Top Crypto Trading Platforms in Portugal

Portugal has become a key destination for crypto trading, with exchanges operating under CMVM’s oversight to ensure compliance with AML and KYC standards. We ranked the top platforms based on Euro deposit options, supported digital currencies, trading features, security and fees. Here is a comparison table of the 5 best exchanges for Portuguese investors.

1. Kraken

Kraken, established in 2011, is a leading cryptocurrency exchange known for its transparent proof-of-reserves and comprehensive trading options. Serving over 10 million users worldwide, it offers access to more than 220 cryptocurrencies for spot trading and 100+ futures contracts.

Kraken Pro delivers an advanced trading experience complete with margin trading with up to 5x leverage, sophisticated charting tools, staking services offering 10% APR, and access to an over-the-counter (OTC) desk for high-volume transactions with personal account managers.

The Kraken Wallet supports multiple blockchains, providing access to DeFi applications like lending protocols and bridges. With over a decade of experience in the crypto space, its deep market liquidity and high-security standards make it a trusted option for Portuguese investors.

• Fees: Maker fees start at 0.16%, and taker fees at 0.26%.
• Supported Assets: Over 320 cryptocurrencies.
• Regulation & Licensing: Registered as a Virtual Asset Service Provider (VASP) across Portugal and Europe.
• EUR Deposit Methods: SEPA transfers, wire transfers, PayPal, Plaid and credit/debit cards.

2. OKX

OKX, founded in 2017, has become a go-to platform for accessing DeFi products. With a user base exceeding 40 million globally, it offers a comprehensive suite of services, including spot and derivatives trading, peer-to-peer (P2P) exchange, savings, staking options, and an NFT marketplace.

The exchange supports over 350 cryptocurrencies to trade on spot markets and 300+ futures contracts for trading with 50x leverage. It is equipped with advanced trading tools, dynamic charts, and unique features, such as staking, lending and borrowing services offerings over 40% APY.

OKX continually enhances its platform with innovative features, including the introduction of four distinct DEX trading modes, enabling users to select the mode that best aligns with their trading preferences. It also launched 'Smart Picks,' an AI feature designed to assist users in discovering new investments.

• Fees: Competitive maker fees starting at 0.02% and taker fees at 0.05%.
• Supported Assets: Access to over 350 cryptocurrencies.
• Regulation & Licensing: Holds multiple licenses across Europe.
• EUR Deposit Methods: Bank transfers, credit cards, debit cards, Apple Pay and Google Pay.

3. Uphold

Uphold is a versatile investment platform that allows users to trade across multiple asset classes, including cryptocurrencies, fiat currencies, and precious metals. With operations in over 180 countries and more than 10 million users, it supports over 250 digital assets for spot trading. 

Its unique "Anything-to-Anything" trading feature enables easy conversions between different asset types. There are also staking services, offering up to 28% APY on 30 cryptocurrencies. Uphold prioritizes transparency by undergoing regular audits, ensuring funds are always accessible.

Beyond trading and staking, Uphold offers a debit card that gives you cashback on every purchase, with no foreign transaction fees. You can even spend your crypto directly using the card, whether online or in-store, at any merchant that accepts Mastercard. 

• Fees: Trading fee of 1% and a spread fee of 1%.
• Supported Assets: Over 250 digital assets, 4 precious metals, and 27 fiat currencies.
• Regulation & Licensing: Regulated by the Bank of Lithuania and available in Portugal.
• EUR Deposit Methods: Bank transfers, SEPA, Apple Pay, Google Pay and credit or debit cards.

4. Gate.io

Gate.io, established in 2013, has the world’s largest selection of cryptocurrencies with over 3,300 tokens for spot trading and hundreds of derivatives contracts with up to 100x leverage supported, providing investors with extensive opportunities to diversify their portfolios.

The platform also provides a suite of automated trading tools, including strategy bots like spot grid, futures grid, and martingale strategies, assisting traders in executing complex strategies. Additional services include copy trading, a demo trading account and a Launchpad feature.

For those interested in passive income, Gate.io's 'Simple Earn', staking services and crypto loans allow users to earn rewards. Additionally, the 'Auto-Investment' feature facilitates systematic investment plans, enabling users to automate their crypto purchases over time.

• Fees: Maker fees at 0.1% and taker fees at 0.2%.
• Supported Assets: Over 3,300 digital assets.
• Regulation & Licensing: Operating offshore in Seychelles, Gate.io is accessible in Portugal.‍
• EUR Deposit Methods: Debit and credit cards.

5. Bitpanda

Bitpanda, founded in 2014, is a multi-asset trading platform serving over 4 million users across Europe, including Portugal. It enables investments in a diverse range of asset classes, including 100 cryptocurrencies and 3,000 stocks, ETFs, precious metals, indices and commodities.

