The Ecuadorian government initiated an aggressive stance against cryptocurrencies around four years ago, even launching its own state-backed version. Despite government attempts to ban cryptocurrencies since 2014, the popularity of Bitcoin grew in the country. Earlier this year, the Banco Central de Ecuador issued an official statement reaffirming that Bitcoin is not an authorized means of payment in the country due to its speculative backing and lack of regulation. Although the purchase and sale of cryptocurrencies through the Internet are not prohibited, it is emphasized that Bitcoin is not legal tender and is not authorized as a means of payment. In response, a cryptocurrency consulting group, Criptoasesores, installed the first locally assembled ATMs in Quito, the capital, to facilitate Ecuadorians in the secure acquisition and sale of cryptocurrencies, including Bitcoin, Dash, and Puras.
Top 6 Cryptocurrency Exchanges in Ecuador Reviewed
We’ve evaluated different crypto exchanges to curate a list of the top 6 crypto platforms accessible in Ecuador. Keep reading to discover essential details about the best crypto exchanges for Ecuadorian traders.
Discover the top crypto exchanges in Ecuador:
- OKX – Robust security measures, KYC requirements, wide array of cryptocurrencies.
- BingX – Best no-KYC Crypto exchange with 800+ supported assets.
- Kraken – Transparency and security, 24/7 platform surveillance, regularly audited proof of reserves.
- Bybit – No KYC needed, 100x leverage, 400+ tokens.
- Phemex – Supports lots of Tokens, Semi centralized with DAO, On-chain proof of funds.
- MEXC – Extensive Altcoin Selection, P2P Trading, Global Reach.
1. OKX
OKX distinguishes itself as a prominent cryptocurrency exchange with a vast user base exceeding 10 million individuals, predominantly concentrated in Europe. The platform extends its services to cater to Ecuadorian investors, offering a diverse range of cryptocurrencies for various activities, including buying, selling, trading, and staking. With competitive fees and narrow spreads, OKX enhances its overall appeal.
Ecuadorian users particularly benefit from attractive stablecoin rates, presenting the opportunity for up to a 5% annual percentage yield (APY) and providing a unique avenue for increased earnings within the country. Noteworthy is OKX’s strategic partnerships, including sponsorships with renowned sports teams like Manchester City and McLaren Formula 1, solidifying its standing as a reputable and well-recognized entity in the cryptocurrency industry. This positions OKX as the fourth-best cryptocurrency platform in Ecuador, underscoring its credibility and popularity.
If you want to learn more about the platform, you can read our full OKX review.
Spot Fees: Flat 0.1% fee for instant spot trading
Futures Fees: 0% for makers and 0.2% for takers
Supported Cryptos: 300+
Futures Contracts: 200+
USD Payments: Bank Transfers Mainly, credit card
Customer Support: 24/7 help center and Mail
OKX Pros and Cons
| 👍 OKX Pros | 👎 OKX Cons |
|---|---|
| ✅ Wide Cryptocurrency Range | ❌ KYC Needed |
| ✅ Robust Security | ❌ Variable Regulatory Compliance |
| ✅ High Liquidity | |
| ✅ OKX provides advanced trading features | |
| ✅ Extensive compatibility |
2. BingX
Emerging as a dependable cryptocurrency exchange and trading platform, BingX is tailored for novices looking for an easy-to-use interface. It stands out with competitive trading fees and a reputation for dependable operations, having attracted more than 5 million users. In order to serve Ecuadorian users, BingX offers flexibility and a peer-to-peer marketplace that facilitates the usage of local currency for bitcoin transactions.
The website gives users access to a wide range of over 500 cryptocurrencies and provides a number of trading alternatives, such as spot trading, futures, copy trading, and grid trading using bots. Despite lacking some features like support for cash transactions and staking, BingX stands out due to its variable trading costs that vary depending on the cryptocurrency and trading format.
BingX boasts a sleek interface, new user incentives, and a lucrative affiliate program. Despite some limitations compared to other platforms, its focus on security, adherence to regulations, and diverse trading options make it an appealing choice for individuals entering the cryptocurrency space in Ecuador. With a trading volume exceeding 4.2 billion, BingX has solidified its position as one of the most popular and widely used platforms in the region.
If you want to learn more about the platform, you can read our full BingX review.
