From being a niche interest, cryptocurrency has been steadily gaining ground in many places including the South American nation of Paraguay. Many cryptocurrency exchanges have set up shop in the country and are offering various products and services for different types of crypto traders.
Paraguay is also home to a growing Bitcoin mining industry thanks to its cheap electricity rates. There have been attempts to regulate the same but the crypto industry remains unregulated in the country. Therefore, it is all the more important to learn about the various crypto exchanges in Paraguay to make an informed decision.
We have, hence, compiled this list of the best crypto exchanges in Paraguay for your perusal.
Top 7 Cryptocurrency Exchanges in Paraguay
Coinbase
While Binance does not operate in Paraguay, Coinbase is a good and far simpler alternative to the former. It is a global platform known for its minimalist approach to crypto trading. To get started, you just need to register yourself and get your KYC verified on the platform.
Even if you are completely inexperienced regarding crypto trading, you don’t need to worry as Coinbase offers tutorials explaining every step in the process.
Coinbase has 250+ assets that you can trade and several opportunities to stake your crypto assets to earn income on them. It also offers excellent educational resources if you want to learn more about crypto trading in general. It will help you in increasing your knowledge about cryptocurrency and blockchain technology. Further, Coinbase also offers rewards for successfully completing
Coinbase additionally offers consultancy services to institutional investors.
Features
✔️Over 250 assets available for trading
✔️Second-biggest crypto exchange
✔️Basic and pro versions are available
✔️Consultancy services for institutional investors
Pros and Cons
✅Public listed company ❌Trades on Basic version are expensive
✅KYC is mandatory ❌Bad customer support
✅Low fees on Coinbase Pro
✅Tutorials and educational
resources
Trading Fees
Trading fees for Coinbase
Customer Reviews
Coinbase is a great platform for crypto transactions
The verification process on Coinbase is long and tedious
Why We Picked It
Coinbase is a global crypto trading platform that is simple and reliable. It has a user interface that is straightforward and user-friendly. There is a mobile app that works great and comes with all the functionalities of the web version. Plus, Coinbase Pro offers you many advanced trading tools.
Kraken
Kraken is another major cryptocurrency exchange operating in Paraguay. A pretty flexible exchange with high liquidity, you can buy, sell and trade 200+ cryptocurrencies here. Kraken also lets you set up recurring buys to build up your portfolio for the long term. You can even set target prices at which your trades would be automatically executed.
On Kraken, both fiat and crypto funding options are supported. You can also use your debit or credit card or a bank transfer to buy cryptocurrencies here. It offers up to 5x leverage in the case of margin trading and returns with up to 50x leverage with crypto futures. You can also get personalized OTC services on Kraken.
Besides that, Kraken is an ISO 27001-certified exchange that periodically conducts Proof-of-Reserve audits. The results of these audits are publicly available on the platform’s website.
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 accounts
✅Facilitates recurring buys
✅Provides OTC services
Trading Fees
Fees for Kraken Instant Buy
Fees for Kraken Pro
Customer Reviews
Withdrawals are quite easy on Kraken
ID verification can be lengthy on Kraken
Why We Picked It
All major trading types are supported on Kraken and you can also set up recurring buy for regular transactions. Additionally, the platform offers personalized OTC services and opportunities for staking with good returns. The majority of the funds are stored in cold storage on Kraken.
Crypto.com
Singapore-based Crypto.com is quite famous for app-based crypto trading. This is a platform that is committed towards the development of mobile app-based crypto trading. There are 250+ cryptocurrencies available on Crypto.com including over 500 pairs for margin trading.
The platform also supports derivatives staking and offers assets for staking. In fact, if you stake Crypto.com’s native Cronos(CRO) coin, you can also get discounts on trading fees. You can also get rewards for referring your friends to Crypto.com. The user assets are stored in cold wallets here and user accounts are secured with multi-factor authentication.
