How to Buy Bitcoin in Peru in 2024

If you are new to the crypto industry, buying and trading Bitcoin might still seem complicated and intimidating to you. So, to make matters simple, we have created a detailed step by step guide to explain that buying Bitcoin in Peru is a really simple process. Here is what you need to do.

Step 1: Find an Appropriate Platform to Buy Bitcoin

The first step is to find the appropriate platform for Bitcoin, which really shouldn’t be an issue anywhere, since Bitcoin is the most popular coin in the world. It is listed on virtually every exchange and crypto broker platform. But, it matters where you will buy it. As we explained, buying it on a brokerage platform is best if you want to trade, and going to an exchange is best if you want to invest.

But, even then, you need to compare multiple platforms and make sure that you understand their features and details, such as fee structures, minimum investments, available trading pairs, available payment methods and more. We have made it easier for you to find the best Bitcoin exchanges in our complete guide. Always use a regulated platform to reduce the risk of fraud.  

Step 2: Registration / Create a New Account

Once you find the platform that you are going to use, your next step will be to register on it. On most platforms, you can either choose to create a new account, or you can use your existing Google or social media account, as mentioned before. Registration itself is a simple and easy process, and if you have ever made an account anywhere, you will know how to do it with ease.

However, after registering, you must also verify your account on most platforms. This will, once again, depend on the platform you choose. Different platforms require different details, including your name, last name, address, photo, government-issued ID, utility bills, or anything that can prove that you are who you claim to be, and that you live where you claim to live.

This is necessary on all regulated platforms, and for your safety, we recommend only using regulated exchanges and brokers. This is called a Know-Your-Customer (KYC) procedure, and all centralised exchanges now implement it. However, on some, you can still trade without doing it, although there is a fairly low limit when it comes to how much money you can use.

Step 3: Deposit Funds

The third step is funding your account, or depositing funds. We mentioned this before also, as you need a certain amount of money in order to get started. Usually, exchanges offer several methods of depositing money, so there is a high probability that your preferred payment method is supported. But, there are also platforms that only have one or two supported methods, so better check that out before you create and verify your account.

Provided that your preferred payment method is supported, simply go to the deposit page, and transfer some funds. However, keep in mind that you should never risk more money than what you can afford to lose. If you are thinking about taking a chance with the last bit of cash you have for the month, that’s probably not a good idea. Always start with the assumption that things will go wrong. That is the best way to play it safe and not be left penniless in the middle of the month.

Step 4: Start Trading or Buying Bitcoin

At this point, you should be ready to start trading or buying Bitcoin. As explained before, brokers will allow you to trade derivatives based on Bitcoin, such as CFDs or futures, while exchanges are better if you want to invest, buy actual coins, and then hold on to them for a certain amount of time while waiting for the price to grow.

While this is a general rule, there are certain exceptions. There are brokers, such as eToro, that mainly offer derivatives, but also let you buy coins directly from them. The opposite is also true, such is the case with Binance, which is primarily an exchange, but it also lets you buy futures and options. There may be a handful of other examples, but primarily, exchanges are for investing and brokers for derivatives trading.

Step 5: Optional Steps

There are a few more optional steps that you may or may not take, although it is probably better to at least consider them. One of them is to create a private cryptocurrency wallet, if you have decided to buy BTC directly, and transfer the tokens to it. If you leave your coins in the exchange’s wallet, you are leaving them vulnerable. They can be stolen during the hack, or become inaccessible if the exchange goes down for some reason, or you might find your account frozen. Some exchanges are even known for trying to prevent users from selling when the prices start crashing by announcing a sudden ‘maintenance’ and they will force you to wait until they return the platform, at which point you might experience massive losses.

Alternatively, if you are a derivatives trader on a broker platform, it is always a good idea to open additional positions simply to hedge your main BTC investment, which is easily done through futures.

What is the Best Payment Method for Buying Bitcoin in Peru?

We mentioned it already, but it is important to keep in mind that there are different payment methods available on different platforms, and so it is important to make sure that the platform supports a payment method that you prefer in advance. With that said, there are different options available, each with its own strengths and weaknesses, such as:

• Buy Bitcoin with Cash — You can only buy BTC with cash if you have access to a Bitcoin ATM. While their number around the world is growing, they are typically only available in major cities.

• Buy Bitcoin with a Credit Card — Credit cards are one of the fastest ways to deposit money, although they are also one of the most expensive ones.

• Buy Bitcoin with bank transfer — Bank transfers are slow and can take up to several business days to deposit the money, but they are among the cheapest methods.

• Buy Bitcoin with crypto — You can always buy BTC with some other cryptocurrency if you already have it, as BTC is paired against many different coins throughout the industry.

Why Buy Bitcoin?

Bitcoin is the largest cryptocurrency in the world. While it is slow and expensive, it has seen some of the largest price increases in the crypto industry. It dominates the market, with about half of the total crypto market cap belonging to it. If you need another reason to buy it, just look at its yearly performance. Last year in March 2020, when COVID-19 fears struck, its price sank to $5,000. A year later, in mid-April, it hit $64,800. If you bought even a single BTC at the price of $5k, you could have sold it for $64k, earning $59,000 in a year without doing anything but waiting.

Best of all, experts still believe that BTC has only scratched the surface, and that it can go much higher, potentially to half a million, or even more if it becomes digital gold and a store of value in the future. 

Is it Legal to Buy Bitcoin in Peru?

Bitcoin is completely legal to buy in Peru, although the authorities there do have concerns about its uses in criminal activities. But, even so, the adoption and trading of BTC in Peru has been a growing trend over the years, and you can own it without the fear of doing something against the law, as long as you don’t purposefully use it for tax evasion, money laundering, and other similar criminal activities.

While Bitcoin adoption is advancing in Peru, there are still no places that accept it directly. Your best bet at this point in time would be to use it with online merchants that clearly specify that they accept BTC, or to simply use it for trading or investing. New use cases will likely come in time, but the adoption needs to take a few more steps to make that happen, so in this case, being patient and waiting while gradually accumulating coins, and through them — wealth, might be the best thing to do. There are 3 Bitcoin ATMs in Peru, and all 3 are installed in Lima, the country’s capital.