From the time when Bitcoin was still a niche interest to now where the crypto industry is rapidly progressing, cryptocurrencies have come a long way. Crypto adoption has been increasing in many countries including those in South America. In fact, emerging markets such as those in Uruguay are often the leaders in crypto adoption.
Recognizing the potential of Uruguay, many cryptocurrency exchanges are entering the country hoping to capture a major chunk of the market share. This is good news for crypto traders who get to have a wide choice when looking at platforms for trading cryptocurrency.
Since choosing the right crypto exchange is often the most challenging part, we have listed here all the major cryptocurrency exchanges that operate in Uruguay. However, this is only for informational purposes. Do not treat it as a substitute for proper financial advice from a qualified professional.
Top 7 Cryptocurrency Exchanges in Uruguay
Coinbase
Coinbase is a comfortable platform for people new to crypto trading. Its strength is its simplicity and accessibility for people starting from scratch in the crypto world. With about 250 assets, it offers you plenty of choice for tradable assets.
However, this does not mean that Coinbase neglects the advanced trader demographic. On the Coinbase Pro platform, you can get access to several sophisticated charting and market tracking tools.
Apart from that, the Coinbase mobile app is great for on-the-go trading. It is available for both Android and iOS devices and you can use it for keeping track of your assets and investments from anywhere. You can also use the app to explore popular DApps like Galxe, OpenSea and Magic Eden.
While Coinbase already uses old storage for the majority of the user assets, you can also put your assets in the Coinbase Vault with time-delayed withdrawals for added security.
Features
✔️250+ cryptocurrencies available
✔️Second-largest crypto exchange in the world
✔️Public company listed on NASDAQ
✔️Cold storage, Coinbase Vault for security
Pros and Cons
✅Decent crypto selection ❌Higher fees on basic platform
✅Straightforward user interface ❌Patchy customer service
✅Self-custody Coinbase wallet
✅Impressive tutorials on crypto trading
Trading Fees
Coinbase exchange trading fees
Customer Reviews
Coinbase is a fine exchange for crypto trading
Fees are often very high on Coinbase
Why We Picked It
Coinbase’s minimalist and straightforward UI makes it ideal for people still learning the ropes of crypto trading. For advanced traders, the Coinbase Pro platform is available with several advanced charting and analysis tools. The Coinbase Vault is also an excellent option to keep your funds.
Kraken
Kraken is one of the older cryptocurrency exchanges that are still in business. Since its inception more than a decade ago, it has grown by leaps and bounds and is now also the first crypto exchange to be approved as a Special Purpose Depository Institution(SPDI) in the USA.
On Kraken, you can check out 200+ cryptocurrencies for spot, margin and futures trading. In addition to that, Kraken also offers crypto indices, OTC and crypto staking services to users. You can explore flexible and bonded products and then choose something that suits your investment goals.
Kraken has a bug bounty program wherein people who report bugs are rewarded depending on the severity of the reported vulnerability. You can also turn on 2-factor authentication(2FA) and Global Settings Lock(GSL) for added security.
Features
✔️Over 200 cryptocurrencies available
✔️Basic and Pro platforms for users
✔️Supports spot, margin and futures trades
✔️2FA, GSL for security
Pros and Cons
✅Satisfactory coin collection for trading ❌Expensive Instant Buy
✅Kraken Pro has lower fees ❌Not the best for novices
✅Assets with high APYs for staking
✅Active bug bounty program with rewards
Trading Fees
Kraken Instant Buy fees breakdown
Kraken Pro trading fees explained
Customer Reviews
Kraken has a fast and seamless withdrawal process
ID verification on Kraken can be lengthy and frustrating
Why We Picked It
Kraken supports several trading types and offers many investment options suitable for intermediate and advanced-level crypto traders. Its comprehensive collection of educational resources will further help you learn the ins and outs of crypto trading. Kraken also makes its proof-of-reserves report public to maintain a certain standard of transparency.
OKX
Seychelles-based exchange OKX’s strengths are its fast transaction speeds and robust APIs. It is quite a beginner-friendly platform with an easily navigable UI. In fact, you can just customize the layout to suit your needs if you use OKX’s pro platform.