The exchange offers features like the Bitpanda Crypto Index, which allows users to invest in a diversified portfolio of top digital currencies, and Bitpanda Spotlight, which highlights new tokens. It also provides staking services, enabling users to earn up to 20% APY in rewards.

There is also the Bitpanda Card, a Visa debit card that allows users to spend their investments like cash. Additional features include lending and borrowing services, BEST rewards and Bitpanda Club. It also undergoes weekly auditing by KPMG to provide transparency in its assets.

• Fees: A crypto trading fee of 0.2% and a variable rate for other assets.
• Supported Assets: Over 3,000 cryptocurrencies, stocks, ETFs, indices, and precious metals.
• Regulation & Licensing: Regulated by the CMVM.‍
• EUR Deposit Methods: Bank transfer, iDEAL, debit cards, credit cards, Sofort, and PayPal.

Is Crypto Regulated in Portugal?

Portugal has established a comprehensive regulatory framework for cryptocurrencies, aligning with the European Union's Markets in Crypto-Assets (MiCA) regulation. 

These regulations mandate that crypto exchanges and service providers register with the Portuguese Securities Market Commission (CMVM) and the Bank of Portugal, ensuring adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.

It's important to note that virtual assets are not considered legal tender, and there is no legal protection guaranteeing redemption rights for consumers who use virtual assets for payments. These measures aim to protect investors, enhance transparency, and safeguard the financial system against illicit activities. 

How is Crypto Taxed in Portugal?‍

In Portugal, the taxation of cryptocurrency has undergone significant changes, particularly with the implementation of new regulations in 2023. The Portuguese Tax Authority (Autoridade Tributária) has introduced a specific tax regime for cryptocurrencies, which came into force on January 1st, 2023. Here is a breakdown:

• Capital Gains Taxation: Cryptocurrency assets held for less than 365 days are subject to a flat 28% capital gains tax. Assets held for more than 365 days are exempt from capital gains tax.
• Income Taxation: Individuals engaged in professional or business activities involving cryptocurrencies, such as trading, mining, or providing services, are taxed under Category B (self-employment income). Income is taxed progressively, with rates ranging from 14.5% to 53%.
• Passive Income: Earnings from activities like staking or lending are classified under Category E (capital income) and are taxed at a flat rate of 28%.

The exchange of cryptocurrencies for fiat money is exempt from VAT in Portugal, aligning with the guidance of the European Union's Court of Justice. Taxpayers are required to report all taxable cryptocurrency transactions in their annual tax returns. 

Cryptocurrency Adoption in Portugal

The cryptocurrency market in Portugal is gaining significant momentum, with revenue projected to reach $219.4 million by the end of 2025. The number of cryptocurrency users in Portugal is expected to hit 3.38 million this year, representing 33.15% of the country’s population. 

This growth is spurred by long-term tax exemptions on crypto holdings exceeding one year and an entrepreneurial spirit among its citizens.

Digital asset exchanges, including Bybit, Uphold, and Bitpanda, have established a strong presence in Portugal, contributing to the country's rapidly expanding crypto ecosystem.

How to Buy Bitcoin in Portugal

Portuguese investors can purchase Bitcoin through investment platforms that adhere to regulations set by Banco de Portugal. Follow these steps to buy BTC:

1. Choose Trusted Exchange: Select a reputable platform available in Portugal. Ensure the exchange is registered with Banco de Portugal, complies with anti-money laundering (AML) and know your customer (KYC) regulations.
2. Create an Account: Sign up using your email address. Complete the KYC verification process by providing a government-issued ID and, if necessary, proof of residence.
3. Deposit Euros: Navigate to the deposit section of the exchange and choose your preferred payment method, such as SEPA transfer, debit card, or other supported options. Enter the amount of euros you wish to deposit and confirm the transaction.
4. Find Bitcoin (BTC): Use the platform’s search tool to locate Bitcoin. Access the BTC/EUR trading pair to view current market rates and prepare to place your order.
5. Execute the Trade: Specify the amount of Bitcoin you wish to purchase. Review all transaction details, including applicable fees, and confirm the trade.

Once the transaction is complete, your Bitcoin will appear in your exchange wallet. Consider transferring your Bitcoin to a private wallet where you control the private keys for added security.

Final Thoughts

Portugal is quickly solidifying its reputation as a hotspot for cryptocurrency, thanks to its progressive regulations and crypto-friendly policies. With oversight from the CMVM and alignment with the MiCA framework, the country offers a safe environment for trading digital assets.

Top exchanges like Kraken and OKX have made their mark in Portugal, delivering everything from advanced trading tools to staking opportunities and access to diverse asset classes.