Economy
Crypto Exchanges in Brazil: A Brief Wrap-Up by Trading Analysts in 2023
If you’re thinking about trading cryptocurrencies, you’re stepping into an exciting world! It’s important to pick the right platform, especially in Brazil. The right choice can make everything feel smooth, even if trading can be complex at times. For newcomers in Brazil, Traders Union (TU) recommends checking out the top 5 crypto exchanges mentioned in this article. They’re some of the best crypto exchanges in Brazil.
Does Brazil have cryptocurrency regulation?
Great news for crypto fans in Brazil! Starting in June 2023, new crypto rules are in play. However, it will be possible to see the first fully regulated exchange closer to 2024. Good to know: You can buy, sell, and use cryptocurrencies legally. But, exchanges must follow local anti-money laundering rules.
Top crypto exchanges in Brazil for 2023: a quick guide by analysts
If you’re in Brazil and looking to dive into the crypto world, picking the right exchange is crucial. TU’s analysts have done the heavy lifting and shortlisted the top 5 exchanges for you. Here’s a quick peek:
- ByBit – is known for its super low fees and cool features like copy trading, NFT platform, and USDT staking.
- OKEx – offers a diverse range of services from spot and margin trading to NFT and lending. It also has multiple payment options and educational resources.
- Binance – a global giant, offering over 400 trading assets and low fees, especially if you invest using the Binance coin (BNB).
- Huobi Global – praised for its user-friendly interface, this exchange supports hundreds of crypto assets but doesn’t support fiat deposits or withdrawals.
- KuCoin – with one of the widest coin ranges at 732 supported altcoins and features like spot trading, it’s a top choice.
Remember to always consider the pros and cons before deciding which platform is right for you!
Choosing the right crypto exchange in Brazil: tips from experts
Choosing a crypto place in Brazil can be overwhelming, especially for beginners. Traders Union experts recommend a few critical steps to help you make an informed decision.
- Regulation and safety – ensure the exchange is reputable and meets necessary regulations.
- Fees – always check the trading fees and initial deposit amounts.
- Local benefits – opt for exchanges that support the Brazilian Real and offer bonuses for local traders.
- Investment options – look for diverse investment opportunities like copy trading and staking rewards.
- Positive reviews – feedback from other users can give insights into an exchange’s reliability.
- Client support – prioritize platforms with responsive and multiple support channels.
Keep these pointers in mind, and you’ll be on your way to a safer and more profitable crypto journey!
Should you buy Bitcoin in Brazil now?
Considering an investment in Bitcoin while in Brazil might be a timely decision. TU’s experts point out that its current price is more affordable compared to its historic highs. Historically, Bitcoin’s trajectory has often been upward, and its widespread global acceptance underscores its appeal.
However, it’s essential to approach with caution. Bitcoin is known for its volatility, meaning its value can see significant fluctuations in a short span. Moreover, it’s under the regulatory radar, with Brazilian authorities keeping a close eye. While the potential for profit exists, it’s crucial to be informed and understand the risks. Always do your research and make a decision that aligns with your financial goals and risk tolerance.
Conclusion
If you’re in Brazil and want to get into crypto, it’s important to stay informed and choose wisely. With advice from Traders Union, you can pick the best exchanges and decide if buying Bitcoin is right for you. As things change, especially with new rules coming, always stay updated. Remember: be smart and safe with your choices.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has introduced a 1.5 per cent stamp duty on eligible virtual asset transactions, with the tax deducted directly from the cryptocurrency purchased before it is credited to the buyer’s wallet.
According to the new guidelines issued on Monday, anyone buying Bitcoin (BTC), USDT or other cryptocurrencies in Nigeria will receive fewer digital assets due to the deduction.
This requires registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to withhold the levy in the digital asset being traded and remit it to the government, marking Nigeria’s most comprehensive move yet to bring cryptocurrency transactions into the country’s tax net.
Unlike traditional taxes deducted from a customer’s bank account, the 1.5 per cent charge will be taken from the cryptocurrency itself, meaning buyers will receive less Bitcoin, USDT or other tokens than they paid for.
The tax body stated that “income tax deducted at source and stamp duty shall be remitted to the service in the originating token of the transaction.”
Besides the new stamp duty, the guidelines also clarify how income tax, Value Added Tax (VAT) and other tax obligations will apply to virtual asset activities such as trading, staking, mining and other crypto-related transactions.
To illustrate the new rule, the tax authority said a buyer who pays N1 million for one Bitcoin will receive only 0.985 BTC after 0.015 BTC is deducted as stamp duty and remitted to the government. When that Bitcoin is later sold, the next buyer will also have 1.5 per cent deducted from the cryptocurrency credited to their wallet.
The NRS said the guidelines are intended to provide clarity for taxpayers, crypto exchanges, peer-to-peer (P2P) marketplace operators, financial institutions, tax consultants and all participants in Nigeria’s virtual asset ecosystem.
According to the guidelines, the 1.5 per cent duty applies to eligible virtual asset transactions facilitated through registered exchanges and other recognised intermediaries. Where a cryptocurrency is used to complete a transaction that already attracts stamp duty under the law, the applicable duty on the underlying instrument will also be payable.
For crypto users, the implication is higher transaction costs, as eligible purchases will attract the 1.5 per cent stamp duty, while VAT on exchange service fees and income tax on taxable gains may also apply, depending on the nature of the transaction.
By Adedapo Adesanya
The Naira opened the week on a positive note, as it appreciated against the US Dollar by N3.39 or 0.25 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 3, to N1,364.83/$1 from N1,368.22/$1 last Friday.
However, it suffered a marginal decline against the Pound Sterling in the official market during the session by 10 Kobo to close at N1,837.89/£1 compared with the preceding session’s N1,837.79/£1, and lost 6 Kobo on the Euro to sell at N1,573.93/€1, in contrast to the previous trading day’s N1,573.87/€1.
At the black market segment, the Nigerian currency traded flat against the Dollar yesterday at N1,405/$1, and at the GTBank forex counter, it was unchanged at N1,374/$1.
Interbank FX transactions increased sharply as market makers’ activities raised total Dollar volume exchanged to $137.048 million, more than 132 per cent above $58.990 million in turnover at the previous close. The surge in turnover was driven by increased deals at the NFEM window. The central bank reported that deal count at the interbank FX window rose to 138 from 67 on Friday.
As for the cryptocurrency market, major tokens advanced despite ongoing uncertainty around unresolved Coldcard wallet sweeps that have drained hundreds of Bitcoin (BTC), while traders are watching whether bitcoin can hold above $63,000 through the US session. BTC rose by 1.70 per cent to $63,765.88.
Bitcoin treasury firm Strategy disclosed Monday it sold 1,638 bitcoin for about $105 million between July 27 and Aug. 2, its third sale of 2026, per an SEC filing.
Also, an attacker has moved about 1,816 bitcoins, or roughly $114 million, from more than 5,200 addresses since July 30 in a fourth wave of sweeps targeting BTC in Coldcard-generated addresses.
Cardano (ADA) appreciated by 6.7 per cent to $0.1959, Binance Coin (BNB) gained 1.5 per cent to sell for $590.82, Solana (SOL) jumped by 1.3 per cent to $73.72, TRON (TRX) soared by 0.9 per cent to $0.3286, Dogecoin (DOGE) also grew by 0.9 per cent to $0.0703, Ripple (XRP) advanced by 0.5 per cent to $1.07, and Ethereum (ETH) rose by 0.4 per cent to $1,863.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
