Summary
Cryptocurrency is legal in Monaco, though it remains largely unregulated. The principality’s financial authority, SICCFIN, oversees anti-money laundering efforts related to crypto. Euro is the primary fiat currency for crypto transactions. Popular payment methods include bank transfers and credit cards. Key regulatory developments are ongoing, with Monaco aiming to establish a comprehensive framework for digital assets. For Monaco residents seeking reliable platforms, the Best Crypto Exchanges in Monaco include:
Best Crypto Exchanges in Monaco
Monaco’s cryptocurrency landscape is evolving, with residents seeking reliable platforms to engage in digital asset trading. This article examines top crypto exchanges accessible in Monaco, focusing on their features, supported assets, and compatibility with local payment methods.
For Monaco-based traders, exchanges offering Euro (EUR) pairs and supporting bank transfers are particularly relevant. Credit card payments also provide a convenient option for purchasing cryptocurrencies. Here’s a comparison of leading crypto exchanges available to Monaco residents:
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. 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.
3. 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.
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. BloFin
Users:
2m
Free Demo:
Mobile App:
Bonus:
$5,000
Cryptos:
400+
Leverage:
150x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Excellent for trading
- Very beginner friendly
- No KYC required
- 24/7 customer support
- Up to 150x leverage and deep liquidity
Cons
- Not good for passive income products
- Relatively new spot feature
Overview
Founded in 2019, Blofin is a no-KYC exchange where users can trade perpetual futures. With a recently added spot trading feature, as well as Copy trading for customers to enjoy, Blofin has earned a spot as a top contender in the crypto industry.
Blofin users can access 300+ trading pairs with leverage of up to 150x on the futures market. The exchange has a daily trading volume of $12.6 billion for futures trading, making Blofin one of the most active derivatives exchanges. The platform has integrated a user-friendly trading interface for both beginners and expert traders to navigate.
Blofin trading fees are set according to industry standards. For spot trading, a fee of 0.1% is incurred for both maker and taker, while for futures, the maker and taker fee is 0.02% and 0.06%.
What we love about Blofin is its generous VIP fee schedule, which allows traders to reduce their fees based on their 30-day trading volume.
Is Crypto Legal and Regulated in Monaco?
Cryptocurrency is legal in Monaco, but the regulatory landscape remains in development. The principality has not established a comprehensive framework specifically for digital assets. However, Monaco’s financial regulator, the Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN), oversees anti-money laundering and counter-terrorist financing measures, which extend to cryptocurrency-related activities.
In 2020, Monaco initiated steps towards creating a regulatory framework for blockchain technology and cryptocurrencies. The National Council passed Bill No. 995 on blockchain technology, aiming to attract blockchain companies and provide legal certainty for digital asset transactions.
Monaco’s government has expressed interest in leveraging blockchain technology to enhance its economic diversification strategy. While specific cryptocurrency regulations are still evolving, businesses dealing with digital assets must comply with existing financial regulations, including those related to customer due diligence and transaction reporting.
Residents of Monaco can legally purchase, hold, and trade cryptocurrencies. However, they should be aware that the regulatory environment may change as Monaco continues to develop its approach to digital assets. It’s advisable to stay informed about any new regulations or guidelines issued by SICCFIN or other relevant authorities.
Is Crypto Taxable in Monaco?
Monaco’s tax system is renowned for its favorable treatment of residents, and this extends to cryptocurrency holdings and transactions. The principality does not impose personal income tax on its residents, which includes gains from cryptocurrency investments.
For individuals:
Capital gains from cryptocurrency trading are not subject to taxation.
Income derived from cryptocurrency mining or staking is also not taxed.
For businesses:
Companies registered in Monaco may be subject to a 33.33% corporate tax if more than 25% of their revenue comes from outside the principality.
Crypto-related businesses should consult with local tax advisors to understand their specific obligations.
