Inflation in Venezuela has led its citizens to seek refuge in bitcoins and other cryptocurrencies. For those users who want to exchange their bolivars for crypto assets, below we present some of the platforms that allow you to buy cryptocurrencies in Venezuela.
It is one of the most used platforms in the region. In the case of Venezuela, the country has repeatedly topped the exchange volume on the platform, although this is only a reflection of the rising inflation the South American country is experiencing.
To use this platform, a user must first register on the website and provide their personal information, in order to comply with the KYC (know your customer) process required by the regulations that LocalBitcoins complies with.
After that, you should look for the “Buy Bitcoin” option and choose the offer that best suits your budget. In general, these offers vary depending on the bank where the transfer must be made and the amount of bolivars to be traded. Banks Banesco, Banco Mercantil, Banco Provincial and Banco de Venezuela are among the most used banks.
An aspect of bitcoin sales announcements, with prices ranging from 208 million VES to 210 million VES per bitcoin. Image: LocalBitcoins.
After the user finds the offer that suits him best, he must press the “Buy” button, which accesses the How much do you want to buy? section, which calculates the amount of bitcoins (BTC) he will receive according to the amount of bolivars you want to exchange. In the chat window, you will receive information about the seller to pay the deposit in the bank specified in the ad.
In this particular case, although the seller listed marketing limits between 92,941 VES and 6,000,000 VES, he clarifies in the same post that he only sells the BTC equivalent at the lower limit. Image: LocalBitcoins.
The purchase of BTC must be made by transfer to the bank designated by the seller, so that the bank confirms the existence of the said transfer and proceeds with the release of the BTC deposited as collateral. Escrow is how the site maintains the security of purchases, since BTC are not released until both parties confirm that the fiat currency transfer was successful. This platform also allows other payment methods, such as other cryptocurrencies, PayPal, Payoneer, Neteller, among others.
Bitcoins purchased by LocalBitcoins can be stored in the platform’s wallet, although this method is the least recommended, as a hot wallet (which always has internet access) like this is at a much higher risk of being hacked, which can result in the theft of user funds. If you have a cold wallet (which does not have an internet connection) or a mobile or desktop wallet, it is best to store your funds there.
LocalEthereum, which works similarly to LocalBitcoins, allows users to buy Ether (ETH). Like the previous one, after registration it is necessary to verify the identity. Purchases are almost entirely made through bank transfers, and the most popular banks among Ethereum enthusiasts are Banco Banesco, Banco Provincial, Banco Mercantil, and Banco de Venezuela.
Buying with LocalEthereum is very similar to buying with LocalBitcoins. Image: LocalEthereum.com
The radical difference with LocalBitcoins is that, although it allows different payment methods, with LocalEthereum it is still possible to buy ethers in cash and in person, a functionality that LocalBitcoins abandoned in June of this year. Cash that sellers exchange for Ether is usually in US dollars, a method that carries additional risk for users. As for storing funds, the advice to avoid them in the LocalBitcoins hot wallet also applies to the LocalEthereum hot wallet.
Cryptoway is a cryptocurrency exchange platform born in 2018 in Venezuela. It allows you to buy BTC, ETH, litecoin (LTC), bitcoin cash (BCH), dash (DASH), Zcash (ZEC) and dogecoin (DOGE) in exchange for bolivars and a list of their prices can be found there. cryptocurrencies that are reflected in bolivars. The most used banks on this platform are Banesco, Banco Mercantil, Banco de Venezuela, Banco Provincial, Banco Occidental de Crédito and Banco Activo. The user acquires cryptocurrencies from other users and not from the platform, as happens with LocalBitcoins. Cryptoway also provides the user with an online wallet to store the cryptocurrencies they have acquired.
CryptoWay allows 7 cryptocurrencies: bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH), dash (DASH), Zcash (ZEC) and dogecoin (DOGE).
The transaction fee charged by this platform is 0.4% and provides users with a list of the most recent transactions made on the platform. To enter, users must also go through an identity verification process (with an identification document and a photo of the user holding it), in which the mobile phone number is also checked. The platform promises to complete the user identity verification process in 48 hours.
Paxful is another peer-to-peer trading platform, where users post ads and interested buyers or sellers access the exchange. It allows more than 300 payment methods, including bolivars and gift cards. Cryptocurrencies that can be bought in Venezuela are BTC, ETH, ETC, LTC, BCH, tether (USDT), Stellar (XLM), XRP, DOGE, TrueUSD, TRX, EOS, MIOTA, nano, NEM, namecoin (NMX) and Qtum . The purchase system is similar to LocalBitcoins and LocalEthereum, with contracts between users, an escrow system and the ability to store cryptocurrencies in the platform’s hot wallet.
To use the Services, the user must confirm his identity. You will need to provide legible, unredacted photo identification (such as a passport) as well as your address details. Paxful also has a wallet that allows users to store their bitcoins and is available for Android and iOS devices.
In the following, we will see other exchange platforms used to buy cryptocurrencies in Venezuela.