Leading cryptocurrency apps in Latin America

August 18, 2022

Find out which cryptocurrency platforms are preferred by Latinos and why.

In this digital era, assets also have their electronic version. In fact, cryptocurrencies have been around for a little over a decade, however, they have recently shown a steady growth in terms of their use. Especially in Latin America, they are very useful for exchanging remittances, as well as for accessing basic financial services and, of course, as an investment alternative.

Also known as cryptocurrencies and cryptoassets, these digital currencies have an increasing penetration in Latin American countries. El Salvador has even become the first country in the world to adopt Bitcoin as legal tender, thus promoting financial freedom by transferring its benefits to the daily transactions made by its citizens.

On the other hand, Mexico, Argentina, Venezuela and Colombia have the largest presence of cryptocurrencies in the region, according to a study conducted at the end of 2021 by the financial information provider Finder. So much so that in some of these countries technology companies linked to the sector have proliferated, even creating their own cryptocurrencies.

One of the reasons for the continued increase in the use of cryptocurrencies in Latin America is that they do not require as many intermediaries or bureaucratic procedures as the traditional banking system. In addition, it is an effective instrument to keep savings in stable currencies linked to the dollar and it is easier to move money from one point to another.

Most used cryptocurrency apps in Latin America

In the market, there is a wide variety of apps to buy and sell cryptoassets. Specifically in Latin America, these are the users’ favorites:

1. Binance

This is the main cryptocurrency exchange worldwide and is also one of the most popular among Latinos. With its philosophy based on spreading the freedom of money, Binance offers a wide range of functionalities around an entire blockchain ecosystem. It has 90 million registered users, more than 600 listed cryptocurrencies and boasts of providing the lowest commissions in the market (less than 0.10% on each transaction), it was founded in 2017.

2. Bitso

This platform with Mexican seal has 8 years conquering the preference of locals and foreigners (Brazilians and Argentines). Bitso has become the only cryptocurrency app in Latin America regulated by the Gibraltar Financial Services Commission (GFSC). It was also the first to offer insurance to cover its users’ funds.

3. Crypto.com

Active in the market since 2018 under the name Crypto.com, this application is the favorite in Brazil and the second most downloaded in Chile, according to Statista data, for the beginning of 2022.  It handles 30 cryptocurrencies, including one of its own called CRO that operates on the Ethereum network.

4. Lemon Cash

In Argentina, followers of the digital economy bet on Lemon Cash. The innovative proposals of this app have led it to be positioned in the first place of downloads in the country, above the popular Instagram and WhatsApp. Its main attraction is that it allows users to pay in local currency using the cryptocurrencies available in the application, and in exchange they receive 2% in Bitcoin for each purchase.

5. Buenbit

This young application has special features for users from Argentina, Peru, and Mexico. Buenbit is characterized for being intuitive and simple, which allows executing cryptocurrency operations with ease. Another of its attractions is that it offers investments with returns of up to 11% per year, in dollars.

A crypto ecosystem that promotes inclusion and financial freedom is developing in Latin America. And although it is a quite tempting option for investments, one must be cautious that cryptocurrency operations have a high risk due to the volatile nature of the market and the lack of regulation.

Therefore, it is wise to research and make comparisons between various cryptocurrency platforms before making any investments. Although most of these types of companies do not have the backing of entities capable of responding to any inconvenience, you can at least check their reputation and the authenticity of their digital applications.

In short, the fascinating world of cryptocurrencies continues to boom in Latin America. Nowadays, it has become very convenient to become familiar with the terminology and concepts related to cryptocurrencies. The opportunities are there, take advantage of them responsibly and consult with experts.