Interest in cryptocurrency has been growing in several places around the world including the Central American nation of Honduras. The island nation has even launched a Bitcoin Valley project to attract tourists and boost crypto payments in the tourist enclave.
In such a scenario, it is all the more important to learn about the various crypto exchanges in Honduras. Therefore, we have compiled this list of the best crypto exchanges in Honduras for your perusal. But this is only for informational purposes and should not be taken as a substitute for professional financial advice.
7 Top Cryptocurrency Exchanges in Honduras
Kraken
Kraken is one of the oldest and most reputable cryptocurrency exchanges out there. Among its accomplishments, it is also the first crypto firm to be approved as a Special-Purpose Depository Institution(SPDI) in the USA.
Kraken offers a good collection of 200+ cryptocurrencies and high staking rewards for users. Apart from that, it also hosts a plethora of learning material including a blog, a podcast and guides for individual cryptocurrencies.
On Kraken, different fees are charged on the Basic and Pro versions. The basic version takes into consideration several factors while deciding the final fees. Kraken Pro, meanwhile, takes into account the 30-day trading volume while determining maker and taker fees.
Kraken also employs SSL encryption and 2-factor authentication(2FA) for a safe user experience. The platform uses encrypted email for communication. It does not allow phone number or SMS recovery for safety. Transparency is assured via Proof of Reserves audits conducted by external auditors.
Features
✔️Over 200 cryptocurrencies available
✔️Has a Pro version with advanced features
✔️Proof of Reserves audit conducted
Pros and Cons
✅Lower fee on Pro version ❌Has been previously hacked
✅High liquidity ❌High fees on basic version
✅Supports stop orders and ❌Not for amateur traders
crypto short sales
✅Multifaceted educational material
Trading Fees
Kraken Instant Buy fee
Kraken Pro fee
Customer Reviews
Kraken has quick responding customer support
Users report accounts being closed on Kraken
Why We Picked It
Kraken offers something for everyone -whether it is an inexperienced trader or a professional one. It is a reputed and established platform that has carved its space in the industry over the years. It offers a decent crypto collection, good staking rewards and also supports multiple fiat currencies.
OKX
Earlier known as OKEx, OKX is a cryptocurrency exchange that is registered in Seychelles. And with 400+ available cryptocurrencies, it is a pretty good option for the average trader. The platform has an attractive and intuitive design that is great for users who are just getting started with crypto trading.
OKX has a rather complicated fee structure with trading fees depending on factors like OKB holdings, Regular or VIP status of the account and other things.
OKX supports spot, margin and derivatives markets. There are mining pools available for crypto staking and it also supports blockchain gaming and DeFi apps on OKX Chain.
Features
✔️Over 350 cryptocurrencies available
✔️Has a native blockchain and native coin OKB
✔️OKX Wallet supports 40+ networks
Pros and Cons
✅Several payment methods ❌Complicated fee structure
supported ❌Lower level of liquidity
✅Trading fee is low
✅High APY for staking
✅Demo trading available
Trading Fees
Trading fee for OKX
Customer Reviews
OKX offers a variety of trading pairs
OKX users have issues with spam
Why We Picked It
OKX is a simple enough platform with buy and sell features that are suitable for beginner traders. It offers a wide variety of cryptocurrencies and trading pairs at an overall low trading fee. It provides high staking rewards and hence, you can earn some passive income on OKX.
Bybit
Bybit is a fast-growing cryptocurrency exchange that has also the world’s largest USDC Options market. It is a platform that combines Traditional Finance(TradFi) with Decentralized Finance(DeFi) to create a next-level exchange.
Bybit offers good spot trading options with 280+ trading pairs that are available at very low maker and taker fees. It also has a strong derivatives market and you can use USDC as well as USDT as collateral for perpetual contracts. It also has an NFT marketplace that supports multiple chains including Ethereum and Solana.
Bybit runs a VIP program whose members are provided several perks and benefits such as lower trading fees than non-VIP users.
On Bybit, the majority of the user funds are kept in cold wallets for security. To strengthen platform security, it employs multi-signature and Trusted Execution Environment technologies. Data access is strictly controlled on Bybit and several authentication measures are employed for the same.
Features
✔️280+ spot trading pairs available
✔️USDC and USDT as collateral for perpetual contracts
✔️VIP Programme with many benefits and perks
Pros and Cons
✅Low-cost trading ❌Unverified trade volume statistics
✅Beginner-friendly
✅Advanced order types supported
Trading Fees
Trading fee for Bybit
Customer Reviews
Transactions are quickly settled on Bybit
There are often glitches on Bybit
Why We Picked It
Bybit has several trading pairs, vibrant spot and derivatives markets and a slick and easy-to-use website and mobile app. It has a testnet site where you can practice your strategies, a native crypto wallet and the platform also follows all the adequate security measures.
Crypto.com
Crypto.com is a popular exchange that has 80+ million active users as of 2023. However, unlike its contemporaries, Crypto.com’s priority lies in its mobile app. This is a crypto firm that seeks to promote trading on the go with its mobile app.
