Summary
The cryptocurrency landscape in Cuba presents unique opportunities despite regulatory complexities. While cryptocurrencies are not officially recognized as legal tender, their use is permitted with certain restrictions. The Central Bank of Cuba (BCC) maintains regulatory oversight of crypto activities. Popular payment methods include credit cards and bank transfers, though P2P trading has gained significant traction. Here are the best crypto exchanges in Cuba:
Best Crypto Exchanges in Cuba
When selecting crypto exchanges in Cuba, factors such as payment methods, security features, and trading fees require careful consideration. The Cuban Peso (CUP) has limited direct trading pairs, making USD-based stablecoins particularly important for local traders.
1. 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.
2. BYDFi
Users:
5m
Free Demo:
Mobile App:
Bonus:
$2,888
Cryptos:
600+
Leverage:
200x
Spot Fees:
0%/0.1%
Futures Fees:
0.02%/0.06%
Pros
- 0% Spot maker fees
- Very beginner friendly
- US and Canada supported
- 24/7 customer support
- 600+ cryptocurrencies
Cons
- No copy trading
- Lacks advanced features like hedge mode
Overview
BYDFi has become one of the most popular crypto exchanges due to its user-friendly design, low fees, and wide variety of 600 supported cryptos.
With a strong emphasis on accessibility, BYDFi offers its services to over 160 countries from all around the world. Some of these services include spot and futures trading, bot trading, and earning. For futures traders, BYDFi offers leverage of up to 200x, making it a great platform for seasoned professionals.
The intuitive interface, quick response time, and tons of advanced features make BYDFi a top-notch crypto exchange. If you are trading from the go, you can download the BYDFi mobile app from the iOS AppStore and Android PlayStore.
BYDFi charges the industry standard of 0.1% maker and taker fees on the spot market. If you want to enjoy lower fees, we recommend using the BYDFi futures market with fees of only 0.02% maker and 0.06% taker.
3. BingX
Users:
23m
Free Demo:
Mobile App:
Bonus
$6,200
Cryptos:
840+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- No KYC required
- 800+ assets (even stocks and forex)
- Up to 200x leverage
- Fiat supported
- Advanced order types
Cons
- Not available in the US
- No bot trading
- Traditional markets are B-Book
Overview
Founded in 2018, BingX is a derivatives exchange based in Singapore. The exchange has risen to global standards and now has offices in other major regions such as the EU, Canada, Hong Kong, and others. BingX currently boasts a user base of 10 million registered customers worldwide and is present in over 100 countries.
With an easy-to-navigate platform, BingX offers users 800+ cryptocurrencies, stocks, and forex to trade, with a smooth interface for trading spot or futures. BingX currently has a daily trading volume of $489 million for spot and $7 billion for futures.
Users of BingX can trade with flexibility and benefit from sophisticated trading tools such as order books, charts, and market data.
Trading fees on BingX are very affordable, starting at 0.02% and 0.05% maker and taker for futures trading, and 0.1% maker and taker for spot trading.
4. Gemini
Users:
30m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
76+
Leverage:
20x
Spot Fees:
0.25%/0.35%
Futures Fees:
0.02%/0.07%
Pros
- Most beginner-friendly exchange
- Fully regulated and licensed
- Great customer support
- Reputable with over 100 million users
- Comprehensive fiat deposit methods
Cons
- Lacks advanced features
- Very high spot trading fees
- Only 20x leverage and 76 cryptos
Gemini Overview
Gemini is a cryptocurrency exchange and custodian known for its strong emphasis on regulatory compliance and security.
The platform prioritizes security and employs various measures to protect user funds and data. These include two-factor authentication (2FA), cold storage, hardware security keys, and regular security audits. Gemini also offers insurance for digital assets held in its custody.
Gemini functions primarily as a spot trading platform, offering access to over 76 cryptos for active trading. Trading fees are set at 0.25% for makers and 0.35% for takers.
What makes Gemini stand out is its wide range of crypto services. Aside from spot trading, Gemini offers, Custody services, Gemini Earn, Gemini Pay, Active Trader, and many more to help users earn passive income and improve the overall trading experience on the platform.
