Summary
Cryptocurrency is legal in Panama, with a progressive regulatory environment. The country’s National Assembly approved a crypto law in April 2022, recognizing Bitcoin and other digital assets as payment methods. Popular payment options include bank transfers and credit cards. The Panamanian Balboa (PAB) is supported by some exchanges. Key regulatory bodies include the National Securities Commission (CNV) and the Superintendency of Banks of Panama (SBP). Here are the best crypto exchanges in Panama:
Best Crypto Exchanges in Panama
This article examines the top crypto exchanges available in Panama, focusing on their features, supported cryptocurrencies, and compatibility with local payment methods. We’ll evaluate factors such as trading fees, deposit options, and KYC requirements to help you make an informed decision when choosing a platform for your cryptocurrency transactions.
For Panamanian users, exchanges that support bank transfers in USD (as Panama uses USD alongside the Balboa) and offer a wide range of cryptocurrencies are particularly advantageous. Credit card payments are also widely accepted, providing flexibility for users who prefer this method.
1. 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.
2. Deribit
Users:
400K
Free Demo:
Mobile App:
Bonus:
Upto 200 USDT
Cryptos:
8+
Leverage:
50X
Spot Fees:
0.00%/0.00%
Futures Fees:
0.02%/0.05%
Pros
- Offers advanced trading and investment tools
- Intuitive and user-friendly trading interface
- Provides strong customer support
Cons
- Designed solely for active trading; no passive income options
- Limited selection of spot cryptocurrencies
- Not beginner-friendly
Deribit Overview
Deribit is a prominent cryptocurrency derivatives exchange, specializing in options and futures trading. The platform offers leverage up to 50x for futures contracts, catering to experienced traders seeking high-risk, high-reward opportunities. Deribit supports trading for 8+ cryptocurrencies, with a focus on Bitcoin and Ethereum derivatives.
The fee structure on Deribit is competitive, with futures trading fees set at 0.02% for makers and 0.05% for takers. Notably, the exchange does not charge fees for spot trading. Deribit implements KYC procedures to ensure regulatory compliance and user security.
Deribit provides advanced trading tools, including strategy testing features, allowing users to simulate and refine their approaches before live implementation. The platform’s intuitive interface and robust customer support contribute to a user-friendly trading experience.
As the world’s largest crypto options exchange, Deribit commands over 90% of the crypto options market share. However, the platform lacks a mobile app and does not offer margin trading, which may limit accessibility for some users. Additionally, being a relatively new exchange, Deribit may face challenges in establishing long-term trust compared to more established competitors.
3. 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.
4. Slex
Users:
Unknown
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
53+
Leverage:
Not Supported
Spot Fees:
0.20%/0.20%
Futures Fees:
Not Supported
Pros
- Supports both cryptocurrencies and commodities
- Safe and secure
- Includes Slavo wallet for dApp access
Cons
- No mobile app
- Relatively new platform
- Lacks futures or margin trading options
Slex.io Overview
Slex is a hybrid cryptocurrency and commodity exchange, offering a unique trading platform for both digital assets and traditional commodities. The exchange supports trading for over 53 cryptocurrencies, providing users with a diverse range of investment options.
Slex implements a flat fee structure for spot trading, charging 0.20% for both makers and takers. The platform requires users to complete KYC procedures, enhancing security measures and regulatory compliance.
A notable feature of Slex is its provision of trading bots, allowing users to automate their trading strategies. The exchange also offers the Slavo wallet, enabling access to decentralized applications and expanding the platform’s functionality beyond traditional trading.
Slex prioritizes security, implementing robust measures to protect user assets and data. However, the exchange lacks several features common to larger platforms, including futures and margin trading. Additionally, Slex does not offer a mobile application, which may limit accessibility for users preferring on-the-go trading.
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 Panama?
Cryptocurrency is legal in Panama, with the country taking a progressive stance on digital assets. In April 2022, Panama’s National Assembly approved a cryptocurrency law, recognizing Bitcoin and other digital assets as payment methods. This legislation aims to regulate the use and commercialization of crypto assets, providing a framework for their integration into the country’s economy.
The primary regulatory body overseeing cryptocurrency activities in Panama is the National Securities Commission (CNV). The CNV is responsible for establishing guidelines and regulations for crypto-related businesses operating in the country. Additionally, the Superintendency of Banks of Panama (SBP) plays a role in monitoring the interaction between traditional financial institutions and cryptocurrency companies.
Panama’s crypto law also includes provisions for the use of blockchain technology in digitizing identity and enhancing the transparency of public records. While the regulatory framework is still evolving, Panama’s approach to cryptocurrency regulation aims to balance innovation with consumer protection and financial stability.
