Summary
Cryptocurrency is legal in Colombia, with a growing adoption rate. Popular payment methods include bank transfers and credit cards. The Colombian peso (COP) is supported by major exchanges. The Financial Superintendence of Colombia (SFC) oversees crypto regulations, while the UIAF monitors transactions. Here are the best crypto exchanges for Colombian users:
Best Crypto Exchanges in Colombia
When selecting a crypto exchange in Colombia, factors such as supported cryptocurrencies, trading fees, and payment methods are crucial. Colombian users benefit from exchanges that support the Colombian peso (COP) and offer local payment options like PSE (Pagos Seguros en Línea) for bank transfers. Credit card deposits are widely available but may incur higher fees.
Here’s a comparison of the top crypto exchanges available to Colombian users:
1. Bitget
Users:
23m
Free Demo:
Mobile App:
Bonus
$6,200
Cryptos:
840+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Over 800 cryptos
- Fair trading fees
- Great for EUR SEPA transfers
- 24/7 customer support
- Very beginner friendly
Cons
- Not available in the US
- No TWAP order supported
- Mandatory KYC for new accounts
Overview
Bitget is a true powerhouse for crypto traders from over 100 supported countries. What makes Bitget special is its beginner-friendly trading platform, which has over 800 supported cryptocurrencies. With so many supported cryptocurrencies, if you are looking to trade altcoins, Bitget might be one of your best shots.
With fiat support for 6 currencies, including EUR and RUB, Bitget is a top choice, especially for European users looking to deposit and withdraw funds in their native currency with ease. The 0% fee for SEPA transactions makes Bitget stand out. Credit card payments are also supported.
Experienced crypto traders can trade futures contracts on Bitget with 125x leverage on selected assets such as Bitcoin or Ethereum.
The spot trading fees start at 0.1% for makers and takers, which is very common in the industry. For futures traders seeking leverage for their day trading activities, Bitget charges very low fees of 0.02% maker and 0.06% taker.
2. Binance
Users:
200m
Free Demo:
Mobile App:
Bonus:
$100
Cryptos:
400+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.05%
Pros
- Most comprehensive crypto exchange
- Most advanced features and products
- 24/7 customer support
- 400+ cryptocurrencies
- Reputable with over 200 million users
- Best liquidity
Cons
- Not beginner friendly
- Restricted in many regions due to regulations
- EU traders must use BNFCR for futures trading
Overview
Reaching over 200 million registered users in 2024, Binance is by far the largest crypto exchange in the world. The platform is incredibly comprehensive, offering crypto traders all the tools they need to make a profit in the crypto market.
With over 400 cryptocurrencies to trade, leverage of up to 125x, directly integrated charts from TradingView with tons of technical analysis tools, and many more features, Binance has secured its spot as one of the best crypto exchanges.
Binance offers a wide variety of products, including spot, margin, futures, and options trading, staking, lending, P2P, automated bot trading, copy trading, and even an NFT marketplace. It is safe to say that crypto geeks will find everything they are looking for on Binance.
The trading fees on Binance are very affordable. Binance charges 0.1% trading fees on the spot market (makers and takers alike), which is the industry standard. Where Binance excels is the futures market with fees of only 0.02% for makers and 0.05% for takers.
3. Coinbase
Users:
100m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
250+
Leverage:
5x
Spot Fees:
0.4%/0.6%
Futures Fees:
0.02%/0.05%
Pros
- Most beginner-friendly exchange
- Fully regulated and licensed
- Great customer support
- Reputable with over 100 million users
- Comprehensive fiat deposit methods
- Great wallet for on-chain access
Cons
- Lacks advanced features
- Very high spot trading fees
- Poor liquidity
Coinbase Overview
Coinbase is one of the largest and most well-known cryptocurrency exchanges for buying cryptos.The platform currently has a user community of over 100 million users worldwide. What makes Coinbase special is its user-friendly interface. The platform is designed to be easy to use, making it accessible for beginners. Coinbase offers a clean and intuitive interface for buying, selling, and managing cryptocurrencies.
Crypto traders have access to over 250 cryptos for active trading. One downside of Coinbase is the fee structure. When you place an order at the market price that gets filled immediately, you are considered a taker and will pay a fee of 0.60%, which is very expensive.
