Best Crypto Exchanges in Portugal

Best Cryptocurrency Exchanges in Portugal

‍After reviewing 29 crypto platforms accessible to users in Portugal, we’ve identified the best options based on certain criteria. We looked at each platform's adherence to regulations set by the Portuguese Securities Market Commission (CMVM) alongside supported assets, fees, and Euro deposit options. Below are the five best exchanges for Portuguese investors.

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1. Bybit

Bybit is the best exchange in Portugal, offering over 1,400 cryptocurrencies for spot trading and hundreds of futures contracts with up to 200x leverage. The platform’s Grid Bot, Futures Combo Bot, DCA Bot and TradeGPT help automate trading. For those who prefer to follow the pros, the Copy Trading feature lets users replicate the moves of top traders. 

On top of trading, Bybit has services like staking, lending, and the earn program for passive income with options like ETH 2.0 Staking, Dual Asset and Liquidity Mining. The Bybit Visa Card also offers up to 10% cashback and perks for frequent users. It has 52 million users across 160 countries and provides a platform that can be used in Portuguese.

• Fees: Maker fee of 0.02% and taker fee of 0.055% for futures plus a 0.1% fee for spot trading.
• Supported Assets: Over 1,400 digital assets.
• Regulation & Licensing: Regulated by CySEC and available in Portugal.‍
• EUR Deposit Methods: Bank transfers, SEPA, Easybank, iDEAL, Zen, Apple Pay, Google Pay and credit or debit cards.

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2. Uphold

Uphold is a great choice for those looking to earn high staking yields and trade across multiple assets. With over 250 supported currencies, including crypto, fiat, and even precious metals, you can easily switch between them using their “Anything-to-Anything” trading feature. If staking is your thing, it offers competitive rewards of up to 28% APY on 30 cryptocurrencies.

It prides itself on transparency, updating its balance sheet every 30 seconds so you know your funds are safe and 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. 

• 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: Compliant with European regulations and available in Portugal.
• EUR Deposit Methods: Bank transfers, Apple Pay, Google Pay and credit or debit cards.

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3. ‍Kraken

Kraken is provides advanced services designed for institutional investors. From deep liquidity to low-latency API integrations, it ensures that institutions can execute large orders smoothly. The platform offers spot trading, futures, and an OTC desk. It also offers advanced staking solutions tailored to institutions, allowing them to earn rewards on 25 crypto assets.

Security is important for Kraken, with industry-leading measures in place to safeguard assets and transactions. With over a decade of experience in the crypto space, its deep market liquidity and high-security standards make it a trusted partner for institutions. It also regularly undergoes third-party audits to prove all assets are backed 1:1.

• Fees: Maker fee of 0.16% and taker fee of 0.26%.
• Supported Assets: 280+ cryptocurrencies.
• Regulation & Licensing: Registered with the FCA and compliant with European regulations.
• EUR Deposit Methods: SEPA transfers, wire transfers, and credit cards.

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4. Gate.io

Gate.io supports over 2,100 cryptocurrencies to trade on spot, futures, and options markets, with leverage options of up to 100x available. It has over 16 million registered users across Portugal and 200 other countries and provides live local customer support. Thanks to its global accessibility, it can be used in Portuguese and accepts deposits in Euros.

The platform enhances the trading experience with features like automated trading bots, an NFT marketplace, lending and borrowing services, staking options, copy trading and the Gate card. The main overall attraction is its diverse asset portfolio with thousands of tokens. It often lists new tokens before other exchanges, including meme coins and altcoins.

• Fees: Maker fees at 0.1% and taker fees at 0.2%.
• Supported Assets: Over 2,100 digital assets.
• Regulation & Licensing: Operating offshore in Seychelles, Gate.io is accessible in Portugal.‍
• EUR Deposit Methods: Debit and credit cards.

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5. Bitpanda

Bitpanda is a multi-asset exchange operating under the oversight of CMVM, providing a compliant environment for Portuguese users. Based in Vienna, it offers a wide range of services tailored to European investors, including a multilingual interface and live customer support. It offers over 3,000 cryptocurrencies, stocks, ETFs, and commodities. 

It facilitates Euro deposits with diverse payment options like Sofort. The platform offers additional features, including a crypto debit card, lending and borrowing services, staking, Spotlight, BEST rewards and Bitpanda Club. It also undergoes weekly auditing conducted by KPMG to provide complete transparency in its asset reserves.

• 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 Options: Bank transfer, iDEAL, debit cards, credit cards, Sofort, and PayPal.

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Is Crypto Regulated in Portugal?

Cryptocurrency is regulated in Portugal, and the regulatory bodies overseeing the sector are the Portuguese Securities Market Commission (CMVM) and the Bank of Portugal. These entities ensure crypto operations comply with EU-wide regulations, including the upcoming Markets in Crypto-Assets (MiCA) framework.

The Bank of Portugal oversees activities like the exchange of virtual assets, safekeeping services, and the prevention of money laundering and terrorist financing. Although virtual assets are not considered legal tender, Portugal’s regulatory approach remains relatively friendly towards crypto investors. 

Digital asset exchanges operating in the country must register with the Bank of Portugal, ensuring compliance with legal standards and promoting transparency in the market. Without this registration, platforms cannot legally offer services like crypto-to-fiat exchange.

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How is Crypto Taxed in Portugal?‍

In Portugal, cryptocurrency taxation has undergone significant changes, particularly with the 2023 law that introduced a 28% capital gains tax (CGT) on short-term crypto holdings (held for less than a year). However, long-term holdings are exempt from taxation. 

If you engage in mining, your income is classified as business income and taxed progressively, ranging from 14.5% to 53%, depending on your earnings. Crypto activities must be reported to the Portuguese Tax Authority (Autoridade Tributária).

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How to Buy Bitcoin in Portugal

The process of investing in Bitcoin ‍is easy when using a cryptocurrency exchange regulated by the CMVM and the Bank of Portugal. Here's a simple guide to help you get started:

1. Create Account: Choose a reputable exchange that supports EUR deposits and complies with local regulations. Sign up by entering your details, completing the identity verification process, and submitting documents like your ID and proof of address.
2. Deposit EUR: After your account is verified, go to the deposit section, select EUR, and choose the amount you want to invest. Most exchanges offer deposit options such as bank transfers, SEPA, or credit/debit cards.
3. Find Bitcoin: Head to the trading section and search for Bitcoin (BTC). You’ll see the current price in the EUR/BTC pair. You can either place a market order to buy at the current price or set a limit order if you prefer to wait for a specific price.
4. Complete Your Purchase: Verify the amount of Bitcoin you're buying and any fees involved. Once you’re ready, click ‘buy’ to complete your transaction.

After your purchase is finalised, your Bitcoin will be available in your exchange wallet. For added security, moving your Bitcoin to a personal wallet where you hold the private keys is wise.

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Bottom Line

In summary, Portugal's crypto market is thriving, with around 30% of the population involved in digital assets. For Portuguese investors, platforms like Bybit, Uphold, Kraken, Gate.io, and Bitpanda offer a range of services, from high staking yields to institutional-level trading solutions. Each exchange provides unique benefits, making them well-suited for various investors.

As the crypto industry continues to evolve, selecting a regulated exchange ensures compliance, safety, and the ability to make the most of your investments in this growing market.