Summary
Cryptocurrencies are legal in Bulgaria, with the Bulgarian National Bank (BNB) and Financial Supervision Commission (FSC) overseeing regulations. Popular payment methods include bank transfers and credit cards. The Bulgarian Lev (BGN) is supported by several crypto exchanges. Key regulatory frameworks include the Markets in Financial Instruments Act and the Law on Measures against Money Laundering. The crypto landscape in Bulgaria is evolving, with increasing adoption and regulatory clarity. Here are the best crypto exchanges in Bulgaria:
Best Crypto Exchanges in Bulgaria
This article examines the top crypto exchanges available to Bulgarian users, focusing on their features, supported cryptocurrencies, and compliance with local regulations. We’ll explore platforms that offer the best services for Bulgarian traders, considering factors such as support for the Bulgarian Lev (BGN) and preferred payment methods like bank transfers and credit cards.
1. 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.
2. 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.
3. Gate.io
Users:
30m
Free Demo:
Mobile App:
Bonus:
$200
Cryptos:
2100+
Leverage:
150x
Spot Fees:
02%
Futures Fees:
0.015%/0.05%
Pros
- 2100+ supported cryptos
- Very comprehensive crypto exchange
- Copy trading allowed
- 150x leverage
- Fiat deposit methods
Cons
- Lacks advanced features
- Very high spot trading fees
- Poor liquidity
- Very complicated to use
Gate.io Overview
Gate.io is a true powerhouse for altcoin traders with its massive support for over 2100 cryptocurrencies. If you are an altcoin trader, Gate.io will be your new home.
Founded in 2013, Gate.io has established itself as a trusted name in the crypto industry, serving millions of users across more than 130 countries.
With a wide array of trading options, including spot, futures, options, and decentralized finance (DeFi) products, Gate.io caters to both novice and experienced traders. The exchange supports over 2000 cryptocurrencies and consistently ranks among the top exchanges by trading volume.
Beyond trading, Gate.io offers additional services like staking, lending, and an NFT marketplace. With its user-friendly interface, competitive fees, and commitment to compliance with global regulations, Gate.io continues to be a go-to destination for cryptocurrency enthusiasts worldwide.
Spot trading fees on Gate.io start at 0.2% for makers and takers, while futures fees start at 0.02% for makers and 0.05% for takers.
4. 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.
5. 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.
Is Crypto Legal and Regulated in Bulgaria?
Cryptocurrencies are legal in Bulgaria, but the regulatory landscape is still evolving. The Bulgarian National Bank (BNB) and the Financial Supervision Commission (FSC) are the primary regulatory bodies overseeing crypto-related activities in the country.
In 2018, the Bulgarian National Bank issued a statement clarifying that cryptocurrencies are not recognized as legal tender. However, this does not make them illegal; it simply means they are not backed by the government.
The Bulgarian government has implemented the EU’s 5th Anti-Money Laundering Directive (AMLD5) through amendments to the Law on Measures against Money Laundering. This requires crypto exchanges and wallet providers to register with the National Revenue Agency and comply with AML/CFT regulations.
In 2020, Bulgaria introduced new regulations requiring individuals to declare their cryptocurrency holdings if they exceed 5,000 BGN. This move aims to increase transparency and prevent tax evasion in the crypto sector.
While there is no specific cryptocurrency law in Bulgaria, crypto activities fall under existing financial regulations, including the Markets in Financial Instruments Act and the Payment Services and Payment Systems Act.
Is Crypto Taxable in Bulgaria?
Cryptocurrency taxation in Bulgaria is subject to the country’s general tax laws, as there are no specific regulations for digital assets. The National Revenue Agency (NRA) considers cryptocurrencies as financial assets, and their taxation follows the standard rules for capital gains.
For individuals, capital gains from cryptocurrency trading are subject to a flat tax rate of 10%. This applies to profits realized from buying and selling cryptocurrencies. However, if an individual’s crypto activities are frequent and resemble a business operation, the income may be classified as business income and taxed accordingly.