Spot Fees: 0.1% maker / 0.1% taker
Futures Fees: 0.02% maker / 0.05% taker
Supported Cryptos: 520+
Payments: ACH transfer, Domestic wire transfer, Credit/Debit card
Customer Support: 24/7 live chat Support
BingX Pros and Cons
| 👍 BingX Pros | 👎 BingX Cons |
|---|---|
| ✅ Minimal & Friendly UI | ❌ Lacks Staking |
| ✅ New User Rewards | ❌ Needs Fiat Currency Support |
| ✅ Diverse Trading Instruments | |
| ✅ Copy Trading |
3. Kraken
Kraken is globally recognized for its steadfast commitment to transparency and security. The exchange implements robust security protocols, including two-factor authentication, compliance with regulations across over 190 countries, withdrawal whitelist functionality, and continuous 24/7 platform monitoring, fostering a high level of trust among users.
Notably, Kraken’s dedication to transparency extends to its fee structures and regular audits, earning praise from its user community. The platform consistently provides audited proof of reserves, assuring customers that their assets are always held at a 1:1 ratio on the platform. This emphasis on transparency and security aims to instill confidence and peace of mind among Kraken’s clientele.
Kraken positions itself as a versatile and budget-friendly platform, catering to a diverse range of cryptocurrency traders, from beginners to seasoned experts. Its standout feature is its competitive pricing, particularly evident on Kraken Pro and in the futures markets. However, it’s important to acknowledge that the interface complexity of Kraken Pro may pose a learning curve for newcomers. For those prioritizing simplicity, exploring alternative options becomes essential. With support in over 190 countries, a user base exceeding 10 million, and a quarterly trading volume surpassing 207 billion, Kraken distinguishes itself for its versatility, accommodating both small and large-scale investors in Ecuador.
If you want to learn more about the platform, you can read our full Kraken review.
Spot Fees: 0.16% maker, 0.26% taker
Futures Fees: 0.02% maker, 0.05% taker
Supported Cryptos: 190+
Futures Contracts: 500+
USD Payments: apple or google pay, Wire transfer, credit card
Customer Support: 24/7 Support
Kraken Pros and Cons
| 👍 Kraken Pros | 👎 Kraken Cons |
|---|---|
| ✅ User-friendly interface | ❌ Slow account funding process |
| ✅ Offers advanced trading features | ❌ Costly hacks with limited support |
| ✅ Low fees for advanced traders | ❌ Higher transaction fees on the main platform compared to Kraken Pro |
4. Bybit
Bybit plays a significant role in Ecuador’s cryptocurrency landscape, providing a range of deposit methods for various activities such as buying, selling, and trading across a diverse portfolio of 770+ digital assets. Operating globally, Bybit distinguishes itself with a user-friendly interface, robust security measures, and advanced trading features. The platform caters to the needs of both novice and experienced traders in Ecuador, offering a substantial security fund and transparent practices. With an impressive trading volume of almost 6.5 billion, Bybit solidifies its position as a key player in the world of cryptocurrency exchanges.
If you want to learn more about the platform, you can read our full Bybit review.
Spot Fees: 0.1% maker / 0.1% taker
Futures Fees: 0.02% maker / 0.055% taker
Supported Cryptos: 430+
Futures Contracts: 240+
USD Payments: P2P mainly, credit card
Customer Support: 24/7 live chat support
Bybit Pros and Cons
| 👍 Bybit Pros | 👎 Bybit Cons |
|---|---|
| ✅ Low trading feesinterface | ❌ Highly advanced for beginners |
| ✅ Many options to fund the account | ❌ Fiat withdrawals only via P2P |
| ✅ User-friendly interface | |
| ✅ Passive income products | |
| ✅ Over 400 cryptocurrencies | |
| ✅ Copy Trading | |
| ✅ Full Proof of reserves |
5. Phemex
Phemex, a leading cryptocurrency exchange, stands out for its quick and efficient crypto purchases, supporting various payment methods and processing transactions at an impressive speed of 300,000 per second. Noteworthy is the platform’s non-KYC option, allowing users to deposit, withdraw, and trade without verification, making it appealing for both privacy-conscious and verified users.
The user-friendly interface caters to beginners, while detailed charts powered by TradingView enhance the experience for expert traders. Phemex’s support for crypto staking adds another dimension, providing opportunities for passive income with competitive Annual Percentage Yields (APYs) of up to 19.0%. Whether you’re looking for swift transactions, a user-friendly interface, or staking opportunities, Phemex offers a comprehensive solution for crypto enthusiasts.
If you want to learn more about the platform, you can read our full Phemex review.
