By contrast, many custodial Bitcoin wallets impose severe restrictions on what you can do with your bitcoin. For example, you may be asked to register an address before sending bitcoin to it, and you may be required to wait several days before being allowed to make a withdrawal. In some cases (PayPal for example), withdrawals of any kind are simply not permitted. If you’ve been deemed a security or fraud risk, for example, you may be locked out of your account with no recourse to action.
A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services. This is a very good indicator for the Bitcoin network, since transactions are somewhat slower in the most popular blockchain network than in other networks, due to its design features and high workload. Copy the recipient address – your bitcoin wallet – from the “Accept” section. For complete custody of your Bitcoin or other cryptocurrencies it is recommended to store them in a
hardware wallet as it keeps private keys safe and entirely offline.
Best Crypto Exchanges in Mexico
These top platforms include eToro, Bitso, Bybit, Binance, and KuCoin, offering a diverse range of assets, features, fees, and deposit methods. Users choose Itez because of the ability to transact bitcoin around the world and be guided through the entire purchase process, which can be completed with a simple step-by-step instruction. Bitso is considered the best Mexican Crypto exchange and is the largest one by user base (over 5 million registered users) and market capitalization. Not only does it offer services to Mexican residents but also supports other South American countries such as Colombia, Argentina, and Brazil.
- For complete custody of your Bitcoin or other cryptocurrencies it is recommended to store them in a
hardware wallet as it keeps private keys safe and entirely offline.
- Derivatives don’t depend on price growth, as all you need to do is make an accurate prediction.
- The advantage of trading crypto derivatives rather than crypto coins themselves lies in the fact that derivatives let you bet on the coin’s price movement.
By the way, the same applies to the euro – the starting purchase threshold starts at €30. Well, in our instructions, as promised, we will go through all the stages of purchase BTC for dollars step by step. Most exchanges will let you buy as little as a few dollars worth of bitcoin, or any other cryptocurrency. After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all exchanges in Mexico. The first step is to register with a platform, app or exchange and complete a Know Your Customer (KYC) process.
These audits verify the total amount of cryptocurrency held by Kraken. While the Mexican government doesn’t recognize cryptocurrencies as legal tender, they’re a legitimate investment asset class and are subject to taxation depending on transaction types and income levels. In addition, eToro presents competitive pricing, eliminating initial commissions and offering appealing spreads. In this guide, our team has provided a comprehensive overview of the five best Cryptocurrency exchanges in Mexico.
Once your account has been funded, you are ready to buy your first bitcoin. To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document. Also it’s important to note that you can always sign up to other exchanges later.
Register + KYC
Our team of knowledgeable experts is here to help you navigate the crypto world with ease. If you want to buy Bitcoin in Mexico, you can choose one of two options — you can either go to a broker service or go to a crypto exchange. Brokers are services meant primarily for trading, and usually, they are used for trading derivatives contracts. The advantage of trading crypto derivatives rather than crypto coins themselves lies in the fact that derivatives let you bet on the coin’s price movement.
Most of the time, you don’t have to create a brand new one from scratch. Instead, you can just log in with your email account, or even your social media. With crypto becoming more and more mainstream, this is now a possibility that spares you from having to register manually. However, even if you do log in with an existing account, you will still have to verify your identity. In other words, if you buy coins, you need their price to go up so that they will be worth more than they were when you bought them. Derivatives don’t depend on price growth, as all you need to do is make an accurate prediction.
Coinmama is a leading cryptocurrency exchange that allows you to buy and sell bitcoin and other cryptocurrencies with a credit card and/or bank transfers. Since its foundation in 2013, it has grown to serve over 2 million customers across 188 countries and today has over 40 employees. Coinmama is a really simple exchange, which makes a perfect platform for safe, secure and quick transactions.
This means you can receive your bitcoin without waiting for a third party like a centralized exchange to approve the transaction. It also means you can send your bitcoin wherever you want, whenever you want. LocalBitcoins is a peer-to-peer marketplace for buying and selling bitcoin. Kraken is one of the largest and oldest crypto exchanges in the world. While it is true that Mexico did not ban Bitcoin, it did warn the public that Bitcoin is not allowed to be used as legal tender. This means that you cannot use it to pay for goods and services with local businesses.
