Best Crypto Exchanges in Cyprus

Best Cryptocurrency Exchanges in Cyprus

We've carefully evaluated the 24 platforms available to Cypriot users and identified the top options that comply with Cyprus Securities and Exchange Commission (CySEC) regulations. Our team considered key factors such as supported cryptocurrencies, fee structures, and Euro deposit options. Below is a comparison table of the 5 best digital asset exchanges in Cyprus.

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1. Bybit

Bybit is the leading crypto exchange in Cyprus, offering over 1,400 cryptocurrencies to trade on spot, options and futures markets with 200x leverage. It has a 24-hour trading volume exceeding $13 billion, providing deep liquidity for its 54 million registered users. As a global platform, it can be used in English, Greek, Turkish and 20 other languages.

It extends beyond trading, offering an NFT marketplace, copy trading, a demo account, lending and borrowing services, several staking options, a crypto debit card and a Launchpad. Another key feature is its various trading bots, including Grid Bot, DCA Bot, and Futures Combo Bot, which automate trading strategies for users looking to maximize their earnings.

• 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 1,400 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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2. Uphold

Uphold is one of the top choices for beginners that allows you to easily buy, sell, and hold over 250 digital currencies, with the added benefit of instant swaps between multiple asset classes. In addition to crypto, it supports 27 fiat currencies and 4 precious metals, including Gold and Silver. It is home to over 10 million registered users in Cyprus and 150 other countries.

What sets it apart is its audited proof-of-reserves, which offers real-time data to show how customer funds are safeguarded, confirming a 1:1 backing of all assets. For those who want to spend their crypto, Uphold's debit card allows users to earn cashback and access some of the lowest foreign exchange rates when traveling abroad. 

• 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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‍3. Kraken

Kraken is a top choice for institutional and advanced traders in Cyprus, offering a robust suite of trading tools. With over 10 million clients across 190 countries and a quarterly trading volume of over $207 billion, it provides deep liquidity and various trading options, including spot, futures, and margin trading on over 280 cryptocurrencies. The platform also offers up to 5x leverage.

It’s known for its top-tier security features, including proof-of-reserve audits, cold storage and a comprehensive cybersecurity system. The platform is also renowned for its staking services, allowing users to earn rewards of up to 23% APY on their assets. Additionally, Kraken offers a professional-grade Kraken Pro platform that allows users to trade with advanced order types.

• Fees: Maker orders at 0.16% and taker orders at 0.26%.
• Supported Assets: Over 280 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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4. OKX

OKX serves over 30 million users across 180 countries, and the platform can be used in English, Turkish and Greek. It supports over 350 cryptocurrencies, including popular coins like Bitcoin, Ethereum, and Solana. The exchange also provides tools for staking, lending, and yield farming, allowing users to earn passive income through DeFi products.

For traders, OKX offers high-speed transactions and deep liquidity across spot, margin, and futures markets. DeFi features include on-chain staking options, an NFT marketplace, a decentralized exchange, a crypto wallet, in-built blockchain, OKT Chain and a native token, OKB Coin. The is one of the safest and most rigorously audited asset reserves. 

• Fees: 0.1% fee applies to instant spot trading.
• Supported Assets: Over 350 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. Gate.io

Gate.io provides the world's largest selection of digital assets, with over 2,100 cryptocurrencies for trading on spot and derivatives markets with up to 100x leverage. The platform is equipped with advanced trading tools, including customizable APIs for automated trading and a professional interface for high-frequency traders.

In terms of security, Gate.io is known for its commitment to keeping user funds safe, with most assets stored in cold wallets. The platform offers multi-factor authentication and uses advanced encryption methods to ensure account security. Daily trading volumes exceed $8 billion, and over 16 million registered users worldwide.

• Fees: 0.2% flat trading fee for both makers and takers.
• Supported Assets: Over 2,100 cryptocurrencies.
• Regulation & Licensing: Registered as a compliant entity under international regulations, with strict KYC/AML policies in place.
• EUR Deposit Methods: SEPA, wire transfers, and Apple Pay.

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Is Crypto Regulated in Cyprus?

Yes, cryptocurrency activities in Cyprus are regulated by the Cyprus Securities and Exchange Commission (CySEC). As the designated authority, CySEC ensures compliance with the Prevention and Suppression of Money Laundering and Terrorist Financing Law (AML/CFT Law).

Any Crypto Asset Services Provider (CASP) operating in or from Cyprus must register with CySEC and meet strict anti-money laundering and counter-terrorism financing regulations. This ensures the fitness and probity of CASP management, requires due diligence on clients, monitors suspicious transactions, and includes strict capital requirements for various CASP classes.

CySEC's regulatory framework, which closely monitors the crypto landscape, outlines clear requirements for CASPs. Entities in the European Economic Area (EEA) that wish to offer services in Cyprus must either notify CySEC of their existing registrations or submit an application if those activities fall outside their current regulatory coverage.

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How is Crypto Taxed in Cyprus?

Cyprus has developed a straightforward tax framework for crypto transactions. For most retail investors, profits from selling cryptocurrencies are treated as capital gains, with a tax rate of 12.5% on corporate gains, while personal gains are currently not subject to capital gains tax.

For individuals, crypto gains are treated 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. 

It's essential to note that all crypto-related transactions, including trading and mining activities, must be accurately reported to the Cyprus Tax Department. Cyprus has made it clear that tax obligations apply to all crypto transactions, and failure to report can lead to penalties.

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How to Buy Bitcoin in Cyprus

The process of purchasing Bitcoin in Cyprus is simple when using a crypto exchange regulated by the Cyprus Securities and Exchange Commission (CySEC). Follow these steps to begin your investment journey:

1. Create an Account: Select an exchange that supports Euro deposits and complies with CySEC regulations. Sign up by providing your personal information, completing the identity verification process, and submitting documents like your ID and proof of address.
2. Deposit EUR: Once your account is verified, navigate to the deposit section, choose EUR, and specify how much you wish to invest. Most exchanges in Cyprus offer various payment methods, including SEPA bank transfers, credit/debit cards, or other instant payment options.
3. Find Bitcoin: Go to the trading section of the platform and search for Bitcoin (BTC). You’ll be able to view the current EUR/BTC exchange rate. You can either place a market order to buy Bitcoin at the current price or set a limit order to purchase it at your preferred rate.
4. Complete Your Purchase: Double-check the details of your order, including the amount of Bitcoin you're buying and any applicable fees. Once everything looks good, click ‘buy’ to execute the trade.

After the purchase is complete, your Bitcoin will be available in your exchange wallet. For added security, consider transferring your Bitcoin to a private wallet where you control the keys.

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Bottom Line

In conclusion, choosing the right crypto exchange in Cyprus depends on your specific needs, whether it's advanced trading tools, staking opportunities, or ease of use for beginners. By opting for platforms regulated by CySEC, such as Bybit or Kraken, investors can ensure a compliant trading experience.

Each of the highlighted exchanges offer unique features for different investors at different experience levels, making it easier for Cypriot users to participate confidently in the growing crypto market.

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