OKX’s native blockchain is called OKX Chain which is powered by its native token OKB. There is also an OKX Wallet which is compatible with 40+ networks and can be used to explore DApps. Spot, margin, options trading and perpetual swaps all are supported on OKX. You can also check the Jumpstart mining initiative if you’re into farming DeFi tokens.
Features
✔️400+ cryptocurrencies available for trading
✔️Has its own OKX Chan and OKB token
✔️OKX Wallet can be used with 40+ networks
✔️Jumpstart mining initiative to farm DeFi tokens
Pros and Cons
✅Fees are not very high ❌Fee structure is convoluted
✅Several payment types supported ❌Unresponsive customer support
✅Rich resources for crypto
learning
✅Has demo trading mode
Trading Fees
Trading fees for OKX exchange
Customer Reviews
OKX is an easy and simple-to-use exchange
OKX’s customer support can be better
Why We Picked It
OKX supports several trading types so you can always choose something as per your liking. You can practice or test out your strategies in the demo trading mode before using them on the main platform. The advanced version of OKX even lets you customize the layout according to your liking. Plus, you can not only explore but also farm DeFi tokens here if you wish to.
Bybit
Bybit is a top cryptocurrency exchange with a range of interesting features and attractive offers for users. While its main focus is derivatives trading, Bybit has plenty to offer to spot traders as well including 280+ spot trading pairs.
Perpetual swapping is also popular on Bybit for which you can use USDC and USDT as collateral. USDC can also be used as collateral for inverse contracts and options contracts. Copy trading is also available on Bybit where you can copy the trading strategies of top traders without having to dive deep into understanding all the concepts and strategies first.
Bybit’s in-built native wallet can be used for exploring the world of Web3 and DApps. You also get personalized recommendations for investment tools on Bybit with the help of AI which analyzes your investment profile to come up with suggestions best suited to your profile.
Features
✔️Platform for derivatives trading
✔️280+ spot trading pairs available
✔️Has biggest USDC Options marketplace
✔️Supports copy trading for users
Pros and Cons
✅Fantastic user interface ❌Trading stats reported are unverified
✅Inexpensive crypto trading
✅Demo trading feature
✅Native Bybit wallet
Trading Fees
Bybit exchange trading fees explained
Customer Reviews
Bybit has a great interface and interesting features
Bybit’s customer service can be unresponsive
Why We Picked It
Bybit is a fantastic exchange with a sleek interface that is easily navigable. It is particularly enticing for derivatives traders with its low fees. Bybit, however, also offers many other lucrative crypto-related products. This includes a Web3 wallet for exploring DApps and a Bybit card for making crypto payments.
KuCoin
KuCoin’s altcoin collection is simply unparalleled. At 700+ coins, it has one of the largest cryptocurrency selections out there. Traders who like to hunt for underrated gems or the next ‘big thing’ should definitely check out KuCoin. Available in 20+ languages including Spanish, it nurtures an interactive global community of crypto traders.
KuCoin also has trading bots that are generally used for automating trades. These can be used for automatically executing spot grids, dollar-cost averaging, futures and infinity grids and smart rebalancing.
One of the main attractions of KuCoin is its Halo wallet which acts as your gateway to Web3. With its social feed, you can follow certain wallets and keep track of their on-chain activities. You can also learn about the latest market trends through the Halo wallet.
Features
✔️Over 700 cryptocurrencies available for trading
✔️Supports multiple languages including Spanish
✔️Halo wallet to access Web3
✔️Native coin is called KuCoin Token(KCS)
Pros and Cons
✅Immense variety of cryptocurrencies ❌System for determining
✅Trading fees lie on the lower end fees are complicated
✅Allows trading without KYC to an extent
✅Automatic trading via trading bots
Trading Fees
KuCoin exchange fees breakdown
Customer Reviews
KuCoin has a vast crypto collection for exploring
Bad customer service is a common complaint on KuCoin
Why We Picked It
KuCoin is heaven for people who love to check out new and underrated cryptocurrencies. Trading fees are quite low here and you can use the trading bots to automatically execute trades on your behalf. KuCoin also makes sure to implement all the relevant security measures. You can use its Halo wallet as a social wallet to keep up with the latest crypto market trends.
eToro
eToro is not strictly a cryptocurrency exchange but more of a platform for social trading that also supports cryptocurrencies. Therefore, its crypto collection is lower than other exchanges but it makes up for that with a wide variety of other asset classes. You can, hence, trade different types of assets on eToro.
