Bitcoin and cryptocurrencies have been gaining popularity in Colombia, especially among tech-savvy young investors looking to diversify their portfolios. However, buying Bitcoin and other digital assets in Colombia does require some navigating of regulations and identifying the right platforms. This guide will walk you through everything you need to know to safely and easily purchase Bitcoin in Colombia.
We’ll start with an overview of Colombia’s crypto regulations—which have been largely favorable towards crypto—and what they mean for investors. Then we’ll list some of the major crypto currency exchanges and wallet providers available to Colombians along with the key considerations in choosing one.
What you'll learn 👉
Crypto Regulations in Colombia
In Colombia, the regulatory landscape for cryptocurrencies is not clearly defined, as there is no targeted legislation concerning cryptoassets. While the country’s taxation approach bears resemblance to that of Spain, cryptocurrencies are not recognized as “money” for tax purposes under Colombian legal standards. Presently, the regulation of cryptoassets in Colombia is not established, and compliance with various norms like data protection, labor law, and corporate registry depends on several factors, including whether a company is registered within the country.
Although a bill was proposed in the previous Congress to set basic standards for cryptoasset service providers in Colombia, it did not pass. The Central Bank and the Comisión de Ferias y Casas de Bolsa (CFS) have drafted regulatory guidelines, and the DIAN has issued communications regarding cryptoassets.
The Fintech Law (Law 21,521) in Colombia characterizes crypto assets as “digital goods or services, excluding money in any form, that can be digitally transferred, stored, or exchanged.” This law also includes regulations for crypto exchanges, defining them as venues for the trading of financial instruments or securities. However, it’s important to note that this law does not specifically address cryptocurrencies.
To summarize, while Colombia currently lacks specific regulations for cryptocurrencies, the existing tax model and certain regulatory initiatives, such as the Fintech Law, demonstrate an increasing interest in the cryptocurrency sector.
Easiest and cheapest ways to buy crypto in Colombia
No matter where they live, people always seek the easiest and cheapest way to buy bitcoin. Buying crypto in Colombia is a bit harder than in some other countries so we have compiled a list of exchanges where Colombian citizens can buy bitcoin.
You can fund your exchange account using online bank transfers in all four countries. Cash can be used in Peru and Colombia. Funds are usually available within 3 hours if the transfer is made during the week during working hours.
👛 Ease of Use – Easy 👛 Fees – Low 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP + more
eToro is a versatile trading platform that provides users with access to various financial instruments, including stocks, ETFs, cryptocurrencies, and CFDs. The platform has a straightforward fee structure, charging a 1% fee for cryptocurrency transactions, with no fees for ETFs and stocks, although ETFs may have their own internal costs.
The platform supports more than 140 countries, with the US joining the list quite recently. However, there are still some restrictions for US citizens since they can currently only trade cryptos on eToro. Other users are allowed to trade Stock, Forex, Social Trading, CFDs, Index-Based Funds, Cryptos, Indices, and ETFs. As we mentioned, the most popular feature on the platform is copy trading. Users can “copy” trades from other investors and make the same trades in real-time.
⚡️ Deposit fees: Free ⚡️ Withdrawal fees: $5 ⚡️ Trading fees: 0.75 % – 4.9 % spread depending on the cryptocurrency ⚡️ Payment Methods: 15+ (MasterCard, Visa, EWallets, etc.) ⚡️ Supported fiat: USD, EUR, GBP, and 20+ more
Unique features such as Social Trading and “Virtual Hub” Simple interface Competitive fees The minimum trade amount is very low
There aren’t many supported cryptocurrencies American citizens can only trade cryptos on the platform
👛 Ease of Use – Easy 👛 Fees – Average 👛 Verification – 2-3 Days 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, JPY, CAD
Established in 2011, Kraken has carved a niche for itself as a trusted and reliable crypto exchange. It boasts support for an impressive roster of over 220 digital assets, encompassing major cryptocurrencies like Bitcoin, Ethereum, Cardano, and many others. Security has always been a cornerstone for Kraken, making it a go-to choice for many.
