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Top 6 Best Crypto Exchanges in Panama Reviewed

Publisher

February 24, 2024
Best Crypto Exchanges in Panama

Anyone who resides in Panama and intends to invest in crypto should ensure that they use the most reliable cryptocurrency exchanges licensed by Panama’s Ministry of Commerce and Industry to operate in the jurisdiction.

If you have been thinking of investing in or trading cryptocurrencies professionally, you must know which exchanges are the best for you.

 

Best Crypto Exchanges in Panama Reviewed

This article reveals the best crypto exchanges in Panama in terms of ease of use, high security, and low transaction fees. They include:

  1. Bybit – Best derivatives exchange
  2. Binance – Largest exchange
  3. Bitunix – Best no KYC exchange
  4. Kraken – Oldest exchange
  5. Coinbase – Basic beginner exchange
  6. BingX – No KYC derivatives exchange

 

1. Bybit

Established in 2018, Bybit has become a popular cryptocurrency and derivatives trading exchange. It is recognized as the best derivatives exchange for non-US users. While Bybit is headquartered in Singapore, the exchange has widespread regulation, including Panama.

Bybit supports over 200 cryptocurrencies, with a trading volume of $1 billion for the spot market and $7 billion for Futures. The exchange supports both derivatives and spot trading. It also provides leverage of up to 100x for Bitcoin and up to 50x for other supported cryptocurrencies.

Fees are a standard of 0.1% for makers and takers for spot trading and 0.01%/0.05% for maker/taker for futures trading.

Bybit supports depositing and withdrawing cryptocurrencies and purchasing crypto through payment methods, such as bank transfer, Advcash, Easy Bank, Faster Payment Service, PIX, and Zen.com.

Bybit is a fully secured platform. It operates a secure cold storage solution, storing most of its crypto reserves and all user assets in offline wallets. Bybit also uses SSL-encrypted communication to prevent the risk of phishing attacks.

Finally, Bybit offers 24/7 customer support via several channels. Customers can contact customer support through live chat. Customers can also use a Bybit chatroom, where they can link up with other members of the Bybit network.

 

Pros and cons

👍 Bybit Pros👎 Bybit Cons
✅ It has a powerful API that accesses market data every 20 minutes.❌ Not available in the US
✅ Offer additional passive income tools that enable users to participate in staking, liquidity pools, etc.❌ It could be a better platform for spot trading
✅ High leverage for derivatives
✅ Provide extensive customer support.

 

Visit Bybit!

 

2. Binance

Binance is the largest crypto exchange in the world, with well over 300 million users, and is regulated in more than 200 countries, including Panama. It currently has a 24-hour trading volume of $10 Billion on the spot market and $36 Billion on the futures market.

Binance provides users a safe trading environment and a user-friendly mobile app or web terminal interface. The exchange offers users over 350 cryptocurrencies and 1000+ tradable pairs.

Fees on Binance are low and highly competitive. Spot fees on the exchange are a standard 0.1% maker/taker, while futures trading attracts a 0.02%/0.05% maker/taker.

Deposits on the exchange can be made using bank accounts, credit/debit cards, P2P, and third-party payment options like Banxa and Simplex. Customers can also withdraw funds in both crypto and fiat currencies.

 

Pros and cons

👍 Binance Pros👎 Binance Cons
✅ 350+ cryptocurrencies to select from❌ Regulatory issues surrounding the exchange
✅ Ample opportunities for users❌ A demo account is not accessible to all users
✅ 24/7 live chat
✅ Low fees

 

Visit Binance!

 

3. Bitunix

Bitunix is a crypto derivatives exchange established in November 2021 in Hong Kong. The platform is recognized as the best no-KYC crypto exchange. It is a highly regulated exchange in parts of Asia and Africa, including Panama.

Bitunix has a daily trading volume of $311 million on the spot market and $7 billion for derivatives. The exchange supports more than 150 cryptocurrencies for trading on the exchange. It has become a reliable spot and derivatives trading platform where users can get up to 125X leverage on their perpetual futures trading contracts. The platform also allows users to buy, sell, and store cryptocurrencies. Users can also get access to multiple passive income avenues.

