Best Crypto Exchanges for Latin America: PIX, SPEI & More

Updated December 24, 2025

Key Takeaways

Paxful shut down permanently in November 2025 after years of compliance failures. Direct exchanges like ours now offer safer alternatives: buy Bitcoin with PIX in Brazil or SPEI in Mexico in under 10 minutes, with verification in 2.5 minutes and zero P2P scam risk. We charge higher fees than P2P marketplaces (starting from 0.49% for cards), but you’re paying for guaranteed safety, instant processing, and 24/7 support, no waiting for sellers who might disappear.

We’ve watched buying crypto in Latin America transform over the past decade. P2P platforms dominated because traditional exchanges ignored local payment methods like PIX and SPEI. But we saw the hidden cost: scam risk, slow dispute resolution, and constant fear that sellers would vanish with your money.

Direct exchanges like ours now support the same local methods without forcing you to trust strangers. Here’s how the top platforms compare.

Quick Answer: Top Exchanges for Latin America

If you need Bitcoin today using PIX or SPEI, we built Paybis for exactly that use case. Our verification takes 2.5 minutes on average with 80% automatic approval, and your crypto arrives within 15 minutes. You pay higher fees, but you eliminate P2P scam risk entirely.

Binance P2P offers lower fees (0.15-0.35%) but requires trusting individual sellers. Bitso provides strong local banking integration in Mexico but slower verification than global platforms.

Platform	Best For	Speed	Total Fees	Local Methods	Support
Paybis	First-time buyers	2.5 min	0.49%	PIX, SPEI	24/7
Binance P2P	Experienced	Varies	0.15-0.35%	PIX	Bot-first
Bitso	Mexico/Argentina	<24 hours	0.075	SPEI	Regional

Why Look for Paxful Alternatives?

Latin America became a P2P stronghold by necessity. Traditional exchanges didn’t support local currencies like BRL, MXN, or ARS, and they certainly didn’t accept PIX or SPEI. P2P platforms like Paxful filled the gap.

But P2P platforms came with a hidden tax: risk.

Paxful suspended operations in April 2023 due to founder disputes. By November 2025, the platform announced permanent shutdown, citing “unsustainable compliance remediation costs.”

The Real Cost of P2P Trading

P2P exchanges operate like Craigslist for crypto. You find a seller, send your payment, and hope they release the Bitcoin. The FBI reported over 69,000 cryptocurrency fraud cases in 2023, with Brazil and Mexico ranking among the top 20 affected countries.

In Brazil specifically, ACI Worldwide projects APP scam losses will grow 40% by 2028, reaching hundreds of millions in annual losses.

Direct exchanges eliminate this trade-off. You’re buying from a registered company, not trusting a stranger. If something goes wrong, you have 24/7 support and a clear path to resolution.

Top 4 Crypto Exchanges for Latin America

1. Paybis: Best for Instant PIX and SPEI Transactions

We operate in 180+ countries with support for up to 70 fiat currencies and 20 payment methods, including PIX for Brazil and SPEI for Mexico. We built our platform for one purpose: get crypto into your wallet fast without requiring trading knowledge.

How it works:

1. Visit paybis.com and enter the amount you want to buy
2. Complete 2.5-minute verification
3. Select PIX, SPEI, or card payment
4. Receive Bitcoin within 15 minutes

Fees: Starting from 0.49% service fee for cards, plus payment processing fees (4.5% for cards over $50, 0.99% for bank transfers) and network fees. Your first credit card purchase has zero Paybis service fee. For a $500 purchase after your first buy, expect $535-540 total, all fees shown before you confirm payment.

Speed advantage:

Our verification process takes 2.5 minutes on average with an 80% first-check approval rate. Most users receive approval within 5 minutes, and transactions process instantly once payment clears.

Regional support:

• Brazil: PIX payments complete in under 10 minutes
• Mexico: SPEI transfers settle within seconds
• Argentina: Support for Argentine Peso (ARS) via credit/debit cards

Support: 24/7 live chat with average response time around 15 seconds. Our website has been translated into Spanish and Portuguese, and video verification works in Spanish, Portuguese, and four other languages.

Regulatory standing: We’re registered with FinCEN in the US and FINTRAC in Canada, with compliance frameworks covering EU and UK regulations. We’ve operated since 2014 with zero major hacks.

Verdict: Choose Paybis if you’re buying crypto for the first time, need Bitcoin today, and value support and safety over marginal fee savings. Watch this step-by-step video guide to see the complete purchase process.

