Summary
Azerbaijan maintains a neutral stance on cryptocurrency trading, with no specific prohibitions or comprehensive regulatory framework. The Azerbaijan Central Bank oversees financial activities but has not implemented strict crypto regulations. The Azerbaijani Manat (AZN) is supported by major crypto exchanges, with bank transfers and credit cards being the primary payment methods. For Azerbaijani traders seeking reliable crypto exchanges, here are the best crypto exchanges in Azerbaijan with the best combination of features and security:
Best Crypto Exchanges in Azerbaijan
The cryptocurrency market in Azerbaijan continues to develop, with multiple exchanges offering services to local traders. When selecting a crypto exchange in Azerbaijan, key considerations include support for the Azerbaijani Manat (AZN), available payment methods, and compliance with local regulations. Bank transfers and credit card payments remain the most reliable methods for Azerbaijani users to fund their accounts.
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. OKX
Users:
50m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
350+
Leverage:
100x
Spot Fees:
0.14%/0.1%
Futures Fees:
0.01%/0.06%
Pros
- Highly efficient trading platform
- 350+ assets
- Free demo trading
- Fiat supported
- 24/7 customer support
Cons
- Not available in the US
- Not beginner-friendly
- Limitations and restrictions in Europe
OXK Overview
OKX is the third largest crypto exchange sorted by daily derivatives volume. This is no surprise since OKX’s focus lies in offering a high-efficiency leverage trading experience. While the UI is not necessarily beginner-friendly, it is one of the fastest and most reliable platforms we have come across.
Over 300 coins are supported on OKXs spot market while 250 contracts are available for futures trading with up to 100x leverage. What makes OKX stand out is its extensive liquidity which are without a doubt at the top of the game.
With low futures fees starting at 0.02% maker and 0.05% taker, OKX ensures a cost efficient derivatives trading environment. Spot trading fees however are on the more expensive side starting at 0.14% for makers and 0.23% for takers.
You can easily deposit funds using your credit/debit card. Additionally, you can deposit and withdraw fiat using your personal bank account, making OKX a reliable platform for on- and off-ramp funds.
3. MEXC
Users:
15m
Free Demo:
Mobile App:
Bonus
$20,000
Cryptos:
2400+
Leverage:
300x
Spot Fees:
0.05%
Futures Fees:
0.01%/0.04%
Pros
- Lowest Trading Fees
- 2000+ supported crypto assets
- 300x leverage and deep liquidity
- 24/7 customer support
- Best for altcoin and leverage trading
Cons
- Not available in the US
- Newly launched coins pose high risk
- May request KYC in the future
Overview
MEXC is known as the crypto exchange with the lowest fees. What makes MEXC stand out is its 0% maker fee offer, meaning you can trade without any fees. However, the spot and futures taker fees start at 0.02%. No crypto exchange can compete with the MEXC fee structure.
If you are a day trader seeking high leverage, MEXC may be one of your best options. With 300x leverage over 400 futures contracts and by far the lowest fees, MEXC is truly a day trading heaven.
Even if you are not interested in leverage trading, MEXC has you covered with over 2000 supported cryptocurrencies on the spot market. While MEXC offers tons of new altcoins, we recommend being cautious as the legitimacy of newly listed projects may be questionable.
All in all, MEXC is arguably the best option for high-frequency traders seeking low fees to get the best value for money.
4. 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.
5. BitMart
Users:
9M
Free Demo:
Mobile App:
Bonus:
$50
Cryptos:
1400+
Leverage:
125x
Spot Fees:
0.1%/0.1%
Futures Fees:
0.02%/0.06%
Pros
- No KYC required
- Extensive range of cryptocurrencies
- Upto 125X leverage
- Earn rewards through crypto staking
- Access to an NFT marketplace
Cons
- Limited usability without KYC verification.
- Mixed user feedback
- Slow customer service
BitMart Overview
BitMart is a comprehensive cryptocurrency exchange serving 9 million users globally. The platform supports over 1400 cryptocurrencies, offering spot trading with fees of 0.1% for both makers and takers. BitMart provides futures trading with up to 125x leverage, charging 0.02% for makers and 0.06% for takers.
The exchange features an NFT marketplace and staking options for passive income. BitMart caters to various trader levels with its advanced trading interface and tools. A demo account is available for practice, and mobile apps ensure on-the-go trading.
BitMart operates without KYC requirements, potentially appealing to users valuing privacy. However, this approach may raise regulatory concerns in some jurisdictions.
