Summary
Cryptocurrency is legal and regulated in Estonia, with the Financial Intelligence Unit (FIU) overseeing crypto businesses. Popular payment methods include bank transfers and credit cards. The Estonian kroon is not supported, but exchanges offer EUR trading pairs. Key regulations include the Money Laundering and Terrorist Financing Prevention Act. Here are the best crypto exchanges in Estonia:
Best Crypto Exchanges in Estonia
When selecting a crypto exchange in Estonia, it’s crucial to consider factors such as supported cryptocurrencies, trading fees, and available payment methods. Estonian residents can benefit from platforms that offer EUR trading pairs and support local bank transfers. Here’s a comparison of the top crypto exchanges available in Estonia:
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. 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. 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. Uphold
Users:
3m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
200+
Leverage:
Not Supported
Spot Fees:
1.4%
Futures Fees:
Not Supported
Pros
- Beginner-friendly exchange
- Fully regulated and licensed in the US
- Great customer support
- Comprehensive fiat deposit methods
- Passive income products
Cons
- Lacks advanced features
- Very high spot trading fees
- Poor liquidity
- No futures trading offered
Uphold Overview
Uphold is a versatile crypto trading platform that allows users to trade a wide range of assets, including cryptocurrencies, precious metals, fiat currencies, and U.S. equities. The platform provides access to over 250 digital currencies and allows users to trade in fiat currencies and precious metals.
What makes Uphold special is its Cross-Asset Trading feature. Users can trade directly between different asset classes (e.g., BTC to gold) without first converting to a fiat currency.
Trading fees vary depending on the type of asset that you are trading. However, Upholding fees are very high compared to industry standards.
Users have access to crypto staking, generating yields of up to 13% of your initial asset deposit.
Additionally, Uphold offers a trading interface appealing to beginners who want to buy and hold crypto assets. It doesn’t provide advanced trading tools and isn’t suitable for day trading, making it less ideal for experienced traders.
Is Crypto Legal and Regulated in Estonia?
Cryptocurrency is legal in Estonia, and the country has established a regulatory framework to govern crypto-related activities. The primary regulatory body overseeing cryptocurrency businesses is the Financial Intelligence Unit (FIU), which operates under the Estonian Police and Border Guard Board.
The key legislation governing cryptocurrency in Estonia is the Money Laundering and Terrorist Financing Prevention Act. This law requires crypto businesses to obtain licenses for providing services related to virtual currencies. There are two types of licenses: one for providing a virtual currency wallet service and another for providing services of exchanging virtual currency against fiat currency.
In recent years, Estonia has tightened its cryptocurrency regulations. As of March 15, 2022, new requirements came into effect, including increased minimum capital requirements for crypto businesses and stricter due diligence processes. These changes aim to enhance the integrity of the crypto sector and align with EU-wide anti-money laundering directives.
Is Crypto Taxable in Estonia?
Cryptocurrency is subject to taxation in Estonia, and the country’s tax authority, the Estonian Tax and Customs Board, has provided guidance on how crypto assets should be treated for tax purposes.
In Estonia, cryptocurrency is generally considered a property for tax purposes. The profits from trading or exchanging cryptocurrencies are subject to income tax at a flat rate of 20%. This applies to both individuals and businesses engaged in crypto transactions.
Key points regarding crypto taxation in Estonia include:
- Capital gains from selling cryptocurrencies are taxable at 20%
- Mining income is treated as business income and taxed accordingly
- Crypto-to-crypto trades may be considered taxable events
- The purchase of goods or services using cryptocurrencies may trigger capital gains tax
It’s important to note that the tax treatment of cryptocurrencies can be complex and may vary depending on individual circumstances.
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 Estonia.
How to Buy Crypto in Estonia
Purchasing cryptocurrency in Estonia is a straightforward process, thanks to the country’s crypto-friendly environment and the availability of reputable exchanges. For Estonian residents, we recommend using Binance due to its wide range of cryptocurrencies, competitive fees, and support for EUR transactions.
Here’s a step-by-step guide on how to buy cryptocurrencies like Bitcoin, Ethereum, or USDT in Estonia:
- Pick the Right Crypto Exchange: Look for a platform that facilitates EUR deposits and withdrawals, supports various payment methods, and adheres to Estonian regulations. Ensure the exchange meets your identity verification (KYC) requirements before proceeding.
- Create an Account and Verify: Register on the chosen exchange and complete the KYC process. This typically involves submitting identification documents and proof of residence to comply with anti-money laundering laws.
- Add Funds: Deposit EUR into your account using methods popular in Estonia, such as SEPA bank transfers, credit or debit cards, or e-wallets like Skrill and Neteller.
- Choose Your Crypto: Decide which cryptocurrency you want to purchase. Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDT or USDC are commonly chosen options.
- Complete Your Purchase: Place either a market or limit order to buy your selected cryptocurrency. Double-check the transaction details, including any fees, before finalizing your purchase.
- Safeguard Your Crypto: After your purchase, consider moving your assets to a secure wallet for long-term storage. Options include hardware wallets, software wallets, or leaving it in the exchange’s wallet based on your security needs.
By following these steps, residents in Estonia can purchase cryptocurrencies easily and securely while staying compliant with local regulations.
Best Crypto Wallets in Estonia
Selecting a secure and user-friendly crypto wallet is crucial for Estonian cryptocurrency users. Here are some top wallet options available:
- Ledger: A leading name in hardware wallets, Ledger offers offline storage for enhanced security. Supporting a broad range of cryptocurrencies, Ledger devices can seamlessly integrate with various software platforms.
- Trezor: Renowned for its strong security protocols and user-friendly interface, Trezor is a trusted hardware wallet. It supports many cryptocurrencies and can be used with third-party services for added flexibility.
- Trust Wallet: This mobile wallet strikes a good balance between security and ease of use. Trust Wallet supports multiple blockchains and provides seamless access to decentralized applications (dApps).
- Exodus: Known for its sleek interface, Exodus is available on both desktop and mobile. It supports a wide range of cryptocurrencies and includes a built-in exchange feature, with the option to integrate with hardware wallets for added security.
- MetaMask: Primarily designed for Ethereum and ERC-20 tokens, MetaMask is a go-to choice for interacting with DeFi platforms and Ethereum-based dApps. Available as a browser extension and mobile app, it offers users a simple way to manage their assets.
When selecting a wallet, consider key aspects such as security, the range of supported cryptocurrencies, ease of use, and compatibility with exchanges in Estonia. For those with large holdings, a mix of hardware and software wallets can provide both security and convenience.
Bottom Line
For Estonian crypto enthusiasts, the best crypto exchanges in Estonia offer a combination of security, functionality, and regulatory compliance. Binance stands out as the top choice, providing a vast selection of cryptocurrencies, competitive fees, and robust security measures. Bybit follows closely, offering advanced trading features and a user-friendly platform. These exchanges cater to both novice and experienced traders in Estonia’s evolving crypto landscape. Always conduct thorough research and consider your individual needs when selecting from the best crypto exchanges in Estonia.
