Best Crypto Exchanges in Finland

Best Cryptocurrency Exchanges in Finland

‍Our detailed review of the 26 cryptocurrency exchanges accessible in Finland has resulted in identifying the five top choices for local investors. This extensive evaluation considered several factors, including compliance with the Financial Supervisory Authority (FIN-FSA), support for EUR deposits, user interface, fee structure, range of supported cryptocurrencies, and available features. Below is a comparison table highlighting the best 5 platforms for Finnish traders.

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1. eToro

eToro has a wide selection of over 4,500 financial assets, including cryptocurrencies, stocks, commodities and ETFs, allowing investors to diversify and manage their portfolios through a single interface. It is home to over 30 million registered users in Finland and 150 other countries. Thanks to its global accessibility, it has a multilingual interface that can be used in Finnish and provides live customer support in the language.

Its efficient Euro deposit process is processed through several methods like bank transfers, credit cards and SEPA. There are a variety of features offered, such as copy trading, an OTC desk, a demo account and investor programs. Although it is not based in Finland, the platform is registered with several European regulatory bodies, including the CySEC, AMF, OAM, DNB and more.

• Fees: Fees of around 1%.
• Supported Assets: Over 4,500 cryptocurrencies, stocks, ETFs and commodities.
• Regulation & Licensing: eToro is regulated by the CySEC in Europe and Finland.‍
• EUR Deposit Methods: Bank transfers, debit cards, credit cards and SEPA.

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2. Kraken

Kraken is cryptocurrency exchange based in San Francisco that is popular among institutional investors for its deep liquidity and personalized account managers for large trades. It has a significant quarterly trading volume of $207 billion, reflecting its widespread popularity across Europe. It provides trading and staking opportunities in over 250 cryptocurrencies, including Bitcoin, Ethereum, and a variety of altcoins and memecoins.

Finnish investors value Kraken for its exceptional user experience, evidenced by its highly-rated mobile apps available on the App Store and Google Play. Its staking services are also popular, offering up to 25% annual rewards (APY). Kraken Pro, designed for professional and institutional investors, features tight spreads, substantial liquidity, and high deposit limits, showing Kraken's reliability as a cryptocurrency exchange.

• Fees: Maker orders at 0.01% and taker orders at 0.02%.
• Supported Assets: Over 250 cryptocurrencies.
• Regulation & Licensing: Registered as a Virtual Asset Service Provider (VASP) in Finland.‍
• EUR Deposit Methods: SEPA, SWIFT, bank transfers, and credit or debit cards.

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3. Bybit

Bybit is the best derivatives trading platform in the world, serving over 30 million users in Finland and 160 other countries. The platform appeals to those interested in options and perpetual futures contracts, with leverage of up to 100x available on 180 contracts. With a substantial offering of over 1,100 digital assets to trade across spot, futures and options markets, it caters well to the varied demands of Finnish investors.

Expanding beyond crypto, Bybit also provides access to NFTs through its in-built marketplace supporting projects like BAYC, Pudgy Penguins and Miladys. There are a variety of useful features also supported, such as staking, lending and borrowing services, copy trading, a practice account, trading bots, a crypto Visa card, Launchpad and Launchpool, TradeGPT and more. It also has a multilingual interface that can be used in Finnish.

• Fees: Maker fees are 0.02%, and taker fees are 0.055% for futures. Spot trading is 0.1%.
• Supported Assets: Over 1,100 cryptocurrencies.
• Regulation & Licensing: Regulated by CySEC and operational in Finland.‍
• EUR Deposit Methods: SEPA, Zen, Wise, bank transfers, debit or credit cards, Google Pay, Apple Pay and iDEAL.

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4. Uphold

Uphold is a beginner-friendly cryptocurrency platform that provides a simple interface, straightforward sign-up process and supports several Euro deposit methods. Although available in Finland, it does not provide a Finnish interface or live local customer support. It caters to a global user base of 10 million across over 150 countries. There are over 250 digital assets, plus metals like Gold and Silver, making it a top choice for Finnish investors.

A key feature is its attractive staking opportunities, allowing users to earn up to 30% APY on a diverse range of up to 30 digital currencies.  Its commitment to transparency is evident in its audited proof-of-reserves, assuring a 1:1 backing for every digital asset. The platform provides a seamless trading experience on both web and mobile interfaces (iOS and Android).

