Lots of people are getting into cryptocurrency trading these days. And the Caribbean region including Jamaica is turning out to be a hot cryptocurrency destination due to favorable tax regimes and several other factors. In Jamaica, by and large, cryptocurrencies are regulated under the existing banking and securities laws.
While the Bank of Jamaica is not especially keen on cryptocurrencies and has even cautioned people to be mindful of their unpredictable nature, it has been quite open to the idea of a digital version of the Jamaican Dollar(JMD). Accordingly, Jamaica’s digital currency called JAM-DEX was launched in 2022.
As for crypto trading, you can easily trade cryptocurrencies in Jamaica though there are no specific laws addressing the same. It is generally advised that crypto trading should be done through an exchange particularly if you are inexperienced.
Fortunately, there are many crypto exchanges in Jamaica that are appropriate for this purpose. Therefore, we have compiled this list of the best crypto exchanges in Jamaica so that you can learn about them and make an informed decision.
Top 7 Cryptocurrency Exchanges in Jamaica
Coinbase
Coinbase is one of the largest cryptocurrency exchanges and it is also available in Jamaica. It is a simple exchange that is perfect for inexperienced traders to start their crypto journey. Along with the desktop version, the Coinbase mobile app is also very easy to navigate and has all the features of the web version.
On Coinbase, besides crypto trading, you can explore NFT collections and also venture into the world of Web3. You can create and customize a Web3 profile and even check out the profiles of other users. With Coinbase Web3, you get to access popular DApps such as OpenSea, Aave and CyberConnect.
Coinbase’s native crypto wallet is a non-custody wallet that lets you retain control of your private keys. It also holds user assets on a 1:1 basis and the majority of the assets are kept in cold storage for security. Crypto assets can be stored safely in the Coinbase Vault with time-delayed withdrawals.
Features
✔️Second biggest crypto exchange in the world
✔️250+ cryptocurrencies available for trading
✔️Publicly listed company
✔️Cold storage, encryption and Coinbase Vault for security
Pros and Cons
✅Straightforward interface ❌Fees is higher on basic version
✅Native self-custody wallet ❌Charges high staking commission
✅Extensive learning material
✅Holds assets 1:1
Trading Fees
Coinbase cryptocurrency exchange fees
Customer Reviews
Coinbase is a safe place to buy and sell cryptocurrency
Network fees can make trades costly on Coinbase
Why We Picked It
Coinbase is the perfect platform for beginners with its straightforward and minimalist user interface. Buying and selling cryptocurrency is very easy here. For more advanced traders, there is the Coinbase Pro platform with more sophisticated analysis tools.
Kraken
Kraken is another major cryptocurrency exchange operating in Jamaica. It is a flexible exchange with high liquidity where you can buy, sell and trade 200+ cryptocurrencies. Here, you can set up recurring buys to build up your portfolio for the long term or set target prices at which your trades would be automatically executed.
Kraken supports both fiat and crypto funding options. You can also buy cryptocurrency simply with your debit or credit card or a bank transfer. For margin trading, you can get up to 5x leverage and returns with up to 50x leverage with crypto futures. Kraken also offers personalized OTC services to users.
Kraken is an ISO 27001-certified exchange and periodically conducts Proof-of-Reserve audits the results of which are publicly available on its website. Advanced cold storage is used for storing user funds and a bug bounty program is there to encourage the larger security research community to report bugs.
Features
✔️200+ cryptocurrencies for trading
✔️Basic and Pro platforms available
✔️Enables spot, margin and futures trading
✔️Proof-of-Reserve audits for transparency
Pros and Cons
✅Satisfactory crypto selection ❌Kraken Instant Buy is expensive
✅Kraken Pro has low fees ❌Reports of compromised user accounts
✅Facilitates recurring buys
✅Provides OTC services
Trading Fees
Fees for Kraken Instant Buy
Fees for Kraken Pro
Customer Reviews
Withdrawals are a breeze on Kraken
ID verification can be lengthy on Kraken
Why We Picked It
Kraken supports all the major crypto trading types and you can even set up recurring buys for regular transactions. In addition to that, it also offers personalized OTC services and opportunities for staking with good returns. Kraken also runs a bug bounty program to reward those who find and report vulnerabilities in its system.
