Cryptocurrencies are starting to become more common in Venezuela as the economic crisis that the country is facing is getting pretty rough. To avoid inflation, taxes or for many other reasons, people are starting to use crypto in the country to find a way out of the economic system. In fact, even the government has already announced that it will create its own cryptocurrency, the Petro.
But today we are not going to talk about coins but about a new exchange which has appeared on Venezuela: Cryxto.
What is Cryxto?
Cryxto is a new cryptocurrency exchange created to focus on the Ripple and offer services to the people of Venezuela. Ripple is one of the cryptos that is growing faster in the market, so it is only natural that it is becoming famous and popular.
This exchange trades Ripple and Bolívares (Venezuela’s currency). The company is sanctioned by governmental agencies and accepts payments from all the major banks in the country. This makes it clear that the main objective of this company is to become an accessible option for people who want to buy Ripple in Venezuela.
Plataforma venezolana para la compra, venta transferencia y almacenamiento de activos digitales en Bolívares. Más info https://t.co/dlGYiewbjf #Cryxto #Ripple #XRP #Criptomonedas pic.twitter.com/dRzO4gE9eu
— Cryxto (@cryxtoexchange) April 16, 2018
How to Use Cryxto?
To use this exchange, you have to register using a valid email and then verify your identity. You do not need to be Venezuelan, but you need to use the Venezuelan currency and have an account in a national bank to buy the tokens. After you are verified, you will be free to use your bank accounts to buy and sell Ripple (XRP) and you will receive a Cryxto wallet in case you do not have your own Ripple wallet yet.
The company charges some small fees whenever you make transactions. Receiving XRP tokens does not have a cost, but sending them costs 0.3% the value of the tokens. Buying or selling the tokens has a fee of 3% and withdrawing them has a 1% fee.
The company states that Cryxto is one of the most secure options in the Venezuelan market right now because you can only use it with a verified account and it has protocols to ensure that the transactions can only be made by you.
Cryxto also has full support for the users and local presence in the country, meaning that you can visit it to talk with the company whenever you feel that you need to. The platform is verified by the Superintendencia de los Criptoactivos y Actividades Conexas Venezolana (SUPCAVEN), so it is also legal.
The Cryxto Verdict
If you are based in Venezuela, this looks to be a great choice. It has somewhat high fees for a cryptocurrency exchange (although very low when compared to banks), but it definitely looks like an affordable and efficient option if you are in the country and you want to buy Ripple within the law.