Its global footprint is vast, covering a majority of countries with only a few exceptions such as Iran and Washington state. On the convenience front, Kraken doesn’t disappoint. Users have a wide array of payment options at their disposal, and the platform is also flexible when it comes to fiat currency transactions. Additionally, seasoned traders can leverage advanced features to optimize their trading strategies.
⚡️ Deposit fees: EUR SEPA Deposit (Free) – EEA countries only USD Bank Wire Deposit ($5 USD) – US onlyEUR Bank Wire Deposit (€10) – outside the US only USD Bank Wire Deposit ($10 USD) – outside US onlyJPY Bank deposit (Free, ¥5,000 deposit minimum) – Japan-only USD, Wire Deposit (Free) ⚡️ Withdrawal fees: Cryptocurrency: Fees vary, SEPA Withdrawal (€0.09) – EEA countries only USD Bank Wire Withdrawal ($5 USD) – US only USD Bank Wire Withdrawal ($60 USD) – outside US onlyEUR Bank Wire Withdrawal (€60) – outside US onlyJPY Bank withdrawal (¥20) – Japan onlyCAD EFT Withdrawal ($10 CAD) ⚡️ Trading fees: Maker: 0.16%Taker: 0.28% ⚡️ Payment Methods: Fedwire, Bank Transfer (SEPA), SWIFT, Wire Transfer, Etana Custody, Silvergate Exchange Network (SEN), FPS, CHAPS, and BACS, PayID, Osko ⚡️ Supported fiat: USD, EUR, GBP, JPY, CAD
Available almost worldwide High security Over 90 cryptocurrencies Various payment methods
Fees slightly above the industry average No tax support
Best Bitcoin Wallets in Colombia
It is never a good idea to keep your coins on an exchange as that exposes you to numerous risks (exchange hacks, fund freezes by the exchange or some government regulatory body, etc). That is why you should use one of the wallets we list below to store your digital assets.
But, which bitcoin wallet is available in this country?
The safest option is a hardware wallet like Nano X but ZenGo is also a good choice, especially for newcomers.
👛 Ease of Use – Easy 👛 Fees – High 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, CAD, AUD
Coinamma is one of the oldest cryptocurrency exchanges since it was launched back in 2013. The headquarters of the company is in Slovakia and Ireland and its founders are Laurence Newman, Nimrod Gruber, and Ilan Schuster.
Coinmama is an exchange that boasts a user base of over 1.5 million people in more than 150 countries, and has a team of over 40 employees. It is notable for its user-friendly interface, which makes it a great choice for beginners. In addition, Coinmama ensures that the coins purchased through their platform are directly transferred to the user’s non-custodial wallet, rather than being kept in Coinmama’s own wallets.
⚡️ Deposit fees: 0 – 5 % ⚡️ Withdrawal fees: None ⚡️ Trading fees: 2.9 – 3.9 % ⚡️ Payment Methods: Bank Transfer (SEPA), SWIFT, Fedwire, Bank cards, Open Banking, Google Pay, Apple Pay, Skrill ⚡️ Supported fiat: USD, EUR, GBP, CAD, AUD
Simple, user-friendly interface Various ways to deposit such as bank transfers or via credit card Suitable for beginners No withdrawal fee Available in almost all countries
No mobile app and no staking No phone number for customer support
👛 Ease of Use – Easy 👛 TradingFees – Average 👛 Verification – 1 day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, and more
Paybis is a cryptocurrency exchange based in Scotland and in the UK. It was launched back in 2014 so it has longevity on the crypto market. The exchange has offices in Glasgow, as well as in Riga, Latvia.
Paybis is suitable for users who want long-term investments and has a larger user base. It is available in more than 180 countries in the world, including the US. Paybis supports around 40 crypto assets. The main focus of the exchange is on Round-the-clock support, Worldwide access, Fast security checks, high-level security, and Instant payouts. The exchange is regulated by the Financial Conduct Authority under (FCA), UK’s tier-1 regulatory body.
