Best Crypto Exchanges in Colombia

Best Cryptocurrency Exchange Colombia

We thoroughly reviewed the 16 Colombian cryptocurrency exchanges that adhere to Financial Superintendence of Colombia (SFC) regulations. This evaluation considered several factors, including transparency in fees, the variety of digital assets offered, and Colombian Peso (COP) deposit options. Below is a comparison table featuring the top platforms in Colombia.

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1. Bybit 

Bybit is the best crypto exchange in Colombia, featuring a user-friendly Spanish interface and various deposit methods for Colombian Pesos (COP). Catering to over 40 million users worldwide, Bybit offers access to more than 1,400 digital currencies for trading on spot, futures, and options markets. Traders can leverage up to 100x on hundreds of derivatives contracts.

In addition to its core trading offerings, Bybit provides a wide range of services, including staking, lending, and borrowing options, allowing users to diversify their crypto holdings. The platform features include a demo account for practice, trading bots, an OTC Desk, copy trading, an NFT marketplace, a crypto Visa card, and TradeGPT for strategy optimisation.

• Fees: Maker fee is 0.02%, taker fee is 0.055%, spot trading fees are 0.1%.
• Supported Assets: Over 1,400 digital currencies.
• Regulation & Licensing: Complies with global regulatory standards, including those in Colombia.‍
• ‍COP Deposit Methods: Bank transfers, credit cards, debit cards, PSE, Samsung Pay, Google Pay and Apple Pay.

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2. MEXC

MEXC is a top platform for Colombians interested in futures trading, offering up to 200x leverage on selected contracts. With over 800 cryptocurrencies available for trading, it’s a great option for both beginners and advanced traders by providing a seamless experience across spot, futures, and margin markets.

It also offers features such as staking, liquidity mining, and copy trading. The platform’s intuitive design and real-time market analysis tools make it accessible to users of all levels. As a global exchange, it can be used in both English and Spanish and provides live local customer support, catering to its South American user base.

• Fees: Maker fees from 0.02% to 0.06% and taker fees between 0.06% and 0.08%.
• Supported Assets: Over 800 cryptocurrencies.
• Regulation & Licensing: Complies with global financial regulations.‍
• COP Deposit Methods: Bank transfers and credit cards.

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3. Uphold

Uphold is ideal for beginner crypto traders in Colombia, known for its simplicity. The exchange supports over 250 cryptocurrencies, alongside access to traditional assets such as 4 precious metals and 27 fiat currencies, making it a comprehensive financial platform. It offers several COP deposit methods, making it easy for newcomers to start their crypto journey.

Known for its commitment to transparency, it's one of the few exchanges providing an audited proof-of-reserves, guaranteeing that assets are backed on a 1:1 basis. One of the standout features of Uphold is its ability to allow users to trade assets between different classes with zero fees. It can also be used in both English and Spanish, making it perfect for Colombian traders. 

• Fees: 1% trading fee and 1% spread fee.
• Supported Assets: Offers over 250 cryptocurrencies, 27 fiat currencies and 4 precious metals.
• Regulation & Licensing: Regulated by the Financial Conduct Authority (FCA) and available in Colombia.‍
• COP Deposit Methods: Bank transfers, credit cards, debit cards, Google Pay, and Apple Pay.

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4. Gate.io

Gate.io provides Colombian investors a wide range of tokens to trade across spot, futures and options markets with 100x leverage. Its collection of over 2,100 cryptocurrencies consists of popular stablecoins, memecoins, altcoins, Metaverse coins, GameFi coins and Web3 tokens, making it an ideal choice for those keen on trading a diverse range of digital assets. 

It has an impressive 24-hour trading volume of over $5 billion and a customer base over 16 million. The platform also features distinctive offerings like trading bots, an NFT marketplace, crypto loans, simple earn, copy trading, startup and Gate card. With advanced charting tools and real-time market data, the platform caters to experienced traders.

• Fees: 0.1% for maker orders and 0.2% for taker orders.
• Supported Assets: 2,100 digital assets.
• Regulation & Licensing: Operates offshore in the Seychelles but is available in Colombian investors.
• COP Deposit Methods: Credit cards.

