Summary
Cryptocurrency trading is legal in Cyprus, with the Cyprus Securities and Exchange Commission (CySEC) overseeing regulatory matters. Popular payment methods include bank transfers and credit cards. While the Euro is the primary currency, many exchanges support USD trading pairs. Key regulations stem from EU directives on anti-money laundering and cryptocurrency asset management. Our recommended best crypto exchanges for Cyprus are:
Best Crypto Exchanges in Cyprus
When exploring the cryptocurrency landscape in Cyprus, selecting a reliable exchange is crucial. This guide focuses on top-tier platforms catering to Cypriot investors, emphasizing factors such as supported cryptocurrencies, fee structures, and compliance with local regulations. For Cyprus-based users, exchanges offering Euro (EUR) trading pairs and bank transfer options are particularly beneficial.
1. 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.
2. 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.
3. 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.
4. MEXC
Users:
15m
Free Demo:
Mobile App:
Bonus
$20,000
Cryptos:
2400+
Leverage:
200x
Spot Fees:
0.02%
Futures Fees:
0%/0.02%
Pros
- Lowest Trading Fees
- 2000+ supported crypto assets
- 200x 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 200x 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.
5. 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.
Is Crypto Legal and Regulated in Cyprus?
Cryptocurrency is legal in Cyprus, with the country adopting a progressive stance towards digital assets. The primary regulatory body overseeing crypto activities is the Cyprus Securities and Exchange Commission (CySEC). CySEC has implemented the European Union’s 5th Anti-Money Laundering Directive (AMLD5), which requires crypto exchanges and wallet providers to register with the authorities and comply with AML/CFT regulations.
In 2021, Cyprus introduced a draft bill titled “The Crypto-Asset Activities and Related Matters Law of 2021,” aiming to align with the EU’s Markets in Crypto-Assets (MiCA) regulation. This legislation seeks to establish a comprehensive framework for crypto-asset service providers, enhancing investor protection and market integrity.
Cyprus has also adopted the EU’s DAC8 directive, which mandates the reporting of crypto transactions for tax purposes. While the country maintains a crypto-friendly environment, it emphasizes the importance of regulatory compliance to prevent illicit activities and protect investors.
Is Crypto Taxable in Cyprus?
Cryptocurrency taxation in Cyprus follows guidelines set by the Cyprus Tax Department, aligning with broader European Union directives. As of 2024, Cyprus does not have specific legislation solely for cryptocurrency taxation, but existing tax laws apply to crypto transactions.
Capital gains from the sale of cryptocurrencies are generally exempt from taxation for individuals in Cyprus. However, if crypto trading is considered a business activity due to frequency and volume, it may be subject to income tax, which ranges from 0% to 35%, depending on the total income.
For businesses, profits from cryptocurrency transactions are typically subject to corporate tax at a rate of 12.5%. Companies engaged in crypto mining may also be liable for corporate tax on their profits.
It’s important to note that Cyprus applies a VAT rate of 19% on goods and services purchased with cryptocurrencies, treating them as a form of payment rather than a foreign currency.
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 Cyprus.
How to Buy Crypto in Cyprus
Purchasing cryptocurrency in Cyprus has become increasingly accessible, with several reputable exchanges catering to Cypriot investors. For those looking to enter the crypto market, we recommend Bitget as our top choice for its user-friendly interface, competitive fees, and robust security measures.
Whether you’re interested in acquiring Bitcoin, Ethereum, or other digital assets, follow these steps to start your crypto journey:
- Select a Crypto Exchange: Choose a trusted platform like Bitget, which supports EUR deposits and complies with Cyprus regulations. Ensure the exchange offers your preferred payment methods and review their KYC requirements.
- Sign Up and Verify Identity: Register on the selected exchange. Complete the KYC process by submitting the required identification documents to meet AML regulations.
- Deposit Funds: Add Euros to your exchange account. In Cyprus, bank transfers (SEPA), credit/debit cards, and e-wallets like Skrill or Neteller are commonly used methods.
- Select Cryptocurrency: Go to the trading section and pick the cryptocurrency you want to buy. Bitcoin and Ethereum are good choices for beginners, while stablecoins like USDT offer less price fluctuation.
- Execute Trade: Enter the amount of cryptocurrency you want to buy or how much EUR you want to spend. Double-check transaction details, including fees, then confirm the purchase.
- Store Funds Securely: After your purchase, consider transferring the cryptocurrencies to a secure wallet. Hardware wallets offer more security for long-term storage, while software wallets are better suited for frequent traders.
Remember to stay informed about market trends and always invest responsibly. Cryptocurrency markets can be volatile, so it’s advisable to start with smaller amounts and diversify your investments.
Best Crypto Wallets in Cyprus
Selecting a secure wallet is crucial for safeguarding your digital assets in Cyprus. Here are top wallet options catering to various needs:
1. Hardware Wallets:
- Ledger Nano X: Provides high-level security and supports over 5,500 different coins.
- Trezor Model T: Features an easy-to-use interface paired with strong security options.
2. Software Wallets:
- Trust Wallet: A mobile wallet with a built-in DApp browser, widely used by Cypriot users.
- Exodus: A desktop and mobile wallet with a user-friendly interface, supporting over 200 cryptocurrencies.
3. Web Wallets:
- MetaMask: A browser extension wallet ideal for interacting with Ethereum-based decentralized apps (DApps).
To ensure maximum security, it’s best to use a combination of wallets. Store larger amounts in hardware wallets for long-term safekeeping, while using software or web wallets for everyday transactions. Always back up your wallet’s recovery phrase and store it safely offline.
Bottom Line
For Cypriot crypto enthusiasts seeking the best crypto exchanges in Cyprus, we highly recommend Bitget and Bybit. These platforms offer a blend of user-friendly interfaces, competitive fees, and robust security measures tailored to the Cypriot market. Bitget stands out for its extensive coin selection and innovative features, while Bybit excels in trading tools and liquidity. Both exchanges comply with local regulations, ensuring a safe trading environment for Cyprus-based users.