It offers more than 250 cryptocurrencies and for margin trading, there are 500+ pairs available with 5x leverage. Derivatives trading is also supported on Crypto.com and it offers a great choice of 100+ perpetuals, quarterly futures as well as warrant contracts. Further, you can get discounts on the same by staking the Cronos(CRO) coin.
Crypto.com runs a referral program where you are rewarded for inviting your friends to the platform. This platform is ISO 27001 certified and makes sure that all user accounts have enabled multi-factor authentication(MFA). Like most crypto exchanges, it keeps most of the user assets in offline cold wallets.
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 ❌Not a very good option for beginners
✅Cold storage for assets
✅Referral program
Trading Fees
Trading fees for Crypto.com
Customer Reviews
The Crypto.com app is great for trading cryptocurrencies
Problems with withdrawals on Crypto.com
Why We Picked It
The Crypto.com app has many interesting features that are worth checking out once. The platform has competitive fees and it also gives discounts for staking CRO. It also offers decent staking opportunities and has an active referral program.
Bitstamp
The Bitstamp cryptocurrency exchange was launched in 2011 and it has been a trusted trading platform since then. It was registered as a Payment Institution in Luxembourg in 2016 and is reputed as a fast and reliable exchange.
Bitstamp is a platform that checks off nearly all the boxes for a good cryptocurrency exchange.
While it may have a limited number of crypto assets, Bitstamp makes up for it by providing bank-grade security and insurance to users. The platform offers instant deposit options and even instant cash out is possible in some places.
There are two mobile apps available for Bitstamp traders. The main app is suitable for both beginner and advanced traders and supports several popular payment options including bank transfers, debit/credit cards and PayPal.
The Bitstamp Pro app, however, is geared towards professionals and expert traders. It comes with the functionalities of the web version and additionally 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 a platform trusted by traders
Users have had issues with withdrawals on Bitstamp
Why We Picked It
Bitstamp is a safe and trusted crypto trading exchange. The platform is a good choice for both beginners and advanced traders. There are two apps launched by Bitstamp which are explicitly geared towards novice and professional traders.
KuCoin
KuCoin is the best choice for traders who love to check out new crypto coins. With over 700 cryptocurrencies, this exchange has a lot to offer to users. Combined with its low trading fees, KuCoin has become the platform of choice for many people.
Spot, margin and derivatives trading are available on KuCoin and you can also lend out your crypto assets to earn interest. You can invest in diverse products with lucrative returns to increase the value of your crypto holdings. There is also an NFT platform that facilitates buying, selling and swapping of cryptocurrencies.
Additionally, KuCoin has a referral program where you can get up to 20% commission if you invite your friends to KuCoin. The exchange uses multisig technology for secure asset storage. It encrypts data during transit, storage and use and alerts are issued to users in case suspicious account activity is detected.
Features
✔️700+ available cryptocurrencies for trading
✔️Supports multiple languages
✔️Native token is known as KuCoin Token(KCS)
✔️Encryption and multisig technology for security
Pros and Cons
✅Massive crypto collection ❌Fee structure is complex
✅Fees are on the lower side ❌Coins are not strictly vetted
✅Referral program for users
✅Has an NFT marketplace
Trading Fees
KuCoin cryptocurrency exchange fee levels
Customer Reviews
Diverse coins are available on KuCoin
KuCoin’s customer service is poor
Why We Picked It
KuCoin is a fantastic choice for people who want access to a wide variety of cryptocurrencies on a single platform. The platform has trading bots with which you can automate your trades and use KuCoin Earn to grow your crypto holdings. There is also an NFT marketplace that enables you to buy, sell and swap NFTs.
Gate.io
Gate.io is a crypto trading platform that is known for its massive cryptocurrency collection. At 1,400+ cryptocurrencies, the variety on Gate.io is unparalleled. As a bonus, the platform supports over 20 fiat currencies which is much more than other similar exchanges.
On Gate.io, spot, margin and derivatives trading are supported and it also features ETFs. It also features a strategy bot that can automate your trades and increase profits. Further, the copy trading feature enables you to copy the strategies of top traders and automatically execute them.
Gate.io has an NFT marketplace where you can explore different NFT collections, mint your own tokens and earn income 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
Crypto buying and selling is easy on Gate.io
Gate.io’s KYC process is tedious
Why We Picked It
Gate.io is a good choice for traders who have some prior experience with crypto trading and want an exchange that offers a wide variety of crypto assets. You can also mint and sell NFTs here.
4 Top P2P Exchanges in Honduras
Paxful
Paxful is a peer-to-peer crypto trading exchange where buyers and sellers can directly interact and trade with each other. It is a popular platform because it supports over 350 payment methods to pay for your trades. Debit cards, credit cards, bank transfers and cash- everything is accepted on Paxful.
Paxful also lets sellers set their own Bitcoin rates. For businesses, Paxful Pay can be useful as they can accept crypto payments from a global user base for a transaction fee of 1%. You can also win rewards for growing your network with the platform’s referral program.
