Summary
Cryptocurrency is legal in Georgia, with a relatively open regulatory environment. The National Bank of Georgia oversees crypto-related activities. Popular payment methods include bank transfers and credit cards. While the Georgian Lari (GEL) isn’t widely supported on international exchanges, most platforms offer USD trading pairs. Here are the best crypto exchanges in Georgia:
Best Crypto Exchanges in Georgia
When choosing a cryptocurrency exchange in Georgia, it’s essential to consider factors such as supported assets, trading fees, deposit methods, and compliance with local regulations. While the Georgian Lari (GEL) 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 Georgian 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. 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.
3. KuCoin
Users:
30m
Free Demo:
Mobile App:
Bonus
$10,500
Cryptos:
800+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Beginner friendly
- 800+ supported crypto assets
- 125x leverage and deep liquidity
- 20+ fiat currencies
- Great 24/7 customer support
Cons
- Lacks advanced features
- Not the best liquidity
- Regulatory issues in the US
- Variable spot fees
Overview
Kucoin focuses on offering the best spot trading experience. With over 800 supported cryptos on the spot market, Kucoin is one of the most versatile crypto exchanges when it comes to supported assets. You can trade popular cryptos such as Bitcoin or Ethereum but also less-known cryptos and even meme coins. If you are on the hunt for new and shiny coins that are not popular yet, Kucoin might be your best shop.
Spot fees on Kucoin are relatively average, ranging from 0.1% to 0.32% based on the liquidity of the asset. Futures trading on Kucoin starts at a maker fee of 0.02% and a taker fee of 0.06%.
Kucoin has integrated and ready-to-use crypto grid trading bots to automate your income. You can set up grid bots based on several parameters to trade for you 24/7.
4. 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.
5. 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.
Is Crypto Legal and Regulated in Georgia?
Cryptocurrency is legal in Georgia, with a relatively open regulatory environment. The country has taken steps to position itself as a crypto-friendly jurisdiction, attracting blockchain businesses and investors. The primary regulatory body overseeing cryptocurrency activities in Georgia is the National Bank of Georgia (NBG).
Key aspects of Georgia’s crypto regulatory framework include:
- In 2019, the NBG announced plans to develop a regulatory framework for crypto-related activities, focusing on consumer protection and anti-money laundering (AML) measures.
- The Law on Payment Services, enacted in 2022, introduced definitions for virtual asset service providers (VASPs) and established licensing requirements for crypto businesses.
- Cryptocurrency mining is legal and has been a significant industry in Georgia, benefiting from the country’s low electricity costs.
- The government has shown interest in blockchain technology, with the National Agency of Public Registry implementing a blockchain-based land registry system.
While the regulatory framework is still evolving, Georgia’s approach to cryptocurrencies has been generally positive, fostering innovation in the blockchain and digital asset space.
Is Crypto Taxable in Georgia?
The taxation of cryptocurrencies in Georgia is an evolving area, with specific regulations still being developed. However, based on the current tax laws and guidance from the Revenue Service of Georgia, the following general principles apply:
- Income Tax: Profits from cryptocurrency trading or mining are likely subject to income tax at the standard rate of 20% for individuals.
- Corporate Tax: Companies engaged in crypto-related activities are subject to the standard corporate tax rate of 15% on distributed profits.
- Value Added Tax (VAT): The exchange of cryptocurrencies for fiat currency is generally exempt from VAT.
- Capital Gains: Georgia does not have a separate capital gains tax. Gains from the sale of cryptocurrencies are typically treated as regular income.
It’s worth noting that the Georgian government has been considering introducing more specific regulations for cryptocurrency taxation. In 2019, the Ministry of Finance announced plans to integrate cryptocurrency-related income into the country’s tax system, but detailed guidelines are still pending.
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 Georgia.
How to Buy Crypto in Georgia
Purchasing cryptocurrency in Georgia is a straightforward process, thanks to the country’s relatively open stance on digital assets. To get started, we recommend using Bybit, our top-rated exchange for Georgian 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 Georgia:
- Choose a crypto exchange: Select a reliable platform such as Bybit that accommodates your payment preferences and adheres to local KYC regulations.
- Create an account and verify your identity: Register on the selected exchange and complete the verification process by submitting the necessary documentation.
- Add funds to your account: Fund your account using popular methods in Georgia, such as bank transfers or credit cards. While the Georgian Lari (GEL) may not be directly accepted, you can usually deposit in USD or EUR.
- Select the cryptocurrency to purchase: Choose from a range of digital assets, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), or other altcoins offered by the exchange.
- Complete the transaction: Enter the desired amount and carefully review all details before confirming your purchase.
- Secure your cryptocurrency: After acquiring your digital assets, transfer them to a secure wallet for long-term storage. 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 efficiently and securely purchase cryptocurrencies in Georgia. Stay updated on any regulatory changes and always prioritize security to safeguard your digital assets.
Best Crypto Wallets in Georgia
Choosing a reliable crypto wallet is essential for protecting your digital assets in Georgia. Here are some of the best wallet options available for users in the country:
Hardware Wallets:
- Ledger Nano X or S: Known for exceptional security, making it ideal for the long-term storage of various cryptocurrencies.
- Trezor Model T or One: Offers strong security features and supports a wide array of digital currencies.
Software Wallets:
- Trust Wallet: A flexible mobile wallet that accommodates numerous cryptocurrencies and includes DeFi capabilities.
- Exodus: An easy-to-use wallet available on both desktop and mobile, featuring built-in exchange options.
Web Wallets:
- MetaMask: A widely used browser extension wallet that excels in facilitating interactions with Ethereum-based decentralized applications (dApps).
When selecting a wallet, it’s important to evaluate security features, supported cryptocurrencies, and user-friendliness. Hardware wallets provide the best protection for long-term storage, while software and web wallets are more convenient for regular transactions.
For enhanced security, consider employing a multi-wallet approach: utilize a hardware wallet for storing significant amounts and long-term assets, and a software or web wallet for daily transactions. Make it a habit to back up your wallet regularly and keep recovery phrases in a secure offline place.
Always download wallets from official websites and check the authenticity of the software to minimize potential security threats. Stay updated on the latest security practices and wallet provider updates to ensure your digital assets remain safe in Georgia.
Bottom Line
In conclusion, Georgia offers a favorable environment for cryptocurrency enthusiasts and investors. Among the best crypto exchanges in Georgia, 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, MEXC offers a solid option with its extensive cryptocurrency selection and low maker fees. Both exchanges cater to Georgian users’ needs, ensuring a seamless trading experience in the country’s evolving crypto landscape.
