Best Crypto Exchanges in Chile
Explore our guide to the best CMF-compliant cryptocurrency exchanges in Chile, offering reliable trading options for local investors.
Summary: Chile enacted a FinTech law in 2023, which includes provisions for crypto assets, positioning it ahead of its neighbours in terms of having a robust regulatory framework. The Comisión para el Mercado Financiero (CMF) is the country's financial regulator, ensuring that digital asset exchanges operate securely and in accordance with national legislation.
For local traders who are beginning their journey into crypto investments, we have compiled a guide to the top 5 digital currency trading platforms in Chile:
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Best Cryptocurrency Exchanges in Chile
We reviewed 16 cryptocurrency platforms operating in Chile to identify the best choices for local investors. Our review focused on compliance with the Comisión para el Mercado Financiero (CMF), user interface, fee structure, supported cryptocurrencies, CLP deposit methods, trading options, and available features. The comparison table below offers detailed insights into the 5 top exchanges for Chilean traders:
1. Bybit
Bybit is the top cryptocurrency exchange in Chile, providing an invaluable platform for local investors with a multilingual interface and customer support in Spanish. Investors can buy, sell and trade over 1,100 digital assets on spot, futures and options markets with up to 100x leverage. It ensures secure transactions and is completely transparent with its asset holdings, updating its proof-of-reserves on a monthly basis to show all funds are held 1:1.
It has over 28 million customers and has quickly become one of the most popular trading platforms in the world. To accommodate its growing user base, Bybit offers unique features like an NFT marketplace, lending and borrowing services, multiple staking options, a crypto Visa card, copy trading, a paper trading account and TradeGPT. Thanks to its global accessibility, it supports over 65 fiat currencies for deposits, including CLP.
- Fees: Maker fee at 0.02% and taker fee at 0.055% for futures and 0.1% for spot markets.
- Supported Cryptocurrencies: 1,100 digital assets.
- Regulation & Licensing: Complies with international regulatory standards and is available in Chile.
- CLP Deposit Methods: Bank transfers, credit cards, debit cards, Tempo, MACH, and Apple Pay.
2. MEXC
MEXC is a cryptocurrency exchange that focuses on derivatives trading on over 800 crypto assets high-leverage up to 200x. This feature particularly benefits traders with advanced experience. Licensed in Estonia and headquartered in Seychelles, MEXC adheres to rigorous regulatory standards, providing a trustworthy trading environment to its 10 million registered users across Chile and 100 other countries.
The platform meets diverse trading demands through a range of services, including spot and margin trading, staking, and Initial Exchange Offerings (IEOs). Its ability to manage over $2 billion in daily trading volume reflects a solid commitment to market adaptability and user security. MEXC's comprehensive trading options, attractive fee schedule, and dedication to enhancing the user experience solidify its standing as a top choice.
- Fees: Maker fees from 0.020% to 0.060% and taker fees between 0.060% and 0.080%.
- Supported Assets: 800 cryptocurrencies.
- Regulation & Licensing: Maintains an Estonian license and operates from Seychelles, ensuring a robust regulatory framework for users in Chile.
- CLP Deposit Methods: Bank transfers, debit, and credit cards.
3. Gate.io
Gate.io is a great choice for those interested in exploring a wide variety of altcoins. The platform has a diverse selection of over 1,700 cryptocurrencies to trade on both spot and futures markets with 100x leverage on derivatives contracts. Although not directly regulated by the Chilean Financial Market Commission (CMF), it remains accessible to investors. It is also recognized for its significant daily trading volume, frequently surpassing $5 billion.
Serving a user base of 14 million, it can be used in multiple languages, including Spanish. Additional features include automated trading bots, a cryptocurrency debit card, a specialized section for startups, lending and borrowing services, crypto staking and more. There are also exclusive trading events and competitions held in every country, designed to capture the interest of traders.
- Fees: 0.1% for maker orders and 0.2% for taker orders.
- Supported Assets: Over 1,700 digital assets.
- Regulation & Licensing: Situated in the Seychelles, Gate.io is not directly licensed by the CMF but is open to investors in Chile.
- CLP Deposit Methods: Bank transfers, debit cards and credit cards.
