Bitcoin has been on a meteoritic rise from the $4000 March low in 2020 all the way into the present moment in 2021. The level of adoption and acceptance of the decentralised peer-to -eer money systems has seen Bitcoin increase to as high as 1650% over that time period. Currently, buying Bitcoin in 2021 has never been easier, the availability of exchanges that offer a platform to buy Bitcoin has really grown in recent years. There are even lots of South American native platforms people can use to invest in cryptocurrency like Bitcoin.
Step by Step Guide - How to Buy Bitcoin in Argentina
Finding an Appropriate Platform to Buy Bitcoin
The platform of your choice is unique to you and will depend on many factors like reputation, cost (fees when making a trade), and whether it’s regulated.
Sometimes there can be a trade-off between a big brand and a smaller exchange. For example, big recognisable Crypto brands like Coinbase might provide a greater level of trust as the reputation might be better. However, the fees might be significantly higher because of this and eat into your profits.
With some big names like Coinbase, Binance, eToro, Paxful all offering support in Argentina. There are even some local names like Buenbit
Registration / Create a New Account
It’s mandatory for all regulated crypto brokers to create a comprehensive KYC (Know Your Customer) verification process through which they can cross-check every new user’s identity. This process usually involves asking for some documents and performing certain manual checks.
The documents generally required are a government-issued photo identity card (like a passport or national ID), and a proof of address (bank statement or utility bill). You may also be asked to upload a selfie with the documents and/or accept a video call from the broker’s team for this purpose. KYC is necessary as it aims to create a safe trading environment for everyone involved.
Depending on the broker or exchange platform you choose, there will be many deposit options available.
But the standard process involves depositing your fiat currency.
Depending on the payment method this step can take minutes, all the way up to 5 business days in Argentina.
Then choose debit or credit card payments if you want to skip the funding process and are willing to pay a bit more in fees. Otherwise, once the money hits your account you are free to purchase BTC.
Start Trading or Buying Bitcoin
Once the funds are available, users will be able to buy or trade Bitcoin. Some brokers like eToro offer synthetic contracts, (CFDs or futures) while some of the other exchanges offer alternative cryptocurrencies that you can hold and withdraw to an external wallet.
Reminder brokers like eToro offer real crypto trading and storing and some exchanges like Binance or BitMEX allow users to use other tools like futures contracts, margin trading, leveraged tokens and even crypto loans.
Quick Guide to Buy Bitcoin in Argentina Today
In Argentina today there are many options to buy crypto but will all depend on what you feel most comfortable with.
1) Sign up to an Exchange or Broker
This first step will be to find an exchange or broker that suits your needs. Once you decide you will need to sign up.
2) Commit to setting up KYC
This might depend on the platform but more often than not, you will need to complete Know Your Customer (KYC) measures. This means you send ID, Bank and residential proof documents.
2) Convert your Argentinian peso deposit into Bitcoin
On the Broker or Exchange, you will need to find the BTC/ARP pair in order to trade or invest in BTC.
Where to Buy Bitcoin in Argentina in 2021?
Buying Bitcoin in Argentina in 2021 with both an exchange and a broker is possible from a variety of providers.
A crypto exchange can be described as an online platform that allows investors to engage in the easy buying and selling of actual crypto coins, either for long-term holding or simply for their transactional needs. As you will own the crypto coins in your wallet in your exchange and thus, are free to withdraw & then move them to a wallet of your choosing.
Crypto brokerage platforms, on the other hand, specialise in financial derivatives that are classed as synthetics; such as CFDs, Options, and Futures. While these are their main offerings, many also allow people to buy and sell actual crypto coins. Furthermore, whereas most online brokers accept only fiat deposits, exchanges are generally open to deposits made in both crypto and fiat currencies.
What is the Best Payment Method for Buying Bitcoin in Argentina?
Buy Bitcoin with Cash
Cash Deposits Gravel & Satoshitango accept cash deposits made at any location in the Rapipago and Pago Fácil collection networks Sesocio, allowing you to load balance with tickets through Rapipago.
