Cryptocurrency has been gaining worldwide popularity including in places like Panama. Bitcoin, Ethereum and other such cryptocurrencies are popular as investment options. A law was also passed in Panama to legalize their use as alternative payment methods but it was struck down by the country’s Supreme Court.
Still, crypto use continues to grow here and Panama is generally regarded as a crypto-friendly country. There are several crypto exchanges operating in the country to cater to the growing demand. We have compiled this list of crypto exchanges in Panama so that you can know more about the best crypto exchanges in Panama.
This article will also answer your other questions like can you trade crypto in Panama and is Panama crypto-friendly.
Best 7 Cryptocurrency Exchanges in Panama
Coinbase
Coinbase is quite an old exchange, atleast by the crypto industry standards. It is a very straightforward platform with a simple, no-nonsense design that helps beginner traders feel at ease with crypto trading. It is a public company in America as well and maintains accountability standards far higher than the average crypto exchange.
Coinbase has a solid and reliable mobile app that is perfect for trading from anywhere via your mobile phone. While Coinbase is a very pro-beginners exchange, it also has functionalities suitable for more advanced traders. Coinbase Pro gives professional traders access to several sophisticated market tracking and analysis tools.
Coinbase is a secure platform and has never faced a platform-wide large attack in its history. It automatically enrolls users for 2FA when they register and encourages them to pick unique and strong passwords for their accounts.
Features
✔️Second-largest cryptocurrency exchange in the world
✔️Over 250 tradeable assets available
✔️Publicly traded company on NASDAQ
✔️Basic and Pro platforms for users
✔️2FA, unique passwords and cold wallets for security
Pros and Cons
✅Decent crypto selection ❌Fees are high
✅Beginner-friendly platform ❌Customer service is bad
✅Fantastic mobile app
✅Native wallet for storing crypto
Trading Fees
Coinbase cryptocurrency exchange trading fees
Customer Reviews
The trading process on Coinbase is flawless
Coinbase’s verification process can be lengthy and frustrating
Why We Picked It
Coinbase is an excellent choice for traders still getting used to crypto trading due to its simple and straightforward interface. It caters to the more advanced trader demographic via its Pro version. Coinbase is the first crypto company to be listed on NASDAQ and therefore, its auditing and accountability standards are much higher than other cryptocurrency exchanges.
Kraken
Another major cryptocurrency exchange operating in Panama is Kraken. It is a highly liquid exchange with 200+ cryptocurrencies available for buying, selling and trading. In addition, Kraken lets you set target prices at which your trades are automatically executed. You can also enable recurring buys here to build up your long-term portfolio.
You can use both fiat and crypto to fund your Kraken account. It is very easy to buy cryptocurrency here with a debit or credit card and bank transfers in certain places. Margin traders can get up to 5x leverage on Kraken. Crypto futures too can get returns with up to 50x leverage.
Kraken has ISO 27001 certification and it also conducts Proof-of-Reserve audits periodically the results of which can be viewed on the exchange’s website. It uses advanced cold storage for user funds and runs a bug bounty program where people are rewarded for reporting security vulnerabilities.
Features
✔️More than 200 cryptocurrencies for trading
✔️Has Basic and Pro versions
✔️Enables futures, spot and margin trades
✔️Conducts Proof-of-Reserve audits
Pros and Cons
✅Awesome crypto selection ❌Fees are higher on Kraken Instant Buy
✅Kraken Pro is less costly ❌Reports of accounts being hacked
✅Automated recurring buys
✅Personalized OTC services
Trading Fees
Fees for Kraken Instant Buy
Fees for Kraken Pro
Customer Reviews
Withdrawing funds is easy on Kraken
ID verification can take time on Kraken
Why We Picked It
Several crypto trading types are supported on Kraken and you can also set up automated recurring buys here. In addition to that, you can invest in crypto indices, check out OTC services and stake your assets to earn interest on Kraken. It runs a bug bounty program to encourage people to find and report potential security vulnerabilities on the platform.
Bybit
Bybit is a good cryptocurrency exchange suitable particularly for traders who want something more than regular crypto trading on a platform. For regular traders, Bybit offers spot and margin trading. Along with that, derivatives trading is also supported here. Crypto-to-crypto conversions are free on Bybit and have zero slippage.