Features
✔️250+ cryptocurrencies available for trading
✔️Native coin is called Cronos(CRO)
✔️Crypto loans are available
✔️Native wallet for storing crypto
Pros and Cons
✅Decent crypto collection ❌Unsatisfactory learning resources
✅Good APYs on asset staking ❌Not suitable for new traders
✅Uses cold storage for assets
✅Referral program for users
Trading Fees
Fees for Crypto.com exchange
Customer Reviews
The Crypto.com app is a satisfactory platform for trading cryptocurrency
Withdrawals can be an issue on Crypto.com
Why We Picked It
Crypto.com has several features and services that will make you check out the platform atleast once. Here, you can stake many cryptocurrencies including stablecoins and CRO. Plus, staking CRO can get you discounts on trading fees. Crypto.com also has an active referral program with attractive rewards.
Bybit
Bybit may be newer as compared to other exchanges on this list but it is in no way any less than them. It is a popular platform particularly for derivatives trading. Bybit’s trading features and variety of products have helped it develop a dedicated user base.
While it is mainly for derivatives trading, Bybit does offer options for spot and margin trading as well. On its One-Click Buy feature, you can use debit cards, credit cards and bank transfers to buy any of the cryptocurrencies supported by the platform.
Further, you can use the physical Bybit card to make merchant payments directly from your crypto balance. If you’re interested in directly engaging with other crypto traders, Bybit has a P2P trading platform where you can negotiate freely with other traders.
Features
✔️Primarily a derivatives trading exchange
✔️280+ pairs available for spot trading
✔️Supports debit and credit cards and bank transfer
✔️Has a P2P trading platform
Pros and Cons
✅User-friendly interface ❌Derivatives trading can be a risky
✅Multi-lingual platform venture
✅Demo trading mode
✅Bybit card for payments
Trading Fees
Bybit trading fees
Customer Reviews
Bybit has an excellent UI
Users have reported bad experiences with Bybit
Why We Picked It
Bybit strikes a balance between being a beginner-friendly platform and supporting sophisticated tools for advanced traders. It has low fees for all types of trades and you can get many perks and benefits with the VIP program. Plus, Bybit lets you directly buy crypto with a card or bank transfer.
OKX
Previously known as OKEx, OKX is not a simple cryptocurrency exchange but rather it is a complete crypto ecosystem with a native blockchain, wallet and token. When it comes to available cryptocurrencies, OKX offers a fantastic collection of 400+ coins for your perusal.
OKX is a very beginner-friendly platform with an intuitive design that makes buying, selling and trading cryptocurrency a breeze. You also get to customize the layout as you like on the Pro platform. OKX supports spot, margin and derivatives trading and you can also stake assets in its mining pools to get returns.
Due to security reasons, the majority of the user assets on OKX are kept in cold storage which is disconnected from the internet. The platform also does not keep more than 1,000 BTC in one cold wallet address. Further, OKX keeps an asset risk reserve fund and uses 2FA, mobile verification and anti-phishing code for securing user accounts.
Features
✔️400+ cryptocurrencies available for trading
✔️Native blockchain and wallet
✔️Native coin is OKB
✔️Cold wallets, 2FA and mobile verification for security
Pros and Cons
✅Supports many payment ❌Fee structure is complicated
methods ❌Slightly lower liquidity
✅Low fees for trading
✅Earning opportunities
✅Supports demo available
Trading Fees
OKX trading fees breakdown
Customer Reviews
Crypto trading is a seamless experience on OKX
OKX’s customer service is bad
Why We Picked It
Trading cryptocurrency is a breeze on OKX. It has competitive trading fees and you can get good APYs by staking assets. With its native OKX platform, you can also check out various DApps.
CEX.io
CEX.io states that its aim is to make cryptocurrency accessible to everyone by making crypto trading an easy process. This can very well be seen in the exchange’s simple and minimalist design. This combined with over 200 available cryptocurrencies definitely makes CEX.io a good option for new traders.
CEX.io puts crypto traders into three categories to provide a better trading experience to each demographic. The Instant Buy feature is available to ‘Everyone’ to immediately buy cryptocurrencies and use any of the supported mediums for payments.
Above that, ‘Traders’ get to participate in spot and margin trading on the exchange. But ‘Businesses’ are also provided with institutional-grade services with CEX.IO PRIME. Te platform encrypts all data for safety and privacy and cold storage is used for keeping user assets and funds.
