Cryptocurrency is mighty popular in Peru. A report by the country’s central bank has estimated that around one-third of Peruvians use Bitcoin for purchases and investments. This is mainly due to political turmoil and rising inflation in the country.
Though the US Dollar is legal tender in Peru, the steady decline in the value of the Peruvian Sol(PEN) against the USD and the high exchange rates offered by banks has made people turn towards cryptocurrencies and stablecoins in particular.
Due to political instability in the country, Peruvians have started investing in cryptocurrencies as an alternative store of value.
Remittances are another reason for the rising adoption of cryptocurrency in Peru. Since traditional banking channels can take up to 72 hours for a cross-border transfer besides charging a 10% commission on the same, people have started using cryptocurrencies as a fast and cheap method for cross-border payments.
Considering this, it was inevitable that crypto trading platforms would be in demand in Peru. Fortunately, people looking to invest in cryptocurrency have plenty of options as many region-specific and international crypto exchanges now operate in Peru.
Out of that, we have compiled a list of the best crypto exchanges in Peru so that you can learn about them and make an informed decision.
Top 8 Cryptocurrency Exchanges in Peru
Buda
Buda is a Chilean exchange that also offers its services in Peru. The exchange has deep liquidity and 99.9% uptime. Though there are only 5 cryptocurrencies available here, it makes up for that with its security system. Buda keeps over 90% of the user funds securely in cold storage.
It is also a KYC-compliant exchange with a mobile app for both Android and iOS devices. You can easily view your investment portfolio with the Buda app. The exchange also runs a referral program where you can invite your friends to the platform and get 20% of their payments as commission.
Features
✔️5 cryptocurrencies available for trading
✔️Has Android and iOS mobile apps
✔️Offline cold wallets for the security of funds
Pros and Cons
✅Supports PEN ❌Less number of cryptocurrencies
✅High liquidity platform available
✅KYC-compliant exchange
✅Runs referral program for users
Trading Fees
Fees on Buda are charged as per the 30-day trading volume of the trader. The fees steadily go down as the trading volume increases.
Trading fees for Buda
Customer Reviews
Buda is liked by users for crypto trading in South America
Transactions can be expensive on Buda
Why We Picked It
Buda generally has high liquidity and fast transaction settlement speeds. It supports Bitcoin purchases with PEN and you can also do bank transfers here. You can also earn a commission when your referrals trade on the platform.
Binance
Binance, as the largest cryptocurrency exchange in the world, offers endless possibilities in the crypto domain. It gives you a wide variety of assets to trade and supports several order types including margin and futures trading and swap farming. It also enables you to automate your trades with the help of trading bots.
Binance has an NFT marketplace where you can check out many popular NFT collections. Additionally, you can also explore IGOs and fan tokens here. Business owners can use Binance Pay to receive payments in cryptocurrency.
Shoppers would like the Visa-powered Binance card with which they can make payments using their crypto assets. They also receive an 8% BNB cashback on eligible transactions as an incentive. Holding BNB can also get you discounts on trading fees and rewards via Binance Vault for staking.
Features
✔️Largest crypto exchange in the world
✔️More than 350 cryptocurrencies available for trading
✔️Supports P2P trading
✔️Native utility token is known as BNB
Pros and Cons
✅Excellent coin collection ❌Not a good choice for beginners
✅Supports several trade types ❌Legal problems
✅Offers Binance card
✅Binance Pay for receiving crypto
payments
Trading Fees
There are VIP levels on Binance and users are charged trading fees as per the 30-day trading volume and/or the BNB balance.
Trading fees for Binance
Customer Reviews
The Binance Visa card is popular among users
Binance’s customer support needs improvement
Why We Picked It
Binance has a wide variety of not just cryptocurrencies but crypto products in general. It supports several types of trades including futures and options trading and swap farming. There is also a Binance P2P platform for people who want to do direct trading. You can also check out trading bots and NFTs on Binance.