Crypto.com
Singapore-based Crypto.com is a popular and fast-growing crypto exchange. With the Crypto.com app, you can buy and trade 250+ cryptocurrencies with over 20 fiat currencies. You can also use a debit or credit card or bank transfers to instantly buy cryptocurrency with minimal fees.
On Crypto.com, you can stay on top of the game by setting up price and price movement alerts for your desired cryptocurrencies. Also, there are more than 21 cryptocurrencies and stablecoins available for staking with private members even getting extra 2% p.a. rewards in CRO.
While the fees on Crypto.com are already quite competitive, you can get further discounts on it if you lock up the CRO token. Crypto.com has ISO 27001 certification and keeps user assets fully backed on a 1:1 basis. Its Proof-of-Reserve reports are also publicly available and can be verified by users.
Features
✔️Focuses on mobile app-based trading
✔️More than 250 cryptocurrencies available
✔️Supports crypto loans
✔️Native coin is called Cronos(CRO)
Pros and Cons
✅Fantastic crypto selection ❌Scant learning material
✅Competitive trading fees ❌Not beginner-friendly
✅Holds assets on 1:1 basis
✅Opportunities for asset staking
Trading Fees
Fees for Crypto.com exchange
Customer Reviews
Crypto.com app has many intriguing features
Crypto.com needs better customer support
Why We Picked It
Go for Crypto.com if you prefer the ease of trading anytime from your phone. The app is easy to navigate if you have prior experience with crypto trading or even stock trading from an app. The fees on Crypto.com are very competitive and the exchange further offers discounts on the same if you stake a certain amount of CRO token.
Bybit
Bybit is also a popular cryptocurrency exchange suitable for traders who want to check out a variety of crypto-related products in addition to regular crypto trading. Along with spot trading, Bybit also supports derivatives and margin trading. You can easily convert crypto at zero fees and no slippage here.
With trading bots, you can automatically execute your trades and Launchpad gives you early access to new tokens. Bybit also gives you customized recommendations for trading tools by analyzing your investment profile with AI. The Bybit wallet helps you access popular DApps and you can also check out NFT collections on the platform.
Bybit is committed to maintaining the security of the platform and employs data encryption technologies, Trusted Execution Environment(TEE) and Threshold Signature Schemes(TSS) for the same.
Features
✔️Mainly for derivatives trading
✔️Over 280 spot trading pairs available
✔️World’s largest USDC Options marketplace
✔️Encryption, TSS and TEE for security
Pros and Cons
✅Easily navigable platform ❌Not the best place for spot trading
✅Inexpensive trading ❌Unverified trade stats
✅Supports many order types
✅Facilitates demo trading
Trading Fees
Trading fees levels for Bybit cryptocurrency exchange
Customer Reviews
Bybit has a great user interface
Allegations of price manipulation on Bybit
Why We Picked It
Bybit is a great platform, especially for derivatives trading. Both the website and mobile app have a slick UI and transactions are quickly settled here. All the relevant security measures including data encryption are implemented on Bybit.
KuCoin
KuCoin is heaven for people who love to check out new crypto coins. And with 700+ cryptocurrencies, there is a lot to explore here. Combined with the low trading fees, KuCoin ticks off all the boxes for a good cryptocurrency exchange.
Along with spot, derivatives and margin trading, you can also lend out your crypto to earn interest on it on KuCoin. With KuCoin Earn, you can increase the value of your holdings by investing in products with lucrative returns. There is also an NFT platform where you can easily buy, sell and swap NFTs.
KuCoin runs a referral program where you can get up to 20% commission by inviting your friends to KuCoin. It is committed to platform security and uses multisig technology for secure asset storage. Data is encrypted 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
Wide variety of coins available on KuCoin
KuCoin has bad customer service
Why We Picked It
KuCoin is a great place if you want access to a wide variety of cryptocurrencies on a single platform. You can automate your trades with the platform’s trading bots and use KuCoin Earn to grow your crypto holdings. There is also an NFT marketplace where you can buy, sell and swap NFTs.
