5 Brokers that operate with cryptocurrencies in Latin America
Cryptocurrencies are revolutionizing the financial market. But just as cryptocurrencies are still the big news, traditional trading in stocks, forex, CFDs, ETFs, and funds is an activity that needs no introduction as they have been known to the public for a long time.
You need a platform or broker for this, and in the case of Latin America, that can represent a challenge since there have not always been brokers available.
Novelty: Crypto brokers
The great novelty is given by the appearance of brokers that operate with cryptocurrencies in Latin America. The dynamism that cryptocurrencies provide is having an explosion throughout the financial ecosystem, due to the ease of moving currencies, funding accounts, and in general of operating any type of financial assets.
Brokers offer applications, operating facilities, new trading systems, permanent alerts, constant information and many more innovations that were previously reserved only for those who work professionally in the activity. These facilities and dynamics are bringing great interest to trading with cryptocurrencies.
Latin America is a region with a high level of interest and growth in the fintech sector and especially crypto fintechs. In recent years, more intermediaries and financial intermediary services are offering their online trading platforms.
There are several platforms that offer this type of service in Latin America, but not all of them are really transparent and secure.
Here is a list of some regulated brokers that work with cryptocurrencies:
Regulation: FCA, CNMV, IFSC, KNF.
Products: Forex, CFDs on Stocks, Indices, Commodities, ETFs, Energies.
Minimum deposit: $500.
Deposit/withdrawal: bank transfers, credit and debit cards, PayPal, Moneybookers, and Neteller.
Commissions: Does not charge. XTB charges in the form of spreads and does not charge other commissions. Other products: For shares and indices the trading costs are 0.08% and 0.10% for synthetic shares with a minimum of 8 euros per transaction.
XTB is an online broker from Spain with a presence in Latin America. It offers access to more than 3,000 markets, including major exchanges, indices, commodities, and cryptocurrency markets.
With XTB you can operate in: Equities – Buy and sell stocks, securities, bonds, funds and listed products. Options – Option on stocks, indices, ETFs or commodities. Futures – Trade futures in US, European and Asian markets. CFDs – Trade CFDs on stocks, indices, futures and commodities.
The XTB offering of CFDs on Bitcoin is what really stands out. The broker offers leverage, low spreads and a transparent way of working. It has also launched Bitcoin futures trading on its xStation 4 and MetaTrader 4 platforms.
Regulation: they do not declare, it remains unregulated as a broker. Registered as a company in St. Vincent and the Grenadines, it is incorporated as an IBC by the Register of International Business Companies.
Products: Stocks (CFDs), Currencies (up to 60 pairs), Cryptocurrencies (such as Bitcoin among others), Indices (CFDs), Commodities (CFDs) and metals (CFDs).
Minimum deposit: $0.
Deposit/withdrawal: Bitcoin, Neteller, credit card, transfer to a bank account.
Commissions: It does not charge, it only earns on the differences between buying and selling, that is, it works with spreads. Some of the main spreads: BTC / USD: 4.05 pips, LTC / USD: 0.03 pips, EUR / USD: 0.00009 pips, GBP / USD: 0.00012 pips. (Pips: A pip, short for “percentage point” or “price point of interest,” represents a small measure of the change in a currency pair on the forex market).
At this point, simplefx.com has made a lot of money. visibility in the forex community as it is one of the easiest platforms to use.
Without a doubt, what makes this broker stand out is its modern web platform that allows it to operate in a very pleasant environment that incorporates a live chat platform where the trader can share their opinions with other traders of the broker and also benefit from receiving comments from them. .
SimpleFX advertises having competitive spreads, reliable and consistent executions. Withdrawals processed in 15 minutes; In addition, you can operate in an almost anonymous mode. It offers a wide range of innovative technologies, with its service that is advertised as fast and reliable and competitive negotiation rates.
It is not currently regulated by a financial body, such as the FCA. Nonetheless, the broker is transparent when it comes to customer safety, and advertises on its website the use of segregated accounts for customers, as well as the protection of negative balances. However, the broker does not have a compensation plan in the event of liquidation.
Regulation: Currently unregulated, but has good user reviews. It has companies incorporated in Seychelles and St. Vincent and the Grenadines.