Coinbase
Coinbase is quite an old exchange i.e. one of the OGs of the crypto trading industry. It is registered as a public company in the United States and has time and again proven its mettle. Coinbase has a decent crypto collection for new traders. Its straightforward interface will help them get familiar with crypto trading.
Along with the desktop version, Coinbase has a solid mobile app that has received good reviews. It has all the functionalities of the web version and it enables you to view your investment portfolio anytime anywhere.
The Coinbase exchange has two versions- a basic one for new and inexperienced traders and a pro one for more advanced crypto traders. The pro version offers expert traders advanced charting and market tracking tools. Coinbase also provides dedicated consultation services to institutional investors.
Features
✔️Second-largest crypto exchange
✔️More than 250 assets available for trading
✔️Publicly listed company
✔️Basic and Pro platforms
Pros and Cons
✅Decent crypto selection ❌Fees are high
✅User-friendly platform ❌Has poor customer support
✅Excellent mobile app
✅In-built crypto wallet
Trading Fees
The trading fees on Coinbase’s default platform are different for different transactions as it is determined by factors such as order size, payment method and market conditions.
Trading fees for Coinbase
Customer Reviews
The trading process on Coinbase is seamless
The verification process on Coinbase can be annoying
Why We Picked It
Coinbase due to its straightforward interface is an excellent option for beginner traders. It has a separate Pro platform for more advanced traders and also offers services geared towards institutional investors. Coinbase has a solid mobile app with great functionality.
Kraken
Kraken is another cryptocurrency exchange that has been around for a long time. This platform demarcates products and services according to the level of the users. Therefore, the default Kraken platform caters to beginners while the Pro one is geared towards advanced traders.
For trading, Kraken provides 200+ cryptocurrencies and supports spot, margin and futures trading. It also offers the opportunity to invest in crypto indices and avail of OTC services. The deep liquidity and low spreads on Kraken make for a seamless trading experience.
On the default Kraken platform, dynamic pricing is followed i.e. the fees for transactions are determined by factors like order size, asset type and market conditions. However, the Kraken Pro platform uses the maker-taker method for charging trading fees. The information about Kraken affiliates and its Proof-of-Reserves can also be easily found on its website.
Features
✔️More than 200 cryptocurrencies for trading
✔️Basic and Pro versions available
✔️Crypto indices available
✔️Proof-of-Reserves and affiliate information publicly available
Pros and Cons
✅Satisfactory coin selection ❌Trading on basic version is expensive
✅Learning material available
✅Kraken Pro has low fees
✅Good staking options
Trading Fees
The fees on Kraken Instant Buy vary from trade to trade as they are dependent on factors such as transaction size, payment method used and the type of asset.
Fees for Kraken Instant Buy
Fees for Kraken Pro
Customer Reviews
Kraken has a competent customer support
Accounts may be closed on Kraken
Why We Picked It
Kraken has something for everyone. It is a breeze to use once you familiarize yourself with the layout of the exchange. You can check out OTC services here, invest in crypto indices or stake crypto assets.
Crypto.com
Crypto.com is an exchange with a lot of potential. With mobile phones being used for everything these days, the Crypto.com mobile app is also popular for trading cryptocurrency among crypto traders. The exchange is estimated to have about 80 million users and is one of the top cryptocurrency trading platforms.
Crypto.com offers more than 250 cryptocurrencies for trading including its native token Cronos(CRO). Holding or staking CRO can be beneficial on Crypto.com as you can not only earn interest on it but also get discounts on trading fees. Further, the exchange charges no fees on crypto-to-crypto conversions.
Along with that, Crypto.com also has a native wallet in which you can store your crypto assets. You can check out new and upcoming NFT collections on its NFT marketplace. Cold storage, multi-factor authentication(MFA) and address whitelisting are standard on Crypto.com for security purposes.