4. Kraken
Kraken is the fourth-best option for Chilean investors, boasting a worldwide customer base of over 9 million users across 190 countries. The exchange reports an impressive $207 billion in quarterly trading volume across both its spot and futures order books. Chileans can begin trading with a minimal deposit of just $10, accessing a diverse range of over 200 cryptocurrencies, including Bitcoin, Ethereum, Celestia, and Solana.
The exchange is committed to user convenience, offering several CLP payment methods, including bank transfers and credit cards. Its user-first approach is further demonstrated through its mobile applications for iOS and Android, alongside staking services offering up to 24% annual returns. For more experienced traders, Kraken Pro provides a professional trading environment with low spreads, high liquidity, and enhanced rate limits.
- Fees: Maker fees are as low as 0.01%, with taker fees at 0.02%.
- Supported Assets: 200 spot markets and more than 100 margin markets.
- Regulation & Licensing: Compliant with international regulatory standards, including the Chilean authorities.
- CLP Deposit Methods: Electronic payment systems, and debit or credit cards.
5. Uphold
Uphold is a popular multi-asset exchange that services over 10 million users across Chile and 150 other countries. It has a comprehensive portfolio of over 250 digital assets, 27 fiat currencies and 4 precious metals, which include Gold, Silver, Platinum and Palladium. A significant draw of Uphold is its attractive staking options, enabling investors to earn up to 25% Annual Percentage Yield (APY) on a selection of up to 30 cryptocurrencies.
This platform is noted for its transparency and reliability by adhering to global regulatory standards and is registered with prominent financial authorities. Uphold's dedication to security is evident in its audited proof-of-reserves, ensuring a 1:1 backing for each digital asset, reinforcing its status as a secure and transparent exchange. It also offers a smooth trading experience across web and mobile, offering mobile payment methods like Google Pay and Apple Pay.
- Fees: Features a trading fee of 1% and a spread fee of 1%.
- Supported Assets: Offers a broad selection of over 250 digital assets, precious metals, and fiat currencies.
- Regulation & Licensing: Meets global regulations and operates in Chile.
- CLP Deposit Methods: Bank transfers, credit/debit cards, and mobile payments via Google Pay and Apple Pay.
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Is Crypto Regulated in Chile?
Cryptocurrency regulation in Chile is still developing, lacking a comprehensive legal framework. The Central Bank of Chile does not recognize cryptocurrencies as legal tender or foreign currency, though they are widely used. In 2018, the Supreme Court of Chile classified cryptocurrencies as "intangible assets," affecting their tax treatment without fully integrating them into the financial system. This indicates a cautious yet evolving regulatory landscape, balancing potential benefits with risks.
A formal regulatory framework began with the Fintech Law (Law No. 21.521), enacted on January 4, 2023, aimed at promoting financial innovation and inclusion. This law defines and regulates crypto-assets, placing the Financial Market Commission (CMF) in charge. Further regulations came with the CMF's General Rule No. 502, issued on January 12, 2024, detailing registration and authorization processes for digital asset service providers. This signifies Chile's move towards structured oversight in the crypto sector.
How is Crypto Taxed in Chile?
In Chile, cryptocurrency gains fall under the income tax framework as guided by the Servicio de Impuestos Internos (SII). Based on SII's rulings (No. 963/2018 and No. 1,474), profits from selling cryptocurrencies are subject to income tax. While crypto transactions are exempt from the 19% Value Added Tax (VAT), they still require proper invoicing and receipts. The tax rate on capital gains from crypto aligns with general income tax rates, ranging from 0.4% for lower income brackets to 35% for higher earnings.
For companies, the 2020 Tax Modernization Law sets the corporate tax rate at 27%, with a reduced 25% rate for SMEs under a special regime. This tax treatment reflects Chile's structured approach to incorporating cryptocurrencies within its tax laws, ensuring clear guidelines and compliance for digital asset transactions.
Bottom Line
In conclusion, Chile is emerging as a leader in cryptocurrency regulation in Latin America, thanks to the FinTech law enacted in 2023, which includes specific provisions for crypto assets. The Comisión para el Mercado Financiero (CMF) oversees secure operations of digital asset exchanges, ensuring compliance with national legislation. For local traders starting their crypto journey, our guide to the best exchanges, Bybit, MEXC, Gate.io, Kraken, and Uphold, offers Chilean investors a secure method for digital asset investment.
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