Best Crypto Exchanges in Cyprus

Best Cryptocurrency Exchanges in Cyprus

Our expert team assessed 24 cryptocurrency trading platforms available in Cyprus to identify the top choices for local investors. This evaluation focused on compliance with the Cyprus Securities and Exchange Commission (CySEC) regulations, user experience, Euro deposit methods, available cryptocurrencies, fee structures, and platform features. Below is a comparison table highlighting the top 5 exchanges for Cypriot traders.

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1. eToro

eToro is the leading investment platform in Cyprus, offering an extensive range of over 4,500 financial instruments. This selection includes cryptocurrencies like Bitcoin, Ethereum, and Solana. Traditional assets are also supported, including major stocks, such as Coinbase and Microstrategy, plus ETFs and commodities. This diverse portfolio enables Cypriot investors to efficiently diversify their investments in one single interface.

It operates under strict regulation by the Cyprus Securities and Exchange Commission (CySEC) ​​under Company No. HE 200585. It also has a registered office at 4 Profiti Ilia Str., Kanika Business Centre, 7th floor, Germasogeia, 4046, Limassol, Cyprus. The platform provides many investment choices with various deposit methods, including bank transfers, SEPA, credit/debit cards, and more. In addition, there are unique features like copy trading and a demo account.

• Fees: eToro uses a variable spread fee model, typically around 1%.
• Supported Assets: Over 4,500 assets.
• Regulatory Compliance: eToro (Europe) Ltd is regulated by the Cyprus Securities Exchange Commission (CySEC) under licence number 109/10. ‍
• EUR Deposit Methods: SEPA, bank transfers, debit cards, credit cards, and more.

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2. Bybit

Bybit is the most popular futures trading platform in the world that caters to all investors, particularly those interested in options and perpetual futures contracts. It supports over 1,100 cryptocurrencies to trade on spot, derivatives and options markets with up to 100x leverage. There are over 30 million registered customers across Cyprus and 150 countries. As a globally accessible exchange, it provides multilingual customer support available in Greek and Turkish.

It extends beyond cryptocurrencies, offering an NFT marketplace with popular projects like Milady’s, Pudgy Penguins and Bored Apes. Additional features include copy trading services, a demo account, lending and borrowing, several staking options, a crypto debit card and a Launchpad. The platform also provides access to Web3 through its inbuilt crypto wallet, native token, DEX and on-chain staking.

• Fees: Maker fees at a low 0.02%, with taker fees at 0.055% for futures plus a spot trading fee of 0.1%.
• Supported Assets: Over 1,100 digital assets.
• Regulation & Licensing: Licensed by CySEC.‍
• EUR Deposit Methods: SEPA, Zen, Wise, bank transfers, debit cards, credit cards, Google Pay, and Apple Pay.

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3. Uphold

Uphold supports a diverse portfolio of over 250 digital assets for buying, selling, and staking. There are also 27 fiat currencies and 4 precious metals available on the platform. What sets it apart is its audited proof-of-reserves, a feature that offers real-time data to show how customer funds are safeguarded, confirming a 1:1 backing of all assets. This unparalleled level of transparency positions it as one of the most secure exchanges in Cyprus.

It has over 10 million users worldwide and provides live customer support in several languages. In addition to trading, there are staking services that allow users to earn up to 30% APY on 30 digital assets. Another key feature is the OTC desk, DCA investing and a mobile app. The simple interface and useful services make it perfect for beginners.

• Fees: A 1% trading fee and a 1% spread fee apply. 
• Supported Assets: 250+ cryptocurrencies, 4 precious metals, and 27 fiat currencies.
• ‍Regulation & Licensing: Uphold adheres to financial regulations in Cyprus.
• ‍EUR Deposit Methods: Bank transfer, SEPA, Google Pay, Apple Pay, credit cards, and debit cards.

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4. OKX

OKX is tailored towards those interested in DeFi, delivering an range of advanced trading products and services. The platform offers diverse order types, including futures, options and margin trading with up to 50x leverage on 200 contracts. There are over 300 cryptocurrencies to trade with low fees and free EUR deposits. Its interface can be used in 10 languages, including Turkish and English.

