Best Crypto Exchanges in Austria

Best Cryptocurrency Exchanges in Austria

We have conducted an evaluation of the digital asset exchanges available in Austria to determine the best options for local investors. This comprehensive review considered adherence to regulations set by the Financial Market Authority (FMA), the supported EUR deposits, overall user experience, supported cryptocurrencies, and supported features. Below is a comparison table highlighting the top 5 platforms for Austrian traders.

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1. eToro

eToro is Austria's best investment platform, featuring an expansive selection of over 4,500 financial instruments. This range includes key cryptocurrencies like Bitcoin, Ethereum, and Solana, alongside major stocks such as Coinbase and Microstrategy. Additional assets include commodities and ETFs. This broad selection allows Austrian investors to diversify and manage their portfolios through one simple interface.

Celebrated for its user-friendly design and easy Euro deposit process, eToro operates under stringent oversight by prominent European regulatory bodies. The platform offers a variety of investment options with multiple deposit avenues, including bank transfers, SEPA, credit cards and debit cards. Its commitment to affordable commissions and favorable spreads positions it as a leading choice for crypto investment.

• Fees: A variable spread fee structure of around 1%.
• Supported Assets: Over 4,500 cryptocurrencies, ETFs, commodities and stocks.
• Regulation & Licensing: Regulated with the CySEC, DNB, OAM, AMF and the Bank of Spain.‍
• EUR Deposit Methods: Bank transfers, SEPA, debit cards and credit cards.

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2. Bitpanda

Bitpanda is Australia’s largest investment platform and was the first to obtain a license from the Austrian Financial Market Authority (FMA). Headquartered in Vienna, it presents a diverse range of offerings, including the trading of over 3,000 cryptocurrencies, stocks, ETFs, indices, precious metals and commodities. The platform is particularly recognized for its cryptocurrency staking services, supporting various assets like Ethereum, Solana and Cosmos with up to 34% APY.

The platform provides free deposits from any Austrian bank and accommodates a variety of payment options, including Apple Pay and Google Pay. Bitpanda distinguishes itself as one of the most rigorously regulated platforms in the region and undergoes regular third-party audits conducted by KMPG. These audits provide transparency into the asset reserves and prove that all funds are backed up.

• Fees: Trading fees are set at 0.2%, with spreads around 1%.
• Supported Assets: Over 3,000 cryptocurrencies, stocks, indices, commodities, ETFs, and precious metals. 
• Regulation & Licensing: Regulated by the FMA.‍
• EUR Deposit Methods: Bank transfer, debit card, credit card, Google Pay, and Apple Pay.

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3. Bybit

Bybit is a derivatives trading platform with a focus on options and perpetual futures contracts, boasting a daily trading volume of $20 billion across all order books. Its extensive selection features over 1,100 digital assets to trade on spot, futures and options markets with up to 100x leverage. The platform is respected for its user-friendly interface which can be used in 24 languages, including German, Hungarian, English and more.

It goes beyond just cryptocurrencies, offering an NFT marketplace that features thousands of popular projects like Bored Apes and Milady’s, broadening the trading opportunities for users. Another standout feature is the transparent proof-of-reserves that provides insight into the platform’s asset holdings to show that all assets are held on a 1:1 basis. Other services include copy trading, crypto loans, a staking feature and trading bots.

• Fees: Maker fees are 0.02%, with taker fees set at 0.055% for futures trading.
• Supported Assets: Over 1,100 digital assets.
• Regulation & Licensing: Adheres to European regulations and is available in Austria.
• EUR Deposit Methods: SEPA, bank transfers, debit cards, credit cards, Easybank, Zen, Google Pay, and Apple Pay.

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4. Uphold

Uphold is a cryptocurrency exchange available in Austria that provides access to over 260 digital currencies for trading and staking. It also supports 4 precious metals and 27 fiat currencies to invest in. This platform operates under the scrutiny of respected European financial authorities like the Bank of Lithuania, providing a secure trading space for Austrian users. 

It is recognized for its commitment to transparency and security. It is among the few exchanges offering an audited proof-of-reserves, providing real-time data on customer fund protection and ensuring that assets are consistently fully backed 1:1. This emphasis on clarity and accountability makes Uphold a trustworthy digital asset exchange.