When it comes to security, eToro leaves no stone unturned. It uses a mixture of hot and cold wallets for storing funds and employs encryption and masking technologies to protect users’ personal and financial information. eToro is quite a secure platform as it is heavily regulated by the relevant authorities in many countries such as Australia and the USA.
Features
✔️Mainly a social trading and investment platform
✔️75+ cryptocurrencies available for trading
✔️Has crypto, ETFs and stocks
✔️Five-level VIP club for users
Pros and Cons
✅Allows copy trading ❌Fewer cryptocurrencies are available
✅Properly regulated platform ❌Charges fees on inactive accounts
✅No charges for card deposits
✅Demo trading is supported
Trading Fees
Trading fees for the eToro platform
Wallet fees for eToro
Customer Reviews
Many types of assets are available on eToro
Some users do not like eToro’s customer service
Why We Picked It
eToro has a plethora of assets available and not just cryptocurrencies. You can diversify and keep your investment portfolio in one place by using eToro. The unique social trading aspect of this platform is difficult to find elsewhere. It takes care to secure its platform and is also otherwise regulated in several territories around the world.
Bitstamp
Bitstamp, like Kraken, is one of the oldest cryptocurrency exchanges still in the business. Among other things, this exchange is known for the whopping 50 licenses and registrations it has obtained in various jurisdictions across the world.
While the number of cryptocurrencies available here is less than its counterparts, you get the assurance of trading on a heavily regulated platform with a simple and transparent fee structure.
Bitstamp does not have a lot of pomp and show but it delivers on what it promises i.e. a fast and easy trading experience. The exchange also has a mobile app with which you can trade and check your account from anywhere.
Plus, 95% of the funds on Bitstamp are kept in cold storage and it uses encryption technology for all personal data. You can also enable transaction confirmations for added security while trading on Bitstamp.
Features
✔️More than 80 cryptocurrencies for trading
✔️One of the oldest platforms for crypto trading
✔️Funds kept in cold storage
Pros and Cons
✅Trading fees are adequate ❌Fewer crypto coins available
✅Easily navigable platform ❌Margin trading not supported
✅Excellent mobile app
Trading Fees
Fees for Bitstamp exchange explained
Customer Reviews
Bitstamp is a simple and trusted platform
Users have reported issues with withdrawals on Bitstamp
Why We Picked It
Bitstamp has been in the business for a long time and has built its reputation as a reliable and secure platform. It may not have a lot of features and products but it does make cryptocurrency trading easy and accessible which is a big plus for many people who are just getting started with cryptocurrencies.
Top 3 Decentralized Exchanges in Uruguay
UniSwap
UniSwap is almost always the first name that comes up when talk turns to decentralized cryptocurrency exchanges and for good reason. It is, after all, the project that started the DeFi phase. Many similar ‘swap’ exchanges came up after UniSwap became popular.
It gives you access to tons of ERC-20 tokens for swapping and that too, without compromising your privacy. Yes, you do not need to share your identifying information to trade on UniSwap. You only need a crypto wallet and some balance to get started with UniSwap.
Since UniSwap uses the Automated Market Maker(AMM) protocol, everything is automated here and you can create permissionless pools for any ERC-20 token. You can deposit your tokens in these pools to provide liquidity to the platform and get a portion of the fees as a reward for that.
Features
✔️Project developed on the Ethereum blockchain
✔️Uses Automated Market Maker system
✔️Native coin is known as UNI
✔️Compatible with wallets like Metamask, Trust wallet etc.
Pros and Cons
✅ERC-20 token swapping ❌Does not vet coins
✅Easy to use platform ❌Does not have customer support
✅Non-custodial exchange
✅No registration needed
Trading Fees
UniSwap trading fees
Customer Reviews
UniSwap is a fine example of a decentralized exchange
UniSwap has no mechanism for registering complaints
Why We Picked It
UniSwap is popular because it is easy to use, has high liquidity and quite reasonable pool fees. The fees you pay on UniSwap for ERC-20 token swaps are proportional to the risk with the trading pair. You do not need to submit any information and only have to have a crypto wallet to trade on UniSwap.
