Summary
Cryptocurrency is legal in Austria, with regulatory oversight from the Financial Market Authority (FMA). Popular payment methods include SEPA transfers and credit cards. The Euro (EUR) is widely supported on crypto platforms. Key regulations include the Financial Markets Anti-Money Laundering Act and the Austrian Banking Act. The best crypto exchanges in Austria offer a range of services tailored to local needs.
Best Crypto Exchanges in Austria
This article examines the top cryptocurrency exchanges available to Austrian residents. We’ll explore platforms that support EUR transactions and offer convenient payment methods such as SEPA transfers and credit cards. The following table provides a comparison of key features for each exchange:
1. BitPanda
Users:
3m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
200+
Leverage:
3x (Spot Margin)
Spot Fees:
0.25%
Futures Fees:
Not Supported
Pros
- Most beginner-friendly exchange
- Fully regulated and licensed in EU
- Great customer support
- Reputable with over 100 million users
Cons
- Lacks advanced features
- Very high trading fees
- No futures trading
- Not suitable for active crypto traders
Bitpanda Overview
Bitpanda is one of the oldest crypto trading platforms located in Austria. Since its launch in 2014, Bitpanda has been offering premium crypto services including access to over 3000 digital assets like crypto, stocks, precious metals, and crypto indices.
Users can access fees as low as 0.25% for both makers and takers on spot trading. The fees can be reduced to as low as 0% for makers and 0.01% for takers depending on your 30-day trading volume.
What sets Bitpanda apart is its user-friendly trading experience. Whether you’re a beginner or an experienced trader, you’ll find everything you need to trade in Bitpanda Pro.
You’ll have access to real-time candlestick charts and a trading terminal. You’ll also have access to advanced order types, an order book, and more. Additionally, Bitpanda provides 2x leverage with margin close-out controls that trigger at 50% of the original margin.
2. Bitget
Users:
23m
Free Demo:
Mobile App:
Bonus
$6,200
Cryptos:
840+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Over 800 cryptos
- Fair trading fees
- Great for EUR SEPA transfers
- 24/7 customer support
- Very beginner friendly
Cons
- Not available in the US
- No TWAP order supported
- Mandatory KYC for new accounts
Overview
Bitget is a true powerhouse for crypto traders from over 100 supported countries. What makes Bitget special is its beginner-friendly trading platform, which has over 800 supported cryptocurrencies. With so many supported cryptocurrencies, if you are looking to trade altcoins, Bitget might be one of your best shots.
With fiat support for 6 currencies, including EUR and RUB, Bitget is a top choice, especially for European users looking to deposit and withdraw funds in their native currency with ease. The 0% fee for SEPA transactions makes Bitget stand out. Credit card payments are also supported.
Experienced crypto traders can trade futures contracts on Bitget with 125x leverage on selected assets such as Bitcoin or Ethereum.
The spot trading fees start at 0.1% for makers and takers, which is very common in the industry. For futures traders seeking leverage for their day trading activities, Bitget charges very low fees of 0.02% maker and 0.06% taker.
3. 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.
4. 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.
5. Kraken
Users:
10m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
220+
Leverage:
100x
Spot Fees:
0.25%/0.4%
Futures Fees:
0.02%/0.05%
Pros
- Very beginner-friendly
- Low futures trading fees
- Free demo trading
- Fiat supported
- 24/7 customer support
- Fully regulated
Cons
- High spot trading fees
- Lacks advanced features
- Poor liquidity for futures trading
- Complicated Demo trading
Kraken Overview
Kraken stands out as one of the most beginner-friendly crypto exchanges. With an easy to understand UI, simple features, and a straightforward approach, Kraken has onboarded over 10 million users to its platform from all around the world.
Spot traders can access over 220 cryptocurrencies for buying and selling. For traders seeking more buying power, Kraken offers a leverage trading platform with up to 50x leverage on selected assets such as BTC.
In terms of fees, Kraken has a different approach for spot and futures trading. While spot trading fees are relatively high (0.25% maker and 0.4% taker), the futures fees are very low (0.02% maker and 0.05% taker). Based on your 30-day trading volume, you can obtain additional fee discounts.
What we love about Kraken is its comprehensive fiat support. You can deposit funds using your credit card or bank transfer. Once you are done trading, you can withdraw fiat currencies such as EUR or USD back to your personal bank account to lock in your profits.
Is Crypto Legal and Regulated in Austria?