Bitunix has a user-friendly interface that provides many features and services. The platform is a great choice for both beginner and experienced users.

Bitunix charges low fees for the futures market, beginning at 0.06% taker and 0.02% maker. However, it charges the industry standard rate of 0.1% taker/maker fees in spot trading.

Bitunix supports multiple payment methods like credit/debit cards, bank transfers, Fatpay, Coinify, and Apple Pay, which customers can use to make their deposits on the platform.

On the other hand, customers can use major blockchain networks (such as Solana SOL, Binance Coin BEP20, Tron TRC20, Binance Coin BEP20, etc.) to withdraw their cryptos from Bitunix to their preferred wallets.

Bitunix boasts a robust structure that secures their server and customers’ wallets. The security team also performs regular security audits and penetration tests to mitigate potential weaknesses that hackers could exploit.

Customers can contact Bitunix staff 24/7 with live online chat support. Bitunix also has a help centre on its website, giving users access to announcements and tutorial portals to learn about the latest news and cryptos.

 

Pros and cons

👍 Bitunix Pros👎 Bitunix Cons
✅ Global no-KYC exchange❌ Offers limited payment options
✅ It is a reliable and secure exchange❌ It also offers limited currency pairs
✅ Offers low trading fees❌ Relatively new
✅ Offers high liquidity
✅ Available bonuses for users

 

Visit Bitunix!

 

4. Kraken

Kraken is the oldest cryptocurrency exchange that still stands today. The exchange has one of the largest platforms with over 10 million users and is licensed to operate in over 200 countries worldwide, including Panama.

Kraken supports 240 cryptocurrencies and more than 666 crypto pairs. Its daily trading volume is $436 million on the spot market and $202 for futures. The exchange offers crypto services, including Kraken Pro, for advanced traders and staking rewards. There are also educational resources to help customers navigate the platform.

Kraken’s biggest achievement is its commitment to strict security measures, establishing it as a reliable and secure exchange. The exchange has demonstrated a strong commitment to safeguard user funds and assets and has yet to experience any security breach.

Users can make deposits and withdrawals into and from a Kraken account in fiat currencies like Panama Balboa, U.S. dollars, and many others. Deposits and withdrawals via bank or wire transfer and not from digital wallets like PayPal, Skrill, or debit/credit cards.

Kraken offers relatively low trading fees compared to its competitors. It offers fees as low as 0% for makers and 0.10% for takers.

Kraken also provides 24/7 customer support through online charts and email.

 

Pros and cons

👍 Kraken Pros👎 Kraken Cons
✅ Supports a wide variety of fiat and cryptocurrencies❌ Long verification process
✅ Offers low fees❌ Only accepts a select number of fiat currencies
✅ Great for buying and selling crypto
✅ High financial and digital security on the platform

 

Visit Kraken!

 

5. Coinbase

When you think of an exchange that provides beginner traders with the best trading experience, you shouldn’t think further than Coinbase. With a community of over 100 million users, Coinbase boasts as one of the biggest crypto exchanges in the world. The platform is fully regulated in many countries worldwide, including Panama.

The exchange offers a simple and user-friendly interface for beginners in crypto trading. The platform is easy to use and navigate and makes transactions easy. It currently has a daily trading volume of $1 billion. It also supports over 200 cryptocurrencies with 395 trading pairs.

Coinbase’s fees are relatively higher than the industry standard. Trading on the exchange attracts a fee range of 0% to 0.40% maker and 0.05% to 0.60% taker.

Coinbase users have various options for depositing and withdrawing funds to buy and sell cryptos. These options include Bank accounts (ACH), wire transfers, and cryptocurrencies.

Coinbase is also one of the most secure platforms in the industry.

Lastly, Coinbase has a highly extensive support page containing various articles and FAQs where users can find answers concerning common problems or questions.

