Argentina has always been rather strict when it comes to controlling foreign currencies inside the country. This made cryptocurrencies, such as Ethereum, very popular, as they cannot be controlled or contained. On top of that, Ethereum is an excellent investment opportunity in the eyes of many, which only increased its popularity further.
If you are interested in buying Ethereum in Argentina, then you’ve come to the right place, and we can tell you all you need to know about it. All you need to do is go through a handful of easy steps, and you’re ready to start investing.
There are two main options when it comes to engaging with Ethereum, or rather two types of platforms. Your first option is to buy and sell it on crypto exchanges. Your second option is a crypto broker.
Brokers are services that allow you to trade Ethereum, but are typically mostly used for derivatives contracts, rather than for actual coins. You see, trading derivatives instead of cryptos comes with a number of benefits. For example, you don’t have to worry about securing your coins. You can trade with leverage, which means using only a small portion of your own money to buy a greater amount, with the rest of the money being borrowed from the platform. There is also the fact that trading derivatives include guessing which way the price will go, and you can make money even if the price goes down, as long as you were able to predict it accurately.
Crypto exchanges, on the other hand, are meant for investing. They offer coins themselves, which you can buy and store in a safe place, where you will leave them to wait for weeks, months, or even years until their price increases enough so that you can make a sound profit. Of course, you can trade on exchanges as well — many people do it. They buy and sell coins in order to make use of every small change in price.
However, this approach has a flaw, and that’s the fact that if you buy coins, and their price drops, you will experience losses. As said, on broker platforms, all you need to do is predict which way the price will go, and call it. If you are right, you get money. If you own coins and the price goes down, you lose money. This is why trading is best done on brokerages, whereas exchanges are best used to buy actual coins for investing.
With that said, here are some of the best platforms to do your trading and investing.
Now that you know where you can buy and trade Ethereum in Argentina, let’s go into the details of how the process works. There are 5 steps in total, and it’s nothing complicated, so there is no reason to worry. Here is what you should do:
As we said before, your first step should be finding the right platform to trade. This is an important one, as there are many different platforms, but no two are the same. Each has its own unique fee structure, different crypto prices, different trading pairs, and even different methods of depositing money. So, make sure to pick the platform that offers the best deal.
To determine which one is the best for you, you will have to compare different platforms and check out all of these different features. Just make sure to always go for regulated exchanges, as that is simply safer for you — you will know that the platform isn’t a scam, and you will know that its security is up to the regulators’ standards.
After finding the platform that you wish to use, the next step will be to register on it. This is usually a very simple process, and on some platforms, you can even login with your email or social media accounts. This makes the process much shorter, as you are essentially skipping most of it.
But, after registration, you will also have to go through the KYC (Know Your Customer) procedure, which will require you to prove your identity. This is nothing complicated or scary either. You will simply have to upload a photo of some official document that has your photo, name, and address, and also provide those details separately so that the platform can compare them and determine whether you really are the person you claim to be.
There is only one last step before you can start trading, and that includes depositing money that you will use. There are a few things to keep in mind here, as well. As mentioned, you should make sure that your preferred payment method is supported, so that you can deposit your money in the way that suits you best.
Other than that, note that every platform has its own minimum deposit that you must meet. Other than that, we can offer one more piece of advice, and that is to not use more money than what you can afford to lose. The crypto industry offers great potential for earnings, but it is very volatile, so losses are very much possible as well.
Finally, you can start buying or trading ETH. As we explained, buying is typically done on exchanges, while trading is done on brokerages. However, there are some brokers that also let you purchase coins directly, like eToro. Alternatively, there are also exchanges that offer access to derivatives, like futures and options contracts. Binance is one example. So, if you want to focus most of your attention on one of these, and occasionally try out the other, one of these platforms might be a good way to do that.
The final step is more something that you should consider than something that you are obliged to do. However, for your safety and the safety of your funds, we highly recommend doing these. For example, if you are buying coins on an exchange — don’t just leave them lying in the exchange’s wallet. They can get stolen or your account might get frozen, or the exchange might go offline. In any of these cases, your funds will be inaccessible to you. It is better to store them in your private wallet, so set one up and withdraw the coins as soon as you buy them. And, if you are trading with a broker, it is a good idea to open a separate, complementary position to hedge your main investment, just in case.
While there are many payment methods available throughout the crypto industry, some are better than others in one way but worse in another. Some are not so popular, so they aren’t usually found on exchanges, while some are almost universal. Here are a few of the most popular ones that you can consider.
Buy Ethereum with Cash — the first one is a simple purchase with cash, which is done on crypto ATMs. Argentina doesn’t have too many crypto ATMs — only 12, with one being in Rosario, and the remaining 11 in Buenos Aires.
Buy Ethereum with a credit card — another popular method is credit cards, although, if you are on a budget, keep in mind that this is the most expensive way to send money.
Buy Ethereum with bank transfer — bank transfers are much cheaper than credit cards, but while the card can have your money delivered quickly, bank transfers can take up to a few days to be processed.
Buy Ethereum with PayPal — PayPal is available in Argentina, although the ability to buy crypto on its platform is not. Still, you can use PayPal on P2P platforms, where you can agree to send someone money from your PayPal to theirs, and receive crypto via the P2P platform in exchange.
Buy Ethereum with Bitcoin — lastly, you can also use BTC to buy Ethereum. The two are the most popular coins out there and are usually paired on almost any exchange.
If you are new to the crypto industry and are not yet familiar with Ethereum, you might wonder what makes it worth buying? Well, so far, Ethereum has proven itself as quite a sound investment. It skyrocketed in the first half of 2021, reaching the price of $4,300, which is nearly twice its previous ATH (all-time high). What’s more, experts have predicted that it could go even higher by the end of the year.
Check out today’s ETH price chart.
Other than that, Ethereum has been the birthplace of smart contracts, dApps, DeFi, NFTs, and many other blockchain-based products. It has incredible potential, and the only thing holding it back is its inability to scale. But, since developers are working on solving this issue, Ethereum likely has a bright future, especially since the solution for the scalability issue — Ethereum 2.0 — is nearing its launch.
Yes, it is. Argentina has not yet made Ethereum legal tender, but the country has never tried to ban it or forbid users from buying it. At the very least, Ethereum is not illegal, even though it is still not regulated, so you shouldn’t have any problems with it, as long as you don’t use it for illicit purposes.
As mentioned, Ethereum is not legal tender in Argentina. That means that you cannot generally use it as money to pay for your bills, groceries, and things like that. But, there are many online merchants and services that you can find on the internet that are more than happy to accept it, so you can always use it with them. Plus, you can buy it and sell it through crypto ATMs. Ethereum has a vast ecosystem full of dApps, so you can also use it with them.
Naturally, there is always trading and investing, and shortly from now, when Ethereum 2.0 is launched, you will also be able to stake it and earn a passive income simply by locking it up in your wallet and keeping it there. Find out more about the tax regulations for cryptocurrency in Argentina.