Summary
Cryptocurrency is legal in Latvia, with the Financial and Capital Market Commission (FKTK) overseeing regulation. Popular payment methods include bank transfers and credit cards. While the euro is the primary currency, many exchanges support trading pairs with USD and other major currencies. Key regulatory bodies include the FKTK and the State Revenue Service. Here are our recommended best crypto exchanges for Latvia:
Best Crypto Exchanges in Latvia
This article provides an in-depth analysis of the top cryptocurrency exchanges available to Latvian residents. We’ll explore key factors such as supported cryptocurrencies, trading fees, deposit methods, and KYC requirements. For Latvian users, exchanges that support EUR deposits and withdrawals are particularly beneficial. Bank transfers and credit card payments are widely accepted methods for funding accounts.
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. BingX
Users:
23m
Free Demo:
Mobile App:
Bonus
$6,200
Cryptos:
840+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- No KYC required
- 800+ assets (even stocks and forex)
- Up to 200x leverage
- Fiat supported
- Advanced order types
Cons
- Not available in the US
- No bot trading
- Traditional markets are B-Book
Overview
Founded in 2018, BingX is a derivatives exchange based in Singapore. The exchange has risen to global standards and now has offices in other major regions such as the EU, Canada, Hong Kong, and others. BingX currently boasts a user base of 10 million registered customers worldwide and is present in over 100 countries.
With an easy-to-navigate platform, BingX offers users 800+ cryptocurrencies, stocks, and forex to trade, with a smooth interface for trading spot or futures. BingX currently has a daily trading volume of $489 million for spot and $7 billion for futures.
Users of BingX can trade with flexibility and benefit from sophisticated trading tools such as order books, charts, and market data.
Trading fees on BingX are very affordable, starting at 0.02% and 0.05% maker and taker for futures trading, and 0.1% maker and taker for spot trading.
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. 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.
Is Crypto Legal and Regulated in Latvia?
Cryptocurrency is legal in Latvia, but it operates within a regulatory framework. The Financial and Capital Market Commission (FKTK) is the primary regulatory body overseeing cryptocurrency activities in the country. In 2017, Latvia implemented the Fifth Anti-Money Laundering Directive (AMLD5), which brought virtual currency exchange providers under regulatory supervision.
The Latvian government recognizes cryptocurrencies as a store of value but not as legal tender. Cryptocurrency exchanges operating in Latvia must register with the FKTK and comply with AML/CFT regulations. This includes implementing Know Your Customer (KYC) procedures and reporting suspicious transactions.
Additionally, the State Revenue Service of Latvia has issued guidelines on the taxation of cryptocurrency transactions. While the regulatory environment is evolving, Latvia maintains a relatively open stance towards cryptocurrencies, allowing individuals and businesses to engage in crypto-related activities within the established legal framework.
Is Crypto Taxable in Latvia?
Cryptocurrency is subject to taxation in Latvia, and the State Revenue Service has provided guidelines for reporting crypto-related income. Capital gains from cryptocurrency trading are taxed at a rate of 20% for individuals. This applies to profits made from selling cryptocurrencies or exchanging them for goods or services.
For businesses engaging in cryptocurrency activities, the standard corporate income tax rate of 20% applies to profits derived from crypto transactions. However, the tax is only applied when profits are distributed, not when they are earned.
Mining income is considered self-employment income and is subject to a progressive tax rate ranging from 20% to 31.4%, depending on the annual income level. The State Revenue Service requires individuals to report their crypto transactions in their annual tax returns.
It’s important to note that the tax treatment of specific cryptocurrency transactions can be complex, especially in cases involving staking, airdrops, or DeFi activities.
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 Latvia.
How to Buy Crypto in Latvia
Purchasing cryptocurrency in Latvia is a straightforward process, with several reputable exchanges available to Latvian residents. For this guide, we recommend using Binance, our top-rated exchange for Latvian users, offering a wide range of cryptocurrencies and competitive fees.
Whether you’re looking to buy Bitcoin, Ethereum, or other popular cryptocurrencies, follow these steps to get started:
- Choose a Crypto Exchange: Select a platform that allows EUR deposits and withdrawals, ensuring it complies with Latvian regulations. Take into account factors like fees, supported cryptocurrencies, and security features before making your choice.
- Create an Account and Verify Your Identity: Register on your selected exchange by providing your personal details. Complete the Know Your Customer (KYC) process, which involves submitting identification and proof of address to meet Latvian AML regulations.
- Fund Your Account: After verifying your account, deposit funds. Common options for Latvian users include:
- SEPA bank transfers (a cost-effective method)
- Credit/debit card payments (for quicker transactions)
- Online payment services like Skrill or Neteller (if available)
- Select Cryptocurrency: Visit the exchange’s trading section to pick the cryptocurrency you wish to buy. Popular choices include:
- Bitcoin (BTC): The most widely recognized and traded cryptocurrency
- Ethereum (ETH): A leading cryptocurrency by market value
- Tether (USDT): A stablecoin pegged to the USD
- Other altcoins such as Ripple (XRP), Cardano (ADA), or Polkadot (DOT)
- Complete the Purchase: Enter the amount of cryptocurrency you wish to buy or the EUR amount you want to spend. Double-check the transaction details, including any fees, and finalize the purchase.
Keep up-to-date with Latvia’s current regulations and tax obligations related to cryptocurrency trading. Since the market is highly volatile, it’s wise to begin with smaller investments and spread your assets across different cryptocurrencies to minimize risk.
Best Crypto Wallets in Latvia
Selecting a secure and user-friendly wallet is crucial for Latvian cryptocurrency users. Here are some top wallet options suitable for various needs:
Hardware Wallets:
- Ledger Nano X: Known for top-level security, perfect for cold storage, and supports a broad range of cryptocurrencies.
- Trezor Model T: Offers a highly secure, user-friendly experience, making it a great choice for hardware wallet users.
Software Wallets:
- Trust Wallet: Available on desktop and mobile, featuring a sleek interface, multi-crypto support, and built-in exchange functionality.
- Exodus: A popular mobile wallet in Latvia, offering wide cryptocurrency support and integration with decentralized applications (DApps).
Web Wallets:
- MetaMask: A browser-based wallet, ideal for managing ERC-20 tokens and interacting with Ethereum-based decentralized applications.
For optimal security, consider using a combination of wallets. Store larger amounts in hardware wallets for long-term holding, and use software or web wallets for day-to-day transactions. Always backup your wallet’s recovery phrase and store it securely offline.
Bottom Line
For Latvian cryptocurrency enthusiasts, the best crypto exchanges in Latvia offer a blend of security, variety, and user-friendly features. Binance stands out as our top recommendation, providing an extensive selection of cryptocurrencies and competitive fees. Bybit follows closely as our second choice, offering advanced trading features and a user-friendly platform. Both exchanges support EUR deposits and comply with Latvian regulations, making them excellent options for users seeking the best crypto exchanges in Latvia. Remember to consider factors such as fees, security measures, and available cryptocurrencies when choosing an exchange that best suits your needs.
