Buy Bitcoin & Crypto in Panama

We may receive advertising compensation when you click certain products. Before jumping into this page, an important disclosure.

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.

  • Popular Exchanges to Buy Bitcoin & Crypto in Panama
  • eToro
    • Supports Bitcoin, Ethereum & 15 other coins
    • Start trading fast; high limits
    • Your capital is at risk.

    This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

  • Coinmama
    • Works in almost all countries
    • Highest limits for buying bitcoins with a credit card
    • Reliable and trusted broker

CoinmamaCoinmama Buy Bitcoin Read Review

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.

We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms.

Pros
  • Works in almost all countries
  • Highest limits for buying bitcoins with a credit card
  • Reliable and trusted broker
Cons
  • Some of the highest fees among credit/debit card bitcoin brokers
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Ease of Use
Easy
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Privacy
Low
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Speed
Fast
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Fees
Average
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Reputation
Trusted
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Limits
High
Buy Bitcoin Read Review

eToroeToro Buy Bitcoin Read Review

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.

This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

We may receive compensation when you use eToro. Please visit eToro for its exact pricing terms.

Pros
  • Offers unique copy trading feature
  • Trusted echange that has been active in traditional finance
  • Interface is clean and easy to use
Cons
  • You cannot deposit cryptocurrency, but you can deposit with other payment methods
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Ease of Use
Easy
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Privacy
Low
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Speed
Average
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Fees
Low
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Reputation
Trusted
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Limits
High
Buy Bitcoin Read Review

KrakenKraken Buy Bitcoin Read Review

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.

Pros
  • Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume
  • Very low maker fee, falling to 0% with sufficient trading volume
  • Highly-rated for security and data protection
Cons
  • Requires ID verification, so not private
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Ease of Use
Hard
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Privacy
Low
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Speed
Average
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Fees
Low
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Reputation
Trusted
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Limits
High
Buy Bitcoin Read Review

LocalBitcoinsLocalBitcoins Buy Bitcoin Read Review

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.

We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.

Pros
  • Can be private, fast and easy
  • In-person trades require no personal information
  • Purchases of bitcoin can be made quickly via cash deposit
Cons
  • Beware of scams; always follow the rules!
  • Harder to buy large amounts of bitcoins compared to large exchanges
  • Slightly to significantly higher prices than regular exchanges; premium for higher privacy
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Ease of Use
Hard
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Privacy
High
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Speed
Fast
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Fees
Low
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Reputation
Trusted
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Limits
Average
Buy Bitcoin Read Review

Panama BitcoinsPanama Bitcoins Buy Bitcoin

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.

Pros
  • One of the best ways to buy bitcoins in Panama
  • Trusted service that's been in business since 2013
Cons
  • Not a streamlined online process for your first purchase; it's necessary for new customers to establish contact with a broker
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Ease of Use
Hard
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Privacy
Low
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Speed
Average
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Fees
Low
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Reputation
Trusted
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Limits
High
Buy Bitcoin

SatoshiTangoSatoshiTango Buy Bitcoin

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.

Pros
  • One of the best ways to buy bitcoins in the countries it covers
  • Allows for the payment of utility bills and the purchase of airtime with bitcoin
Cons
  • Not private since identity verification is required
  • Due to regulations, a separate account is needed for each fiat currency SatoshiTango accepts; USD, EUR and ARS
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Ease of Use
Hard
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Privacy
Low
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Speed
Average
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Fees
Low
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Reputation
Trusted
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Limits
High
Buy Bitcoin

Bitcoin ATMsBitcoin ATMs Buy Bitcoin

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%.

Pros
  • Our map makes it super easy to find a Bitcoin ATM near you
Cons
  • Bitcoin ATMs often have 5-10% fees per purchase
Buy Bitcoin

Mycelium Local TraderMycelium Local Trader Buy Bitcoin

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.

Pros
  • Easy and cheap way to buy bitcoins with cash
  • Private way to buy bitcoins, no personal information required beyond cellphone number
Cons
  • Users in sparsely populated areas will have trouble finding sellers
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Ease of Use
Average
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Privacy
High
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Speed
Fast
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Fees
Low
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Reputation
Trusted
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Limits
High
Buy Bitcoin

Bitcoin Popularity in Panama

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."

There are several exchanges available to citizens of Panama, including Coinmama, one of the most popular Bitcoin exchanges in the world.

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.

We recommend the Ledger Nano S and the Trezor, the two most popular hardware wallets on the market.

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.

Bitcoin Mining in Panama

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.

Mining is not profitable for most people, and has fallen far from its golden age, when anyone could turn a profit with a simple graphics card.

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.