Features
✔️200+ cryptocurrencies available
✔️Three-tier division of users
✔️Regulated exchange in many places
Pros and Cons
✅Wide variety of crypto coins ❌Verification process can be tedious
✅Earning opportunities ❌Liquidity is not very high
✅Decent customer service
✅Spot fees are on the lower end
Trading Fees
Trading fees for CEX.io
Customer Reviews
CEX.io gives a good trading experience
Deposits are sometimes withheld on CEX.io
Why We Picked It
As far as cryptocurrency exchanges go, CEX.io is one of the most accessible platforms. It is a licensed and regulated exchange in several territories and implements all industry-standard security measures. There is a good collection of cryptocurrencies available here at low trading fees.
Uphold
Uphold was launched in 2015 as a multi-asset platform for trading different types of assets. Therefore, it supports various asset types such as fiat currencies, precious metals like gold and silver as well as cryptocurrencies. While it does not take commission for trading Uphold does charge a spread for the same which is around 1.8% for regions outside Europe.
You get several opportunities for staking assets on Uphold and you can earn good returns on the same. For learning more about crypto trading or even cryptocurrencies in general, you can head over to its “Cryptionary” section.
The standard security procedure on Uphold is to maintain strong passwords and enable 2FA. It also conducts security audits and pen tests regularly
Features
✔️Several asset types supported
✔️200+ cryptocurrencies available for trading
✔️Offers a debit card with rewards
✔️2FA and security audits to maintain platform safety
Pros and Cons
✅Wide variety of assets ❌Spreads are costly
✅Supports cross-asset trading ❌Limited customer support
✅Crypto staking opportunities
✅Comprehensive learning resources
Trading Fees
Uphold service fees explained
Customer Reviews
Uphold is an easy to navigate platform
Withdrawals can be frustrating on Uphold
Why We Picked It
Uphold offers you a wide variety of assets- be it fiat currencies, precious metals or cryptocurrencies. It has a decent collection of 200+ cryptocurrencies. Further, you can very simply trade cryptocurrencies for fiat currencies or precious metals on Uphold.
Top 4 P2P Exchanges in Paraguay
Paxful
P2P crypto exchanges like Paxful are popular in places where banks and other payment service providers are often hesitant to process crypto transactions.
It may look complicated but Paxful is simply a marketplace that allows crypto buyers and sellers to engage with each other and negotiate and settle their trades. There are over 350 different options available for crypto payments. Be it online wallets like PayPal, debit or credit cards or even cash- you have plenty of choices on Paxful.
The platform offers Paxful Pay for businesses which enables them to accept crypto payments from a global user base at a transaction fee of 1%. There is also a referral program here with which you can grow your network by inviting people to the platform and getting rewards for the same.
Features
✔️More than 350 payment options
✔️BTC and USDT to buy and sell crypto
✔️Escrow trading available
✔️Has a wallet for storing BTC
Pros and Cons
✅Several payment options ❌Selling crypto can be expensive
supported ❌Scams are possible
✅Receive payments with Paxful
Pay
✅Has a Refer and Earn program
✅Sellers can set BTC rates
Trading Fees
Paxful fees explained
Customer Reviews
Paxful is an efficient exchange for cryptocurrency transactions
Scams can be an issue on Paxful
Why We Picked It
Paxful is an efficient P2P trading platform and does not charge anything for buying cryptocurrencies. There are multiple payment options supported here and you can trade the way you like. Merchants can take advantage of Paxful Pay to accept crypto payments.
UniSwap
Decentralized exchanges cannot be properly discussed without mentioning UniSwap. This is for good reason as this platform, developed on Ethereum, is one of the most famous decentralized exchanges.
It is an Automated Market Maker(AMM)-based platform wherein smart contracts are used to automate the entire process of providing liquidity on a DeFi platform. In this system, smart contracts lay out everything about the process of providing liquidity, the formation of liquidity pools and the standard method of swapping assets.
UniSwap is largely popular due to its accessibility. It is quite simple and navigable as far as decentralized exchanges go. Being an Ethereum-based platform also means that UniSwap can give users access to tons of ERC-20 tokens for swapping.
Hence, all you need is a crypto wallet such as Metamask or Trust Wallet to trade any ERC-20 token on UniSwap. Depending on the pair you’re swapping, your transaction may fall into the fee tiers of 0.01%, 0.05%, 0.30% or 1%.