Features
✔️Primarily for mobile app-based trading
✔️250+ cryptocurrencies available for trading
✔️Cold storage and MFA for security
✔️Native utility coin is Cronos(CRO)
Pros and Cons
✅Wide variety of coins ❌Poor learning resources
✅Trading fees are reasonable ❌Not very beginner-friendly
✅In-built crypto wallet
✅Supports crypto lending
Trading Fees
Traders can get rebates on trading fees on Crypto.com if they stake a certain amount of the CRO token.
Trading Fees for Crypto.com
Customer Reviews
Crypto.com app has several interesting features
Users have had problems with withdrawals on Crypto.com
Why We Picked It
With Crypto.com, you can trade on the go. The trading fees are reasonable and you can get discounts on the same by staking the CRO token. Crypto.com offers crypto-related products such as a Visa card and an NFT marketplace as well.
OKX
OKX is based out of Seychelles and was earlier known as OKEx. This is an exchange particularly favored for its fast transaction processing speeds, strong APIs and low trading fees. OKX’s ecosystem is powered by its native OKX Chain and native OKB token.
On OKX, you can conduct spot, margin and options trades and also swap perpetuals. You can also check out crypto mining services here and even get crypto loans. OKX also has a native OKX wallet which is compatible with more than 40 networks. You can use this wallet to explore DeFi apps on the platform. Plus, you can check out new projects with the Jumpstart Mining initiative.
Features
✔️400+ cryptocurrencies available for trading
✔️OKX Chain is the native chain
✔️More than 40 networks supported by OKX Wallet
✔️Jumpstart Mining for exploring new projects
Pros and Cons
✅Low trading fees ❌Fee structure is complicated
✅Multiple payment options ❌Customer service is not good
✅Educational material available
✅Supports demo trading
Trading Fees
Users are divided into regular and VIP categories on OKX and fees are charged accordingly.
Trading Fees for OKX
Customer Reviews
OKX is a good platform for crypto beginners
OKX’s customer service is not the best
Why We Picked It
OKX is more than a cryptocurrency exchange. Along with spot and margin trading, it offers crypto mining as well. It has a demo trading mode where you can practice your strategies before actually implementing them. You can also explore DApps and DeFi tokens on OKX.
KuCoin
KuCoin has one of the largest cryptocurrency collections with over 700 coins available for trading. This combined with its low trading fees makes KuCoin an excellent option for intermediate and above level crypto traders who would like to have hundreds of crypto assets at their disposal.
KuCoin also offers assets for staking and crypto lending is supported here as well. There is also a referral program where you get rewards for referring your friends to the platform. With KuCoin’s Halo wallet, you can explore the world of Web3 and check out the on-chain activities of other wallets as well.
Here, along with the usual account password, you can also set an additional trading password. All user data is encrypted here and MFA is also used by KuCoin for additional security.
Features
✔️700+ cryptocurrencies available for trading
✔️Supports 16+ languages including Spanish
✔️MFA and encryption for security
✔️Native utility coin is known as KuCoin Token(KCS)
Pros and Cons
✅Massive crypto selection ❌Fee structure is convoluted
✅Trades are inexpensive ❌Coins are not vetted
✅Halo wallet to access Web3
✅Trading bots are available
Trading Fees
KuCoin has a rather complex fee structure with multiple classes, levels and criteria for determining trading fees.
Trading fees for KuCoin
Customer Reviews
KuCoin has a lot of cryptocurrencies to explore
KuCoin’s customer service is not good
Why We Picked It
KuCoin is an excellent choice for traders who want access to a large number of cryptocurrencies on an exchange. The trading fees here are low, there are earning opportunities and you can also get into the world of Web3 with KuCoin’s Halo wallet.
Bybit
Bybit is one of the top cryptocurrency exchanges for derivatives trading. However, it also supports and gives lucrative offers on spot and margin trading as well. There are 280+ spot pairs available for traders at very low fees.
On Bybit, both USDC and USDT can be used as collateral for perpetual contracts. Further, inverse contracts and options contracts can also be traded using USDC as collateral. Bybit also supports copy trading where you can follow and imitate the strategies of top traders and apply them to your own trades.