For businesses dealing with cryptocurrencies, profits are subject to the standard corporate income tax rate of 10%. This includes income from mining, trading, or providing crypto-related services.
It’s important to note that since 2020, individuals are required to declare cryptocurrency holdings exceeding 5,000 BGN in their annual tax returns. This declaration is separate from the taxation of gains and is aimed at increasing transparency in the crypto market.
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 Bulgaria.
How to Buy Crypto in Bulgaria
Purchasing cryptocurrency in Bulgaria has become increasingly accessible. For Bulgarian residents, we recommend using OKX, our top-rated exchange, which offers a user-friendly platform for buying Bitcoin and other cryptocurrencies.
Here’s a step-by-step guide to buying cryptocurrency in Bulgaria:
- Choose a Crypto Exchange: Start by selecting a trustworthy exchange that facilitates transactions in Bulgarian Lev (BGN) and offers suitable payment options. Make sure to review the exchange’s Know Your Customer (KYC) requirements to comply with local laws.
- Create an Account and Verify Your Identity: Register for an account on your selected exchange. Complete the KYC process by submitting the required identification documents, which usually include a government-issued ID and proof of residence.
- Fund Your Account: Deposit money into your account using BGN. Common payment methods in Bulgaria include bank transfers (typically via SEPA), credit or debit cards, and various e-wallets.
- Choose Your Cryptocurrency: Decide on the cryptocurrency you want to buy. Popular choices include Bitcoin (BTC), Ethereum (ETH), and stablecoins such as Tether (USDT).
- Execute Your Purchase: Place an order to acquire your selected cryptocurrency. Most exchanges allow you to choose between market orders (for immediate purchases at the current price) and limit orders (for purchases at a specified price).
- Safeguard Your Assets: Once your purchase is complete, transfer your cryptocurrencies to a secure wallet. For long-term storage, consider utilizing a hardware wallet for increased protection.
Always conduct thorough research and only invest funds you can afford to lose, as the cryptocurrency market can experience significant fluctuations. Additionally, maintain accurate records of your transactions to comply with Bulgaria’s reporting obligations for cryptocurrency holdings.
Best Crypto Wallets in Bulgaria
Choosing a reliable crypto wallet is vital for users in Bulgaria to protect their digital assets. Here are some top wallet options to consider:
Hardware Wallets:
- Ledger Nano X: Renowned for its exceptional security, ideal for long-term cryptocurrency storage.
- Trezor Model T: A highly secure option that combines safety with an intuitive interface.
Mobile Wallets:
- Trust Wallet: A straightforward, user-friendly wallet supporting a wide array of cryptocurrencies.
- Exodus: Known for its attractive design and built-in trading features, making transactions seamless.
Desktop Wallets:
- Electrum: A lightweight wallet specifically designed for Bitcoin, offering advanced functionalities.
- Exodus: Also accessible as a desktop application, ensuring a consistent user experience across devices.
Web Wallets:
- MetaMask: Widely recognized for managing Ethereum and ERC-20 tokens, crucial for engaging with DeFi projects.
- MyEtherWallet: A web-based tool for interacting with the Ethereum blockchain effectively.
When selecting a wallet, it’s important to evaluate aspects such as security features, the variety of supported cryptocurrencies, user-friendliness, and compatibility with Bulgarian exchanges. For larger cryptocurrency holdings, hardware wallets are highly advisable, while mobile and desktop wallets provide convenience for everyday transactions. Always download wallet applications from official sources to mitigate security risks.
Bottom Line
For Bulgarian crypto enthusiasts seeking the best crypto exchanges in Bulgaria, OKX stands out as our top recommendation. It offers a comprehensive platform with a wide range of cryptocurrencies and competitive fees. Our second choice, Binance, provides a robust trading environment with strong security measures. Both exchanges support Bulgarian Lev transactions and comply with local regulations, making them excellent options for users looking to enter or expand their presence in the cryptocurrency market in Bulgaria.