Is Crypto Taxable in Panama?
Panama’s tax treatment of cryptocurrencies is relatively favorable compared to many other jurisdictions. The country operates on a territorial tax system, which means that income generated outside of Panama is generally not subject to taxation. This principle extends to cryptocurrency transactions as well.
For individuals, capital gains from cryptocurrency transactions are typically not taxable if the transactions occur outside of Panama or if they are not related to Panamanian-sourced income. However, if cryptocurrencies are used as a means of payment for goods or services within Panama, the transaction may be subject to standard income tax rates, which range from 0% to 25% depending on the income level.
For businesses dealing with cryptocurrencies, the tax implications can be more complex. Companies engaged in crypto-related activities within Panama may be subject to corporate income tax, which is currently set at 25%. Additionally, such businesses may need to comply with reporting requirements and other regulatory obligations.
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 Panama.
How to Buy Crypto in Panama
Purchasing cryptocurrency in Panama is a straightforward process, thanks to the country’s progressive stance on digital assets. For Panamanian residents looking to enter the crypto market, we recommend using Binance due to its wide range of supported cryptocurrencies, competitive fees, and user-friendly interface.
Whether you’re interested in buying Bitcoin, Ethereum, or other popular cryptocurrencies, follow these steps to get started:
- Choose a Crypto Exchange: Select a reliable platform that caters to users in Panama. Ensure the exchange supports your preferred payment methods and adheres to local KYC (Know Your Customer) regulations.
- Create an Account and Verify Your Identity: Register on your chosen exchange and complete the KYC process by submitting the required documents, typically including proof of identity and residency.
- Fund Your Account: Deposit funds into your account using payment methods suitable for Panama. Common choices include bank transfers in USD (since Panama uses USD alongside the Balboa), credit cards, and sometimes local payment solutions.
- Select Your Cryptocurrency: Decide which digital asset you wish to purchase. Popular options include Bitcoin (BTC), Ethereum (ETH), and stablecoins such as Tether (USDT).
- Make Your Purchase: Execute an order to buy your chosen cryptocurrency. You can generally select between market orders (instant purchase at the current price) or limit orders (buying at a specific price).
- Secure Your Assets: Once you’ve made your purchase, transfer your cryptocurrencies to a safe wallet. For smaller amounts, you can use the exchange’s built-in wallet, but for larger holdings, it’s advisable to opt for a hardware wallet or a trusted software wallet.
By following these steps, you can efficiently and safely acquire cryptocurrencies in Panama while leveraging the country’s supportive stance toward digital assets.
Best Crypto Wallets in Panama
Choosing a reliable and user-friendly cryptocurrency wallet is essential for individuals in Panama. Here are some recommended wallet options tailored for use in the country:
Hardware Wallets:
- Ledger Nano X/S: Renowned for its high-level security, this wallet is ideal for long-term storage of various digital assets.
- Trezor Model T/One: Offers strong security measures and supports a wide array of cryptocurrencies.
Mobile Wallets:
- Trust Wallet: An intuitive mobile wallet that supports numerous blockchains and features for decentralized finance (DeFi).
- Exodus: Known for its attractive design, it includes built-in exchange options for convenient trading.
Desktop Wallets:
- Exodus: Available as a desktop application, ensuring a consistent user experience across multiple devices.
- Electrum: A lightweight wallet designed specifically for Bitcoin, it is recognized for its advanced capabilities and security.
Web Wallets:
- MetaMask: A browser extension wallet, perfect for engaging with Ethereum-based decentralized applications (DApps) and DeFi services.
- MyEtherWallet: A web wallet dedicated to Ethereum and ERC-20 tokens, providing a good balance between accessibility and user control.
When selecting a wallet, take into account factors such as security features, the range of supported cryptocurrencies, user-friendliness, and compatibility with Panamanian exchanges. For substantial holdings, hardware wallets offer the best security. Meanwhile, mobile and desktop wallets strike a balance between convenience and safety for everyday transactions, while web wallets are suitable for active trading and DeFi engagements.
Always maintain good security practices, such as creating strong passwords, activating two-factor authentication, and securely backing up your wallet’s recovery phrase.
Bottom Line
In conclusion, Panama offers a favorable environment for cryptocurrency enthusiasts and investors. Among the best crypto exchanges in Panama, Binance stands out as our top recommendation due to its extensive range of supported cryptocurrencies, competitive fees, and robust security measures. For those seeking an alternative, Gemini provides a user-friendly platform with a strong focus on regulatory compliance, making it an excellent choice for Panamanian users looking for a reliable and secure trading experience.
