your personal information to verify your identity. You just need a crypto wallet, preferably with BTC and BSQ and you are ready to trade on Bisq. Since this is a non-custodial exchange, you retain the custody of your private keys and funds.
Features
✔️Free desktop application
✔️Exchange is run as a DAO
✔️Native token is known as BSQ
✔️Deposits kept in multisig wallets
Pros and Cons
✅Completely decentralized ❌Not suitable for beginner traders
platform ❌BTC or BSQ are needed
✅User custody over funds
✅No geographical limitations
✅Central failure not possible
Trading Fees
Fees for Bisq
Customer Reviews
Bisq is a completely decentralized exchange
Bisq’s interface needs to be updated
Why We Picked It
Bisq is a hands-off platform that gives you the freedom to trade as you want to. It is a self-sustainable and community-driven exchange. You maintain custody over your private keys here and there is no possibility of a central failure since its servers are geographically scattered.
Curve Finance
For Curve Finance, stability is supreme. That is why, this decentralized exchange which specializes in stablecoin trading, is a bastion of stability in a sea of unpredictable platforms.
If you want to invest in stablecoins at a relatively low-risk platform, Curve Finance is the go-to place. Since it does not have a central order book, it utilizes the Automated Market Maker protocol which is a collection of smart contracts to facilitate trading on the platform.
These smart contracts automate the process by using algorithms to price the assets in a liquidity pool. Curve Finance also has a native token CRV. It plays a major role in the development of the platform as CRV holders are the ones who vote on proposals related to the platform.
Features
✔️Built on the Ethereum network
✔️Employs Automated Market Maker
✔️Provides liquidity for stablecoins
✔️Native token CRV
Pros and Cons
✅Low-risk exchange ❌Not suitable for beginners
✅Compatible with multiple
blockchains
✅Community governance by
CRV holders
Trading Fees
Fees for Curve Finance
Why We Picked It
Curve Finance is a stable platform where algorithms price the assets in a liquidity pool. There are fewer chances of price manipulation and you can earn healthy sums in the short and long term via its liquidity pools.
Is Crypto Trading Legal in Ecuador?
The sale and purchase of cryptocurrencies is not forbidden in Ecuador. However, the Central Bank of Ecuador has stated in clear terms that Bitcoin and any other cryptocurrency are not legal tender in the country and cannot be used as a payment method for goods and services.
In 2022, there were reports that the Ecuadorian Central Bank was planning to issue regulations for crypto trading but there has not been much progress on that front and, hence, cryptocurrencies remain unregulated in the country. Therefore, while cryptocurrencies are not illegal in Ecuador they are not properly regulated either.
Conclusion
There are multiple cryptocurrency exchanges offering various products and services to different types of crypto traders in Ecuador. You can, therefore, choose the platform that is best for you from the variety of options available to you.
As crypto assets are unregulated in the country, it is important to be cautious while trading in them as you will have no legal recourse in the case of a scam or fraud. Further, cryptocurrencies are volatile assets and proper research is non-negotiable while investing in them.