Currency controls in Latin America affect how traders deposit and withdraw from brokers. Argentina's cepo cambiario is the most restrictive, limiting USD purchases to $200/month. This guide explains currency restrictions in Mexico, Argentina, Colombia, Chile, and Peru, and practical workarounds for traders.
Currency Controls in LATAM: How They Affect Your Trading
Currency restrictions impact which brokers you can use and how you move money. Here's what traders in controlled economies need to know.
🚫 What Are Currency Controls?
Currency controls = Government restrictions on buying/selling foreign currency.
Purpose: Protect local currency, prevent capital flight, control inflation
Effect on traders: Limits how you deposit/withdraw from international brokers
🇦🇷 Argentina: The "Cepo"
Current Situation (2026):
Official Dollar Limit: $200/month purchase limit
Unofficial "Blue" Rate: Often 50-100% higher than official
Trading Impact: Significant
How It Affects Trading:
Deposits:
- Can't easily buy USD officially to deposit
- Many use crypto (USDT) to fund accounts
- Some brokers accept ARS directly (rare)
- Bank transfers scrutinized by AFIP
Withdrawals:
- USD withdrawals may be blocked by local banks
- Crypto withdrawals more reliable
- P2P exchange common
Best Brokers for Argentina:
Argentine Trader Strategies:
Strategy #1: Crypto gateway
- Buy USDT locally (blue rate)
- Deposit USDT to broker
- Trade normally
- Withdraw to USDT
- Sell USDT locally
Strategy #2: Keep USD in broker
- Don't withdraw profits
- Trade with growing USD balance
- Avoid conversion to ARS
🇻🇪 Venezuela: Extreme Controls
Current Situation:
Bolivar Collapse: Hyperinflation makes local currency unusable
USD Required: Most brokers require USD deposits
Banking Sanctions: International restrictions affect some services
Venezuelan Traders:
Main challenges:
- Limited banking access
- International payment blocks
- Broker restrictions (many don't accept VE clients)
Solutions:
- Crypto-friendly brokers essential
- Use USDT/USDC for all transactions
- Keep everything in USD/crypto
Brokers accepting Venezuelans:
- Exness (crypto deposits)
- Some offshore brokers
- P2P platforms
🇧🇷 Brazil: CAMEX Regulations
Current Situation:
Registration: Must register international investments with Central Bank
Reporting: Automatic for large transfers
Tax: 15% on foreign investment gains (IR)
Limits: Generally NO strict limits
Brazilian Traders:
Relatively open: Can deposit/withdraw freely
Must report: Foreign assets >$100,000 USD
IOF Tax: 0.38% on international payments
Less restrictive than Argentina/Venezuela.
🇨🇴 Colombia: Open Markets
Current Situation:
Currency controls: MINIMAL
USD Access: Relatively easy
Broker deposits: No major restrictions
Colombian traders: Easier than Argentina/Venezuela
PSE Payments: Widely accepted by brokers
Tax reporting: Still required to DIAN
🇲🇽 Mexico: Open with Monitoring
Current Situation:
No capital controls: Can buy USD freely
Banking: SPEI makes deposits easy
Monitoring: SAT tracks foreign income
Mexican traders: Best access in LATAM (with Chile, Colombia)
Main concern: Tax compliance, not access
💡 Strategies for Controlled Economies
Solution #1: Crypto Gateway
Best for: Argentina, Venezuela
How it works:
- Buy USDT locally (P2P)
- Send to broker accepting crypto
- Trade normally
- Withdraw profits to USDT
- Sell USDT locally
Brokers supporting crypto:
- Libertex (USDT deposits)
- Exness (crypto-friendly)
- Some offshore platforms
Solution #2: International Bank Accounts
Best for: Serious traders with capital
How it works:
- Open account in Uruguay, Panama, or USA
- Deposit from this account to brokers
- More expensive but more reliable
Requires: Legal presence/documentation
Solution #3: Keep Balance in USD
Best for: Long-term traders
How it works:
- Deposit once via crypto/transfer
- Never withdraw (or rarely)
- Grow account in USD
- Avoid currency conversion issues
Works if: Don't need profits for living expenses
🚨 Red Flags: Broker Scams Targeting LATAM
Be extra careful in countries with controls:
🚩 "We accept ARS/VES directly!" (Usually scams)
🚩 "No limits on deposits!" (Suspicious in controlled countries)
🚩 "Guaranteed USD conversion" (Impossible to guarantee)
🚩 Pressure to deposit quickly (Common scam tactic)
Stick to established, regulated brokers with crypto options.
💡 Smart Money Management
For Traders in Controlled Economies:
1. Use Crypto as Bridge
- USDT = stable, transferable
- Acts as USD proxy
- More reliable than banking
2. Diversify Deposit Methods
- Have backup payment option
- Test small amount first
- Keep records of all transactions
3. Plan Withdrawals Strategically
- Withdraw during favorable rates
- Consider timing with tax year
- Don't withdraw unnecessarily
4. Keep Emergency USD
- Save some profits in broker account
- Don't convert all to local currency
- Hedge against further devaluation
📊 Comparison: Ease of Trading by Country
| Country | Deposits | Withdrawals | Overall Ease |
|---|---|---|---|
| Mexico | ✅ Easy | ✅ Easy | 🟢 Best |
| Chile | ✅ Easy | ✅ Easy | 🟢 Best |
| Colombia | ✅ Easy | ✅ Easy | 🟢 Good |
| Peru | ✅ Easy | ✅ Good | 🟢 Good |
| Uruguay | ✅ Good | ✅ Good | 🟡 Moderate |
| Brazil | ✅ Good | ✅ Good | 🟡 Moderate |
| Argentina | 🟡 Moderate (crypto) | 🟡 Difficult | 🔴 Challenging |
| Venezuela | 🔴 Difficult | 🔴 Difficult | 🔴 Very Hard |
❓ FAQ
Q: Can government freeze my broker account?
A: No, if using international broker. They can restrict local banking, but not foreign broker balances.
Q: Is using crypto to deposit legal?
A: Generally yes in most LATAM countries. Check local regulations.
Q: What if controls get worse?
A: Keep funds in USD/crypto with broker, don't convert to local currency until needed.
Q: Should I avoid trading in controlled economies?
A: No, but choose brokers carefully. Crypto-friendly brokers essential.
Last updated: January 2026
Related: Best Brokers for Argentina | Crypto Deposits Guide
Bottom Line
Currency controls create both challenges and opportunities for LATAM traders. Use crypto stablecoins (USDT) as a practical workaround, consider USD-denominated brokerage accounts, and always stay informed about regulatory changes that could affect your deposits and withdrawals.
Key Takeaways
Remember these important points:
- 1 Risk management is the most important skill in trading
- 2 Never risk more than 1-2% per trade
- 3 Always use stop losses - no exceptions
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