Trading bots enable you to automate your trades and the Bybit Launchpad gives you early access to new tokens. You can also receive personalized recommendations for investment tools based on an AI-based technical analysis of your profile. There is an NFT marketplace too for you to explore and a Bybit wallet where you can store your crypto and NFTs.
Bybit uses data encryption technologies, trusted execution environment(TEE) and threshold signature schemes(TSS) to maintain platform security.
Features
✔️Platform for derivatives trading
✔️280+ spot trading pairs available
✔️Biggest USDC Options marketplace
✔️Employs encryption technologies, TEE and TSS for security
Pros and Cons
✅User-friendly platform ❌Not very good for spot trading
✅Low trading fees ❌Trade statistics are unverified
✅Multiple order types supported
✅Demo trading feature
Trading Fees
Trading fees levels for Bybit cryptocurrency exchange
Customer Reviews
Bybit has an excellent user interface
Users allege price manipulation on Bybit
Why We Picked It
Bybit is a great platform for derivatives trading but also supports other popular trading types. Both the website and mobile app have excellent UI and work very well. Further, Bybit is known for its fast transaction settlement speeds. The exchange also implements all relevant security measures such as data encryption.
OKX
The OKX cryptocurrency exchange has plenty on offer for different types of crypto traders. Beginners can directly buy cryptocurrency with fiat money and indulge in spot trading. For traders with a little more experience, OKX offers margin, options and futures trading.
Further, crypto-to-crypto conversions are very easy and free on OKX with zero slippage. You can also check out the copy trading feature if you want to trade like a pro. There are also trading bots available on OKX that can automatically execute trades on your behalf.
On OKX, you can invest in many types of simple and structured products which will help you grow your crypto assets. Cryptocurrency loans are also available here and you can get access to new and interesting crypto projects with the Jumpstart Mining initiative.
Features
✔️400+ cryptocurrencies available for trading
✔️OKX Chain is the native blockchain
✔️Multiple networks supported by OKX wallet
✔️Spot, margin and options trading available
Pros and Cons
✅Low trading fees ❌Customer support is not good
✅Several payment options ❌Fee structure is complicated
available
✅Great educational resources
✅Crypto loans available
Trading Fees
OKX cryptocurrency exchange fees
Customer Reviews
OKX is a crypto exchange that is easy to navigate
OKX’s customer service is bad
Why We Picked It
You can conduct any type of trade on OKX and are charged very low fees for the same. You get opportunities to grow your crypto holdings on OKX with its variety of flexible and bonded products. Crypto lending is also supported here and you get to check out new projects with the Jumpstart Mining initiative.
Crypto.com
Crypto.com is a very famous exchange with 80 million users known for its excellent mobile app. With this app, it seeks to popularize trading on the go anytime from your mobile phone.
With 250+ cryptocurrencies, Crypto.com has a wide variety of assets that can be bought, sold and traded. Additionally, it has 500+ pairs with up to 5x leverage available for margin trading. For derivatives trading, more than 100 perpetuals, quarterly futures and warrant contracts are there. To sweeten the deal, Crypto.com offers discounts on trading fees if you stake its native token CRO.
Crypto.com is an ISO 27001 certified exchange that also ensures that all user accounts are multi-factor authenticated and have address whitelisting on.
Features
✔️250+ cryptocurrencies available for trading
✔️Native utility coin is known as Cronos(CRO)
✔️Crypto-based loans are available
✔️Native Crypto.com wallet for storing assets
Pros and Cons
✅Great crypto collection ❌Educational material is limited
✅Fantastic asset staking options ❌Not very beginner-friendly
✅Assets kept in cold storage ❌App geo-restricted in Panama
✅Referral program with good rewards
Trading Fees
Crypto.com exchange trading fees
Customer Reviews
The Crypto.com app is great for crypto trading
Users have reported problems with withdrawal on Crypto.com
Why We Picked It
The crypto.com app is full of interesting features and you should definitely check it out once. You can not only stake CRO to get rewards but also use it to get discounts on trading fees. Crypto loans are available here and it also offers a prepaid Visa card with several perks and benefits.
KuCoin
While KuCoin is mainly known for its massive crypto collection, it has much more to offer to users. The regular spot and margin trading options are available on KuCoin at very low fees. Along with that, it also supports derivatives trading as well as cryptocurrency lending.
