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How to use Polymarket in Chile: deposits and withdrawals guide

Polymarket works in Chile and the regulator has not ruled on it. Buy USDC on Buda, Binance or CryptoMKT, send it over Polygon, withdraw the same way.

By Matías MardonesUpdated on October 25, 20264 min read

Does Polymarket work from Chile?

Yes. Polymarket does not restrict Chile: the country is not on its official geoblocking list. The only extra step is the money, because Polymarket does not accept Chilean pesos. You buy USDC on an exchange, send it over the Polygon network to your deposit address and, to withdraw, follow the route in reverse back to your bank account.

Chile’s gambling regulator, the Superintendencia de Casinos de Juego (SCJ), has not ruled on prediction markets. There is no known ban, but no local authorisation either. Beyond that, there is nothing firm to say. Check the Chile page for the current status.

Step 1: buy USDC with Chilean pesos

Exchange Typical use
Buda Buy USDC with pesos
Binance Buy USDC through the methods it offers in Chile
CryptoMKT Buy USDC with pesos

The process is similar on all three:

  1. Open an account and complete the verification requested.
  2. Fund it in CLP using the methods that exchange supports.
  3. Buy USDC, a stablecoin pegged to the US dollar.

Each exchange has its own fee table for buying, selling and withdrawing. Look it up on its site: it is the part of the cost that varies most from one to another.

Step 2: transfer USDC to Polymarket over Polygon

  1. On Polymarket, open Deposit and copy the EVM address. It belongs only to your wallet and that network type.
  2. On the exchange, choose Withdraw USDC and the Polygon network. If it is not offered, pick another network that Polymarket’s deposit screen lists as supported, and use that same network on the exchange.
  3. Check the minimum on the deposit screen. It is not fixed.
  4. Confirm the transfer. Polymarket converts USDC to pUSD automatically.

Getting the network or token wrong can cost you the whole transfer. recovery.polymarket.com exists to try to recover mistaken deposits, but it does not always work. The guide on how to deposit on Polymarket goes through each step more slowly.

If you would rather skip the exchange, the interface offers card deposits (with the external processor’s fees) and a Coinbase connection.

Step 3: withdraw from Polymarket to pesos

  1. On Polymarket, press Withdraw. Your pUSD balance becomes native USDC through a Uniswap pool on Polygon.
  2. Paste your USDC deposit address from Buda, Binance or CryptoMKT and select the same network.
  3. Sell the USDC for pesos on the exchange and transfer them to your bank using its methods and timelines.

Key points from the withdrawal docs:

  • Polymarket charges no withdrawal fee.
  • Withdrawals are instant unless the Uniswap pool is depleted. If so, split the amount or wait.
  • You can withdraw pUSD without converting, but several exchanges do not accept pUSD deposits. For a Chilean exchange, withdraw as USDC.

The cost of using Polymarket in Chile

Item Who charges How much
Depositing Polymarket No fee
Withdrawing Polymarket No fee
Trading as a maker Polymarket No fee
Trading as a taker Polymarket Rate from 0 to 0.07 by category
Buying and selling USDC Buda, Binance or CryptoMKT Exchange’s published rate
Moving USDC off the exchange The exchange Exchange’s published rate
Polygon network The network Cents; usually absorbed by the exchange

The exact taker fee calculation is in the fees guide. On taxes, the general rule is to ask an accountant if you make a profit.

If you want to see how probabilities move before putting money in, the markets board needs no account.

Frequently asked questions

Is Polymarket allowed in Chile?

Polymarket does not restrict Chile and the SCJ has not ruled on prediction markets. There is no known ban, though there is no local licence either.

Can I deposit on Polymarket using Buda?

Yes, as a general route: buy USDC with pesos on Buda and withdraw it to your Polymarket deposit address, using the same network on both sides.

How long does a Polymarket withdrawal take?

According to the official docs, it is instant unless the Uniswap pool is depleted. After that, you depend on your exchange’s timelines to sell and transfer the pesos.

Does Polymarket charge to deposit or withdraw?

No. What you pay is the taker fee when you take existing orders, plus the fees of the exchange you use to buy and sell USDC.

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