“I’ve been using Paybis for a while now – and it’s really nailed the ‘easy and dependable’ part for me. What I like most is how simple it is: I just pick how much crypto I want, pay with my card (or Apple/Google Pay), and in about 10-15 minutes the coins are already in my wallet.” – Verified user review of Paybis

2. Binance P2P: Best for Low Fees and Trading Experience

Binance P2P supports Brazilian Real (BRL), Argentine Peso (ARS), Mexican Peso (MXN), Colombian Peso (COP), and Peruvian Sol (PEN), with Latin America accounting for $120M in monthly P2P volume.

Fees: Binance P2P charges 0% taker fees and 0.15-0.35% maker fees depending on region. For a $1,000 trade at 0.25%, the maker pays $2.50 significantly cheaper than direct exchanges.

The catch: You’re not buying from Binance. You’re buying from another user. That user might release your Bitcoin in 10 minutes, or they might take 6 hours. They might accept your payment then dispute it with their bank. Binance offers escrow protection, but disputes require support intervention.

Payment methods: PIX confirmed for Brazil, with over 700 payment methods globally. Binance uses a maker/taker model with base fees starting at 0.10%, reduced to 0.075% when paying with BNB.

Verdict: Binance P2P makes sense if you’re experienced with P2P escrow, can handle verification delays, and value saving $20-30 per transaction over guaranteed speed and support. Not recommended for first-time buyers.

3. Bitso: Best for Local Banking in Mexico

Bitso specializes in Latin American markets, with 1,900 institutional clients and strong growth across Mexico, Argentina, Brazil, and Colombia.

SPEI support: Bitso accepts instant MXN deposits and withdrawals via SPEI transfers with no fees. The platform has deep ties to regional banking infrastructure.

Fees: Bitso charges 0.098% for takers and 0.075% for makers, which is competitive for active traders but requires understanding trading interfaces.

Verification: Most users complete verification in under 24 hours, faster than Coinbase but slower than Paybis. The platform serves approximately 9 million retail clients across Latin America.

Verdict: Bitso is a strong regional alternative if you’re in Mexico or Argentina and want local banking integration. However, the interface assumes trading familiarity, making it less suitable for first-time buyers.

4. Noones: Best for Niche P2P Payment Methods

Noones operates as the spiritual successor to Paxful, with former Paxful CEO Ray Youssef joining as CEO in December 2023. The platform consists of three sections: Trade (P2P marketplace), Gift cards, and Wallet.

Fees: Noones charges 0% platform fees for P2P trades, making money through gift card markups and optional premium features.

Identity verification: Verification isn’t required for trades under $10,000 or total volumes under $50,000. This accessibility also increases scam risk.

User base: The platform exceeded 2 million users as of January 2025, with strongest popularity in Nigeria, Ghana, Cameroon, India, and the Philippines.

Verdict: Noones works if you need niche payment methods (gift cards, mobile money) that direct exchanges don’t support. However, it carries the same fundamental P2P risks: you’re trusting individual sellers, and scammers actively target the platform.

Comparison: Fees, Speed, and Support

Understanding the trade-off between fees and safety is critical. Here’s how the platforms compare:

Speed & Verification

Platform	Verification Speed	Transaction Speed	Ease of Use
Paybis	2.5 min average	<15 min delivery	Simple calculator interface
Binance P2P	5-10 min typical	Varies by seller	Complex trading interface
Bitso	<24 hours	7-10 min processing	Requires trading knowledge
Noones	Optional under $10K	Depends on seller	P2P marketplace interface

Costs & Support

Platform	Total Fees	PIX/SPEI Support	Support Quality
Paybis	Starting from 0.49%	✅ Both	24/7 live chat
Binance	0.15-0.35% maker fees	✅ Both	1-2 min average response
Bitso	0.075-0.098% trading	✅ SPEI strong	Regional support
Noones	0% platform fees	Varies by seller	Professional support team

The trade-off: Paybis costs an extra $35-40 per $500 transaction compared to Binance P2P. But you’re paying for guaranteed safety, speed certainty, and support access. Whether that’s worth it depends on your risk tolerance and experience level.

How to Buy Bitcoin with PIX or SPEI

This walkthrough uses Paybis as the example. The process takes 10-15 minutes start to finish.

Step 1: Calculate Your Purchase

Visit paybis.com and select your currency:

• Brazil: BRL (Brazilian Real)
• Mexico: MXN (Mexican Peso)
• Argentina: ARS (Argentine Peso)

Enter your amount. The calculator shows Bitcoin amount, service fee, processing fee, network fee, and total before you proceed. Watch this calculator tutorial to see how pricing updates in real-time.

Step 2: Verify Your Identity

Click “Buy Now” and create an account. Our KYC verification accepts over 6,500 document types from 220+ countries.

