If you want to buy Bitcoin in Brazil, there’s a wide range of options available. Both local and international exchanges enable Brazilian users to buy Bitcoin. The five largest Brazilian crypto exchanges have a daily transaction volume of over R$8.3 million (almost US$2.2 million).
More and more Brazilians are turning to Bitcoin. Last month, the most powerful economy in Latin America registered a record Bitcoin trading volume of 100,000 BTC in 24 hours.
Here’s how you can buy Bitcoin in Brazil as a possible way to protect your savings.
Where to buy Bitcoin in Brazil
If you’re familiar with the local language, you can try to use some local cryptocurrency exchanges to buy Bitcoin in Brazil. Some of the most trusted Brazil-based platforms for buying and selling cryptocurrencies are Foxbit, FlowBTC, and BitCambio. All three require identity verification before trading, so don’t expect anonymity online.
Foxbit enables users to buy Bitcoin with bank transfers without any deposit fees. The exchange is known for having some of the best prices in the market for BTC.
One of the main advantages when using Foxbit is the fast deposits and withdrawals, which usually take about one minute to confirm.
Users can start with as little as R$100 (almost $25) and can also receive signup bonuses. Besides Bitcoin, other popular cryptocurrencies you can buy here are Ether, Litecoin, and TrueUSD.
FlowBTC is a Brazilian cryptocurrency exchange where you can buy Bitcoin and other cryptocurrencies via bank transfers. Transactions are fast, but fees are quite high – starting at 0.35%.
However, the platform is easy to use and users benefit from 24/7 support. The exchange also provides its users with free cryptocurrency wallets. However, they may not be the safest choice for storing your digital coins.
BitCambio enables users to buy Bitcoin in Brazil by making a deposit online via bank transfer. The platform is a trusted partner of four major Brazilian banks, which allows it to provide inter-bank transfers at reasonable prices.
The exchange has an initial limit and fees that vary with the trading volume. Users are classified as Level 1, 2, and 3, each with different privileges depending on their transaction history and trading volume.
International cryptocurrency exchanges
If you’re looking for an international provider, many global cryptocurrency exchanges operate in Brazil. The most popular and trusted are LocalBitcoins and Bitex.
LocalBitcoins is probably the most popular peer-to-peer cryptocurrency exchange available. In this case, transactions happen directly between users, so they’re usually private, fast, and easy.
Thanks to P2P platforms like LocalBitcoins, users can buy Bitcoin in Brazil with cash deposits and also through in-person trades where personal information isn’t always necessary. The downside? Prices can be higher than on third-party exchanges, and you’re more likely to run into scams and fraud attempts.
Bitex is a blockchain-based platform providing exchange and broker services in several countries in Latin America. You’ll find users from Brazil, Argentina, Mexico, Peru, Chile, and Uruguay.
The advantage of using Bitex comes from its flexibility with multiple payment methods, including AstroPay. The exchange enables users to make payments using various methods for relatively low fees.
Bitcoin in Brazil: Rules and tax policy
Buying Bitcoin in Brazil is like many other places in the world. You need to register for an account with a cryptocurrency exchange and, in most cases, go through a process for identity verification. It’s also wise to enable two-factor authentication to add an extra layer of protection to your digital assets.
Also, as cryptocurrency exchange platforms aren’t the ideal place to store your Bitcoin, you should buy a cryptocurrency wallet. This way, you can safely deposit your funds without having to worry about cyber attacks and fraud.
You should also know that Brazilian cryptocurrency exchanges are compelled to report all operations monthly for tax purposes. The Department of Federal Revenue of Brazil (RFB) will receive all the details of your transactions. This includes the transferred amounts and the identity of the customers.
Residents are also required to report all transactions carried out through foreign exchanges when the trading volume is higher than R$10,000 ($2,700) per month.
Brazilian cryptocurrency adopters have seen the market skyrocket. More young people, in fact, prefer to buy cryptocurrencies than invest through the Sao Paulo stock exchange.
If you’re willing to buy Bitcoin in Brazil, you can do it through plenty of cryptocurrency exchange platforms using a multitude of different payment methods. All you have to do is create an account, buy a wallet and, of course, pay your taxes on time.