Best Crypto Exchanges in Spain
Find the best crypto exchanges in Spain, with insights on legal compliance, taxation, and secure trading strategies for investors.
Summary: In Spain, investing in cryptocurrencies like Bitcoin is optimally done through exchanges regulated by the Bank of Spain. These authorized platforms facilitate EUR deposits using popular local payment methods such as SEPA transfers, online banking, and widely accepted credit or debit cards.
To assist you in confidently exploring the cryptocurrency market, we have evaluated the top 5 exchanges available to Spanish residents. These exchanges stand out as the most reliable and reputable options for those interested in digital assets.
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Best Cryptocurrency Exchanges in Spain
In our analysis of over 20 cryptocurrency platforms, we've pinpointed the five most suitable for investors in Spain. This evaluation considers aspects such as adherence to regulations set by the Bank of Spain or corresponding European entities, the diversity of digital assets available, user-friendliness, options for utilizing the Euro (EUR), and the pricing model. For Spanish investors seeking a platform that aligns with their crypto investment objectives, our comprehensive guide below is an invaluable resource.
1. eToro
In Spain's growing cryptocurrency sector, eToro has established itself as a leading platform. It offers access to a diverse array of more than 4,500 financial instruments. These include not only popular cryptocurrencies like Bitcoin and Ethereum but also significant stocks such as Coinbase and Microstrategy, as well as innovative ETFs like the Blackrock Bitcoin ETF. This variety enables Spanish investors to build a varied investment portfolio using a single, secure, and comprehensively regulated platform.
The commitment of eToro to regulatory compliance sets a high standard. The platform is recognized as a virtual asset service provider (VASP) by the Bank of Spain. It strictly follows the regulations set by prominent European authorities, ensuring a secure and trustworthy environment for cryptocurrency trading, both in Spain and internationally. The substantial global user base of eToro, which surpasses 30 million, highlights its status as a dependable and reputable platform.
- Fees: eToro operates on a variable spread fee structure, typically around 1%.
- Supported Assets: eToro offers an extensive portfolio of over 4,500 assets, ranging from digital currencies to traditional investments like ETFs and stocks.
- Regulation & Licensing: eToro is licensed by the Bank of Spain as a VASP and rigorously complies with CySEC and other European tier-1 regulators.
- EUR Deposit Methods: Options include bank transfers, debit cards, credit cards, and other financial services.
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2. Uphold
Uphold distinguishes itself as a versatile and global cryptocurrency platform, serving over 150 countries with a user base exceeding 10 million. It offers a substantial selection of more than 250 digital assets, positioning itself as a formidable contender in the Spanish market alongside eToro. A key highlight of Uphold is its accessible staking options, enabling investors to potentially earn up to 25% Annual Percentage Yield (APY) on a varied portfolio of up to 30 cryptocurrencies
Uphold excels in transparency and trustworthiness. It adheres to European regulatory standards and is registered with top financial authorities globally, ensuring compliance and reliability. The platform's audited proof-of-reserves, assuring that each digital asset is backed 1:1, reinforces its credibility as a transparent and secure choice for crypto investment in Spain. Uphold facilitates a smooth trading experience, whether on the web, iOS, or Android platforms.
- Fees: Uphold implements a trading fee of 1%, along with a spread fee of 1%.
- Supported Assets: The platform's extensive range includes 250+ digital assets, four types of precious metals, and 27 fiat currencies.
- Regulation & Licensing: Uphold adheres to European regulations and is registered with financial authorities in Lithuania.
- EUR Deposit Methods: Diverse methods, including bank transfers, SEPA, Google Pay, Apple Pay, and credit/debit cards, are available for Spanish users.
3. Bybit
Bybit claims its position as Spain's third-leading cryptocurrency trading hub, excelling in derivatives trading. It offers a comprehensive platform that caters to both new and experienced investors, blending a vast selection of over 1,000 cryptocurrencies with user-friendly tools. For Spanish traders, Bybit enhances Euro transactions with straightforward, cost-effective local deposit options like SEPA transfers, and debit/credit cards, as well as PayPal.
Futures trading is a key offering from Bybit, providing up to 100x leverage and staking options that broaden investment opportunities. Its competitive pricing, with a maker fee of just 0.01% and a taker fee of 0.06%, along with rigorous security measures, solidifies Bybit's reputation for dependable service and a diverse asset portfolio, attracting a global audience of more than 10 million.
- Fees: Bybit distinguishes itself with appealing maker and taker fees of 0.01% and 0.06%, respectively.
- Supported Cryptocurrencies: Offers a broad selection of over 1,000 digital assets to suit varied investment preferences.
