Summary
El Salvador made history as the first country to adopt Bitcoin as legal tender. Cryptocurrency is fully legal, with Bitcoin having official currency status alongside the US dollar. The country supports various payment methods, including Chivo Wallet for Bitcoin transactions. The key regulatory body is the Central Reserve Bank of El Salvador (BCR). Here are the best crypto exchanges in El Salvador:
Best Crypto Exchanges in El Salvador
El Salvador’s cryptocurrency landscape offers unique opportunities for traders and investors. The country’s adoption of Bitcoin as legal tender has created a favorable environment for crypto trading. Local users can trade using US dollars (USD) or Bitcoin (BTC), with various payment methods available including bank transfers and credit cards.
1. Bybit
Users:
40m
Free Demo:
Mobile App:
Bonus
$30,000
Cryptos:
600+
Leverage:
100x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.055%
Pros
- Low fees
- 600+ supported crypto assets
- 100x leverage and deep liquidity
- Advanced order types and additional features
- Great 24/7 customer support
- Automated copy trading
Cons
- Regulatory uncertainty in Europe and USA
- May be confusing for beginners
- Cryptocurrency investments carry high risks
Overview
Bybit stands out as one of the most advanced crypto exchanges with deep liquidity and low fees. Bybit users can trade Spot, Futures, Options, NFTs, and even Inscriptions. Additionally, Bybit offers copy trading and bot trading to automate your income streams. Bybit copy trading is one of the best in the crypto industry.
Where Bybit excels is its derivatives platform with 320+ perpetual futures contracts and up to 100x leverage. With advanced order types such as TWAP or Iceberg orders, Bybit caters to experienced traders seeking the best options.
On the spot market, Bybit supports over 500 cryptos and up to 10x margin, making Bybit a versatile crypto exchange.
With low fees of 0.1% maker and 0.1% taker for spot trading and 0.02% maker and 0.055% taker for futures trading, Bybit has highly competitive fees. To top it all off, Bybit offers fee discounts based on your 30-day trading volume. The more you trade, the more you save.
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. 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.
4. 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.
5. OKX
Users:
50m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
350+
Leverage:
100x
Spot Fees:
0.14%/0.1%
Futures Fees:
0.01%/0.06%
Pros
- Highly efficient trading platform
- 350+ assets
- Free demo trading
- Fiat supported
- 24/7 customer support
Cons
- Not available in the US
- Not beginner-friendly
- Limitations and restrictions in Europe
OXK Overview
OKX is the third largest crypto exchange sorted by daily derivatives volume. This is no surprise since OKX’s focus lies in offering a high-efficiency leverage trading experience. While the UI is not necessarily beginner-friendly, it is one of the fastest and most reliable platforms we have come across.
Over 300 coins are supported on OKXs spot market while 250 contracts are available for futures trading with up to 100x leverage. What makes OKX stand out is its extensive liquidity which are without a doubt at the top of the game.
With low futures fees starting at 0.02% maker and 0.05% taker, OKX ensures a cost efficient derivatives trading environment. Spot trading fees however are on the more expensive side starting at 0.14% for makers and 0.23% for takers.
You can easily deposit funds using your credit/debit card. Additionally, you can deposit and withdraw fiat using your personal bank account, making OKX a reliable platform for on- and off-ramp funds.
Is Crypto Legal and Regulated in El Salvador?
El Salvador made cryptocurrency history on September 7, 2021, by becoming the first country to adopt Bitcoin as legal tender through the Bitcoin Law. The legislation requires all economic agents to accept Bitcoin as a form of payment when offered by the purchaser of goods or services.
The Central Reserve Bank of El Salvador (BCR) oversees cryptocurrency regulations in coordination with other government agencies. The country established the National Bitcoin Office (ONBTC) to manage all Bitcoin-related projects.
The government launched the state-sponsored Chivo Wallet to facilitate Bitcoin transactions, offering $30 in Bitcoin to citizens who download the app. Businesses must accept Bitcoin payments, though they can choose to convert them immediately to USD through the Chivo system.
Is Crypto Taxable in El Salvador?
El Salvador’s tax treatment of cryptocurrencies is unique due to Bitcoin’s status as legal tender. According to the Ministry of Finance, foreign investors are exempt from taxes on Bitcoin gains, as there is no capital gains tax on a legal currency.
For businesses, income received in Bitcoin is recorded at the market rate at the time of the transaction. The conversion to USD for tax purposes occurs at the time of the transaction, not when the Bitcoin is sold or exchanged.
Mining operations in El Salvador benefit from special tax treatment, with no taxes on mining equipment imports and zero capital gains tax on Bitcoin mining profits.
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 El Salvador.
How to Buy Crypto in El Salvador
Purchasing cryptocurrency in El Salvador is straightforward, with multiple options available including the state-sponsored Chivo Wallet and international exchanges. For the widest selection of cryptocurrencies and competitive fees, we recommend using Bybit.
Follow these steps to buy cryptocurrency in El Salvador:
- Choose a Crypto Exchange: Opt for either the government-backed Chivo Wallet for Bitcoin-only transactions or an international exchange that offers a broader selection of cryptocurrencies. Ensure the platform supports your preferred payment methods and adheres to KYC protocols.
- Register and Verify Identity: Open an account and follow the identity verification process, submitting the necessary documents. Salvadorans can use their DUI (Documento Único de Identidad) for verification.
- Fund Your Account: Deposit funds in USD (the official currency alongside Bitcoin) using common methods like bank transfers, credit cards, or the Chivo payment system.
- Pick a Cryptocurrency: Select from a range of digital assets. In addition to Bitcoin (BTC), options such as Ethereum (ETH), Tether (USDT), and others are available.
- Make the Trade: Buy your chosen cryptocurrency at the current market price or set a limit order to buy at a specific rate.
- Secure Your Assets: Move your cryptocurrency to a safe wallet for long-term storage and protection.
Best Crypto Wallets in El Salvador
El Salvador’s crypto users have access to several wallet options beyond the government-supported Chivo Wallet:
- Ledger: A top hardware wallet provider that offers high-level security for long-term cryptocurrency storage, supporting multiple digital assets and advanced protection features.
- Trezor: A hardware wallet with an easy-to-use interface, providing offline storage for major cryptocurrencies with robust security.
- Trust Wallet: A mobile wallet that supports a wide range of cryptocurrencies, perfect for everyday use and decentralized finance (DeFi) interactions.
- Exodus: A versatile desktop and mobile wallet that includes a built-in exchange and supports various digital assets.
- MetaMask: A must-have wallet for those looking to access Ethereum-based decentralized finance (DeFi) services and applications.
Bottom Line
Among the best crypto exchanges in El Salvador, Bybit stands out with its comprehensive trading features and competitive fees. Binance follows as our second choice, offering extensive cryptocurrency options and reliable service. Both platforms provide excellent options for El Salvador’s crypto users, complementing the country’s progressive stance on digital assets.