Cryptocurrency is legal in Austria, with the government taking a proactive approach to regulation. The primary regulatory body overseeing crypto activities is the Austrian Financial Market Authority (FMA). Austria follows the European Union’s guidelines on cryptocurrency, implementing the 5th Anti-Money Laundering Directive (AMLD5) in 2020.
The FMA’s FinTech Navigator provides guidance on the regulatory treatment of cryptocurrencies. Under Austrian law, cryptocurrencies are classified as “other financial instruments” and are subject to various regulations, including the Financial Markets Anti-Money Laundering Act (FM-GwG) and the Austrian Banking Act (BWG).
Crypto service providers, including exchanges, must register with the FMA and comply with AML/CFT regulations. This includes implementing customer due diligence procedures and reporting suspicious transactions. The FMA’s stance on virtual currencies emphasizes consumer protection and market integrity while fostering innovation in the financial sector.
Is Crypto Taxable in Austria?
Cryptocurrency is subject to taxation in Austria, with specific rules outlined by the Austrian Ministry of Finance. The tax treatment depends on the nature of the crypto transactions and the holding period.
For individuals, capital gains from the sale of cryptocurrencies held for less than one year are subject to progressive income tax rates, which can range from 0% to 55%. If the crypto assets are held for more than one year, the gains are generally tax-free for private individuals.
According to the Austrian Ministry of Finance guidelines, mining income and gains from regular trading activities are typically considered business income and taxed accordingly. The tax rate for business income can be up to 55% for individuals and 25% for corporations.
It’s important to note that crypto-to-crypto transactions are also considered taxable events. Taxpayers are required to maintain detailed records of their cryptocurrency transactions for tax purposes.
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 Austria.
How to Buy Crypto in Austria
Purchasing cryptocurrency in Austria is a straightforward process, with several reputable exchanges catering to Austrian residents. We recommend using BitPanda, a Vienna-based exchange that offers a user-friendly platform and supports EUR transactions. Whether you’re looking to buy Bitcoin, Ethereum, or other popular cryptocurrencies, follow these steps:
- Select a crypto exchange: Choose a platform that supports EUR deposits and withdrawals, offers reasonable fees, and adheres to Austrian regulations. Confirm the exchange’s KYC requirements for a smooth onboarding experience.
- Sign up and verify your identity: Register an account on the chosen platform and complete the verification process, which typically involves submitting identification and address documents in compliance with AML rules.
- Add funds to your account: Deposit EUR using popular methods in Austria, such as SEPA transfers or credit cards. SEPA transfers often come with lower fees and higher limits compared to credit cards.
- Choose your cryptocurrency: Select the digital asset you want to buy. Popular choices include Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT) or USD Coin (USDC).
- Make the trade: Place a market or limit order for your selected cryptocurrency. Review the transaction details, including the applicable fees, before confirming your purchase.
- Secure your assets: After buying, move your crypto to a personal wallet for better security. Hardware wallets are highly recommended for long-term storage.
By following these steps, Austrian residents can safely and efficiently enter the cryptocurrency market. Remember to stay informed about the latest regulations and tax implications to ensure compliance with local laws.
Best Crypto Wallets in Austria
Selecting a secure wallet is crucial for Austrian crypto investors. Here are some top options:
Hardware Wallets:
- Ledger: Offers robust security features and supports a wide range of cryptocurrencies.
- Trezor: Another reputable hardware wallet with an intuitive interface.
Software Wallets:
- Trust Wallet: A versatile mobile wallet with built-in DApp browser.
- Exodus: Desktop and mobile wallet with a user-friendly design and built-in exchange feature.
Web Wallets:
- MetaMask: Popular browser extension wallet, ideal for interacting with Ethereum-based DApps.
When choosing a wallet, consider factors such as security features, supported cryptocurrencies, and ease of use. Hardware wallets are recommended for storing large amounts or long-term holdings, while software wallets offer convenience for frequent transactions. Ensure your chosen wallet complies with Austrian regulations and supports EUR transactions if needed.
Bottom Line
For Austrian crypto enthusiasts, the landscape offers various options for secure and compliant trading. Among the best crypto exchanges in Austria, BitPanda stands out for its local presence and tailored services. Bitget follows closely, providing a robust platform with competitive fees. Both exchanges offer a wide range of cryptocurrencies and support EUR transactions, making them ideal choices for Austrian residents entering the crypto market. Always prioritize security, regulatory compliance, and personal research when selecting an exchange or wallet for your cryptocurrency journey.