This exchange uses AI to analyze your investment profile and then gives you recommendations for tools and services that are suitable for your trading style and needs. Besides that, you can easily get into the world of Web3 and DApps with Bybit’s integrated DApp aggregator.
Features
✔️280+ spot trading pairs available
✔️Has the largest USDC Options marketplace
✔️Copy trading is supported
✔️Bybit Web3 wallet available
Pros and Cons
✅variety of trading types ❌Does not properly tell about risks
✅Personalized recommendations of derivatives trading
for investment tools
✅Trading bots available
✅Advanced features for pro traders
Trading Fees
Bybit divides users into VIP and non-VIP categories. Among other things, users on higher VIP levels are charged lower fees than other users across all trading types.
Bybit fees explained
Customer Reviews
Trading on Bybit is comfortable
Instances of accounts being locked by Bybit
Why We Picked It
Bybit has something for everyone- from inexperience to expert traders. It supports spot and margin trading but focuses particularly on derivatives trading. Bybit also supports copy trading and you can explore Web3 with its integrated DApps aggregator.
Top 2 P2P Exchanges in Peru
Paxful
Paxful is one of the most famous P2P exchanges with people preferring it to negotiate and trade directly with other crypto buyers and sellers. This exchange supports over 350 payment options including debit cards, credit cards, PayPal, online wallets or even cash.
On Paxful, sellers have the advantage that they can set their own rates for Bitcoin. The platform also offers Paxful Pay for businesses. It charges a transaction fee of 1% and enables businesses to accept crypto payments from a global user base. Paxful also rewards users for inviting their friends to the platform via its referral program.
Features
✔️Over 350 payment methods available
✔️Purchases and sales with BTC and USDT
✔️Escrow trading possible
✔️Paxful wallet for storing BTC
Pros and Cons
✅Multiple payment options ❌High sale fee
✅Supports biometric verification ❌Possibility of scams
✅Referral program with rewards
✅No fees
Trading Fees
There are no fees for buying cryptocurrency on Paxful. However, it does charge a selling fee depending on the type of payment method used.
Fees for Paxful
Customer Reviews
Convenience is a major advantage of Paxful
There is a possibility of scams on Paxful
Why We Picked It
On Paxful, crypto buyers and sellers can directly interact with each other. It does not take any fees for buy orders and supports escrow trading as well. There is also an active rewards program for users.
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 for verifying 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 ❌Need BTC or BSQ for trades
✅User custody over funds
✅No geographical limitations
✅Central failure not possible
Trading Fees
The fees on Bisq are communicated in terms of either BTC or BSQ.
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.
Is Bitcoin Legal in Peru?
There is no legal framework for cryptocurrencies including Bitcoin in Peru. However, the government is open to the crypto industry and has been looking into regulating the same.
A draft cryptocurrency law was introduced in December 2021 which defined several concepts including crypto assets, virtual asset service providers(VASPs) and blockchain.
However, it should be noted that no cryptocurrency is legal tender in Peru and the country considers them to be digital tokens. The draft law along with establishing certain conditions that the VASPs must follow also calls for the creation of a public registry for the same.
When it comes to taxation, crypto assets are not taxed like assets or securities in Peru. Instead, it is the income that crypto transactions generate that is taxed in the country. Therefore, any natural or legal person who earns profit from the sale of cryptocurrencies inside or outside Peru has to pay tax on the same. The tax may range from 5% to 30% depending on the specific case.
Conclusion
Cryptocurrency and cryptocurrency trading is steadily gaining ground in Peru. To cater to this growing demand, several crypto exchanges have started operations in the country. Therefore, Peruvian traders can go for any platform that suits their needs.
Be it an exchange with simple buy/sell features to platforms with advanced investing options, there is something for everyone.
However, amidst all this, one should not forget that cryptocurrencies are high-risk investments. Though you can earn high profits, you can also lose money overnight by putting your money in them.
It is, therefore, important to be clear about your investment goals and risk tolerance and consult a professional before investing in cryptocurrencies.