With KuCoin Earn, you get some good opportunities to invest in various types of products and increase the value of your crypto holdings. You can also buy, sell, swap or simply explore several NFT collections in KuCoin’s NFT marketplace. Plus, you can get up to 20% commission if you invite your friends to the platform.
Further, asset security on KuCoin is ensured with multisig technology. It also encrypts data during transit, storage and while the data is being used. Accounts are also monitored for suspicious activity and instant alerts are sent out to users in case such activity is detected.
Features
✔️Over 700 available cryptocurrencies
✔️Exchange supports many languages
✔️KuCoin token(KCS) is the native coin
✔️Employs encryption technology for security
Pros and Cons
✅Huge coin collection ❌Fees calculation is difficult
✅Fees are towards the lower end ❌No proper vetting of coins
✅Runs a referral program
✅NFT marketplace available
Trading Fees
KuCoin cryptocurrency exchange fee levels
Customer Reviews
There are lots of cryptocurrencies to explore on KuCoin
KuCoin’s customer service needs improvements
Why We Picked It
KuCoin is a great platform if you have the ability to sift through hundreds of cryptocurrencies to find something worthwhile. Not just that, you can use KuCoin Earn to earn interest and grow your crypto holdings. KuCoin also has an NFT marketplace with interesting collections.
Nexo
Nexo is a centralized cryptocurrency exchange that was launched in 2018. Among a sea of similar platforms, it has distinguished itself with its unique value-add feature that allows users to unlock the value of their crypto without having to sell it.
Nexo does not charge any fees for trades on its basic version. Users can make unlimited trades upto $250,000 per trade. On the Pro version, the maker-taker model is used for determining fees.
Nexo is a heavily regulated platform and has obtained licenses from relevant authorities in different states of the USA, Australia, Seychelles, Poland, Italy etc. While it does not have the widest collection of cryptocurrencies, it makes up for that with its robust security system.
Nexo enables 2-factor authentication(2FA) via SMS, e-mail as well as authenticator apps. You can also set up biometric identification so that no one else can access your account. You are also provided with regular log-in alerts and withdrawal confirmations to flag suspicious activity as quickly as possible.
Features
✔️60+ digital assets available
✔️KYC-compliant exchange
✔️Smart routing system
✔️2FA for security
Pros and Cons
✅No lock-in period ❌Fewer benefits without Nexo token
✅Non-custodial Nexo wallet ❌Complicated loyalty program
✅No fees on basic version
✅Earning opportunities
Trading Fees
Trading fees for Nexo Pro
Customer Reviews
Nexo has good customer service
Transaction settlement can be slow on Nexo
Why We Picked It
Nexo has interesting features and a robust security system. It supports crypto borrowing and lending, has zero fees on the basic platform and offers a loyalty program for users. There is also a non-custodial Nexo wallet for exploring Web3.
Top 3 Decentralized Exchanges in Panama
UniSwap
UniSwap is in a league of its own among decentralized cryptocurrency exchanges. It was, after all, UniSwap’s success that eventually led to the development of many other DeFi platforms.
Since it is an Ethereum-based project, UniSwap primarily supports the swapping of ERC-20 tokens. It is a platform that uses the Automated Market Maker(AMM) protocol and therefore, has no central order books to match crypto buyers and sellers. Instead, it relies on self-executing smart contracts to define how liquidity is to be provided and tokens are to be swapped.
This automation of the whole process ensures that UniSwap is resistant to manipulations and system attacks. Further, UniSwap is one of the few decentralized exchanges that are beginner-friendly and can be used easily by people with various levels of crypto trading experience.
Features
✔️Runs on the Ethereum blockchain
✔️Employs the AMM protocol
✔️Open-source code project
✔️Native utility token is known as UNI
Pros and Cons
✅ERC-20 tokens for trading ❌Listed coins are not vetted
✅Supports NFT purchases ❌Ethereum gas fees can be notoriously
✅Accessible platform high
✅Governed by the UNI holders
Trading Fees
UniSwap cryptocurrency exchange pool fees
Customer Reviews
UniSwap is a popular decentralized exchange on Ethereum
UniSwap has no complaint registration mechanism
Why We Picked It
UniSwap is a very accessible platform compared to other decentralized exchanges. You can instantly start trading here by connecting a crypto wallet. You don’t have to worry about your funds being stolen because your private keys remain with you. It does not ask for any ID information and allows you to trade anonymously.
