Want to jump straight to the answer? You can buy crypto in Argentina using Huobi Global.
In a country like Argentina, where economic stability is uncertain, the emergence of cryptocurrencies has brought with it a formidable tool to escape inflationary movements. This is why more and more Argentines are entering the dynamic and complex world of crypto.
Investing in cryptocurrencies can be intimidating for beginners. Cryptocurrencies are extremely volatile assets. However, if you live in Argentina, this probably won’t be a huge challenge, as the local currency (the Argentine peso) depreciates against the international currency market on a daily basis.
There are several factors that should be taken into account before purchasing cryptocurrencies. One of the first and probably the most important steps is deciding which trading platform to use. Commissions, fees, deposit methods, and ease of use are some of the features you may want to consider when choosing your exchange.
Best crypto exchanges in Argentina
Argentina’s crypto market is constantly evolving and developing new tools and mechanisms for buying and trading crypto. When cryptocurrencies began to gain global recognition, Argentina did not want to fall behind and immediately began developing the tools necessary to create a crypto environment in the country.
Several local companies even found their exchanges trying to compete with the multinational platforms that dominated the crypto world. Even though these exchanges were the first option in the beginning, the Argentine government regulation of local businesses made using an offshore platform the smarter choice. Among these, the most reliable and widely used exchanges in the country are:
Launched in 2017, Binance is the world’s largest digital asset exchange. With nearly 15 million users, availability in more than 180 countries and the highest volume of daily transactions, the exchange has positioned itself as the most reliable platform in the world. Whether you are a novice user or a seasoned investor looking for professional tools, the platform has it all. Its well-designed website allows new users to understand and navigate it efficiently, and key features like advanced charting and bot trading optimize professional trading.
In terms of security, Binance is one of the safest cryptocurrency exchanges in the world. Through its ongoing investment in technology, resources and education, the platform helps users protect their accounts and maintain the integrity of every transaction.
Depositing funds is completely free, and although Binance has one of the lowest trading fees in the market, when it comes to trading and withdrawals, the exchange will charge a percentage.
For clients looking for low risk investments, the platform offers different types of cryptocurrency loans, with returns of up to 7% per annum. It also offers loans at 11% annual interest in dollars; leveraged futures, options and tokens; and trading and margin trading functionalities.
Recently, Binance launched its peer-to-peer (P2P) platform in Argentina so that people can buy and sell cryptocurrencies directly with each other, with Binance acting as a security mediator. It offers the possibility of buying cryptos in Argentine pesos, with a bank transfer through third parties.
2. Global Huobi
Huobi Global is another great option if you want to start trading in Argentina. In addition to Binance, Huobi offers all the key features that an advanced investor may need. The platform is available in over 10 languages and understands Spanish, so it’s a great option for Argentinian traders.
One of the best features the platform provides is 24/7 customer support, including live chat and a comprehensive FAQ section. The FAQ also offers plenty of educational and informative articles where you can learn how to navigate the platform, use the tools effectively, and troubleshoot any issues you may encounter without having to consult an external resource.
In July 2021, Huobi announced that it had integrated 5 new payment methods for its users in Argentine pesos (ARS). Together with local payment service providers, Huobi Global aims to provide users in Argentina with a fast and reliable way to trade digital assets in Huobi Global’s P2P marketplace. The 5 new payment methods added are Ualá, Santander Río, Banco Galicia, Prex and AirTm.
Types of cryptocurrency exchange
When it comes to cryptocurrency exchanges, you can find 2 different types of platforms. Put simply, an exchange is a platform where buyers and sellers of crypto trade their assets, while the exchange charges a fee or commission on most of these transactions.
While most traders use exchanges when it comes to crypto trading, many investors prefer to use a broker. A broker is an individual or a group of people who serves as the link between an investor and the market. Using a brokerage platform provides traders with additional online financial services and, in most cases, professional personal advice.
However, the exchange and brokerage platforms also share most of the functionality, such as margin and futures trading, crypto lending, and leverage.
Current crypto prices
In early September 2021, crypto prices plunged up to 20% in major tokens. Bitcoin (BTC) suffered a 10% drop, hitting $ 43,000. Cardano (ADA) was the most hit among the Top 10 coins, losing over 20% last week. In contrast, tokens like Solana (SOL) and Terra (LUNA) gained up to 19% and 24%, respectively.
Investors should keep a close watch on upcoming price movements, as this drop could translate into huge price increases in the crypto market.
What to look for in a cryptocurrency exchange
When deciding which exchange to use, some important features dominate.
Ease of use
A well-designed platform that provides a simple and clean interface helps new users to navigate the website easily. Before you start trading on the platform, get to know how it works and what features the exchange has to offer. Ease of use is one of the most important factors for newbie users as it will help them enter the crypto world unhindered.
By depositing funds with an exchange, you trust the platform to protect your crypto assets from any hacks that could occur. A secure exchange platform comes with strong protocols and security systems. Some exchanges already include highly developed security systems, such as facial biometrics.
Before making the final decision on which exchange to use, check that the platform is widely recognized in the market. Scams in the cryptocurrency environment are often seen, and most of them happen because of user misinformation. Make sure that the exchange uses the proper security measures as well as offline storage where they protect the assets.
Crypto regulation in Argentina
The shortage and leakage of currencies resulting from a set of chronic problems in Argentina (inflation, budget deficit and limited competitiveness, among others) have forced different governments throughout history to resort to exchange controls.
In the area of cryptocurrency, the measures applied by the Argentine government also encompass this emerging market. In a recent official notice, the government states that every financial institution and other local card issuers must have the prior approval of the Central Bank of Argentina to access the foreign exchange market in order to make payments abroad (exchanges international). Although the restriction may seem severe, many credit cards and banks operate in international exchanges.
What you need to open a crypto account in Argentina
In order to open an account in Argentina, exchanges will ask you for personal documents, although the types may vary by platform. If you have an official ID, email address or phone number to use for the second factor authentication process and a bank account or other payment method and withdrawal, you should be ready to open accounts in the country.
Best crypto wallets in Argentina
Whatever exchange you decide to use or what crypto token you purchase, it is essential that you store your tokens in a secure wallet. Nothing matters more than the security and confidentiality of your private keys. Whether you want to store them in a warm wallet, like ZenGo, or in a cold wallet, like Ledger, securing your crypto is a must.
ZenGo offers a great digital wallet. One of the great features is its built-in exchange, where you can trade your crypto. It displays an easy-to-use platform, which makes it a good choice for first-time users. Additionally, it recently launched its new security setup, which includes facial biometrics.
Ledger offers a cold storage unit where you can securely store your private key offline. If you are looking for a hardware wallet, the Nano Ledger X would be a great option, as it now offers Bluetooth connectivity to access your assets on any electronic device.
Crypto brings freedom
As the crypto market continues to evolve, it continues to demonstrate how great it is for overcoming inflation issues, especially in a country like Argentina. It gives investors freedom and independence from the local currency, avoiding the instability of the country. Users should research and research which exchange is best for them. If you want more detailed information about the different exchanges and cryptocurrencies, visit Benzinga’s cryptocurrency information page.
Benzinga has developed a specific methodology for classifying cryptocurrency exchanges and tools. We prioritized platforms based on offers, prices and promotions, customer service, mobile app, user experience and benefits, and security. To see a full breakdown of our methodology, please visit our Cryptocurrency Methodology page.
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