Summary
Cryptocurrency is legal in Peru, with the government maintaining a cautious yet open stance. Popular payment methods include bank transfers and credit cards. The Peruvian sol (PEN) is supported by several exchanges. The Superintendencia de Banca, Seguros y AFP (SBS) oversees financial regulations, including those related to cryptocurrencies. Here are the best crypto exchanges for Peru:
Best Crypto Exchanges in Peru
When selecting a crypto exchange in Peru, it’s crucial to consider factors such as supported cryptocurrencies, trading fees, deposit methods, and KYC requirements. The Peruvian sol (PEN) is accepted by several exchanges, making it convenient for local traders. Bank transfers and credit cards are recommended payment methods for Peruvian users.
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. 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.
3. 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.
4. Uphold
Users:
3m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
200+
Leverage:
Not Supported
Spot Fees:
1.4%
Futures Fees:
Not Supported
Pros
- Beginner-friendly exchange
- Fully regulated and licensed in the US
- Great customer support
- Comprehensive fiat deposit methods
- Passive income products
Cons
- Lacks advanced features
- Very high spot trading fees
- Poor liquidity
- No futures trading offered
Uphold Overview
Uphold is a versatile crypto trading platform that allows users to trade a wide range of assets, including cryptocurrencies, precious metals, fiat currencies, and U.S. equities. The platform provides access to over 250 digital currencies and allows users to trade in fiat currencies and precious metals.
What makes Uphold special is its Cross-Asset Trading feature. Users can trade directly between different asset classes (e.g., BTC to gold) without first converting to a fiat currency.
Trading fees vary depending on the type of asset that you are trading. However, Upholding fees are very high compared to industry standards.
Users have access to crypto staking, generating yields of up to 13% of your initial asset deposit.
Additionally, Uphold offers a trading interface appealing to beginners who want to buy and hold crypto assets. It doesn’t provide advanced trading tools and isn’t suitable for day trading, making it less ideal for experienced traders.
5. Blofin
Users:
2m
Free Demo:
Mobile App:
Bonus:
$5,000
Cryptos:
400+
Leverage:
150x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Excellent for trading
- Very beginner friendly
- No KYC required
- 24/7 customer support
- Up to 150x leverage and deep liquidity
Cons
- Not good for passive income products
- Relatively new spot feature
Overview
Founded in 2019, Blofin is a no-KYC exchange where users can trade perpetual futures. With a recently added spot trading feature, as well as Copy trading for customers to enjoy, Blofin has earned a spot as a top contender in the crypto industry.
Blofin users can access 300+ trading pairs with leverage of up to 150x on the futures market. The exchange has a daily trading volume of $12.6 billion for futures trading, making Blofin one of the most active derivatives exchanges. The platform has integrated a user-friendly trading interface for both beginners and expert traders to navigate.
Blofin trading fees are set according to industry standards. For spot trading, a fee of 0.1% is incurred for both maker and taker, while for futures, the maker and taker fee is 0.02% and 0.06%.
What we love about Blofin is its generous VIP fee schedule, which allows traders to reduce their fees based on their 30-day trading volume.
Is Crypto Legal and Regulated in Peru?
Cryptocurrency is legal in Peru, but it operates in a regulatory gray area. The Peruvian government has not established specific laws governing cryptocurrencies, adopting a cautious approach. The primary financial regulator, Superintendencia de Banca, Seguros y AFP (SBS), has issued warnings about the risks associated with cryptocurrencies but has not banned their use.
In 2022, the Central Reserve Bank of Peru (BCRP) stated that cryptocurrencies are not legal tender and are not backed by central banks. However, this declaration does not make crypto transactions illegal. The Superintendencia del Mercado de Valores (SMV) has also warned about the risks of Initial Coin Offerings (ICOs) but has not implemented specific regulations.
Peru is working on developing a regulatory framework for cryptocurrencies. In 2022, the Peruvian Congress introduced a bill aimed at regulating cryptocurrencies and establishing a registry for crypto service providers. While this bill is still under consideration, it demonstrates Peru’s intent to create a structured environment for crypto operations.
Is Crypto Taxable in Peru?