Another way to convert pesos in cash into cryptocurrencies is to use the exchange platforms "between pairs" or P2P (by peer-to-peer ).
Paxful and Binance & Localbitcoins
Which not only contact the parties but also mediate to ensure that the agreement is fulfilled.
Buy Bitcoin for cash through exchanges between individuals ("P2P"). Is a good option for the unbanked and want to enter the crypto market.
Deposit cash at ATMs
There are also special Bitcoin ATMs where you can go to deposit pesos in bills and receive in bitcoins (or to sell that digital currency and take pesos in cash)
Buy Bitcoin with Credit Card
All exchanges offer card deposits but for providers like eToro deposits must be in USD.
Buy Bitcoin with Bank Transfer
All exchanges offer bank transfers but for providers like eToro deposits must be USD.
Buy Bitcoin with PayPal
eToro offers deposits with PayPal but the amount must be in USD.
Why Buy Bitcoin?
Bitcoin is arguably one of the most revolutionary innovations to a money system we have seen over the past decade. It’s a decentralised monetary system that is independent of control from a central authority, such as banks, regulators and states.
Bitcoin can be seen as not just a means of exchange but a store of value. An asset class where its policy or (consensus) is not dependent or dictated by that of the state actors, economic & political policy.
In Argentina this is particularly important as the economic conditions over the last several years has been driven by hard-hitting & high inflation. Impacting the strength of the Argentinian peso. It has made the peso weaker over time, meaning the value of your money of which you are being paid & saving is diminishing.
Is It Legal to Buy Bitcoin In Argentina?
Buying Bitcoin is fully legal in Argentina from domestic firms and firms abroad. Recently, regulators have asked domestic-based exchanges to keep note of buyers and sellers.
A most significant piece of legislation has been The Tax Reform Law, which introduced several amendments to the Income Tax Law (ITL) in December 2017 to establish Tax provisions for Crypto. A flat rate of 15 per cent is charged on all cryptocurrency earnings in the country.
Recent developments have shown that tax rules can be different under the region in Argentina.
Individuals or businesses who receive payments in cryptocurrencies in exchange for goods or services will be subject to different taxes depending on the region.
Recently the President of Argentina is open to adopting Bitcoin as legal tender.
Where Can I Use Bitcoin In Argentina?
The economic conditions mentioned before have accelerated the adoption of Bitcoin as means of payment.
It is becoming commonly accepted in different parts of the country. Small business to local transport providers. Small businesses like coffee shops, hotels, restaurants are leading the way with around 130 small businesses in total. Mainly accelerated by Bitrefill which is a firm that provides a catalogue of gift cards, prepaid mobile refills, and Lightning networking services.
A large online Argentinian marketplace ‘Mercado Libre’ has launched a crypto section within its platform, enabling purchases of real estate in Bitcoin.
Additionally, there are 12 Bitcoin ATM machines located in Argentina, all spread across the capital of Argentina, Buenos Aires, but also one in Rosario.
Our Recommended Best Way To Buy Bitcoin in Argentina
eToro is the best way that we recommend to buy Bitcoin in Argentina. The reasons are as follows:
eToro is a fully regulated broker platform across many jurisdictions
Global user base exceeding 20 million people. You can create an account on eToro by simply clicking the ‘Create Account’ option and providing some basic details like your first name, last name, email ID, phone number, preferred username and password.
An easy process, signing in through an existing Facebook or Google account.
Frequently Asked Questions
Using P2P platforms such as LocalBitcoins, it is quite possible to buy bitcoins anonymously in Argentina. Options, like VirWoX offer completely private purchase processes for their clients.
Yes, you are able to buy Bitcoin with Credit or Debit cards + much more
Exchanges have been known to be hacked and compromised so there’s neither complete safety with doing this, an option is to have a hard/cold wallet.
No, it’s possible to buy any amount you wish, unless the medium you use says otherwise.
In Argentina, there are many different options to spend your Bitcoin, but it depends on who will accept it as payment.