Most Popular Bitcoin Exchanges in Mexico
Learn about each platform and its respective security, features, fees, and more. Having gone through the basics of buying bitcoin, let’s look in more detail at the methods and processes. Learn about sending bitcoin, including information of network fees and more. When you hold bitcoin in a wallet you control, known as a self-custody wallet (or ‘non-custodial’ wallet), you never have to ask for permission to use it.
- KuCoin is another Non-KYC exchange and the only one that is accessible from any country in the world.
- With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market.
- Yes, popular Bitcoin futures exchanges like Binance, Bitmex, and Deribit enable users to long or short BTC with up to 100x
- It offers a vast array of features such as lending and borrowing services (loans), several Crypto staking options, a Cryptocurrency card, NFT Marketplace, multiple trading types (spot, futures, options) and more.
The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support. Binance provides 2-factor authentication and offers both multi signature wallets and cold storage options. Yes, Cryptocurrencies are taxed in Mexico and the tax rate will vary depending on the type of transaction you have made and your income level. For example, individuals who earn a higher income from Cryptocurrency trading may be subject to a higher tax rate. If an individual or business in Mexico buys or sells digital assets, they are required to report these transactions on their tax return. If these transactions are not reported, you may face legal repercussions.
The rate of capital gains tax varies depending on the length of time the individual or business held the Cryptocurrency for. EToro is widely regarded as the top crypto platform in Mexico, providing investors with a comprehensive selection of assets such as cryptocurrencies, stocks, commodities, currencies, indices, and ETFs. A variety of platforms facilitate the trading of bitcoin and other digital assets by offering 1) a venue for buyers and sellers to post their buy and sell orders, and 2) an escrow and dispute resolution service. Beyond that, exchange services charge additional fees for facilitating trades. In general, you’ll pay lower overall fees for larger purchases, so it often makes sense to avoid making many small buys. Buyitcoinsmart is the perfect place to learn everything you need to know about cryptocurrencies and find the most secure and trustworthy exchanges to purchase bitcoin.
In fact, it is the coin that started the crypto industry, and it remained the biggest crypto in the world. Over the years, it has seen massive bull runs, and it even made quite a few people rich. These days, they are calling themselves crypto millionaires, and while only a small percentage of people ended up being lucky enough to earn this kind of money — it is clearly a possibility. Once you find a good enough platform, you will have to create an account.
How to Buy Bitcoin in Mexico in 2023
Yes, it is perfectly legal for you to buy, hold, trade, and sell Bitcoin in Mexico. Digital assets like BTC are subject to taxation, to find out more about tax, visit our Mexico cryptocurrency tax guide. It has not regulated it yet, but it did not make it illegal, either, so there is really nothing stopping you from buying it. Most of the exchanges operating in Mexico have debit/credit card payment options
available. Most peer-to-peer Bitcoin exchanges integrate a reputation system, meaning they track and display the trading history of their users. If you’re looking to buy using a P2P exchange, you’ll want to choose sellers who have a good reputation, meaning they’ve completed several trades and never had a complaint.
Bybit is a great option for Mexican investors for several reasons, the first is the platform can be used in Spanish and offers 24/7 Spanish customer support. Another reason is Bybit does not require KYC (identity verification), which is ideal for investors who want to remain anonymous and prioritize their privacy. Additionally, it offers the lowest trading and deposit fees out of any exchange globally and frequently offers fee promotions where you can trade with virtually zero fees. Lastly, it is a feature-rich platform that offers a wide range of products and services. If you’re paying with a credit card or bank transfer, you’ll of course need to factor in the fees for using those payment methods.
To receive bitcoin, simply provide the sender with your Bitcoin address, which you can find in your Bitcoin wallet. If you don’t have a bitcoin wallet yet, check the Bitcoin.com Wallet – easy-to-use, self-custody Bitcoin wallet trusted by millions. Buying Bitcoin in Mexico is simple, quick, and all you need to do is follow a few short steps to complete the process. So, if you want greater details regarding what to pay attention to and how these things work, here is a short 5-step guide on how to do it. In order to buy bitcoin, it is not necessary to register on the Itez website. In a handy calculator, you can quickly calculate the cost of BTC based on the amount you plan to use for payment.