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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.
- Popular Exchanges to Buy Bitcoin in Trinidad and Tobago
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eToro- Supports Bitcoin, Ethereum & 15 other coins
- Start trading fast; high limits
- 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.
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Coinmama- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
Coinmama Popular 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.
- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
- Some of the highest fees among credit/debit card bitcoin brokers
eToro Popular 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.
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.
We may receive compensation when you use eToro. Please visit eToro for its exact pricing terms.
- Offers unique copy trading feature
- Trusted echange that has been active in traditional finance
- Interface is clean and easy to use
- You cannot deposit cryptocurrency, but you can deposit with other payment methods
Kraken 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.
- 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
- Requires ID verification, so not private
LocalBitcoins Popular 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.
- Can be private, fast and easy
- In-person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit
- 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
Bitt Popular Buy Bitcoin
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.
- Trusted exchange backed by US investors
- 1% fees are low for the markets that Bitt serves
- USD, EUR, and GBP trading fees are very low at 0.2%
- Not a private way to buy bitcoin as ID verification is required
- Low liquidity for certain currency pairs means wide spreads; harder to get bitcoin at a fair market rate
Kiwi Coin Buy Bitcoin
Kiwi Coin is a Bitcoin exchange based in New Zealand. You can fund your exchange account with New Zealand domestic bank transfer. Fees are about 0.6% per purchase.
- Trusted Bitcoin exchange based in New Zealand
- One of the cheapest ways to buy bitcoins in the country
- Limited payment options
- Not a good way to buy privately
Bitcoin 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%.
- Our map makes it super easy to find a Bitcoin ATM near you
- Bitcoin ATMs often have 5-10% fees per purchase
Mycelium 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.
- Easy and cheap way to buy bitcoins with cash
- Private way to buy bitcoins, no personal information required beyond cellphone number
- Users in sparsely populated areas will have trouble finding sellers
How to Buy Bitcoin in Trinidad and Tobago
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.
Eight different exchanges support Trinidad and Tobago, including Coinmama, one of the largest exchanges in the world.
There aren't any Bitcoin ATMs in Trinidad and Tobago, however, so if you want to buy Bitcoin privately, we recommend LocalBitcoins.
It's an exchange that facilitates private peer to peer payments without identity verification. 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.
You can check out our reviews of the two best options on the market - the Ledger Nano S and the Trezor by clicking those links.
Bitcoin Mining in Trinidad and Tobago
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.