Spot Fees: 0.1% maker/taker
Futures Fees: 0.01% maker and 0.06% taker fees
Supported Cryptos: 360+
Futures Contracts: 230+
USD Payments: P2P Mainly (Supports PayPal, Apple Pay, Google Pay, Skrill and more)
Customer Support: Quick customer support
Phemex Pros and Cons
| 👍 Phemex Pros | 👎 Phemex Cons |
|---|---|
| ✅ Wide Crypto Coins Range | ❌ Lacks Fiat & Options Trading |
| ✅ No KYC Required | ❌ Limited OTC Trading |
| ✅ Copy Trading | |
| ✅ Great Mobile Application |
6. MEXC
MEXC establishes itself as a highly versatile cryptocurrency exchange in Ecuador, providing users with access to an extensive range of cryptocurrencies. Setting itself apart with the lowest trading fees and an impressive selection of over 2000 trading pairs, MEXC becomes the preferred choice for those eager to explore the diverse world of altcoins.
One distinctive characteristic of MEXC is its non-facilitation of fiat exchange or withdrawals. This means traders are limited to acquiring coins exclusively with US dollars, and for cashing out, they may need to explore the use of a P2P network.
Despite this limitation, MEXC compensates by offering a comprehensive suite of services, including margin trading, EFT indices, and a futures market, ensuring a multifaceted trading experience. Moreover, the exchange goes beyond conventional offerings by supporting various fan tokens and regularly organizing engaging sports betting campaigns, adding an extra layer of excitement for its user base. With nearly 7 million users from 200 different countries and a trading volume of 2.7 billion, MEXC stands out as one of the most favored exchanges in Ecuador.
If you want to learn more about the platform, you can read our full MEXC review.
Spot Fees: 0.1% flat
Futures Fees: 0% maker / 0.02% taker
Supported Cryptos: 1600+
Futures Contracts: 400+
USD Payments: Bank transfer, P2P
Customer Support: Multi-language customer support 24/7
MEXC Pros and Cons
| 👍 MEXC Pros | 👎 MEXC Cons |
|---|---|
| ✅ 1700+ Cryptos | ❌ No NFT Market |
| ✅ Copy Trading | ❌ Lacks passive income products |
| ✅ Up to 200x Leverage | ❌ No Fiat Deposits/Withdrawals |
| ✅ Very User Friendly |
Is Crypto Legal in Ecuador?
In summary, while Ecuador doesn’t prohibit the purchase of Bitcoins, the country limits its official recognition to transactions conducted in U.S. Dollars. The Central Bank of Ecuador warns against the use of Bitcoin due to its speculative value and unregulated nature, posing financial risks. Although buying and selling cryptocurrencies online is allowed, Bitcoin is not considered legal tender for goods and services in Ecuador, as per the Organic Monetary and Financial Code. Bitcoin transactions in the country operate under private law through purchase-sale contracts, but the lack of established controls has led to potential fraud. In contrast to Ecuador, other jurisdictions, such as the State of New York, have implemented regulatory frameworks to govern Bitcoin transactions and protect users. Despite the risks, some Ecuadorians are venturing into cryptocurrency investments, drawn by its decentralized nature and the absence of governmental control.
How to Buy Bitcoin in Ecuador
For Ecuadorian investors looking to enter the crypto market with USD, follow these steps:
- Choose a reputable exchange: Opt for platforms that comply with Ecuadorian regulations and have a trustworthy standing in the cryptocurrency space.
- Set up and authenticate your account: Sign up using your email, create a password, and undergo the KYC (Know Your Customer) process by providing identification and proof of address documents.
- Deposit funds in USD: Fund your account with USD through bank transfers or other authorized payment methods.
- Acquire cryptocurrency: Select the cryptocurrency you wish to purchase, define the amount, and then confirm the transaction.
- Safeguard your investments: Strengthen the security of your cryptocurrencies by transferring them to a personal wallet.
Final Thoughts
In Ecuador’s regulatory landscape, while purchasing Bitcoins is not explicitly prohibited, transactions using US dollars are the only recognized form by the monetary system, as affirmed by the Banco Central de Ecuador. The central bank explicitly states that Bitcoin is not an authorized means of payment due to its speculative nature and lack of regulation, posing financial risks for users. Despite the absence of strict controls and limitations in Ecuador regarding Bitcoin acquisition and use, individuals often fall prey to scams. In this scenario, OKX emerges as a standout cryptocurrency exchange, extending its services to Ecuadorian investors with a diverse array of cryptocurrencies for buying, selling, trading, and staking. OKX offers competitive fees, narrow spreads, and additional perks like attractive rates for stablecoins, solidifying its position as the premier cryptocurrency platform in Ecuador.
