Summary
Cryptocurrency is legal in Armenia, with a supportive regulatory environment. Popular payment methods include bank transfers and credit cards. The Armenian dram (AMD) is supported by some exchanges. The Central Bank of Armenia (CBA) is the key regulatory body overseeing crypto activities. The country lacks specific cryptocurrency laws but is working on comprehensive regulations. Here are the best crypto exchanges in Armenia:
Best Crypto Exchanges in Armenia
This article examines the top cryptocurrency exchanges available to Armenian investors. We’ll explore the platforms that support the Armenian dram (AMD) and offer convenient payment methods for local users. Bank transfers and credit cards are widely accepted deposit options in Armenia.
1. Binance
Users:
200m
Free Demo:
Mobile App:
Bonus:
$100
Cryptos:
400+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.05%
Pros
- Most comprehensive crypto exchange
- Most advanced features and products
- 24/7 customer support
- 400+ cryptocurrencies
- Reputable with over 200 million users
- Best liquidity
Cons
- Not beginner friendly
- Restricted in many regions due to regulations
- EU traders must use BNFCR for futures trading
Overview
Reaching over 200 million registered users in 2024, Binance is by far the largest crypto exchange in the world. The platform is incredibly comprehensive, offering crypto traders all the tools they need to make a profit in the crypto market.
With over 400 cryptocurrencies to trade, leverage of up to 125x, directly integrated charts from TradingView with tons of technical analysis tools, and many more features, Binance has secured its spot as one of the best crypto exchanges.
Binance offers a wide variety of products, including spot, margin, futures, and options trading, staking, lending, P2P, automated bot trading, copy trading, and even an NFT marketplace. It is safe to say that crypto geeks will find everything they are looking for on Binance.
The trading fees on Binance are very affordable. Binance charges 0.1% trading fees on the spot market (makers and takers alike), which is the industry standard. Where Binance excels is the futures market with fees of only 0.02% for makers and 0.05% for takers.
2. Coinbase
Users:
100m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
250+
Leverage:
5x
Spot Fees:
0.4%/0.6%
Futures Fees:
0.02%/0.05%
Pros
- Most beginner-friendly exchange
- Fully regulated and licensed
- Great customer support
- Reputable with over 100 million users
- Comprehensive fiat deposit methods
- Great wallet for on-chain access
Cons
- Lacks advanced features
- Very high spot trading fees
- Poor liquidity
Coinbase Overview
Coinbase is one of the largest and most well-known cryptocurrency exchanges for buying cryptos.The platform currently has a user community of over 100 million users worldwide. What makes Coinbase special is its user-friendly interface. The platform is designed to be easy to use, making it accessible for beginners. Coinbase offers a clean and intuitive interface for buying, selling, and managing cryptocurrencies.
Crypto traders have access to over 250 cryptos for active trading. One downside of Coinbase is the fee structure. When you place an order at the market price that gets filled immediately, you are considered a taker and will pay a fee of 0.60%, which is very expensive.
Another thing about Coinbase is that it offers a wide range of crypto services. These include wallets, NFT, crypto staking, Coinbase cards, and many more to help improve the overall trading experience on the platform. One of our favorite features is the Coinbase wallet.
It is suitable for beginners but also offers advanced trading tools including real-time charts, technical indicators, and many more for advanced traders.
3. Bybit
Users:
40m
Free Demo:
Mobile App:
Bonus
$30,000
Cryptos:
600+
Leverage:
100x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.055%
Pros
- Low fees
- 600+ supported crypto assets
- 100x leverage and deep liquidity
- Advanced order types and additional features
- Great 24/7 customer support
- Automated copy trading
Cons
- Regulatory uncertainty in Europe and USA
- May be confusing for beginners
- Cryptocurrency investments carry high risks
Overview
Bybit stands out as one of the most advanced crypto exchanges with deep liquidity and low fees. Bybit users can trade Spot, Futures, Options, NFTs, and even Inscriptions. Additionally, Bybit offers copy trading and bot trading to automate your income streams. Bybit copy trading is one of the best in the crypto industry.
Where Bybit excels is its derivatives platform with 320+ perpetual futures contracts and up to 100x leverage. With advanced order types such as TWAP or Iceberg orders, Bybit caters to experienced traders seeking the best options.
On the spot market, Bybit supports over 500 cryptos and up to 10x margin, making Bybit a versatile crypto exchange.
With low fees of 0.1% maker and 0.1% taker for spot trading and 0.02% maker and 0.055% taker for futures trading, Bybit has highly competitive fees. To top it all off, Bybit offers fee discounts based on your 30-day trading volume. The more you trade, the more you save.
4. Blofin
Users:
2m
Free Demo:
Mobile App:
Bonus:
$5,000
Cryptos:
400+
Leverage:
150x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Excellent for trading
- Very beginner friendly
- No KYC required
- 24/7 customer support
- Up to 150x leverage and deep liquidity
Cons
- Not good for passive income products
- Relatively new spot feature
Overview
Founded in 2019, Blofin is a no-KYC exchange where users can trade perpetual futures. With a recently added spot trading feature, as well as Copy trading for customers to enjoy, Blofin has earned a spot as a top contender in the crypto industry.
Blofin users can access 300+ trading pairs with leverage of up to 150x on the futures market. The exchange has a daily trading volume of $12.6 billion for futures trading, making Blofin one of the most active derivatives exchanges. The platform has integrated a user-friendly trading interface for both beginners and expert traders to navigate.
Blofin trading fees are set according to industry standards. For spot trading, a fee of 0.1% is incurred for both maker and taker, while for futures, the maker and taker fee is 0.02% and 0.06%.
What we love about Blofin is its generous VIP fee schedule, which allows traders to reduce their fees based on their 30-day trading volume.
