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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.
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.
Bitt is a Bitcoin exchange based in the Caribbean. It has received over $10 million in venture capital funding. You can trade many currencies on the Bitt platform, including BBD, TTD, JMD, USD, EUR, and GBP.
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%.
For now, cryptocurrency is not a legal tender in Trinidad and Tobago, and its Central Bank remains cautious about the new technology.
However, it's legal for citizens of Trinidad and Tobago to buy and sell Bitcoin, provided they're not using it for illegal activities.
One of the easiest ways to buy Bitcoin in Trinidad and Tobago is through cryptocurrency exchanges. Eight different exchanges support Trinidad and Tobago, including Coinmama, one of the largest exchanges in the world.You can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Unfortunately, there aren't any Bitcoin ATMs in Trinidad and Tobago, but you can use LocalBitcoins if you don't want to use an exchange.
LocalBitcoins facilitates private peer-to-peer payments for Bitcoin buyers and sellers. Be careful if you select this exchange - follow the rules, so you don't get scammed.
Speaking of scams, you don't want to lose your Bitcoin to theft or a cyberattack. The best and only way to secure your Bitcoin is with a cold storage hardware wallet.
Trinidad and Tobago has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
There are three main types of Bitcoin wallet and all of them are supported in Trinidad and Tobago:
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.
ZenGo is an easy-to-use iOS and Android Bitcoin & crypto wallet. Start within 20 seconds.
Because there are so few exchanges or services for cryptocurrency that are based in Trinidad and Tobago, there are no hacks and very few scams associated with this country. However, we did find many Trinidad and Tobago based youtubers who used to endorse and make money off of the OneCoin cryptocurrency, which ended up being the largest scam in history by dollar amount stolen (nearly $4 billion, to be exact).
You can see a mashup of various T&T based youtubers, such as Cordel 'KingJayms' James, defending OneCoin in the video below:
Bitcoin mining is a lot harder than buying it directly from an exchange. High upfront costs and low to no profitability has rendered Bitcoin mining obsolete for almost everyone. At this point, it seems that only large scale mining farms in countries with cheap electricity are still operating.
You're probably better off buying it directly, but if you're dead set on mining, here's the deal:
The importance of minimizing electricity costs cannot be overstated when it comes to maximizing Bitcoin mining profitability.
Unfortunately, the Caribbean islands are plagued by exceptionally high electricity costs. Most of them rely on importing oil to generate electricity.
Since the islands import practically all of their fuel, the average electricity cost in the Caribbean ranges between $0.30 and $0.40 per kWh, which is astronomically high.
In comparison, citizens of the United States pay around $0.12 per kWh on average.
However, Trinidad and Tobago is an outlier - the nation conveniently has a virtually abundant supply of natural gas on the island. As a consequence, their average electricity cost is approximately $0.05 per kWh, between one-sixth and one-eighth the price of other Caribbean islands.
Not only is Trinidad and Tobago's electricity lower than its fellow nations in the area, but it's also cheaper than most countries around the world.
In fact, according to our Bitcoin mining profitability calculator, a profitable mining operation is possible in Trinidad and Tobago. Using the Antminer S19, one of the most recent pieces of mining hardware, would turn a profit of around $535 per year with the current price of Bitcoin.
As you can see, even in a country with dirt-cheap electricity, mining is barely profitable. The ASIC mentioned above costs more than $2,000 per unit, which means you probably won't be able to pay it off for a few years, if at all.
Coinbase ONLY ALLOWS crypto-to-crypto conversion services for customers in Trinidad and Tobago as of September of 2020.
Unfortunately, there are no Bitcoin ATMs in Trinidad and Tobago as of September of 2020. We will update this page if and when this changes.
The current price of Bitcoin in Trinidad and Tobago is TTD 69,402, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a TTD trading pair will allow you to sell your Bitcoin for fiat currency. Bitt has TTD trading pairs for many popular coins.
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.