• Fees: Trading fees are fixed at 1% and spread fees also at 1%.
• Supported Assets: Over 250 digital assets, 4 precious metals, and 27 fiat currencies.
• Regulation & Licensing: Compliant with European regulations and operational in Finland.‍
• EUR Deposit Methods: Bank transfers, Google Pay, Apple Pay, and credit or debit cards.

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5. North Crypto

North Crypto is a leading cryptocurrency exchange in Finland that is based in Turku. Known for its simplicity, and transparency it caters primarily to local investors and supports multiple languages, including Finnish, Swedish and English. The platform is a regulated entity that is registered with the Finnish Financial Supervisory Authority and is considered the country’s safest exchange.

It offers a small range of the most popular cryptocurrencies, which includes Bitcoin, Ethereum, Aave, ApeCoin, Chainlink, Dogecoin, Polygon, Solana, USD Coin (USDC) and Litecoin. The platform is designed for ease of use, making it suitable for both beginners and experienced traders. The mobile app is intuitive and available on all app stores, providing a seamless trading experience. 

• Fees: Trading fee of 1% plus a variable spread.
• Supported Assets: 10 cryptocurrencies.
• Regulation & Licensing: Registered with the Finnish Financial Supervisory Authority.
• EUR Deposit Methods: Bank transfer and credit cards.

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Is Crypto Regulated in Finland?

Cryptocurrency transactions are legal and regulated in Finland. The Financial Supervisory Authority (FIN-FSA) enforces the Act on Virtual Currency Providers, which took effect on May 1, 2019. This law requires virtual currency exchanges, custodian wallet providers, and currency issuers to register and comply with specific regulations. These regulations ensure proper management of client funds and adherence to AML and CFT measures, aligning with the EU’s 5th Anti-Money Laundering Directive (5th AMLD).

This approach to cryptocurrency encourages innovation in blockchain technology. All virtual asset service providers (VASPs) must register with the FIN-FSA, creating a secure and compliant environment for crypto activities. The upcoming European Union Markets in Crypto-Assets Regulation (MiCA) will further enhance the regulatory framework, demonstrating Finland's commitment to supporting advancements in the cryptocurrency and blockchain sectors.

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How is Crypto Taxed in Finland?

The Finnish Tax Administration taxes cryptocurrency profits as capital income. Capital gains tax applies to profits from buying, selling, or exchanging cryptocurrencies. The tax rate is 30% on capital income up to €30,000 and 34% on any amount above that.

Taxable events include converting cryptocurrencies to fiat currencies like Euros, using them for purchases, or trading one cryptocurrency for another. Finnish residents must report their cryptocurrency gains to the Finnish Tax Administration and keep detailed records of all transactions.

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How to Buy Bitcoin in Finland

This guide explains the steps to purchase Bitcoin and other cryptocurrencies in Finland through a digital asset exchange.

1. Open an Account: Begin by creating an account on your chosen cryptocurrency exchange. Visit the website and click on the "Sign Up" or "Register" button. Provide your name, email address, and create a strong password. Complete the identity verification process by uploading a photo ID, such as a passport or driver's license, and potentially a selfie or proof of address.
2. Deposit Euros (EUR): Navigate to the deposit section of your account. Select Euros (EUR) as your deposit currency and enter the amount you wish to transfer. Review the platform’s fees and limits to understand the costs and processing time for your funds. Confirm the deposit and follow any additional instructions to complete the transaction.
3. Select Cryptocurrency: To buy Bitcoin or other cryptocurrencies, go to the trading section. Enter the coin name or symbol in the search box. For instance, search for BTC to buy Bitcoin. Choose the EUR/BTC pair to see the current market rate. Review the available trading options, such as market or limit orders.
4. Execute Trade: Click the ‘buy’ or ‘trade’ button to purchase your chosen token. Enter the amount of Bitcoin (or another cryptocurrency) you want to buy, or the amount of EUR you wish to spend. Review the order details, including the price, fees, and total cost. Confirm the trade by clicking the ‘buy’ or ‘confirm’ button.

This step-by-step process offers a comprehensive overview of the process for Finnish users to engage in digital asset trading, from account setup to executing trades.

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Bottom Line

In conclusion, Finland's progressive approach to cryptocurrency regulation fosters a secure environment for digital asset trading. The Financial Supervisory Authority (FIN-FSA) ensures compliance and investor protection, promoting growth in the blockchain sector. Whether you are a beginner or an experienced trader, platforms like eToro, Kraken, Bybit, Uphold, and North Crypto provide excellent options for safe and compliant trading.