5. KuCoin
Users:
30m
Free Demo:
Mobile App:
Bonus
$10,500
Cryptos:
800+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Beginner friendly
- 800+ supported crypto assets
- 125x leverage and deep liquidity
- 20+ fiat currencies
- Great 24/7 customer support
Cons
- Lacks advanced features
- Not the best liquidity
- Regulatory issues in the US
- Variable spot fees
Overview
Kucoin focuses on offering the best spot trading experience. With over 800 supported cryptos on the spot market, Kucoin is one of the most versatile crypto exchanges when it comes to supported assets. You can trade popular cryptos such as Bitcoin or Ethereum but also less-known cryptos and even meme coins. If you are on the hunt for new and shiny coins that are not popular yet, Kucoin might be your best shop.
Spot fees on Kucoin are relatively average, ranging from 0.1% to 0.32% based on the liquidity of the asset. Futures trading on Kucoin starts at a maker fee of 0.02% and a taker fee of 0.06%.
Kucoin has integrated and ready-to-use crypto grid trading bots to automate your income. You can set up grid bots based on several parameters to trade for you 24/7.
Is Crypto Legal and Regulated in Armenia?
Cryptocurrency is legal in Armenia, with the government adopting a generally supportive stance towards digital assets. The country lacks specific cryptocurrency laws, but it operates under existing financial regulations. The Central Bank of Armenia (CBA) is the primary regulatory body overseeing crypto activities.
In 2018, the Armenian government announced plans to create a free economic zone for blockchain and crypto projects, demonstrating its openness to the technology. The Central Bank of Armenia has been actively exploring the potential of blockchain and cryptocurrencies, including the possibility of issuing a national digital currency.
While there are no explicit prohibitions on cryptocurrency trading or ownership, the CBA has issued warnings about the risks associated with digital assets. The regulatory framework is still evolving, and the government is working on comprehensive regulations to address various aspects of cryptocurrency operations, including taxation, anti-money laundering (AML), and consumer protection measures.
Is Crypto Taxable in Armenia?
The taxation of cryptocurrencies in Armenia is not explicitly defined in current legislation. However, profits from cryptocurrency trading and mining are generally subject to income tax under existing tax laws. The standard personal income tax rate in Armenia is a flat 22% as of 2023, which likely applies to crypto gains.
For businesses dealing with cryptocurrencies, profits may be subject to corporate income tax, which stands at 18%. Additionally, cryptocurrency mining operations might be subject to specific regulations and potentially higher tax rates due to their energy-intensive nature.
The Armenian government has been working on developing more specific guidelines for cryptocurrency taxation. In 2020, the State Revenue Committee proposed amendments to include cryptocurrency in the tax code, but these have not yet been implemented.
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in Armenia.
How to Buy Crypto in Armenia
Buying cryptocurrency in Armenia has become increasingly accessible. We recommend using Binance for its wide range of supported cryptocurrencies and competitive fees. Whether you’re interested in Bitcoin, Ethereum, or other digital assets, the process is straightforward.
Here’s a step-by-step guide to buying cryptocurrencies in Armenia:
- Choose a Crypto Exchange: Select a reliable platform that caters to Armenian users, ensuring it offers suitable payment options and adheres to KYC regulations.
- Register and Verify Your Identity: Open an account on the chosen exchange and complete the identity verification process, which usually requires you to submit identification documents.
- Add Funds: Deposit money into your account using Armenian drams (AMD). Common payment methods in Armenia include bank transfers and credit cards, with some exchanges also accepting local payment systems.
- Select the Cryptocurrency to Purchase: Decide which cryptocurrency you want to buy, with popular choices being Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT).
- Place Your Order: Execute your trade by either purchasing your selected cryptocurrency at the current market price or by setting a limit order.
- Secure Your Assets: After making your purchase, consider moving your cryptocurrency to a secure wallet for long-term storage.
When investing in cryptocurrencies, always be aware of market fluctuations and invest only what you can afford to lose. Keep yourself updated on the latest trends in the crypto market and the specific projects you’re considering.
Best Crypto Wallets in Armenia
Ensuring the security of your cryptocurrencies is vital, and selecting the appropriate wallet is a key consideration for investors in Armenia. Here are some top wallet choices:
- Ledger: A widely recognized brand in the hardware wallet space, Ledger offers cold storage options that support a broad array of cryptocurrencies, providing robust security for long-term asset management.
- Trezor: Another trusted name in hardware wallets, Trezor devices are celebrated for their user-friendly design and strong security protocols.
- Trust Wallet: This flexible mobile wallet accommodates various blockchains and features an easy-to-use interface, along with built-in functionality for accessing decentralized applications (DApps).
- Exodus: Available for both desktop and mobile, Exodus boasts an intuitive interface and supports a large selection of cryptocurrencies, complete with integrated exchange capabilities.
- MetaMask: This popular browser extension is primarily designed for Ethereum and ERC-20 tokens, making it essential for those looking to interact with DApps on the Ethereum network.
When selecting a wallet, it’s important to evaluate aspects such as security features, compatibility with different cryptocurrencies, and user experience. For significant holdings, hardware wallets like Ledger or Trezor provide optimal security, while mobile wallets like Trust Wallet offer convenience for daily transactions. MetaMask is particularly beneficial for users who are actively involved in the DeFi landscape.
Bottom Line
For Armenian crypto enthusiasts, selecting the right exchange is crucial. We recommend Binance as the top choice among the best crypto exchanges in Armenia, offering a wide range of assets and competitive fees. Coinbase is our second recommendation, known for its user-friendly interface and strong security measures. Both platforms provide reliable services for buying, selling, and trading cryptocurrencies, catering to both novice and experienced investors in the Armenian market.