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5. KuCoin

KuCoin is known in Colombia for offering some of the highest staking rewards in the industry of up to 280% APY, making it a popular choice for investors looking to earn passive income on their digital assets. It supports over 700 cryptocurrencies, and its advanced features like futures trading and margin trading with up to 100x leverage.

In addition to staking, it offers lending, borrowing, and the ability to trade on spot and futures markets. Security and transparency are important for KuCoin, which is evident by its regular updating of proof-of-reserves. Beyond safeguarding funds, it provides diverse trading and investment features, such as copy trading, lending and borrowing, an NFT marketplace, and Halo Wallet.

• Fees: 0.1% fee for spot trades and maker/taker fees of 0.02%/0.06% for derivatives.
• Supported Assets: Over 700 cryptocurrencies.
• Regulation & Licensing: Available in Colombia but not regulated in the country.‍
• COP Deposit Methods: Card payments.

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Is Crypto Regulated in Colombia?

In Colombia, cryptocurrencies are not formally regulated as financial instruments. The Financial Superintendence of Colombia (SFC) has clarified that crypto is classified as digital assets rather than currency or securities. This distinction means that crypto transactions are not subject to the same regulations that govern traditional financial instruments, such as the Colombian Peso or securities traded on the stock market.

The central bank has emphasised that while cryptocurrencies can function as a means of payment, store of value, or unit of account, they lack legal tender status. This means that creditors or merchants have no legal obligation to accept crypto for payment. Similarly, current Colombian law prohibits financial institutions from holding, investing in, or intermediating crypto transactions.

Despite the lack of formal regulation, Colombia has taken steps to explore the potential of cryptocurrencies. In 2020, the SFC launched a regulatory sandbox to test crypto integration with traditional banking systems, allowing financial institutions to partner with crypto service providers. This initiative concluded in December 2023, but no permanent regulatory framework was established.

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How is Crypto Taxed in Colombia?

In Colombia, cryptocurrencies are considered taxable assets, and their taxation falls under the general framework for intangible assets. The National Tax and Customs Directorate (DIAN) oversees the taxation of crypto-related activities. Digital currencies are not treated as legal tender but must be declared part of a taxpayer’s income and wealth.

For individuals and businesses, any gains made from trading or holding crypto assets are subject to capital gains tax, depending on the nature of the transaction. Additionally, if cryptocurrencies are used to purchase goods or services, they may be subject to Value-Added Tax (VAT), which typically stands at 19%. 

Crypto holders must declare their assets based on their market value in their annual tax returns, and DIAN continues to monitor crypto-related tax compliance as the sector grows. Over 11% of the population own cryptocurrency as of 2024, making it one of the fastest growing asset classes in the country.

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How to Buy Bitcoin in Colombia

For Colombian investors new to cryptocurrency, buying Bitcoin is a straightforward process through trusted exchanges that support Colombian Pesos (COP). Here's a step-by-step guide to help you get started:

1. Create an Account: Choose a cryptocurrency exchange that allows deposits in Colombian Pesos (COP). Sign up for an account and complete the verification process, which often requires a valid photo ID and proof of residence.
2. Deposit Colombian Pesos (COP): After setting up your account, navigate to the deposit section, select COP as your currency, and enter the amount you wish to deposit. Most exchanges support deposits via bank transfer or credit/debit cards.
3. Choose Bitcoin: Go to the trading section and search for Bitcoin (BTC). You will see the current market rate for the COP/BTC trading pair. Based on your investment strategy, select the type of order you want to place.
4. Execute the Trade: Once you're ready, click 'buy' to purchase Bitcoin. Carefully review the transaction details, including the price and any fees, before confirming your trade.

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Bottom Line

In conclusion, Colombia's growing crypto adoption reflects the rising demand for digital assets, with around 4.3 million citizens now participating in the space. Whether you're a beginner or an experienced trader, exchanges like Bybit, MEXC, Uphold, Gate.io, and KuCoin offer a variety of services, from futures trading and high staking rewards to beginner-friendly interfaces and vast asset selections.