Features
✔️Developed on the Ethereum blockchain
✔️Uses AMM protocol
✔️Three tiers for pool fees
✔️Native token is called UNI
Pros and Cons
✅Access to ERC-20 tokens ❌No verification of coins before listing
✅Maintains privacy and anonymity
✅User-friendly exchange
✅Has a bug bounty program
Trading Fees
UniSwap fees explained
Customer Reviews
UniSwap is a standard DEX
There is no customer support on UniSwap
Why We Picked It
UniSwap is a good decentralized exchange that can be used with any major crypto wallet. It automates every process with AMM and gives you access to several ERC-20 tokens for trading. You don’t need to submit any personal information prior to trading which helps to maintain your privacy.
PancakeSwap
PancakeSwap is also among the top decentralized exchanges. The key difference between PancakeSwap and its contemporaries like UniSwap, however, is in their choice of blockchain.
With the use of the BNB Chain, PancakeSwap has been able to avoid the problems of network congestion and extremely high gas fees which are common among Ethereum-based DeFi platforms. However, do note that mostly BEP-20 tokens can be swapped here as the underlying blockchain is BNB Chain. The number of ERC-20 tokens on PancakeSwap is quite small.
Four tiers for charging fees have been introduced with PancakeSwap’s v3. The fees are lower than the industry average and for stable pairs, PanckaeSwap offers theStableSwap feature which facilitates stable pair trades with lesser slippage and more efficiency.
Features
✔️Developed on the BNB Chain
✔️Four tiers for trading fees
✔️Native token is called CAKE
✔️Community governance by CAKE holders
Pros and Cons
✅No registration required ❌BTC trading not available
✅Trading of BEP-20 tokens ❌Problem of scams
✅StableSwap for stable pair trades
✅Has yield farms for staking tokens
Trading Fees
PancakeSwap trading fees
Customer Reviews
PancakeSwap has many tokens for swapping
PancakeSwap has a problem with low-quality coins
Why We Picked It
You don’t need a registered account to trade on PancakeSwap. Just connect your crypto wallet and start trading. It offers many interesting crypto products that you can check out.
dYdX
dYdX is a DeFi platform meant primarily for derivatives trading. It uses an Ethereum Layer 2 solution called StarkWare to provide users with a fast and seamless trading experience. StarkWare additionally helps in ensuring better security and privacy on the platform.
Though it was developed with derivatives trading in mind, spot and margin trading is supported on dYdX. It also charges quite low maker and taker fees with the highest maker fee tier being 0.020% and the highest taker fee tier being 0.050%.
In addition to utilizing dynamic interest rates you practically don’t have to pay any gas fees for trading on dYdX.
Features
✔️Runs on the Ethereum chain
✔️Derivatives trading exchange
✔️StarkWare Layer 2 solution for smooth trading
✔️Native coin called DYDX token
Pros and Cons
✅Transactions are quickly ❌Limited trading pairs
settled
✅Low-volume trades are free
✅No gas fee for perpetual trading
Trading Fees
dYdX trading fees
Why We Picked It
dYdX is a great choice for derivatives traders as it has low fees, dynamic interest rates and no gas fees for perpetuals trading. The platform also has a mobile app that works great and is on par with the web version in terms of functionality.
Does Paraguay Allow Bitcoin?
Bitcoin and other cryptocurrencies are not regulated in Paraguay. Digital currencies operate in a legal grey area in the South American nation i.e. they are neither legal nor illegal. The Central Bank of Paraguay(BCP) has also warned people about the risks of cryptocurrency including their use in illicit transactions.
Paraguay had also tried to regulate the Bitcoin mining industry but the proposed bill was defeated by a narrow margin in its lower house. Therefore, cryptocurrency and other related businesses remain unregulated in the country. There are no restrictions on crypto trading but people may not have any legal recourse in the case of a scam or any other issue.
The Bottom Line
There are several cryptocurrency exchanges operating in Paraguay. You can choose between a centralized exchange that offers assistance and other facilities while trading or a decentralized exchange that lets you trade directly with other people. In addition, Paraguay is home to a burgeoning Bitcoin mining industry.
That said, it should always be remembered that crypto trading is a highly risky venture. You can easily lose your money here and in the absence of a legal framework, would have no legal recourse.
Therefore, you need to do your research analyze your investment goals and then decide whether cryptocurrency is the right choice or not.