How To Buy Bitcoin in Colombia?

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.

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.

Trusted & high liquidity
How To Buy Bitcoin in Colombia?

Buda

👛 Ease of Use – Medium
👛 Fees – Average
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – COP, CLP

Buda is a Bitcoin exchange for Chile, Peru, Argentina, and Colombia, backed by investors from the United States.
More info +
Regulated & high liquidity
How To Buy Bitcoin in Colombia?

eToro

👛 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.
More info +
Regulated & high liquidity
How To Buy Bitcoin in Colombia?

Kraken

👛 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.
More info +

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.

Bottom Line
Pros
Cons
ZenGo
ZenGo
Mobile
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Bottom Line
ZenGo is an easy iOS/Android Bitcoin & cryptocurrency wallet. Getting started takes less than 20 seconds.
Pros
extremely safe as it uses biometrics for security
you can buy crypto directly from it
has savings and staking account
Cons
No major flaws
Exodus
Exodus
Desktop
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Bottom Line
Electrum is one of the oldest and most popular desktop multi-currency wallets which is compatible with Windows, Mac, and Linux
Pros
One of the oldest wallets in the market
you can buy and stake directly from the wallet
supports all major coins and blockchains
Cons
Not completely open source
Ledger Nano X
Ledger Nano X
Hardware
Visit Now
Bottom Line
Ledger Nano X is a leading and most secure cold storage wallet that connects to your device via Bluetooth.
Pros
Safest wallet in the market
competitive price
supports a lot of coins
you can buy directly from the wallet
stake directly from the wallet
Cons
Small display
complicated to setup for newbies

Read also:

Regulated & very safe
How To Buy Bitcoin in Colombia?

Coinmama

👛 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.
More info +
Regulated & high liquidity
How To Buy Bitcoin in Colombia?

Paybis

👛 Ease of Use – Easy
👛 Trading Fees – 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.
More info +
Established & high liquidity
How To Buy Bitcoin in Colombia?

Binance

👛 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.
More info +
Regulated & high liquidity
How To Buy Bitcoin in Colombia?

Changelly

👛 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.
More info +

Frequently asked questions about buying Bitcoin in Colombia

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Petar Jovanović
Petar Jovanović

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. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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