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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
eToro is a trading platform and crypto exchange. It supports Bitcoin, Ethereum, Litecoin, Zcash and many other coins.
Deposits can be made quickly via bank transfer, SEPA, NETELLER, PayPal and more. It also offers unique features like copy trading.
Your capital is at risk. We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT.
Panama Bitcoins connects you with bitcoin brokers across the Republic of Panama. They charge a flat 1% fee. You can get in touch with them using the 4 methods of contact on their website.
SatoshiTango is a South American Bitcoin exchange. Users in Brazil, Colombia, Chile, Peru, Uruguay, Argentina, Costa Rica, Ecuador, El Salvador, Honduras, Panama and Nicaragua can use SatoshiTango to buy bitcoin.
Payment methods include bank transfer, bank wire, cash deposit in Buenos Aires or through a coupons from PagoFacil, RapiPago, BaproPagos, CobroExpress or ProvinciaPagos.
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.
Panama is one of the most Bitcoin-friendly countries in the world. For example, the Balboa Boutiques Strip Mall in Panama accepts Bitcoin. People can pay for clothing, craft beers, and food with cryptocurrency there.
Bitcoin's popularity in Panama extends further than shopping. Set to take place back in March (before COVID-19 canceled it), Blockchain Summit Latam (BSL) was going to be an excellent Bitcoin event.
Several prominent speakers in the Bitcoin community were supposed to attend, including Saifedean Ammous, the author of the famous book on the economy of Bitcoin, "The Bitcoin Standard."
If privacy is a concern for you, using a mainstream exchange probably isn't a good idea, as they require you to verify your identity before facilitating trades.
LocalBitcoins is another good option in Panama for those who wish to trade without revealing their identity.
Panama also has a bunch of Bitcoin ATMs - 15, to be exact - in and around the country. Bitcoin ATMs often provide the highest level of privacy.
But before you do anything, make sure you have your wallet situation squared away. Leaving your Bitcoin on an exchange wallet is a bad idea - you're practically asking for trouble. Storing your coins on a cold storage hardware wallet is the safest option, and is highly recommended, especially for significant investments.
With your wallet situation taken care of, buying Bitcoin in Panama is easy. All you have to do is connect your payment method (after verifying your ID, if necessary), and begin buying Bitcoin.
Though most will opt to buy Bitcoin directly from one of the exchanges listed above (and rightly so), more tech-savvy Bitcoin enthusiasts may mine Bitcoin instead.
Nowadays, the majority of Bitcoin mining takes place in countries with cheap electricity (not Panama) to keep costs down, as electricity is one of the leading factors in calculating mining profitability. If you mine more Bitcoin than you spend on electricity, you'll be profitable.
Panama has pretty expensive electricity, coming in at roughly $0.16 per kWh. On a global scale, it's average and comparable to that of the United States. But unfortunately, it's still too high for profitable Bitcoin mining, especially with Bitcoin's block difficulty on the rise. That means you'll mine less Bitcoin with the same hash rate.
According to our Bitcoin mining calculator, mining Bitcoin in Panama is not a good idea unless you're strictly doing it for fun. Using the best mining hardware isn't enough, as our calculator projects a loss of more than $2,500 per year, on top of the initial investment in Bitcoin mining hardware.
If you want to acquire Bitcoin, buying it from an exchange available to Panama or another peer on the network is a smarter idea than mining.