Summary
Cryptocurrency is legal in Portugal, with no specific regulations governing its use. The country is known for its crypto-friendly approach, attracting investors and traders. Popular payment methods include bank transfers and credit cards. The euro (EUR) is widely supported on major exchanges. The Portuguese Securities Market Commission (CMVM) and Banco de Portugal oversee financial matters, but there’s no dedicated crypto regulatory framework. Here are the best crypto exchanges in Portugal:
Best Crypto Exchanges in Portugal
When selecting crypto exchanges in Portugal, it’s crucial to consider factors such as supported cryptocurrencies, trading fees, and available payment methods. Portuguese users benefit from platforms that support EUR transactions and offer reliable customer support. Here’s a comparison of the top crypto exchanges available in Portugal:
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. 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.
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. 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.
5. BitPanda
Users:
3m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
200+
Leverage:
3x (Spot Margin)
Spot Fees:
0.25%
Futures Fees:
Not Supported
Pros
- Most beginner-friendly exchange
- Fully regulated and licensed in EU
- Great customer support
- Reputable with over 100 million users
Cons
- Lacks advanced features
- Very high trading fees
- No futures trading
- Not suitable for active crypto traders
Bitpanda Overview
Bitpanda is one of the oldest crypto trading platforms located in Austria. Since its launch in 2014, Bitpanda has been offering premium crypto services including access to over 3000 digital assets like crypto, stocks, precious metals, and crypto indices.
Users can access fees as low as 0.25% for both makers and takers on spot trading. The fees can be reduced to as low as 0% for makers and 0.01% for takers depending on your 30-day trading volume.
What sets Bitpanda apart is its user-friendly trading experience. Whether you’re a beginner or an experienced trader, you’ll find everything you need to trade in Bitpanda Pro.
You’ll have access to real-time candlestick charts and a trading terminal. You’ll also have access to advanced order types, an order book, and more. Additionally, Bitpanda provides 2x leverage with margin close-out controls that trigger at 50% of the original margin.
Is Crypto Legal and Regulated in Portugal?
Cryptocurrency is legal in Portugal, and the country has gained a reputation for its crypto-friendly stance. However, there is no specific regulatory framework governing cryptocurrencies. The Portuguese Securities Market Commission (CMVM) and Banco de Portugal oversee financial matters but have not implemented comprehensive crypto regulations.
In 2016, the Banco de Portugal issued a notice stating that Bitcoin is not considered legal tender in Portugal. Despite this, the country does not impose restrictions on crypto trading or ownership. The Portuguese Tax and Customs Authority has declared that cryptocurrency trading is tax-free for individual investors, unless it constitutes a professional or business activity.
Portugal’s approach to cryptocurrency aligns with the European Union’s Fifth Anti-Money Laundering Directive (5AMLD), which requires crypto exchanges and custodial wallet providers to register with financial authorities and implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. This directive was transposed into Portuguese law in August 2020, enhancing the regulatory oversight of crypto-related businesses.
While the regulatory landscape remains relatively open, investors should stay informed about potential changes, as discussions about more comprehensive crypto regulations continue at both national and EU levels.
Is Crypto Taxable in Portugal?
Portugal has gained attention for its crypto-friendly tax policies. As of 2024, cryptocurrency gains from individual trading are generally not subject to personal income tax. This exemption is based on a 2016 ruling by the Portuguese Tax Authority, which classified crypto gains as capital gains from the sale of financial products.
However, there are important considerations:
- Professional Trading: If cryptocurrency trading is considered a professional or business activity, it may be subject to income tax rates ranging from 14.5% to 48%.
- Mining and Staking: Income from crypto mining or staking activities might be taxable, depending on the scale and nature of the operations.
- Corporate Taxation: Companies dealing with cryptocurrencies are subject to corporate income tax, typically at a rate of 21%.
- VAT: The sale of cryptocurrencies is exempt from Value Added Tax (VAT) in Portugal, in line with a 2015 ruling by the European Court of Justice.