PancakeSwap
PancakeSwap was also launched during the Defi year of 2020. It is a platform similar to UniSwap in many ways but it also addresses the limitations of the latter in several ways. Ethereum-based platforms are known for being plagued by network congestion and as a result, high gas fees. PancakeSwap was, therefore, developed on BNB Chain instead of Ethereum to address this.
PancakeSwap has a food-based theme and this is heavily reflected in its design and the terminology used in it. For example, its native token is known as CAKE which can be staked in syrup pools. It has also introduced the option for CAKE Bridging between Ethereum, Aptos and BNB Chain.
PancakeSwap’s single fee rate of 0.25% has been replaced by four fee tiers of 0.01%, 0.05%, 0.25% and 1%. With PancakeSwap’s v3 upgrade, you can now set custom price ranges when providing liquidity to the platform for better efficiency.
Features
✔️Project developed on the BNB Chain
✔️Four-tiered pool fee system
✔️Utilizes Automated Market Maker protocol
✔️Native coin is known as CAKE
Pros and Cons
✅BEP-20 token swapping ❌Issue of scams and phishing attempts
✅Has permissionless pools ❌Coins are not vetted
✅User control over private keys
✅Capital efficient exchange
Trading Fees
Trading fees for PancakeSwap
Customer Reviews
PancakeSwap especially its CAKE pool is liked by users
PancakeSwap has no quality control for crypto tokens
Why We Picked It
PancakeSwap has an innovative product suite and makes trading fun. Its v3 now provides more ranges for trading fees and overall more capital efficiency and lower slippage. The token CAKE can be staked in syrup pools to earn some passive income.
Bisq
Bisq is, honestly, miles above other cryptocurrency exchanges. It is an example of a completely self-service decentralized platform. Bisq is not supported by any blockchain like Ethereum or Solana. It is rather more like a computer application or software that you need to download and install on your computer.
In other words, Bisq is open to every person with a computer and internet connection. It is a completely open-source and community-driven decentralized autonomous organization(DAO). This has helped it maintain its status as an independent and censorship-resistant platform.
For trading on Bisq, you need to have its native token BSQ or some BTC because it does not accept any form of fiat money.
Features
✔️Free downloadable computer application
✔️Functions as a DAO
✔️No support for fiat currencies
✔️Native coin is known as BSQ
Pros and Cons
✅Enables P2P trading ❌Not beginner-friendly
✅Open-source platform ❌Sparse to no learning material
✅Geographically scattered servers
✅Trader control over private keys
Trading Fees
Fees for Bisq exchange
Customer Reviews
Bisq is an exchange for people who like proper P2P crypto trading
Bisq’s interface needs some improvements
Why We Picked It
Bisq is an exchange true to the principles and spirit of cryptocurrency. It is suitable for traders who have some prior experience with cryptocurrencies and want to negotiate directly with other traders without the involvement of intermediaries.
Is Cryptocurrency Legal in Uruguay?
No, cryptocurrency is not yet legal in Uruguay. For a long time, authorities in Uruguay including its central bank the Banco Central del Uruguay(BCU) were skeptical of cryptocurrencies. These institutions had expressed concerns about cryptocurrencies being used for money laundering, terror financing and drug trafficking.
While some people in the government had hinted at a full-on ban on crypto trading, others had called for greater regulation and transparency in crypto dealings. The BCU softened its stance somewhere in 2019 and talked about creating regulations that boost efficiency, lower transaction costs and remove entry barriers.
In September 2022, Uruguay introduced a legislation to create a regulatory framework for crypto assets and establish the BCU as the regulatory authority.
Apart from categorizing cryptocurrencies into four categories- stablecoins, government tokens, tradable assets and debt tokens, the bill also requires companies providing digital asset services to adhere to anti-money laundering regulations.
Further, it puts all digital asset service providers under the supervision of the Superintendency of Financial Services(SSF).
The legislation is still a work in progress and has not yet been turned into a law.
The Bottom Line
There are several cryptocurrency exchanges operating in Uruguay. Therefore, crypto traders in Uruguay are spoilt for choice. All of the above listed exchanges have their own distinguishing features, strengths and weaknesses. It is up to you to decide what is the best option for you.
Further, don’t dismiss the value of professional advice for your financial decisions. Especially when it comes to cryptocurrencies which are extremely volatile assets. It is very easy to lose money in crypto investments. Therefore, you should always evaluate your risk tolerance before putting your money in cryptocurrency.