The platform offers a user-friendly interface with real-time market data and advanced charting tools. BitMart also provides a range of order types, including limit, market, and stop-limit orders. The exchange supports multiple languages and offers 24/7 customer support through various channels, enhancing its accessibility to a global user base.
Is Crypto Legal and Regulated in Azerbaijan?
The legal status of cryptocurrency in Azerbaijan operates under specific guidelines established by regulatory authorities. The Central Bank of Azerbaijan maintains primary oversight of digital asset activities, while working alongside the Financial Market Supervisory Authority (FIMSA) for regulatory enforcement.
Key regulatory aspects include: – Cryptocurrency trading is legal but unregulated – Digital assets are not recognized as legal tender – Exchanges must register with FIMSA for AML compliance – Cross-border transactions require reporting if exceeding 20,000 AZN – Platforms must implement KYC procedures for all users
The Ministry of Digital Development and Transport introduced requirements for cryptocurrency businesses operating in Azerbaijan. These include mandatory data center registration, security protocols, and regular financial audits. The ministry also oversees licensing requirements for cryptocurrency ATMs and point-of-sale systems.
Financial institutions in Azerbaijan can facilitate cryptocurrency transactions provided they maintain compliance with AML regulations and reporting requirements. Banks must conduct enhanced due diligence on crypto-related transactions and report suspicious activities to the Financial Monitoring Service.
Is Crypto Taxable in Azerbaijan?
The State Tax Service of Azerbaijan classifies cryptocurrency transactions under specific tax categories. Income from cryptocurrency trading falls under the personal income tax framework, with clear guidelines for reporting and payment.
Current tax implications include:
- Personal income tax rates: 14% (up to 30,000 AZN) and 25% (above 30,000 AZN)
- Corporate tax rate: 20% for registered entities
- Mining income: Taxed as business income at standard rates
- Capital gains: Subject to personal income tax rates
- VAT exemption on cryptocurrency transactions
The tax authority requires specific documentation for cryptocurrency activities:
- Complete transaction history from exchanges
- Records of acquisition costs and sale prices
- Mining equipment depreciation schedules
- Proof of transaction fees and related expenses
- Annual reporting of cryptocurrency holdings
Professional traders conducting regular transactions must register as individual entrepreneurs and maintain detailed accounting records. This includes quarterly tax payments and annual declarations of trading volume.
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 Azerbaijan.
How to Buy Crypto in Azerbaijan
Acquiring cryptocurrency in Azerbaijan requires selecting a reliable exchange that supports local payment methods. Binance offers comprehensive services for Azerbaijani users, supporting both AZN transactions and multiple payment options.
1. Select a Crypto Exchange
- Verify AZN support and available payment methods
- Check trading fees and exchange rates
- Confirm KYC requirements for Azerbaijan
- Review platform security measures
2. Complete Registration
- Submit government-issued ID
- Provide proof of address
- Complete facial verification
- Set up two-factor authentication
3. Fund Your Account
- Bank transfers: 1-3 business days, fees 0.5-1%
- Credit cards: Instant, fees 3-5%
- Local payment systems: GoldenPay, Million
- P2P trading: Multiple payment options
4. Choose Cryptocurrency
- Bitcoin (BTC): Most liquid market
- Ethereum (ETH): Smart contract platform
- USDT: Stable value option
- Local trading pairs with AZN
5. Execute Trade
- Market orders: Instant execution
- Limit orders: Better prices
- Stop-loss: Risk management
- Take-profit: Profit targets
6. Secure Storage
- Transfer to personal wallet
- Enable all security features
- Backup recovery phrase
- Regular security audits
Local banks supporting cryptocurrency transactions include International Bank of Azerbaijan, Kapital Bank, and Pasha Bank. Each bank maintains specific policies regarding crypto-related transfers and may require additional documentation.
Best Crypto Wallets in Azerbaijan
Securing cryptocurrency assets requires reliable wallet solutions. Hardware wallets provide maximum security for long-term storage:
- Ledger: Industry standard for hardware security, supporting 5000+ assets
- Trezor: User-friendly interface with strong security features
For daily transactions, software wallets offer convenience:
- MetaMask: Essential for DeFi interactions
- Trust Wallet: Mobile-friendly with extensive coin support
- Exodus: Desktop wallet with built-in exchange features
Bottom Line
For Azerbaijani crypto traders seeking reliable platforms, Binance and OKX stand out as the best crypto exchanges in Azerbaijan. These platforms offer comprehensive trading features, competitive fees, and strong security measures. Their support for local payment methods and user-friendly interfaces make them ideal choices for both new and experienced traders in the Azerbaijani market.
