Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Summary: In Cyprus, investing in Bitcoin and other digital assets requires using a platform compliant with CySEC (Cyprus Securities and Exchange Commission) regulations. These platforms facilitate secure transactions and allow for various local deposit methods, including SEPA transfers, local bank transfers, credit cards, and debit cards, ensuring ease of access for Cypriot investors.
To assist you in your cryptocurrency journey, we have evaluated the top 5 trading platforms available to residents. These exchanges are renowned for their credibility, user experience, and strict adherence to CySEC guidelines, making them the most trustworthy and reliable options in the market.
Best Cryptocurrency Exchanges in Cyprus
After evaluating more than 15 cryptocurrency platforms, we've zeroed in on the top regulated exchanges that cater to investors in Cyprus. Our review process considers several vital criteria, such as regulation and licensing by the Cyprus Securities and Exchange Commission (CySEC), the variety of available crypto assets, user experience, Euro deposit methods, and fee structures. For an in-depth look, please consult the list below to discover the leading five cryptocurrency platforms.
eToro emerges as the top crypto platform in Cyprus, granting investors a comprehensive range of over 3,000 financial assets, including cryptocurrencies, equities, commodities, fiat currencies, market indices, and ETFs. This means that you can buy real crypto-assets like Bitcoin, Ethereum and Solana, as well as crypto-related equities like Coinbase and Microstrategy all in one secure and regulated platform.
As a platform based in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC), eToro has garnered over 30 million global investors, solidifying its status as Cyprus' largest and most secure platform for crypto trading. The platform has found favour among investors due to its convenient and low-fee Euro deposit options, which include banking transfers, debit cards, and other widely accepted methods. Additionally, eToro maintains a competitive edge with its low fee structure, zero upfront commissions and tight spreads (1%).
- Fees: Trading is subject to a variable spread fee.
- Supported Assets: Over 3,000, including crypto assets, equities, ETFs, commodities, etc.
- Regulation & Licensing: eToro is licensed by the CySEC.
- Euro Deposit Methods: Bank Transfer, SEPA Transfer, Online Banking, Credit/Debit Card, and other popular options.
Taking the runner-up position in Cyprus' crypto landscape, Kraken has gained a strong foothold with an impressive quarterly trading volume. Tailoring its offerings to accommodate Cypriot traders, Kraken provides access to more than 250 cryptocurrencies, including high-demand assets like Bitcoin, Ethereum, and Litecoin, along with various emerging tokens.
The platform prioritizes user experience, evident from its highly-rated mobile applications available on both the App Store and Google Play. Notably, Kraken offers staking services that enable Cypriot users to earn up to 25% annual rewards (APY). Furthermore, Kraken Pro, its advanced trading interface, is specially designed to cater to both retail and institutional traders in Cyprus, boasting low spreads, ample liquidity, and high deposit limits.
- Fees: 0.16% for Maker Orders and 0.26% for Taker Orders.
- Supported Assets: Over 250 spot markets and 100+ markets with margin trading options.
- Regulation & Licensing: Although initially focused on the U.S., Kraken adheres to the necessary financial regulations in Cyprus.
- Euro Deposit Methods: Bank Transfers, Credit/Debit Cards, and other commonly accepted payment methods.
Occupying the third spot in Cyprus' crypto arena, Uphold brings a diverse portfolio of over 250 digital assets for buying, selling, and staking, fully in line with Cyprus financial regulations. Uphold serves as a strong alternative to eToro and Kraken, particularly excelling in quick and economical Euro deposit options that include Bank Transfer, Debit Card, and Credit Card, among others.
What sets Uphold apart is its audited proof-of-reserves, a feature that offers real-time data to show how customer funds are safeguarded, thereby confirming a 1:1 backing of all assets. This unparalleled level of transparency positions Uphold as one of the most secure and reliable exchanges in Cyprus.
- 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 applicable in Cyprus.
- Euro Deposit Methods: Bank Transfer, SEPA, Google Pay, Apple Pay, Credit/Debit Card, and other prevalent payment methods.
Claiming the fourth position in Cyprus' crypto market, OKX is geared primarily towards institutional investors, delivering an array of advanced trading instruments, a wide range of cryptocurrencies, and competitive fees. The platform offers diverse trading types, including futures, options and margin trading. OKX also operates an OTC desk, offering bespoke services and a smooth onboarding process for institutional accounts and family offices.
