Summary
Cryptocurrency is legal in Paraguay, though not considered legal tender. Popular payment methods include bank transfers and credit cards. The Paraguayan Guaraní (PYG) is supported by some exchanges. The Central Bank of Paraguay (BCP) and the National Securities Commission (CNV) are key regulatory bodies overseeing crypto activities. Here are the best crypto exchanges in Paraguay:
Best Crypto Exchanges in Paraguay
When it comes to trading cryptocurrencies in Paraguay, selecting a reliable and efficient exchange is crucial. This article examines the top crypto exchanges available to Paraguayan residents, focusing on factors such as supported cryptocurrencies, trading fees, deposit methods, and KYC requirements. For Paraguayan users, exchanges that support the local currency (PYG) and offer bank transfer options are particularly advantageous.
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. 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.
3. 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.
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. 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.
Is Crypto Legal and Regulated in Paraguay?
Cryptocurrencies are legal in Paraguay, but they are not considered legal tender. The country has taken steps towards regulating the crypto industry, with the Central Bank of Paraguay (BCP) and the National Securities Commission (CNV) being the primary regulatory bodies overseeing crypto-related activities.
In 2022, the Paraguayan Senate approved a bill to regulate cryptocurrency trading and mining in the country. This legislation aims to establish a clear framework for crypto businesses and protect investors. The bill requires crypto exchanges and miners to register with the Undersecretariat of State Taxation and obtain a license from the government to operate legally.
The regulatory framework also addresses anti-money laundering (AML) and know-your-customer (KYC) requirements for crypto businesses. These measures align with international standards set by the Financial Action Task Force (FATF) to prevent illicit activities in the crypto space.
While the regulatory landscape is still evolving, Paraguay’s approach to cryptocurrencies can be characterized as cautiously open, seeking to balance innovation with consumer protection and financial stability.
Is Crypto Taxable in Paraguay?
Cryptocurrency taxation in Paraguay is an evolving area of law. As of 2024, there is no specific legislation that exclusively addresses the taxation of cryptocurrencies. However, existing tax laws may apply to crypto transactions, depending on their nature and the context in which they occur.
Generally, income derived from cryptocurrency trading or mining may be subject to income tax. The current income tax rate in Paraguay ranges from 8% to 10% for most types of income. Capital gains from the sale of cryptocurrencies might also be taxable, potentially at a rate of 10%.
It’s important to note that the Undersecretariat of State Taxation (SET) has not issued comprehensive guidelines on crypto taxation. This lack of specific regulation creates some uncertainty in the treatment of various crypto-related activities.
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 Paraguay.
How to Buy Crypto in Paraguay
Purchasing cryptocurrencies in Paraguay has become increasingly accessible. This guide will walk you through the process, focusing on using Binance, our top recommended exchange for Paraguayan users. Binance offers a user-friendly platform, competitive fees, and support for multiple payment methods, including bank transfers and credit cards.
- Choose a Crypto Exchange: Opt for a reliable exchange operating in Paraguay, such as Binance, known for its broad selection of cryptocurrencies and payment options. Make sure the platform adheres to local regulations and offers proper KYC processes.
- Register and Verify Your Identity: Sign up on Binance and complete the KYC procedure, which typically involves providing personal details along with a government-issued ID and proof of address.
- Deposit Money: Fund your account using Paraguayan Guaraní (PYG). Binance supports multiple deposit methods like bank transfers and credit or debit cards. For larger transactions, bank transfers are often preferred due to lower fees.
- Select Cryptocurrency: Pick the crypto you want to buy. Bitcoin (BTC) and Ethereum (ETH) are popular for beginners, while stablecoins like Tether (USDT) are useful for trading.
- Complete Your Trade: Go to the trading section, choose the relevant pair (e.g., PYG/BTC), input the amount, and finalize the purchase.
- Secure Your Assets: After buying, it’s a good idea to move your crypto to a secure wallet. While keeping smaller amounts on the exchange is convenient, larger holdings should be stored in a personal wallet for added security.
By adhering to these steps, you can securely and effectively buy cryptocurrencies in Paraguay. Stay updated on local laws and prioritize strong security practices to safeguard your digital assets.
Best Crypto Wallets in Paraguay
Choosing a secure cryptocurrency wallet is crucial for safeguarding your digital assets in Paraguay. Here are some recommended wallet options for Paraguayan users:
Hardware Wallets: Ideal for long-term storage due to their robust security features.
- Ledger: Offers advanced security and supports a wide range of cryptocurrencies.
- Trezor: A reliable hardware wallet with a user-friendly interface and top-level security.
Mobile Wallets: Great for regular transactions and easy accessibility.
- Trust Wallet: A versatile mobile wallet that supports multiple blockchains and has an integrated DApp browser.
- Exodus: Features an intuitive design with built-in exchange capabilities, available for both mobile and desktop use.
Web Wallets: Convenient for frequent trading and DApp interactions.
- MetaMask: A browser extension wallet commonly used for Ethereum and ERC-20 tokens, allowing seamless DApp interaction.
When choosing a wallet, consider security features, supported assets, and ease of use. Hardware wallets provide the highest level of protection for long-term storage, while mobile and web wallets offer more convenience for day-to-day transactions. Be sure to download wallet apps only from official sources, back up your recovery phrases, and enable two-factor authentication for extra security.
Bottom Line
In conclusion, the cryptocurrency market in Paraguay is growing, with several reputable exchanges available to local users. Among the best crypto exchanges in Paraguay, Binance stands out as our top recommendation, offering a wide range of cryptocurrencies, competitive fees, and robust security measures. For those seeking an alternative, OKX is also an excellent choice, providing a user-friendly platform and extensive trading options. Both exchanges cater well to Paraguayan users, supporting various payment methods and complying with local regulations.