5. Bitunix
Users:
2m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
200+
Leverage:
Not Supported
Spot Fees:
0.15%/0.25%
Futures Fees:
Not Supported
Pros
- 350+ assets
- Deep liquidity & Low Fees
- Up to 100x leverage
- No KYC required
- Advanced order types
Cons
- No staking products
- Relatively new platform
- No Demo trading offered
Bitunix Overview
Bitunix is an exchange that is recognized worldwide with 1+ million users around the globe. The exchange is also commended for its standard fees. It charges a minimal fee of 0.06% and 0.02% taker and maker for futures trading, and a 0.1% maker/taker fee for spot trading.
What makes Bitunix a great place for traders is its accessibility due to its no KYC policy. Users from all around the world can sign up on the platform without having to verify their identity.
With 300+ cryptocurrencies for users to select from, Bitunix provides a user-friendly platform with a good number of products and services available. The platform is also widely celebrated for its trading interface for both spot and futures traders, with up to 125x leverage on trades. It also offers USDT-margined perpetual futures as the major derivatives trading product.
The exchange offers several payment methods for customers, such as credit/debit cards, Fatpay, Coinify, Apple Pay, and bank transfers. Additionally, there are welcome bonuses available to new users on Butunix up to $5,500 based on trading activity.
Is Crypto Legal and Regulated in Cuba?
Cryptocurrency regulation in Cuba operates under specific guidelines established by the Central Bank of Cuba (BCC). Through Resolution 215 of 2021, the BCC created a framework for cryptocurrency operations, requiring licensing for crypto service providers.
Virtual asset service providers must obtain authorization from the BCC and adhere to strict compliance requirements. The Ministry of Communications also oversees technical aspects of cryptocurrency operations.
While cryptocurrencies are not considered legal tender, their use for investment and trading is permitted within regulatory boundaries. The government maintains oversight through Resolution 89/2022, which establishes requirements for virtual asset service providers.
Is Crypto Taxable in Cuba?
Cryptocurrency taxation in Cuba follows specific guidelines under the Ministry of Finance and Prices. Crypto transactions are subject to personal income tax rates ranging from 15% to 50%, depending on the profit amount.
Trading profits exceeding 2,500 CUP annually must be declared. Capital gains from cryptocurrency investments are taxed at the standard progressive rate structure. Mining operations require registration and face additional taxation under business activity categories.
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 Cuba.
How to Buy Crypto in Cuba
Purchasing cryptocurrency in Cuba requires careful consideration of available payment methods and exchange options. KuCoin offers one of the most accessible platforms for Cuban residents, with multiple payment options and optional KYC requirements.
- Choose a Crypto Exchange: Find a crypto exchange that accommodates Cuban users and provides suitable payment options. Check the KYC (Know Your Customer) requirements and ensure the exchange offers the trading pairs you’re interested in.
- Register and Verify: Sign up for an account and complete any necessary identity verification. Be prepared to provide required documents, such as a government-issued ID.
- Deposit Funds: Fund your account using the available payment methods. Credit cards are a quick way to make deposits, while peer-to-peer (P2P) trading can offer more flexibility for transactions in Cuban Pesos (CUP).
- Select Your Cryptocurrencies: Decide which cryptocurrencies you want to invest in. Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) are popular choices known for their liquidity.
- Place Your Trade: Execute your trade at your preferred price. Using limit orders can give you more control over the transaction price.
- Secure Your Assets: Once you purchase your cryptocurrencies, transfer them to a secure wallet for long-term storage to keep your investments safe.
Best Crypto Wallets in Cuba
Choosing a secure cryptocurrency wallet is crucial for users in Cuba. Ledger and Trezor hardware wallets offer the highest level of security for long-term asset storage.
For those seeking mobile access, Trust Wallet and Exodus are excellent options, featuring user-friendly interfaces and support for multiple currencies. MetaMask is also a key tool for engaging in decentralized finance (DeFi) activities.
While hardware wallets are ideal for storing large amounts of cryptocurrency safely, software wallets offer convenience for everyday transactions. Additionally, multi-signature wallets provide an extra layer of security, making them a great choice for institutional users.
Bottom Line
For users seeking the best crypto exchanges in Cuba, KuCoin stands out with its extensive feature set, optional KYC requirements, and diverse trading options. BYDFi serves as a strong alternative, offering competitive fees and robust security measures. Both exchanges support multiple payment methods including credit cards and P2P trading, making them accessible to Cuban users. These platforms provide the necessary tools and features for effective cryptocurrency trading in the Cuban market, with comprehensive charting capabilities and educational resources for traders of all experience levels.