Upload:

• Government ID: National ID, driver’s license, or passport
• Selfie: Photo holding your ID
• Liveness check: Follow prompts to move your head

Verification typically completes within 15 minutes, with most approvals under 5 minutes. The process works in Spanish or Portuguese.

Step 3: Select Your Payment Method

For Brazil (PIX):

• Select PIX as your payment method
• We generate a QR code and PIX key
• Open your banking app, scan the code or paste the key
• PIX transactions complete in less than 10 seconds
• See our detailed PIX guide

For Mexico (SPEI):

• Select bank transfer (SPEI)
• We provide bank details and reference number
• Log into your bank and initiate SPEI transfer
• Include the reference number
• SPEI transfers complete within seconds

For All Regions:

• Credit/debit cards available with instant processing
• Your first card purchase: $0 Paybis service fee

Step 4: Receive Your Crypto

After payment confirms, we process your transaction with instant processing (<1 minute).

You’ll receive email confirmation with:

• Transaction ID
• Blockchain explorer link
• Receipt showing all fees
• Wallet address

Your Bitcoin is now in your wallet. Watch this complete video walkthrough showing the entire process.

“I like how easy it is to buy crypto with my card and send it directly to my wallet. The interface is clear, transactions are fast, and support has been helpful whenever I had questions.” – Verified user review of Paybis

Critical Factors: Choosing a Safe Exchange

Latin America ranks among the highest globally for crypto adoption, with four countries in the top 20: Brazil (9), Mexico (13), Venezuela (14), and Argentina (15). But adoption also attracts scammers. Here’s what to check.

Regulatory Registration

Legitimate exchanges register with financial authorities. We hold FinCEN registration in the US and FINTRAC in Canada, requiring anti-money laundering programs and regular audits.

P2P platforms operate in regulatory gray zones. Individual sellers aren’t licensed, and the platform takes no responsibility for their compliance.

Local Payment Support

PIX was adopted by over 70% of Brazil’s population (150+ million people) within four years of launching. Monthly PIX transactions reached R$2.5 trillion by July 2024.

We explicitly support PIX, SPEI, and 20 other methods across 180+ countries. Binance supports these through P2P sellers, but availability depends on who’s online.

Support Accessibility

When your $500 purchase disappears into “processing,” you need answers now. We offer 24/7 live chat with average response around 15 seconds.

Fee Transparency

We show exact service fee, processing fee, network fee, and total before you confirm payment. The calculator updates in real-time as you change amounts or methods.

P2P platforms technically charge 0% fees, but sellers build markup into exchange rates. Without real-time market comparison, you don’t know you’re overpaying.

Security Track Record

We’ve operated since 2014 with zero major hacks. We use cold storage, SSL encryption, two-factor authentication, and MPC technology for business wallets.

Compare this to P2P: your security depends entirely on the stranger you’re trading with.

Conclusion

The P2P model saved money but cost peace of mind. Direct exchanges cost more per transaction but eliminate risk entirely.

If you’re buying crypto for the first time, create a Paybis account, verify your identity in 2.5 minutes, and buy Bitcoin with PIX or SPEI in under 15 minutes total. Your first credit card purchase has $0 Paybis service fee.

If you’re experienced with P2P and willing to wait for sellers, Binance P2P offers lower fees. For businesses, explore our Corporate Service or OTC desk.

Key Terminology

PIX: Brazil’s instant payment system launched in 2020, enabling 24/7 transfers in less than 10 seconds with no fees for individuals.

SPEI: Mexico’s electronic interbank payment system managed by Banco de México, completing transfers within seconds using 18-digit CLABE identifiers.

Direct Exchange: Platform where you buy crypto directly from the company (not other users). Higher fees than P2P but eliminates counterparty risk.

P2P Exchange: Peer-to-peer marketplace where users trade directly. Lower fees but carries scam risk.

KYC/AML: Know Your Customer and Anti-Money Laundering processes requiring identity verification through government ID and selfie.

Fiat Currency: Government-issued money like BRL, MXN, ARS, or USD (opposite of cryptocurrency).

Network Fee: Cost paid to blockchain miners to confirm transactions. Varies by cryptocurrency and congestion. Also called gas fee for Ethereum.

Escrow Service: Temporary holding of funds during P2P transactions. Platform releases crypto after seller confirms payment.

Settlement Time: Duration from payment to crypto arriving in wallet. Bitcoin typically takes 10-60 minutes, some networks settle in seconds.

Stablecoin: Cryptocurrency designed to maintain $1 value by backing each coin with fiat reserves. Examples: USDT, USDC.