OKX
The OKX cryptocurrency exchange is full of features with plenty on offer for different demographics of crypto traders. It even has its own blockchain and token along with a native OKX wallet. Here, you can indulge in spot, margin, options and futures trading.
OKX also enables easy crypto conversions at no fees and zero slippage. It supports copy trading as well and you can use the trading bots available on the platform to automate your trades.
OKX gives you the opportunity to grow your assets by investing in several simple or structured products. It also supports crypto lending and with the Jumpstart Initiative, you can access new and intriguing crypto projects.
Features
✔️Over 400 cryptocurrencies available
✔️Native blockchain known as OKX Chain
✔️OKX Web3 Wallet supports multiple networks
✔️Enables spot, margin, futures and options trading
Pros and Cons
✅Fees are quite low ❌Customer service is bad
✅Many payment options ❌Complex fee calculation system
supported
✅Extensive learning material
✅Supports crypto lending
Trading Fees
OKX cryptocurrency exchange fees
Customer Reviews
Customers like OKX for its ease of navigation
OKX does not have competent customer support
Why We Picked It
OKX supports several crypto trading types and charges quite low fees for the same. You can grow your crypto holdings here by investing in simple and structured products. Crypto loans are also available on OKX and you can access new crypto projects with the Jumpstart initiative.
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, offers crypto loans and good returns on crypto staking. There is also a native wallet in which you can store your cryptocurrency.
Top 3 Decentralized Exchanges in Jamaica
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 fees 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 miles ahead of other platforms when it comes to privacy and decentralization. It is not even an online platform but rather a free computer application that has to be downloaded and installed on a computer. So, as long as you have access to a computer and an internet connection, you can trade on Bisq.
Bisq is a completely open-source and community-driven platform that is governed as a decentralized autonomous organization(DAO). Since its servers are scattered throughout the world, there is no possibility of a central failure on this platform. A peculiar thing 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 ❌Sparse educational resources
✅Geographically scattered servers
✅User control over private keys
Trading Fees.
Trading fees for Bisq exchange
Customer Reviews
Bisq is a totally decentralized P2P trading platform
Bisq’s UI needs to be more user-friendly
Why We Picked It
Bisq is one platform that is completely true to the spirit and principle of cryptocurrency. Here, crypto buyers and sellers negotiate with each other and there is no interference from any middlemen. With Bisq, users retain control over their private keys and there is no possibility of loss of funds due to a central failure.
Is Crypto Legal in Jamaica?
There is no specific law allowing or prohibiting the use of cryptocurrency in Jamaica. They are largely regulated according to the existing banking and security regulations of the country. This is possible because the definition of “securities” in the Securities Act is broad enough to cover cryptocurrency.
It is further argued that cryptocurrencies are a type of e-money and hence, the Banking Services Act(BSA) and the Payment, Clearing, and Settlement Act(PCSA) also apply to them. Broadly, we can say that cryptocurrencies that are classified as securities are governed by the Securities Act and cryptocurrencies considered to be e-money come under the BSA and PCSA.
Further, The Bank of Jamaica(BoJ) announced in May 2020 that it was going to issue a Central Bank Digital Currency(CBDC). Accordingly, JAM-DEX, Jamaica’s CBDC was launched in 2022. It is a legal tender minted and distributed solely by the BoJ. The main goal of JAM-DEX is to improve financial inclusion and facilitate the growth of the country’s digital economy.
The Bottom Line
The Caribbean region including Jamaica is emerging as a hot destination for cryptocurrency exchanges to set up shop. There are so many exchanges and it can overwhelming to sift through all of them. Therefore, this list might help you in the process of selecting a crypto exchange.
However, before anything else, you should be aware of the risks of crypto trading. Cryptocurrencies are extremely volatile assets which is why you should stick to the adage: don’t invest money you cannot afford to lose.