DeFi features include on-chain staking options, an NFT marketplace, a decentralized exchange, in-built crypto wallet, native blockchain - OKT Chain and native token, OKB Coin. It is home to over 50 million users across Cyprus and 180 other countries, making it one of the largest platforms globally. The exchange sets itself apart with a strong focus on security, featuring among the safest and most rigorously audited asset reserves. 

• Fees: 0.1% fee applies to instant spot trading.
• Supported Assets: Over 300 cryptocurrencies.
• Regulation & Licensing: Complies with financial regulations applicable in Cyprus. ‍
• EUR Deposit Methods: Bank transfer, credit card, debit card, Apple Pay and Google Pay.

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5. Kraken

Kraken is one of the largest digital asset exchanges with over 10 million users in Cyprus and 180 countries and boasting significant quarterly trading volumes of $200 billion. The platform has tailored its services to suit Cypriot traders, providing access to over 250 cryptocurrencies, including popular assets like Bitcoin. It operates an OTC desk, offering bespoke services and a smooth onboarding process for institutional accounts and family offices.

The platform focuses on enhancing user experience, demonstrated by its top-rated mobile apps on both the App Store and Google Play. Kraken also offers staking services, allowing users to earn rewards up to 25% annually (APY). Additionally, Kraken Pro, its sophisticated trading interface, is designed for both individual and institutional traders in Cyprus, featuring low spreads, substantial liquidity, and high deposit limits.

• Fees: Maker orders at 0.16% and taker orders at 0.26%.
• Supported Assets: Over 250 spot markets and 100+ margin trading markets.
• Regulation & Licensing: Adheres to Cyprus's financial regulations.‍
• EUR Deposit Methods: Bank transfers, credit cards, debit cards, and other popular payment methods.

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Is Crypto Regulated in Cyprus?

Cryptocurrency regulation in Cyprus began with the amendment of the Anti-Money Laundering (AML) Law, which defines "Crypto-Assets" and regulates Crypto-Asset Service Providers (CASPs). CASPs offering services like the management and safekeeping of these assets must register with the Cyprus Securities and Exchange Commission (CySEC) for anti-money laundering purposes. 

However, challenges remain due to the volatile and largely unregulated nature of crypto-assets. The Central Bank of Cyprus and CySEC have issued warnings about the risks, including the lack of legal tender status, price volatility, and potential misuse for illegal activities. The upcoming implementation of the EU's Regulation on Markets in Crypto-Assets (MiCA), expected to be incorporated into Cyprus’s national law by late 2024, aims to harmonize and strengthen the regulatory framework across the EU.

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How is Crypto Taxed in Cyprus?

In Cyprus, cryptocurrency taxation follows specific rules. Funds from Initial Coin Offerings (ICOs) are taxable under Cyprus's attractive corporate tax rate of 12.5%. The Value-Added Tax (VAT) treatment, guided by European Court of Justice rulings, exempts traditional currency exchanges for Bitcoins from VAT. Security Tokens might avoid both corporate tax and VAT, depending on whether they're classified as equity or debt liability.

For individuals, the Cyprus Income Tax Office treats crypto gains as income, adding them to the gross salary and subjecting them to Progressive Income Tax (PAYE). This tax ranges from 20% for income over €19,500 to 35% for amounts exceeding €60,000. A key factor is whether crypto transactions are ongoing trading activities or one-off capital transactions. Regular trading activities are taxable, while one-off capital transactions are not. 

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Bottom Line

In conclusion, ryptocurrency adoption in Cyprus is on the rise, thanks to a progressive regulatory environment. The Cyprus Securities and Exchange Commission (CySEC) ensures that digital asset exchanges comply with financial laws, providing a secure and regulated trading environment. For Cypriot investors, top platforms like eToro, Bybit, Uphold, OKX, and Kraken provide robust options, each with unique features and compliance with CySEC regulations.