• Fees: 1% trading fee and 1% spread fee.
• Supported Assets: Over 260 cryptocurrencies, 27 fiat currencies and 4 precious metals.
• Regulation & Licensing: Licensed by the Financial Conduct Authority (FCA) and operational in Austria.‍
• EUR Deposit Methods: SEPA, bank transfer, credit cards, debit cards, Google Pay and Apple Pay.

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5. Kraken

Kraken is an American cryptocurrency exchange that services over 10 million users across Austria and 180 other countries. It is popular among institutional investors and has a remarkable quarterly trading volume exceeding $207 billion. The platform facilitates trading over 200 cryptocurrencies on spot and futures markets with up to 5x leverage. There is also a multilingual interface, which can be used in German and English

Austrian investors appreciate Kraken's dedication to an outstanding user experience, highlighted by its acclaimed mobile apps on the App Store and Google Play. Its staking services are popular, offering up to 25% annual rewards (APY) on 30 tokens. Kraken Pro, tailored for professional and institutional investors in Austria, offers narrow spreads, significant liquidity, and high deposit limits, affirming its status as a dependable exchange.

• Fees: Maker orders at 0.01% and taker orders at 0.02%.
• Supported Assets: Over 200 cryptocurrencies.
• Regulation & Licensing: Complies with top-tier European financial regulations.‍
• EUR Deposit Methods: SEPA, SWIFT, bank transfers, credit cards, debit cards, and more.

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Is Crypto Regulated in Austria?

Cryptocurrency regulation in Austria is governed by the Financial Market Authority (FMA), ensuring a structured and secure environment for digital assets. The regulatory framework aligns with the European Union's Markets in Crypto-Assets Regulation (MiCAR), which aims to create a unified legal framework across Europe. 

MiCAR enforces transparency and disclosure requirements, authorizes and supervises crypto-asset service providers, and mandates investor protection measures. Additionally, it combats market abuse in crypto trading venues. Specific regulations apply at different times, with full implementation expected by the end of 2024. This comprehensive approach promotes innovation while maintaining financial stability and safeguarding investors.

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How is Crypto Taxed in Austria?

In Austria, cryptocurrency taxation is comprehensive and applies to both individuals and businesses and is overseen by the Austrian Tax Authority. Cryptocurrencies are treated as intangible assets, and any gains realized from their sale are subject to a capital gains tax of 27.5%. If the assets are held for more than one year, they can be taxed at the standard income tax rate as specified in the Income Tax Act. 

Additionally, cryptocurrency mining is considered a commercial activity, and profits from mining are taxed as business income. Businesses accepting cryptocurrencies as payment must convert these amounts into euros for tax purposes, with the standard VAT regulations applying. This structured approach ensures that all cryptocurrency transactions are transparently taxed, aligning with Austria's broader fiscal policies.

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How to Buy Bitcoin in Austria

This guide provides a detailed process for purchasing Bitcoin and other cryptocurrencies in Austria through a digital asset exchange.

1. Open Account: Start by creating an account on your selected cryptocurrency exchange. You will need to provide your name and email address. To access the platform, verify your identity using a photo ID, such as a passport or driving license.
2. Deposit Euros: Navigate to the deposit section of your account. Enter the amount of Euros you wish to transfer and select your preferred payment method, such as a bank transfer, credit card, or debit card. Be sure to review the platform’s fees and limits to understand how long it will take for your funds to be credited.
3. Select Cryptocurrency: To buy Bitcoin or other cryptocurrencies, enter the coin name or symbol in the search box. For example, search for BTC to buy Bitcoin. Choose the EUR/BTC pair and enter your trade details.
4. Execute Trade: Click the ‘buy’ or ‘trade’ button to purchase your chosen cryptocurrency. Enter the amount you want to buy and complete the trade.

This guide ensures an easy process for Austrian users to engage in digital asset trading, from account setup to executing trades.

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Bottom Line

Austria is a prominent hub for cryptocurrency in Europe, thanks to its proactive regulatory environment overseen by the Financial Market Authority (FMA). This guide has highlighted the top five crypto exchanges in Austria, eToro, Bitpanda, Bybit, Uphold, and Kraken. Each platform offers unique features, robust security measures, and a user-friendly experience to cater to a wide range of investors.