Features
✔️350+ supported payment options
✔️Can use BTC and USDT for buying and selling
✔️Crypto wallet available for storing BTC
✔️Supports escrow trading
Pros and Cons
✅Plenty of payment options ❌Sales can be costly
✅Paxful Pay for merchants ❌Probability of scams
✅Sellers can set BTC rates
✅Referral scheme
Trading Fees
Paxful fees explained
Customer Reviews
Paxful is a convenient platform for P2P trading
Problem of scams on Paxful
Why We Picked It
Paxful is a fast and convenient crypto trading platform. Here, you don’t have to pay fees on crypto purchases. Paxful Pay has no chargeback issues which makes it a good choice for merchants. You can also win rewards by participating in its referral program.
UniSwap
If you don’t want to hand over your personal information to a centralized corporation, you can try a decentralized cryptocurrency exchange like UniSwap. This platform doesn’t ask you to enter any sort of identifying information for registration and you can, therefore, start trading by connecting a compatible crypto wallet with the platform.
In order to eliminate the role of intermediaries, UniSwap uses a collection of smart contracts that define every process on the platform. Everything is automated this way and there is no need for a central order book.
For token swaps, UniSwap charges fees based on the risk factor of the pair being swapped. Out of the collected fees, a certain portion 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 fees tiers for UniSwap exchange
Customer Reviews
UniSwap is a standard DEX with good UI
High gas fee is a problem on UniSwap
Why We Picked It
UniSwap makes it easy to start crypto trading by with just a wallet. It is a popular decentralized exchange primarily due to its accessibility. You can swap multiple ERC-20 tokens here at quite competitive fees.
PancakeSwap
PancakeSwap is, in many ways, an improvement over UniSwap. This platform does not have much of a network congestion issue so transactions are quickly processed and users don’t have to pay expensive gas fees. PancakeSwap also offers lots of interesting features with all sorts of rewards for users.
There are syrup pools on PancakeSwap where you can stake the exchange’s native CAKE token, yield farms that let you 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.
Further, PancakeSwap has some of the lowest pool fees out there. All the smart contracts on this platform 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 a great DEX
No vetting of coins on PancakeSwap
Why We Picked It
PancakeSwap is a cute and fun place to trade cryptocurrency. As a bonus, it has very low trading fees and the exchange promises a seamless trading experience with low slippage and capital efficiency. There are some creative products such as IFOs and lottery programs that you can check out on PancakeSwap.
Bisq
Bisq’s first priority is privacy and decentralization. This exchange is not even an online platform but rather a free computer application that you have to download and install on a computer. Hence, as long as you have a computer and an internet connection, you can trade on Bisq without any restrictions.
Bisq is open-source and community-driven. It is a platform that is governed as a decentralized autonomous organization(DAO). As it has servers that are scattered throughout the world, there is no possibility of a central failure here. Something unique about Bisq is that fees are always paid in BTC or its native BSQ token so you need to have either of them to trade on the platform.
Features
✔️Free desktop application
✔️Run as a DAO
✔️Native token is called BSQ
✔️Fiat money is not supported
Pros and Cons
✅Total P2P trading ❌BTC/BSQ is needed for payments
✅Governed by the community ❌Educational resources not good
✅Geographically scattered servers
✅User control over private keys
Trading Fees.
Trading fees for Bisq exchange
Customer Reviews
Bisq is a decentralized platform for crypto trading
Bisq needs to improve its UI
Why We Picked It
Bisq is an exchange that is true to the spirit and principle of cryptocurrency. It lets crypto buyers and sellers negotiate directly with each other and there is no interference from any middlemen. With Bisq, you remain in charge of your private keys and there is no possibility of loss of funds due to a central failure.
Is Crypto Allowed in Honduras?
There are no laws in Honduras regarding cryptocurrency regulation. Therefore, cryptocurrency and cryptocurrency trading exist in a sort of legal grey area in the country.
In 2018, the Central Bank of Honduras(BCH) warned citizens about the risks of cryptocurrencies. It stated that cryptocurrencies are not legal tender and reaffirmed that the BCH is the only issuer of legal tender money in the country. Cryptocurrencies are not regulated by the BCH or any other body and, hence, do not have the same legal protections as other payment systems.
That said, Honduras has not been untouched by the crypto fever. In 2022, it introduced the Bitcoin Valley project in the tourist enclave of Santa Lucia. Under this project, businesses would be trained to accept cryptocurrencies for payments. This is expected to help local businesses better market their products and services and boost tourism in the region.
The Bottom Line
There are several cryptocurrency exchanges in Honduras giving plenty of choice to traders. They can either go for centralized exchanges that make it convenient to trade one crypto for another or choose decentralized exchanges that give a higher degree of freedom and anonymity.
However, with cryptocurrencies being unregulated in Honduras and crypto trading itself being a risky business, it is always better to be cautious while investing in crypto assets. It is very easy to lose money here and you may not have the same legal protections as for other financial instruments.
Hence, you should do thorough research before investing money in cryptocurrencies.