OKX sets itself apart with a strong focus on security, featuring among the safest and most rigorously audited staking services. With stringent adherence to Cyprus' financial regulations and comprehensive API options, OKX emerges as an appealing choice for institutional investors seeking a reliable and technologically robust platform.
- Fees: Makers are charged 0%, and takers incur a 0.2% fee. A standard 0.1% fee applies to instant spot trading.
- Supported Assets: Over 300 cryptocurrencies, including leveraged trading options for experienced traders.
- Regulation & Licensing: While originally based in Seychelles, OKX complies with financial regulations applicable in Cyprus.
- Euro Deposit Methods: Options include Bank Transfer, Credit/Debit Card, and other commonly used payment mechanisms.
Securing the fifth spot in Cyprus' crypto sector is KuCoin, a significant player on the global stage. Boasting a daily trading volume exceeding $1.45 billion and a user base that spans over 200 countries, KuCoin is particularly appreciated among Cypriot traders. The platform offers an extensive range of over 700 cryptocurrencies, opening the door to exploring emerging crypto assets.
KuCoin places a premium on user security and trust, employing advanced measures like Proof of Reserves (PoR). Beyond robust security features, the exchange provides a diverse array of trading options and an innovative Halo Wallet. With a strong commitment to nurturing a global community, KuCoin offers round-the-clock customer support and fosters relationships among its 29 million users worldwide.
- Fees: Euro deposits & withdrawals are free of charge. Spot trading fees commence at 0.1%, while derivatives maker/taker fees stand at 0.02%/0.06%.
- Supported Assets: Over 700 cryptocurrencies, along with staking options for more than 100.
- Regulation & Licensing: While not formally regulated in Cyprus, KuCoin is available to users in the country.
- Euro Deposit Methods: Bank Transfer and credit cards.
Is Crypto Investing Legal in Cyprus?
Yes, crypto investing is legal in Cyprus. The country does not have any laws that prohibit the purchase, sale, or trade of cryptocurrencies. However, it's crucial to note that the Cyprus Securities and Exchange Commission (CySEC) plays a significant role in regulating crypto asset exchanges operating within its jurisdiction. CySEC ensures that these platforms adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) standards to promote a secure and transparent trading environment.
While CySEC itself does not directly regulate cryptocurrencies, it holds crypto asset exchanges accountable to stringent operational standards. This is done to protect investors and maintain the integrity of the financial markets in Cyprus. As a result, before investing in any crypto platform, it's advisable to confirm that the exchange complies with CySEC's guidelines and standards.
How to Buy Bitcoin and Crypto in Cyprus
If you're considering investing in Bitcoin or other digital assets in Cyprus, the process is straightforward and relatively hassle-free. Here's a step-by-step guide to ensure you conduct a secure and compliant transaction:
- Pick a platform: Choose a CySEC-compliant exchange for security and regulatory compliance.
- Verify your account: Sign up with your email, create a strong password, and complete required KYC checks by uploading valid ID and proof of residence.
- Fund your account: Use options like bank transfers or debit/credit cards to deposit Euros into your account.
- Buy cryptocurrency: Select your desired digital asset, indicate the amount in Euros or crypto, and confirm.
- Secure your assets: For added security, move your purchased cryptocurrencies to a secure wallet.
By adhering to this guide and using a CySEC-regulated platform, you can invest in cryptocurrencies in Cyprus both safely and efficiently.
In summary, for those looking to venture into cryptocurrency investments in Cyprus, choosing a CySEC-regulated platform is crucial for ensuring a safe and compliant trading environment. Our exhaustive review has spotlighted the top five exchanges, eToro, Kraken, Uphold, OKX, and KuCoin, that not only align with regulatory guidelines but also offer a broad array of digital assets, user-friendly interfaces, and multiple Euro deposit methods.
For a secure and tailored crypto trading experience in Cyprus, our top-rated platforms cover the spectrum of investor needs. As you explore this dynamic financial frontier, don't forget the importance of regulatory compliance; always ensure your chosen platform is CySEC-approved before making any investment decisions.