Another thing about Coinbase is that it offers a wide range of crypto services. These include wallets, NFT, crypto staking, Coinbase cards, and many more to help improve the overall trading experience on the platform. One of our favorite features is the Coinbase wallet.
It is suitable for beginners but also offers advanced trading tools including real-time charts, technical indicators, and many more for advanced traders.
4. MEXC
Users:
15m
Free Demo:
Mobile App:
Bonus
$20,000
Cryptos:
2400+
Leverage:
300x
Spot Fees:
0.05%
Futures Fees:
0.01%/0.04%
Pros
- Lowest Trading Fees
- 2000+ supported crypto assets
- 300x leverage and deep liquidity
- 24/7 customer support
- Best for altcoin and leverage trading
Cons
- Not available in the US
- Newly launched coins pose high risk
- May request KYC in the future
Overview
MEXC is known as the crypto exchange with the lowest fees. What makes MEXC stand out is its 0% maker fee offer, meaning you can trade without any fees. However, the spot and futures taker fees start at 0.02%. No crypto exchange can compete with the MEXC fee structure.
If you are a day trader seeking high leverage, MEXC may be one of your best options. With 300x leverage over 400 futures contracts and by far the lowest fees, MEXC is truly a day trading heaven.
Even if you are not interested in leverage trading, MEXC has you covered with over 2000 supported cryptocurrencies on the spot market. While MEXC offers tons of new altcoins, we recommend being cautious as the legitimacy of newly listed projects may be questionable.
All in all, MEXC is arguably the best option for high-frequency traders seeking low fees to get the best value for money.
5. KuCoin
Users:
30m
Free Demo:
Mobile App:
Bonus
$10,500
Cryptos:
800+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Beginner friendly
- 800+ supported crypto assets
- 125x leverage and deep liquidity
- 20+ fiat currencies
- Great 24/7 customer support
Cons
- Lacks advanced features
- Not the best liquidity
- Regulatory issues in the US
- Variable spot fees
Overview
Kucoin focuses on offering the best spot trading experience. With over 800 supported cryptos on the spot market, Kucoin is one of the most versatile crypto exchanges when it comes to supported assets. You can trade popular cryptos such as Bitcoin or Ethereum but also less-known cryptos and even meme coins. If you are on the hunt for new and shiny coins that are not popular yet, Kucoin might be your best shop.
Spot fees on Kucoin are relatively average, ranging from 0.1% to 0.32% based on the liquidity of the asset. Futures trading on Kucoin starts at a maker fee of 0.02% and a taker fee of 0.06%.
Kucoin has integrated and ready-to-use crypto grid trading bots to automate your income. You can set up grid bots based on several parameters to trade for you 24/7.
Is Crypto Legal and Regulated in Colombia?
Cryptocurrency is legal in Colombia, but it is not considered legal tender. The Colombian government has taken steps to regulate the crypto industry while fostering innovation. The primary regulatory body overseeing cryptocurrency activities is the Financial Superintendence of Colombia (SFC).
In 2020, the SFC launched a regulatory sandbox called LaArenera, allowing fintech companies and banks to test crypto-related services. This initiative has led to partnerships between traditional banks and crypto exchanges, facilitating easier access to cryptocurrency for Colombian citizens.
The Financial Information and Analysis Unit (UIAF) monitors cryptocurrency transactions to prevent money laundering and terrorist financing. In 2021, the UIAF issued Resolution 314, requiring individuals and companies to report crypto transactions exceeding 10 million Colombian pesos (approximately $2,400 USD).
While cryptocurrencies are not officially recognized as financial assets, the Colombian central bank has acknowledged their growing importance in the financial system. The government continues to work on developing a comprehensive regulatory framework to balance innovation with consumer protection and financial stability.
Is Crypto Taxable in Colombia?
Cryptocurrency taxation in Colombia is an evolving area of law. Currently, the Colombian tax authority (DIAN) considers cryptocurrencies as assets subject to income tax. The specific tax implications depend on the nature of the transaction and the taxpayer’s status.
For individuals, capital gains from cryptocurrency transactions are taxed at a rate of 10% if the annual gains exceed 600 UVT (Tax Value Units). As of 2023, this threshold is approximately 25,560,000 COP (around $5,400 USD). Gains below this amount are not subject to capital gains tax.