It’s important to note that while Monaco itself doesn’t tax cryptocurrency gains, residents may have tax obligations in other jurisdictions depending on their citizenship or the source of their income. For example, U.S. citizens living in Monaco are still required to report their worldwide income, including crypto gains, to the IRS.
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 Monaco.
How to Buy Crypto in Monaco
Purchasing cryptocurrency in Monaco is a straightforward process, thanks to the availability of reputable exchanges. For Monaco residents, we recommend Binance as a top choice due to its extensive selection of cryptocurrencies, competitive fees, and support for Euro transactions.
Whether you’re interested in acquiring Bitcoin, Ethereum, or other digital assets, follow these steps to begin your crypto journey:
- Select a Crypto Exchange: Choose a platform that supports Euro payments and complies with regulatory requirements. Verify the exchange’s KYC (Know Your Customer) policies to ensure a smooth onboarding process.
- Sign Up and Verify Identity: Create an account on your chosen exchange. Complete the verification process by providing necessary documentation, which typically includes proof of identity and residence.
- Deposit Funds: Transfer Euros to your exchange account. Monaco residents can utilize bank transfers (SEPA) for cost-effective deposits. Credit card payments offer a quicker alternative, albeit with higher fees.
- Choose Your Cryptocurrency: Decide which digital assets to purchase. Bitcoin and Ethereum are popular choices for beginners, while stablecoins like USDT provide a less volatile option.
- Execute the Trade: Navigate to the trading section of your chosen exchange. Select the desired cryptocurrency pair (e.g., EUR/BTC for buying Bitcoin with Euros), enter the amount you wish to purchase, and confirm the transaction.
- Secure Your Assets: After buying, consider transferring your cryptocurrencies to a personal wallet for enhanced security. Hardware wallets offer the highest level of protection for long-term storage.
By following these steps, Monaco residents can confidently enter the world of cryptocurrency investing while adhering to local financial regulations.
Best Crypto Wallets in Monaco
For Monaco residents venturing into cryptocurrency, selecting a secure wallet is crucial for safeguarding digital assets. While Monaco doesn’t impose specific regulations on crypto wallets, users should prioritize security and ease of use.
Hardware Wallets:
Ledger Nano X and Trezor Model T stand out as top choices for offline storage. These devices offer robust security features and support a wide range of cryptocurrencies. The Ledger Nano X, in particular, provides Bluetooth connectivity, enabling convenient management via smartphone apps.
Software Wallets:
For frequent traders, software wallets offer a balance of security and accessibility. Trust Wallet and MetaMask are popular options, supporting multiple blockchains and decentralized applications (DApps). These wallets are compatible with various exchanges and provide user-friendly interfaces for managing digital assets.
Exchange Wallets:
While not recommended for long-term storage, exchange wallets like those provided by Binance and Coinbase offer convenience for active traders. They allow quick access to trading features and often include additional security measures such as two-factor authentication.
Multi-Currency Wallets:
Exodus and Atomic Wallet cater to users holding diverse cryptocurrency portfolios. These desktop and mobile wallets support a vast array of coins and tokens, offering built-in exchange features for seamless asset management.
When selecting a wallet, Monaco residents should consider factors such as:
- Security features (e.g., multi-signature support, encryption)
- Backup and recovery options
- Compatibility with preferred cryptocurrencies
- Integration with Monaco-accessible exchanges
Regardless of the chosen wallet type, implementing strong security practices, such as using unique passwords and enabling two-factor authentication, is essential for protecting digital assets in Monaco’s evolving crypto landscape.
Bottom Line
For Monaco residents entering the cryptocurrency market, selecting a reputable exchange is paramount. We recommend Binance as the top choice among the best crypto exchanges in Monaco, offering a wide range of assets, competitive fees, and robust security measures. Coinbase follows as a strong alternative, known for its user-friendly interface and regulatory compliance. Both platforms support Euro transactions and provide reliable customer support, catering to the needs of Monaco-based crypto enthusiasts. As the principality’s crypto regulations evolve, these exchanges remain at the forefront of secure and accessible digital asset trading.