It’s important to note that tax laws can change, and there have been discussions about potential revisions to Portugal’s crypto tax policies. The country’s 2023 state budget proposal included plans to implement a 28% capital gains tax on crypto profits held for less than a year, but this has not been enacted as of early 2024.
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 Portugal.
How to Buy Crypto in Portugal
Buying cryptocurrency in Portugal is a straightforward process, thanks to the country’s crypto-friendly environment and the availability of reputable exchanges. For Portuguese residents, we recommend using Bybit as the primary platform for purchasing Bitcoin and other cryptocurrencies due to its robust security measures, competitive fees, and user-friendly interface.
Here’s a step-by-step guide on how to buy cryptocurrencies in Portugal:
- Choose a Crypto Exchange: Select a reputable platform that supports EUR deposits and withdrawals. Make sure the exchange adheres to regulatory standards and provides convenient payment methods for Portuguese users.
- Sign Up and Verify Your Identity: Register on the chosen platform and complete the KYC process by submitting identification documents, such as a passport or national ID, along with proof of address.
- Deposit Funds: Add funds to your account using one of the supported payment methods. Popular options for Portuguese users include:
- SEPA bank transfers (often the cheapest for EUR deposits)
- Credit or debit cards (for quicker transactions)
- Online payment platforms like PayPal or Skrill (depending on exchange availability)
- Select Cryptocurrency: Choose the digital asset you wish to buy. Some of the preferred options for Portuguese investors include:
- Bitcoin (BTC): The most popular and widely recognized cryptocurrency
- Ethereum (ETH): A leading crypto with smart contract capabilities
- Stablecoins like Tether (USDT) or USD Coin (USDC): Useful for trading or as a more stable store of value.
- Make a Trade: Execute a market order to buy the cryptocurrency at the current price, or use a limit order to buy at a specified price.
- Secure Your Funds: After purchasing, decide whether to keep your assets on the exchange for active trading or move them to a personal wallet for increased security, especially if you plan on long-term storage.
Stay updated on market trends and any regulatory shifts in Portugal. As the cryptocurrency landscape changes, it’s important to adjust your investment approach and always prioritize the safety of your digital assets.
Best Crypto Wallets in Portugal
Choosing a secure and user-friendly crypto wallet is essential for Portuguese investors aiming to protect their digital assets. Here are some top wallet options suitable for users in Portugal:
- Hardware Wallets:
- Ledger Nano X or Nano S: These devices provide excellent security for long-term storage and support a wide variety of cryptocurrencies.
- Trezor Model T or Trezor One: Another great hardware wallet choice, recognized for its intuitive interface and strong security features.
- Software Wallets:
- Trust Wallet: A versatile mobile wallet that supports multiple blockchains, making it ideal for active traders and DeFi enthusiasts.
- Exodus: Available on both desktop and mobile, Exodus features a user-friendly interface and supports a diverse range of assets.
- Web Wallets:
- MetaMask: A widely used browser extension wallet, particularly effective for interacting with Ethereum-based decentralized applications (dApps).
For optimal security, Portuguese investors should consider using a mix of wallets. Hardware wallets are well-suited for storing large sums or long-term assets, while software or web wallets provide convenience for daily transactions and accessing DeFi platforms.
When selecting a wallet, take into account factors such as supported cryptocurrencies, security features, backup options, and compatibility with Portuguese banking systems for seamless fiat on/off-ramps. Always adhere to best practices for wallet security, including protecting your private keys and using strong, unique passwords.
Bottom Line
For Portuguese crypto enthusiasts, selecting the right exchange is crucial. Based on our analysis, Bybit stands out as the best crypto exchange in Portugal, offering a robust platform with competitive fees and a wide range of supported assets. For those seeking an alternative, Bitget is an excellent second choice, providing a user-friendly interface and strong security measures. Both exchanges cater well to the needs of Portuguese traders, ensuring a smooth and secure crypto trading experience.