Products: cryptocurrency assets (Bitcoin, Litecoin, Ethereum, Ripple, and EOS), Forex, indices, and CFDs.
Minimum deposit: Minimum deposit 0.001 BTC.
Deposit/withdrawal: Directly only accept Bitcoin, for other cryptocurrencies or fiat currencies with a debit/credit card you can connect to Changelly®.
Commissions: The commission on PrimeXBT is 0.05% of the trade size and applies to all nine PrimeXBT crypto markets. A fixed and stable commission rate for all crypto markets offered.
PrimeXBT is a “Forex” website which is officially licensed by the Financial Code (FCA) to operate in the market on the basis of UK financial law and is governed by FCA regulations. It is among the few brokers that have been approved by the FCA in order to serve people around the world.
A differential of Prime XBT is the platform called Covesting. The concept is based on collective intelligence. It assumes that each investor has information that could benefit the entire market. With Covesting, these investors join forces to form a smart grid that uses collective intelligence to find hidden benefits.
It also allows investors to buy shares in exchange for other cryptocurrencies, or to borrow tokens that they can later collect in markets such as Ethereum and Bitcoin.
Covesting allows you to cast your vote on which crypto should be added to the platform. This is done by investing in asset pairs, known as Covesting Units (CU) that are then bought or sold on an exchange platform at market price. The platform connects investors through Facebook groups where they can share information about their holdings, agree on strategies and check each other’s operations.
Regulation: It is regulated and supervised by the Cyprus Securities and Exchange Commission (CySEC) with license CIF number 164/12.
Minimum deposit: The minimum deposit is $50 and the maximum is $5,000.
Deposit / withdrawal: For the withdrawal to cards, the processing time is 1-5 days and €1 is charged. Bank transfer.
Commissions: On the Libertex mobile platform, a commission of 0.001% of the transaction amount is paid. The amount depends on the specific financial instrument being traded. There are no commissions on Libertex MetaTrader4, only spreads.
Libertex has been around for over 20 years. It has also been recognized by both its users and investment specialists. It is a reliable, solid, safe and easy-to-use cryptocurrency investment broker.
It offers its clients the ability to choose from over 100 instruments, including cryptocurrencies and popular currency pairs.
Regulation: eToro is a broker regulated by the CySEC (Cyprus Securities Exchange Commission) with license number 109/10 and also regulated by the FCA (Kingdom Financial Conduct Authority United Kingdom) with license number FRN 583263. eToro is regulated in the United Kingdom, Europe, Australia, Gibraltar, and the United States. It has 10 offices in different countries of the world, with bases in the United States, United Kingdom, Israel, Cyprus, and Australia.
Minimum deposit: There is a minimum first deposit of only $200, with some exceptions depending on the country that can be seen here. After your first deposit, there is a minimum deposit amount of only $50.
Deposit/withdrawal: It has some prerequisites: Your account must be verified. The minimum withdrawal amount is $30. The withdrawal fee is $5.
Commissions: eToro charges different types of commissions:
- Spread: the difference between buying and selling of operations.
- Nightly rate: All investment operations in the foreign exchange market involve the purchase of one currency and simultaneously the sale of another. This overnight fee is quite technical and is part of the complexity of trading, but it is automated in the operations of brokers such as eToro.
- Currency conversion: eToro automatically converts funds into dollars and displays the balance in dollars. Charge a fee for currency conversion. Withdrawal commission: the platform charges $5 per withdrawal. The minimum amount to withdraw on eToro is $50.
- Commission for inactivity: $10. The commission is charged monthly from any available balance. If there are open trades, the balance corresponding to the used margin is not considered available and the trade will not be closed. The commission is charged when the account has an available balance again.
Although there are many investment platforms today, only eToro offers a truly global platform that gives investors access to a variety of assets, while ensuring that the benefits are shared equally among all participants.
As an investor, you have access to thousands of asset pairs that allow you to earn large amounts of passive income while exposing yourself to the macroeconomic conditions that affect the world’s largest economies. It offers many different platforms to choose from when trading, including stocks, gold, currencies, ETFs, options and futures, without requiring any minimum or commission.