- Regulation & Licensing: Adheres to European regulatory standards, ensuring a secure and compliant trading ecosystem for its users.
- EUR Deposit Methods: Offers bank transfers (SEPA), debit cards, credit cards, Google Pay, Apple Pay and much more.
4. Binance
Binance is the fourth choice in Spain's cryptocurrency market, celebrated for its extensive ecosystem and a substantial global user base exceeding 150 million. The platform's offerings go beyond traditional spot and futures trading, introducing innovative services like Binance Earn. This feature enables users to generate yields on over 180 cryptocurrencies, appealing to those aiming to diversify their portfolios and create passive income opportunities.
In the Spanish market, Binance's compliance with local regulations is notably reinforced through its subsidiary, Binance Spain, S.L., which holds a VASP license from the Bank of Spain. This positions Binance as a particularly trustworthy option for Spanish investors. The platform is a popular choice, especially among institutional investors, offering advanced trading products such as crypto options with significant liquidity.
- Fees: Binance offers a competitive fee structure, charging 0.1% for spot trading and 0.06% for derivatives.
- Supported Assets: The platform boasts an extensive range of over 350 cryptocurrencies.
- Regulation & Licensing: Binance is regulated in Spain through its subsidiary, Binance Spain, S.L., which holds a VASP license from the Bank of Spain.
- EUR Deposit Methods: Spanish users can utilize deposit options such as bank transfers, credit cards, and debit cards.
5. Bitpanda
Bitpanda claims the fifth spot in Spain's vibrant cryptocurrency market, bringing its Austrian expertise and tailored offerings to Spanish investors. Founded in Vienna and regulated by Austria's Financial Market Authority (FMA), Bitpanda has adeptly extended its services to suit the Spanish market. Its portfolio is diverse, featuring over 3,000 cryptocurrencies, stocks, ETFs, and secure staking services.
In Spain, Bitpanda has taken significant steps to comply with local regulations, registering as a virtual currency exchange and digital asset custody service provider with the Bank of Spain. The platform also supports a wide range of Euro (EUR) deposit methods and is compatible with major European banks. Bitpanda caters to the varied investment needs in Spain with its extensive asset selection, including popular stocks and ETFs, making it a notable option in the competitive market.
- Fees: Bitpanda offers free bank transfers in EUR, and trading fees are set at 0.2%.
- Supported Cryptos: The platform boasts a wide range of 3,000 cryptocurrencies, stocks, ETFs, and precious metals.
- Regulation & Licensing: Bitpanda is registered in Spain as a virtual currency exchange and digital asset custody service provider with the Bank of Spain.
- EUR Deposit Methods: The platform supports Bank Transfers, SEPA Transfer, Debit Card, and Credit Card.
Is Crypto Legal in Spain?
Cryptocurrency is legal in Spain, but it is not considered legal tender. The primary regulatory authorities overseeing cryptocurrency-related activities are the National Stock Market Commission (Comisión Nacional del Mercado de Valores, CNMV) and the Bank of Spain.
Cryptocurrencies can be treated as securities in public offerings or as commodities when traded individually. Providers of crypto-to-fiat currency exchange and custodian services are regulated under anti-money laundering legislation. Additionally, the CNMV is responsible for supervising compliance with the European Commission’s regulation on Markets in Crypto-Assets (MiCA), and the Bank of Spain maintains a registry for Virtual Currency Service Providers.
Is Crypto Taxed in Spain?
Yes, cryptocurrency is taxed in Spain. The responsible tax authority is the Agencia Tributaria (Spanish Tax Agency). Cryptocurrency gains are considered savings income and are subject to Personal Income Tax (PIT), with tax rates ranging from 19% to 26%. Additionally, mining rewards are classified as freelance business activities and subject to Income Tax, while staking rewards are taxed as investment income at similar rates.
There is also a Wealth Tax implication for crypto holdings, dependent on regional regulations and the value of the crypto portfolio. Spanish taxpayers must report crypto holdings over €50,000 held abroad using Model 721 from 2023 onward.
Bottom Line
In conclusion, for those navigating the dynamic landscape of cryptocurrency investments in Spain, our comprehensive guide offers a roadmap to the most trustworthy and efficient exchanges regulated by the Bank of Spain. By highlighting platforms like eToro, Uphold, Bybit, Binance, and Bitpanda, we've pinpointed the quintessential avenues for Spanish residents to engage with the cryptocurrency market. Each selected exchange not only ensures adherence to regulatory standards but also presents a unique set of features catering to various investor needs, from diverse asset offerings to innovative trading tools.
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