For businesses and frequent traders, crypto-related income is typically considered ordinary income and taxed at the standard corporate tax rate of 35% (as of 2023). The DIAN has clarified that cryptocurrency mining activities are also subject to income tax.
It’s important to note that the tax treatment of cryptocurrencies can be complex, especially given the rapidly changing nature of both the technology and regulations.
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in Colombia.
How to Buy Crypto in Colombia
Buying cryptocurrency in Colombia has become increasingly accessible. For Colombian residents, we recommend using Bitget due to its extensive selection of cryptocurrencies, competitive fees, and support for local payment methods.
Whether you’re interested in purchasing Bitcoin, Ethereum, or other altcoins, the process is relatively straightforward. Here’s a step-by-step guide on how to buy cryptocurrencies in Colombia:
- Select a Crypto Exchange: Opt for a reputable exchange that supports Colombian pesos (COP) and offers appropriate payment methods. Confirm the exchange’s KYC requirements, as regulated platforms usually need identity verification.
- Sign Up and Verify Identity: Register on the chosen exchange and complete the KYC process by submitting required documents, like a government-issued ID and proof of address.
- Deposit Funds: Add funds to your exchange account in Colombian pesos. Common payment methods in Colombia include:
- PSE (Pagos Seguros en Línea) for direct bank transfers
- Credit or debit cards
- Local bank transfers
- Cash deposits through participating banks or payment networks
- Select Cryptocurrency: Pick the cryptocurrency you want to purchase. Popular choices include:
- Bitcoin (BTC): The most well-known and widely used cryptocurrency
- Ethereum (ETH): A leading crypto known for smart contract capabilities
- Tether (USDT): A stablecoin tied to the US dollar, ideal for trading and holding value
- Binance Coin (BNB): The native token of the Binance ecosystem
- Cardano (ADA): A proof-of-stake blockchain platform
- Execute Trade: Input the amount of crypto you want to buy or the COP you wish to spend. Review all transaction details, including any fees, before confirming the trade.
- Store Funds Securely: After the purchase, consider moving your crypto to a secure wallet for long-term storage. For smaller amounts or frequent trades, the exchange’s wallet may be sufficient, but for larger amounts, personal wallets provide better security.
By following these steps, residents of Colombia can confidently and effectively begin their journey into cryptocurrency investment. Stay updated on current regulations and market trends to make well-informed decisions.
Best Crypto Wallets in Colombia
Choosing a secure crypto wallet is essential for cryptocurrency users in Colombia. The right wallet depends on your security needs, ease of use, and the types of cryptocurrencies you plan to store. Below are some recommended options:
Hardware Wallets: Ideal for long-term asset storage due to their robust security.
- Ledger Nano X or S: Known for top-level security, ideal for storing various cryptocurrencies long-term.
- Trezor Model T or One: Another trusted hardware wallet offering strong security features.
Software Wallets: Convenient for regular transactions and easy access.
- Trust Wallet: A flexible mobile wallet supporting multiple blockchains, great for daily use.
- Exodus: An intuitive wallet available for both desktop and mobile, with built-in exchange functionality.
- MetaMask: A widely-used browser extension wallet, primarily for Ethereum and ERC-20 tokens.
Exchange Wallets: Platforms like Bitget, Binance, and Coinbase offer built-in wallets, suitable for active trading but less secure for storing large amounts long-term.
For the best security, Colombian users should use a combination of wallets. Hardware wallets are ideal for significant, long-term holdings, software wallets for day-to-day transactions, and exchange wallets for frequent trading. Always download wallet apps from official sources and secure your recovery phrases properly.
Bottom Line
For Colombian cryptocurrency enthusiasts, the market offers several reliable options. Based on our analysis, we recommend Bitget as the top choice among the best crypto exchanges in Colombia. Its combination of extensive cryptocurrency selection, competitive fees, and support for local payment methods makes it an excellent platform for both beginners and experienced traders. For those seeking alternatives, Binance stands out as our second recommendation, offering high liquidity and a wide array of trading options. Whichever exchange you choose, ensure it aligns with your specific needs and adheres to local regulations.