 

Pros and Cons

👍 Coinbase Pros👎 Coinbase Cons
✅ Secure and safe crypto exchange❌ High fees
✅ Available in United States❌ Poor customer service
✅ It is an easy interface suitable for beginners
✅ Has impressive liquidity
✅ Accepted in more than 100 countries

 

Visit Coinbase!

 

6. BingX

BingX is a derivatives exchange launched in 2018 in Singapore. Since then, it has become a global player with offices in various regions, including Taiwan, Hong Kong, the EU, Canada, and North America. The exchange has rapidly gained popularity, attracting over 10 million users from 100 countries, including Panama.

BingX offers more than 350 cryptocurrencies available for trading. It has a daily trading volume of $603 million on its spot market and $5 billion on its futures market.

No-KYC has been an excellent feature on the exchange. Users like the platform because it does not require them to go through a mandatory KYC verification procedure.

The exchange has become a favored platform for users globally because of its user-friendly interface. BingX offers users the flexibility to trade and advanced trading tools, including market data, order books, and charts.

Trading fees stand at 0.1% maker/taker for spot trades. Futures trade incurs a 0.02% and 0.05% fee.

Also, BingX does not support fiat deposits. Crypto deposits can be done via credit card. All withdrawals on the platform are done in cryptocurrency. Deposit and withdrawal fees vary based on the cryptocurrency being used.

BingX maintains a robust security system and a 24/7 suspicious activity monitoring system to protect users’ assets. Most users’ funds are stored in an offline “cold” wallet to minimize exposure to external threats. It also regularly reviews its databases to resolve potential security vulnerabilities actively.

Lastly, BingX provides multiple channels of support. Users can use live chat, email, or social media channels to reach BingX customer service representatives. BingX offers 24/7 customer support to assist users whenever they need help. BingX also has a comprehensive help center that answers frequently asked questions and presents detailed tutorials and guides.

 

Pros and cons

👍 BingX Pros👎 BingX Cons
✅ User-friendly mobile app❌ Limited payment methods
✅ Offers earning opportunities through its social trading platform❌ No fiat withdrawals
✅ Provide demo trading and copy trading features
✅ Low fees
✅ Offer up to 150x leverage for futures
✅ Offer excellent 24/7 customer support

 

Visit BingX!

 

How to Purchase Cryptocurrencies in Panama

If you want to purchase a cryptocurrency of your preference in Panama but

don’t know how to start, then follow the steps below;

  1. Select a cryptocurrency exchange licensed in Panama from the list we have provided.
  2. Sign up on the platform.
  3. Complete the KYC verification procedure whenever necessary. Some exchanges listed don’t require the verification process.
  4. Deposit Panama Balboa through a payment method you prefer on the platform.
  5. Enter the prompt to buy a cryptocurrency on the platform.
  6. the coin will be available in your wallet once you buy it.
  7. Assess the performance of the coin in your portfolio. Also, monitor other coins that enable you to make more profits on the platform.

 

Conclusion

This comprehensive guide identifies the 6 best crypto exchanges for traders and investors resident in Panama. The article further highlights all the features to help you select the right exchange that meets your desires.

Here are a few takehomes for you.

Binance and Bitunix are the best options for low trading fees and great discounts.

Binance, BingX, and Coinbase are the best exchanges for a broad range of supported cryptocurrencies.

Binance, Bybit, and BingX are the best platforms for a broad range of passive income products.

BingX is the best option for high leverage, providing up to 150x leverage for derivatives and perpetual contracts.

Except for Kraken and Coinbase, all others offer excellent customer support service.

Coinbase, Bybit, and Bitunix are the best options for beginners.

Kraken is the best option for security as it has maintained the most comprehensive cybersecurity and information security management system and has never encountered hacking incidents.

 

FAQs

What’s the best exchange to trade crypto in Panama?

If you are looking for the best exchange for spot trading in Panama, you should visit Binance. If you want to engage in derivatives trading, the best exchange is Bybit.

 

What’s the best crypto exchange for beginners in Panama?

For beginner traders, the best exchange to start trading is Coinbase.

 

Is cryptocurrency allowed in Panama?

Yes, cryptocurrency trading is allowed in Panama.

 

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