Summary
Cryptocurrency is legal in Belarus, with a progressive regulatory framework established by Decree No. 8 “On the Development of the Digital Economy.” The National Bank of Belarus oversees crypto regulations. Popular payment methods include bank transfers and credit cards. While the Belarusian Ruble (BYN) isn’t widely supported, most exchanges offer USD trading pairs. Here are the best crypto exchanges in Belarus:
Best Crypto Exchanges in Belarus
When selecting a cryptocurrency exchange in Belarus, it’s crucial to consider factors such as supported assets, trading fees, deposit methods, and compliance with local regulations. While the Belarusian Ruble (BYN) isn’t widely supported on international exchanges, most platforms offer USD trading pairs, which can be funded through bank transfers or credit cards.
Here’s a comparison of the best crypto exchanges available to Belarusian users:
1. 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.
2. BYDFi
Users:
5m
Free Demo:
Mobile App:
Bonus:
$2,888
Cryptos:
600+
Leverage:
200x
Spot Fees:
0%/0.1%
Futures Fees:
0.02%/0.06%
Pros
- 0% Spot maker fees
- Very beginner friendly
- US and Canada supported
- 24/7 customer support
- 600+ cryptocurrencies
Cons
- No copy trading
- Lacks advanced features like hedge mode
Overview
BYDFi has become one of the most popular crypto exchanges due to its user-friendly design, low fees, and wide variety of 600 supported cryptos.
With a strong emphasis on accessibility, BYDFi offers its services to over 160 countries from all around the world. Some of these services include spot and futures trading, bot trading, and earning. For futures traders, BYDFi offers leverage of up to 200x, making it a great platform for seasoned professionals.
The intuitive interface, quick response time, and tons of advanced features make BYDFi a top-notch crypto exchange. If you are trading from the go, you can download the BYDFi mobile app from the iOS AppStore and Android PlayStore.
BYDFi charges the industry standard of 0.1% maker and taker fees on the spot market. If you want to enjoy lower fees, we recommend using the BYDFi futures market with fees of only 0.02% maker and 0.06% taker.
3. 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.
4. 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.
5. 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.
Is Crypto Legal and Regulated in Belarus?
Cryptocurrency is legal in Belarus, with a progressive regulatory framework established by Decree No. 8 “On the Development of the Digital Economy”, signed by President Alexander Lukashenko in December 2017. This decree legalized cryptocurrency transactions and created a special economic zone called the Hi-Tech Park (HTP) to foster blockchain and crypto-related businesses.
The National Bank of Belarus oversees crypto regulations in the country. Key aspects of the regulatory framework include:
- Cryptocurrency mining, trading, and exchange activities are legal and tax-free until January 1, 2023 (later extended to January 1, 2025).
- Crypto exchanges and ICO organizers must register with the HTP administration.
- Mandatory KYC/AML procedures for crypto businesses.
- The creation of a legal framework for smart contracts.
In November 2020, the National Bank of Belarus announced plans to explore the potential issuance of a central bank digital currency (CBDC). This move further demonstrates the country’s commitment to embracing digital financial technologies.
Is Crypto Taxable in Belarus?
Belarus has implemented a crypto-friendly tax policy, aiming to attract blockchain and cryptocurrency businesses to the country. The key aspects of cryptocurrency taxation in Belarus are:
- Individual crypto transactions: Personal income from crypto mining, buying, selling, or exchanging cryptocurrencies is tax-free until January 1, 2025, as per the Ministry of Finance.
- Corporate crypto activities: Companies registered with the Hi-Tech Park (HTP) enjoy a special tax regime, including a 0% corporate tax rate on crypto-related income until January 1, 2025.
- VAT exemption: Cryptocurrency transactions are exempt from Value Added Tax (VAT).
- Capital gains: There is no capital gains tax on cryptocurrency profits for individuals.
It’s important to note that while crypto activities are currently tax-free, individuals and businesses must still maintain proper records of their transactions. The tax-free status is subject to potential changes after January 1, 2025.
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 Belarus.
How to Buy Crypto in Belarus
Purchasing cryptocurrency in Belarus is a straightforward process, thanks to the country’s crypto-friendly regulations. To get started, we recommend using Bybit, our top-rated exchange for Belarusian users. Bybit offers a user-friendly interface, competitive fees, and a wide range of cryptocurrencies, including popular assets like Bitcoin, Ethereum, and USDT.
Follow these steps to buy cryptocurrencies in Belarus:
- Choose a crypto exchange: Start by selecting a trustworthy platform, like Bybit, ensuring it supports your preferred payment methods and complies with local KYC regulations.
- Create an account and verify your identity: Register on your chosen exchange and complete the verification process by providing the necessary documents for identity verification.
- Fund your account: Deposit funds using common payment methods in Belarus, such as bank transfers or credit cards. While the Belarusian Ruble (BYN) may not be directly supported, you can usually deposit in USD or EUR.
- Choose your cryptocurrency: Select the digital currency you want to buy, such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), or other altcoins offered by the exchange.
- Execute the transaction: Enter the amount of crypto you wish to purchase and review all transaction details carefully before confirming your trade.
- Secure your holdings: Once you’ve purchased your cryptocurrency, transfer it to a secure wallet. You can either use the exchange’s built-in wallet or move your funds to an external hardware or software wallet for added security.
By following these steps, you can safely purchase cryptocurrency in Belarus. Stay updated on local regulations and ensure you follow security best practices to safeguard your assets.
Best Crypto Wallets in Belarus
Choosing a secure crypto wallet is essential for protecting your digital assets in Belarus. Below are some top wallet options suitable for Belarusian users:
Hardware Wallets: Ideal for long-term asset storage due to their robust security.
- Ledger Nano X or S: Known for its high-level security, perfect for safely storing multiple cryptocurrencies over the long term.
- Trezor Model T or One: Features advanced security and supports a broad array of digital currencies.
Software Wallets: Convenient for regular transactions and easy access.
- Trust Wallet: A flexible mobile wallet supporting various cryptocurrencies with DeFi integration.
- Exodus: A simple-to-use wallet available for both desktop and mobile, offering built-in exchange features.
Web Wallets: Best for smaller amounts and frequent trading.
- MetaMask: A widely-used browser extension wallet ideal for interacting with Ethereum-based decentralized apps (dApps).
When selecting a wallet, it’s important to evaluate key aspects such as security, cryptocurrency support, and user-friendliness. Hardware wallets offer the best protection for long-term storage, while software and web wallets are more practical for frequent transactions.
For enhanced security, consider using a multi-wallet approach: store large amounts and long-term holdings in a hardware wallet, and utilize software or web wallets for daily transactions. Be sure to back up your wallet regularly and store recovery phrases securely offline.
Only download wallets from trusted, official sources, and verify the software’s authenticity to minimize security risks. Stay updated on the latest security recommendations and wallet updates to ensure your digital assets remain safe in Belarus.
Bottom Line
In conclusion, Belarus offers a favorable environment for cryptocurrency enthusiasts and investors. Among the best crypto exchanges in Belarus, Bybit stands out as our top recommendation, providing a robust platform with competitive fees and a wide range of supported assets. For those seeking an alternative, BYDFi offers a solid option with its user-friendly interface and diverse cryptocurrency selection. Both exchanges cater to Belarusian users’ needs, ensuring a seamless trading experience in the country’s progressive crypto landscape.
