Summary
Papua New Guinea maintains a neutral stance on cryptocurrency trading, with no specific regulations prohibiting or endorsing crypto exchanges. The Bank of Papua New Guinea (BPNG) oversees financial activities but has not established comprehensive crypto regulations. The PNG Kina (PGK) has limited direct support on crypto exchanges, making international payment methods more common. For Papua New Guinea residents seeking the best crypto exchanges in Papua New Guinea , here are our top recommendations:
Best Crypto Exchanges in Papua New Guinea
Accessing cryptocurrency markets in Papua New Guinea requires careful consideration of payment methods and exchange features. While the PNG Kina isn’t directly supported on most platforms, international payment options provide viable alternatives for local traders. Credit cards and international bank transfers serve as primary funding methods for Papua New Guinea residents.
1. 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.
2. 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.
3. 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.
4. Kraken
Users:
10m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
220+
Leverage:
100x
Spot Fees:
0.25%/0.4%
Futures Fees:
0.02%/0.05%
Pros
- Very beginner-friendly
- Low futures trading fees
- Free demo trading
- Fiat supported
- 24/7 customer support
- Fully regulated
Cons
- High spot trading fees
- Lacks advanced features
- Poor liquidity for futures trading
- Complicated Demo trading
Kraken Overview
Kraken stands out as one of the most beginner-friendly crypto exchanges. With an easy to understand UI, simple features, and a straightforward approach, Kraken has onboarded over 10 million users to its platform from all around the world.
Spot traders can access over 220 cryptocurrencies for buying and selling. For traders seeking more buying power, Kraken offers a leverage trading platform with up to 50x leverage on selected assets such as BTC.
In terms of fees, Kraken has a different approach for spot and futures trading. While spot trading fees are relatively high (0.25% maker and 0.4% taker), the futures fees are very low (0.02% maker and 0.05% taker). Based on your 30-day trading volume, you can obtain additional fee discounts.
What we love about Kraken is its comprehensive fiat support. You can deposit funds using your credit card or bank transfer. Once you are done trading, you can withdraw fiat currencies such as EUR or USD back to your personal bank account to lock in your profits.
5. MEXC
Users:
15m
Free Demo:
Mobile App:
Bonus
$20,000
Cryptos:
2400+
Leverage:
200x
Spot Fees:
0.02%
Futures Fees:
0%/0.02%
Pros
- Lowest Trading Fees
- 2000+ supported crypto assets
- 200x 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 200x 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.
Is Crypto Legal and Regulated in Papua New Guinea?
Cryptocurrency operations exist in a regulatory grey area in Papua New Guinea. The Bank of Papua New Guinea (BPNG) serves as the primary financial regulator but has not implemented specific cryptocurrency regulations. The Investment Promotion Authority (IPA) oversees business registrations, including crypto-related enterprises.
The National Payments System Act of 2013 governs electronic payment systems but doesn’t explicitly address cryptocurrency transactions. The BPNG has issued cautionary statements about cryptocurrency investments but hasn’t imposed restrictions on trading or ownership.
While no specific licensing requirements exist for cryptocurrency exchanges, they must comply with general business regulations and anti-money laundering (AML) requirements when operating in Papua New Guinea.
Is Crypto Taxable in Papua New Guinea?
The Internal Revenue Commission (IRC) of Papua New Guinea hasn’t established specific cryptocurrency tax guidelines. However, cryptocurrency gains may fall under existing capital gains tax regulations or business income provisions.
Current tax implications for cryptocurrency in Papua New Guinea include:
- Trading profits may be subject to the standard income tax rate of 30% for companies
- Individual traders might face personal income tax rates ranging from 22% to 42%
- Mining income could be classified as business income subject to regular taxation
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 Papua New Guinea.
How to Buy Crypto in Papua New Guinea
For Papua New Guinea residents, Coinbase provides a secure and reliable platform for cryptocurrency purchases. The exchange offers a straightforward process for buying both major cryptocurrencies like Bitcoin and alternative digital assets.
- Select a Crypto Exchange: Choose a platform that accepts international payment methods and has robust security features. Confirm KYC requirements and available funding options.
- Complete Registration: Set up your account and verify your identity by providing necessary documents such as a passport, driver’s license, and proof of address.
- Fund Your Account: Add funds via international bank transfers, credit cards, or debit cards. Most banks in PNG facilitate international transfers to major exchanges.
- Choose Cryptocurrency: Select from available cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), or stablecoins such as USDT. Keep market conditions and your investment goals in mind.
- Place Trade: Execute your order at the current market price or set limit orders to target specific price levels.
- Secure Storage: Move the acquired cryptocurrencies to a secure wallet for long-term safekeeping.
Best Crypto Wallets in Papua New Guinea
Securing cryptocurrency assets necessitates trustworthy wallet solutions. Residents of Papua New Guinea can explore a range of wallet options:
Hardware Wallets:
- Ledger – High-level security features supporting over 5000 cryptocurrencies
- Trezor – Intuitive interface with robust security measures
Software Wallets:
- Trust Wallet – Mobile wallet featuring a DApp browser and staking capabilities
- Exodus – Wallet available on desktop and mobile with integrated exchange functionality
- MetaMask – Crucial for engaging with DeFi protocols and Web3 applications
Bottom Line
For accessing the best crypto exchanges in Papua New Guinea, Coinbase stands out as the top choice, offering robust security features and reliable payment methods for PNG residents. Bybit follows as a strong alternative with competitive fees and extensive trading options. Both platforms provide comprehensive services while maintaining compliance with international standards.