⚡️ Deposit fees: Free (there is a transaction fee – 2.49%) ⚡️ Withdrawal fees: Free ⚡️ Trading fees: 0.99 – 2.49 % ⚡️ Payment Methods: Bank Transfer, Credit/Debit Card, Skrill, and Neteller. ⚡️ Supported fiat: USD, EUR, GBP, and 40+ more
A lot of payment methods and fiat currencies supported It is regulated The longevity of the crypto market Easy-to-use interface
The number of supported cryptocurrencies could be higher No advanced trading features
👛 Ease of Use – Medium 👛 Fees – Low 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, AUD, RUB
Binance was launched back in July of 2017 and very quickly became the world’s largest cryptocurrency exchange by trading volume with more than $1 billion on a daily basis.
There are various reasons why Binance became so popular so quickly with the main ones being a professional attitude, friendly and transparent CEO, low trading fees, and the large number of cryptocurrencies supported by the platform. In fact, the number of cryptocurrencies supported is over 350 and Binance is supported in over 60 countries. The founder of the exchange is Changpeng Zhao. Binance’s headquarters are unknown.
⚡️ Deposit fees: Free ⚡️ Withdrawal fees: Vary from crypto to crypto ⚡️ Trading fees: 0.1% ⚡️ Payment Methods: Debit Card, Credit Card, SWIFT, Bank Transfer (SEPA), and more ⚡️ Supported fiat: USD, EUR, GBP, AUD, RUB, and 15+ more
The largest cryptocurrency platform Various advanced services and features Low fees and high liquidity A large number of cryptocurrencies supported
👛 Ease of Use – Easy 👛 Fees – Average 👛 Verification – 1 day 👛 Reputation – Trusted 👛 Supported fiat – USD, JPY
Changelly offers a platform to sell, store, and trade cryptocurrencies. As a decentralized exchange (DEX), it empowers users to trade directly from their personal wallets, eliminating the need for any intermediaries. This positions Changelly as a peer-to-peer platform, facilitating direct cryptocurrency trades between users.
Changelly was founded in 2013 in Prague, Czech Republic, by the same guys who established MinerGate, one of the largest mining pools that exist today, so it’s a reliable company. Within a year Changelly has managed to attract over 100,000 users, which is really impressive. Changelly reached the 1,000,000 users milestone in April 2017, which shows how popular this cryptocurrency exchange website is becoming in such a short span of time.
Features of Changelly: Diverse Cryptocurrency Selection: Changelly boasts support for over 1,500 cryptocurrencies, encompassing popular ones like Bitcoin, Ethereum, and Litecoin. Wallet-to-Wallet Trading: The platform allows users to trade directly from their individual wallets, ensuring a secure and transparent trading experience without the involvement of third parties. Instant Exchange: Changelly offers real-time exchanges between various cryptocurrencies. It employs a sophisticated algorithm to ascertain the most favorable exchange rate for every transaction. Intuitive User Interface: Designed with user experience in mind, Changelly’s interface is straightforward and easy to use. It offers comprehensive details about each transaction, including its status, the amount involved, and the executed rate.
⚡️ Deposit fees: Changelly does not have set fees due to the volatility of cryptocurrencies ⚡️ Withdrawal fees: None ⚡️ Trading fees: 0.25% ⚡️ Payment Methods: Debit Card, Credit Card ⚡️ Supported fiat: USD, EUR, GBP
Wide range of cryptocurrencies Low crypto-to-crypto exchange fees Easy to use
Not regulated in the U.S. High fiat-to-crypto rates Limited payment options
Frequently asked questions about buying Bitcoin in Colombia
How can I buy Bitcoin in Colombia❓
You can buy Bitcoin in Colombia on any of the exchanges mentioned in this article.
Which Bitcoin wallet is best in Colombia❓
You can use Exodus and Ledger wallets in Colombia.
Most of the estimated amount of Bitcoin ATMs in Colombia was located in the capital city Bogota. The Latin American country had nearly 50 cryptocurrency withdrawal machines across the country.
Does Colombia support Bitcoin❓
Colombia ranked fourth in the world for Peer-to-Peer Bitcoin trading volume while its capital city Bogotá ranked seventh in the list of top Bitcoin cities, with 87 active crypto businesses.
Is Bitcoin legal in Colombia❓
Cryptocurrencies are not considered legal tender in Colombia
Cryptocurrencies cannot be considered currency. This is in accordance with the criteria of the International Monetary Fund. They also do not have the support of the central banks of other countries.
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As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge.
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