Want to jump straight to the answer? You can buy crypto in Argentina using Huobi Global.
In a country like Argentina, where economic stability is uncertain, the emergence of cryptocurrencies brought with it a great tool to escape inflationary movements. That is why more and more Argentinians enter the dynamic and complex world of crypto.
Investing cryptocurrencies can be daunting for beginners. Cryptocurrencies are extremely volatile assets. However, if you live in Argentina, this probably won’t represent a huge challenge, as the local currency (the Argentine peso) devalues daily against the international currency market.
Several factors should be taken into account before buying cryptocurrencies. One of the first steps and probably the most important one is deciding which exchange platform to use. Commissions, fees, deposit methods and ease of use are some of the features you may want to look at when choosing your exchange.
Best Crypto Exchanges in Argentina
Argentina’s crypto market has been constantly evolving and developing new tools and mechanisms to buy and trade crypto. When cryptocurrencies started gaining global recognition, Argentina did not want to fall behind and immediately started developing the tools needed to create a crypto environment within the country.
Several local companies even found their exchanges trying to compete with multinational platforms that were dominating the crypto world. Even though these exchanges were the first option at the beginning, Argentina’s government regulations on local companies made using an offshore platform the most intelligent pick. Among these, the most reliable and used exchanges in the country are:
Launched in 2017, Binance is the world's largest digital asset exchange. With nearly 15 million users, availability in more than 180 countries and the biggest daily transaction volume, the exchange has positioned itself as the most reliable platform in the world. No matter if you are a beginning user or a savvy investor looking for professional tools, the platform has it all. Its well-designed website allows new users to understand and efficiently browse it, and key features like advanced charting and bot trading optimize professional trading.
In terms of security, Binance is one of the safest cryptocurrency exchanges in the world. Thanks to its permanent investment in technology, resources and education, the platform helps users protect their accounts and maintain the integrity of each of their transactions.
Depositing funds is completely free, and although Binance has one of the lowest trading fees on the market, when it comes to trading and withdrawals, the exchange will charge a percentage.
For clients seeking low-risk investments, the platform offers different types of loans in cryptocurrencies, with yields of up to 7% per year. It also offers loans with 11% annual interest in dollars; futures, options, and leveraged tokens; and trading and margin trading features.
Recently, Binance launched its peer-to-peer (P2P) platform in Argentina so that people can buy and sell cryptocurrencies directly between them, with Binance acting as a security mediator. It offers the possibility of buying crypto in Argentine pesos, with a bank transfer through third parties.
2. Huobi Global
Huobi Global is another great option if you want to start trading in Argentina. As well as Binance, Huobi offers every key feature an advanced investor may need. The platform is available in more than 10 languages, and it includes Spanish, so it is a great option for Argentinian traders.
One of the best features the platform provides is 24/7 customer support, including a live chat and an extensive FAQ section. The FAQs also offer lots of educational and informative articles where you can learn how to browse the platform, use the tools efficiently and resolve any problem you may experience without having to consult an external resource.
In July 2021, Huobi announced that it integrated 5 new payment methods for its users in Argentine pesos (ARS). In collaboration with local payment service providers, Huobi Global aims to offer users in Argentina a fast and reliable means to trade digital assets on Huobi Global's P2P marketplace. The 5 newly added payment methods are Ualá, Santander Río, Banco Galicia, Prex and AirTm.
Cryptocurrency Exchange Types
When it comes to cryptocurrency exchanges, you can find 2 different types of platforms. To put it simply, an exchange is a platform where crypto buyers and sellers trade their assets, while the exchange charges a fee or a commission on most of these transactions.
While most traders use exchanges when it comes to crypto-trading, lots of investors prefer using a broker. A broker is an individual or a group of people that serves as a liaison between an investor and the market. Using a broker platform provides traders with additional online financial services and, in most cases, professional personal advice.
However, exchange and broker platforms also share most of the features, like margin and futures trading, crypto loans and leverage.
Current Crypto Prices
In early September 2021, crypto prices plunged up to 20% in the main tokens. Bitcoin (BTC) suffered a downfall of 10%, touching $43,000. Cardano (ADA) was the most affected token from the top 10 coins, experiencing a loss of more than 20% in the last week. In contrast, tokens like Solana (SOL) and Terra (LUNA) gained up to 19% and 24%, respectively.
Investors should fully monitor the upcoming price movements, as this drop may come back as huge price increases in the crypto market.
What to Look for in a Cryptocurrency Exchange
When deciding which exchange to use, some important features dominate.
Ease of Use
A well-designed platform that provides a simple and clean interface helps new users to easily browse the website. Before starting to trade on the platform, get to know how it works and what functionalities the exchange has to offer. Ease of use is one of the most important factors for beginner users, as it will help them enter the crypto world without impediments.
In depositing funds with an exchange, you trust the platform to safeguard your crypto assets from hacks that might occur. A safe exchange platform comes with strong security protocols and systems. Some exchanges already include highly developed security systems, like facial biometrics.
Before making the final decision on which exchange to use, verify that the platform is widely recognized in the market. Scams in the cryptocurrency environment are often seen, and most of them happen because of user disinformation. Ensure that the exchange uses the correct security measures as well as offline storage where they keep the assets secured.
Crypto Regulation in Argentina
The shortage and leakage of foreign currency resulting from a set of chronic problems in Argentina (inflation, fiscal deficit and limited competitiveness, among others) have forced different governments throughout history to resort to exchange controls.
When it comes to cryptocurrency, the measures applied by the Argentinian government also encompass this emerging market. In a recent official notice, the government states that every financial institution and other local card issuers must have the prior approval of the Central Bank of Argentina to access the foreign exchange market to make payments abroad (international exchanges). Even though the restriction might seem harsh, plenty of credit cards and banks operate within international exchanges.
What You Need to Open a Crypto Account in Argentina
In order to open an account in Argentina, the exchanges will ask you for personal documents, although the types may vary depending on the platform. If you have an official ID, an email or a telephone number to use for the 2nd-factor authentication process and a bank account or any other payment and withdrawal method, you should be good to go for opening accounts in the country.
Best Crypto Wallets in Argentina
No matter which exchange you decide to use or which crypto token you are buying, it is essential that you store your tokens in a safe wallet. Nothing matters more than the security and privacy of your private keys. Whether you want to store them in a hot wallet, like ZenGo, or in a cold one, like Ledger, securing your crypto is a must.
ZenGo offers a great digital wallet. One of the great features is its built-in exchange, where you can trade your crypto. It displays an easy-to-use platform, making it a good choice for beginning users. Moreover, it has recently launched its new security setup, which comes with facial biometrics.
Ledger offers a cold storage unit where you can safely store your private key offline. If you are looking for a hardware wallet, the Nano Ledger X would be a great option, as it now offers Bluetooth connectivity to access your assets on any electronic device.
Crypto Brings Freedom
As the crypto market continues to evolve, it keeps demonstrating how an excellent tool it is to overcome inflationary problems, especially in a country like Argentina. It gives investors freedom and independence from the local currency, avoiding the country’s instability. Users must research and investigate which exchange suits them the best. If you want more detailed information on different exchanges and cryptocurrencies, visit Benzinga’s cryptocurrency informational page.
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