In recent years, cryptocurrencies have rapidly gained popularity as a new form of financial innovation. As the world transitions towards a more digitized economy, Trinidad and Tobago, like many other nations, has not been left behind in adopting cryptocurrencies. As interest in digital assets grows, so does the need for safe, reliable and secure platforms to facilitate crypto trading.
In this blog, we will explore the crypto exchanges available to Trinbagonians and guide you on how to choose one that suits your needs.
What are Crypto Exchanges?
Crypto exchanges are online platforms that allow users to buy and sell cryptocurrencies such as Bitcoin, Ethereum, and others. In Trinidad and Tobago, there are a several crypto exchanges available for those interested in trading or investing in digital assets.
How do Crypto Exchanges Work?
Crypto exchanges have to main methods of operations:
1. By acting as a middle-man matching buyers with sellers thereby allowing investors and traders the ability to safely buy and/ or sell Crypto Currencies with each other. Exchanges normally take a small fee to fulfill your orders this creating a safe place for you to trade Crypto while also benefiting.
2. Directly fulfilling your orders. An exchange may directly buy and sell you Crypto Currencies in exchange for Fiat currencies like USD or TTD.
Most international Crypto Exchanges offer both methods but as a Trinbagonian the majority of Crypto Exchanges only act as a middle man due to restrictions placed on your ability to send or receive USD from an international Crypto Exchange by financial institutions in Trinidad and Tobago . This means you aren't able to directly buy or sell crypto in exchange for Fiat currencies (TTD) on those exchanges.
What are some Popular Crypto Exchanges available in Trinidad and Tobago?
1. Binance (Best all around): Binance is the #1 Crypto Exchange as of July 2023. They have the highest trading volume for several pairs allowing you to easily fill your buy or sell requests. They have dozens of different products other than just spot trading Crypto Currencies. Some of these products are Binance earn that allows you to earn interest on different Digital Assets (around 3.5% for USDT and much more depending on the Digital Asset), Futures, Options, Crypto Custody (Wallet), Learning Programs, Binance Pay (free crypto transfers to other Binance wallets) and several more.
Binance also has a pro mode and lite mode that allows the platform to be user friendly for both Experienced and Beginners to Crypto Currency Investing.
2. Bybit (Best for Traders): Mostly used by Experienced Traders, Bybit offers both the ability to trade spot and futures, and can act as a wallet. They have excellent execution times on buys and sells as well as a better fee structure and trading incentives as compared to other exchanges.
3. Kraken (Safest): Although they may be slightly more expensive than other platforms, with less coin pairs, kraken is probably the most safe by far. Kraken is licensed as a bank in the United States of America thus enabling it to act as a direct on ramp (on ramp means to buy crypto using fiat) for buy crypto currencies. All other crypto exchanges have an intermediary bank or service that allows for on-ramping when available.
This banking license and several others, as well as their operational transparency is what makes us consider Kraken as the safest, although none of the other options are objectively unsafe.
4. Gate.io (Most coin Pairs): Gate.io by far has the largest amount of crypto currencies available 1700+while Binance only has around 1300. If you primary goal is to trade altcoins you may want to consider Gate.io over the rest. They also have several other features like Crypto custody (Wallet), Copy Trading, Bot Trading, futures, and more.
How to Get started with a Crypto Exchange
1. Do your Due Diligence and Research: Before registering on any crypto exchange, it is essential to conduct thorough research. Consider factors such as supported cryptocurrencies, trading fees, security measures, user reviews, and customer support. Choose an exchange that aligns with your trading goals and risk appetite.
2. Register and Verify: Once you have selected a suitable exchange, visit their website and create an account. Follow the registration process and complete the necessary verification steps as required by the exchange. This typically involves providing identification documents to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.
3. Secure your account: Prioritize the security of your crypto exchange account. Enable two-factor authentication (2FA) to add an extra layer of protection. Avoid sharing your account details or passwords with anyone and be cautious of phishing attempts.
4. Obtain Funds: To start trading, deposit funds into your exchange account. Although many exchanges support various payment methods, including bank transfers, credit/debit cards, and sometimes even cash deposits. Most of the options are normally unavailable to Trinbagonians living and operating solely in Trinidad and Tobago.
How do I Exchange Crypto in Trinidad and Tobago then?
Unless you have access to bank accounts opened outside of Trinidad and Tobago you will have to use a Local Exchange such as Sunshine Exchange, or buy/ sell Crypto from/to individuals that may be buy or selling crypto.
(This first steps is how you may get a stablecoin or other Digital Assets that you can place onto an international exchange to trade and invest)
Individual buyers/ sellers can be found in several different Crypto Currency released discussion WhatsApp groups, or in buy and sell Crypto groups. There are however associated risks by going through an individual. Alternatively you can buy and sell safely, securely and easily using Sunshine Exchange by following going to our Buy or Sell page to see our process.