PancakeSwap
A ‘Swap’ exchange launched during the DeFi golden year of 2020, BNB Chain-based PancakeSwap is an improvement over UniSwap in many ways. Firstly, PancakeSwap users don’t have to deal with frequent network congestion. As a result, their transactions are processed quickly and they don’t have to pay expensive gas fees.
Secondly, PancakeSwap has many products that are bound to raise the curiosity of every crypto trader. There are yield farms where you can earn passive income, syrup pools where you can stake PancakeSwap’s native CAKE token, lottery programs where you can win rewards and Initial Farm Offerings(IFOs) to get early access to new tokens.
PancakeSwap also has very low fees and enables you to efficiently swap stable pairs with its StableSwap feature. All the smart contracts on PancakeSwap are open-source to maintain transparency. These contracts are all multisig and have been time-locked for more security. Firms like Snowmist and Certik have conducted security audits for PancakeSwap and given the platform positive ratings for the same.
Features
✔️Constructed on the BNB Chain
✔️Employs the AMM protocol
✔️Native utility token is known as CAKE
✔️Open-source smart contracts
Pros and Cons
✅Access to BEP-20 tokens for swapping ❌BTC trading is not possible
✅Ingenuine product suite ❌Problem of low-quality coins
✅Trading fees are quite low
✅Positive ratings in security audits
Trading Fees
PancakeSwap cryptocurrency exchange trading fees
Customer Reviews
PancakeSwap is an exchange popular among crypto traders
PancakeSwap does not verify coins before listing them
Why We Picked It
Crypto trading is fun on PancakeSwap due to its cute and colorful design and innovative product suite. The fees here are quite low as per the industry standards. StableSwap gives you the opportunity to swap stable pairs with more efficiency. Products like the lottery program and PancakeSwap’s IFOs are worth checking out once.
dYdX
dYdX is also a platform meant more for derivatives trading. The difference between dYdX and a platform like Bybit is that the former is a next-generation DeFi project while the latter is a conventional centralized cryptocurrency exchange.
dYdX’s use of the Ethereum Layer 2 solution called StarkWare helps it provide a fast and seamless trading experience to users. This solution also helps it maintain the privacy and security of the platform. Trading on dYdX is made all the more attractive due to its dynamic interest rates and lack of gas fees.
Features
✔️Runs on the Ethereum network
✔️Focuses on derivatives trading
✔️Uses StarkWare for seamless trading
✔️Native utility token is known as DYDX token
Pros and Cons
✅Quick transaction settlements ❌Low number of trading pairs
✅Trades below $100,000 are free
✅Zero gas fees for trading perpetuals
Trading Fees
Trading fees for dYdX exchange
Why We Picked It
dYdX is for traders who want to trade crypto and particularly partake in derivates trading on a smart, next-generation DeFi platform. It has very low fees and dynamic interest rates and you don’t have to pay any gas fees for trading perpetual.
Is Bitcoin Legal in Panama?
Bitcoin and other cryptocurrencies are de facto legal in Panama though there is no framework to govern their sale and trade. While the government has been receptive to blockchain technology and cryptocurrencies, the Supritendency of Banks(SBP) and Supritendency of the Securities Market(SMV) in Panama have repeatedly warned users about crypto assets.
That said, there are no particular restrictions on cryptocurrency exchanges and crypto trading in Panama. Such platforms usually operate as specialized financial institutions in the country.
In April 2022, a bill aiming to regulate cryptocurrencies was passed by the Panamanian National Assembly. The legislation allowed the use of crypto assets including Bitcoin and Ethereum as an alternative payment for civil and commercial operations. It also regulated the tokenization of precious metals and the issuance of digital value.
The legislation was struck down by Panama’s Supreme Court in 2023 on the grounds of it being unconstitutional. Therefore, cryptocurrencies remain legal but unregulated in Panama.
Conclusion
Cryptocurrency is largely legal in Panama and a number of crypto exchanges can be found here. As for the best crypto exchange in Panama, it is the one on which you can trade comfortably and securely. For this, there are a lot of options available to Panamanian traders.
Still, due to their volatility, cryptocurrencies are a risky investment and doubly so due to the lack of a legal framework in the country. Any money that you put in cryptocurrencies, therefore, should be money that you can afford to lose. Do thorough research and an analysis of your investment goals before investing in cryptocurrencies.