Cryptocurrency taxation in Peru is not explicitly defined, but existing tax laws apply to crypto transactions. The National Superintendency of Customs and Tax Administration (SUNAT) considers cryptocurrencies as assets for tax purposes.
Income derived from cryptocurrency trading is subject to income tax. For individuals, this falls under the third category of income tax, with rates ranging from 8% to 30%, depending on the amount of profit. Companies engaged in crypto activities are subject to a corporate income tax rate of 29.5%.
Capital gains from the sale of cryptocurrencies are taxable. The tax rate for capital gains is typically 5% for individuals and is included in the corporate tax rate for businesses. It’s important to note that crypto-to-crypto transactions may also be considered taxable events.
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 Peru.
How to Buy Crypto in Peru
Purchasing cryptocurrency in Peru has become increasingly accessible. For Peruvian residents, we recommend using Bybit due to its user-friendly interface, competitive fees, and support for the Peruvian sol (PEN). Whether you’re interested in Bitcoin, Ethereum, or other popular cryptocurrencies, the process is straightforward.
Here’s a step-by-step guide to buying crypto in Peru:
- Selecting a Crypto Exchange: Opt for a trusted exchange that supports the Peruvian Sol (PEN) and offers your preferred cryptocurrencies. Be sure to check the platform’s payment methods and KYC requirements.
- Create and Verify Account: Sign up on your chosen platform and complete the KYC process by submitting necessary documents, such as a government-issued ID and proof of address.
- Deposit PEN: Add funds to your account using the Peruvian Sol. Common payment methods in Peru include bank transfers (via services like Pago Efectivo), credit/debit cards, and in some cases, cash deposits at local banks or convenience stores.
- Choose Cryptocurrency: Select the digital asset you wish to buy. Bitcoin (BTC) and Ethereum (ETH) are popular, but stablecoins like Tether (USDT) and USD Coin (USDC) are also viable options for lower volatility.
- Make the Purchase: Enter the amount of crypto you want to buy or the amount of PEN you plan to spend. Double-check transaction details, including fees, before confirming the purchase.
- Secure Your Assets: After the transaction, transfer your crypto to a secure wallet. For small amounts, the exchange’s built-in wallet can suffice, but for larger holdings, it’s wise to use a hardware wallet or a reputable software wallet for better security.
Stay Updated: Ensure you’re aware of current regulations and tax obligations related to cryptocurrency trading in Peru. As the landscape changes, it’s essential to keep informed on local laws and best practices for safe trading.
Best Crypto Wallets in Peru
Choosing a secure cryptocurrency wallet is essential for protecting your digital assets. In Peru, as elsewhere, several reliable options are available for storing your crypto assets. Here are some recommended wallets for Peruvian users:
Hardware Wallets: These are ideal for long-term asset storage, offering top-tier security.
- Ledger Nano X or S: Renowned for their strong security features and broad cryptocurrency support.
- Trezor Model T or One: Trusted for providing secure offline storage for your crypto holdings.
Mobile Wallets: These are suitable for daily transactions, offering a balance between security and convenience.
- Trust Wallet: A versatile mobile wallet supporting various blockchains and DeFi functionality.
- Exodus: User-friendly and available on both desktop and mobile, with a built-in exchange feature.
Web Wallets: These are best for frequent traders needing fast and easy access to their assets.
- MetaMask: A popular browser extension wallet, perfect for interacting with Ethereum-based dApps.
When choosing a wallet, consider factors such as the types of cryptocurrencies you plan to hold, transaction frequency, and security preferences. Combining a hardware wallet for long-term storage with a software wallet for everyday use offers an ideal balance of security and convenience.
Bottom Line
For Peruvian crypto enthusiasts, the landscape offers numerous options for engaging with digital assets. Among the best crypto exchanges in Peru, Bybit stands out as our top recommendation, offering a robust platform with competitive fees and a wide range of supported cryptocurrencies. For those seeking an alternative, MEXC provides an excellent option with its extensive coin selection and user-friendly interface. Both exchanges cater well to the Peruvian market, supporting local payment methods and offering reliable customer service.
