Summary
Cryptocurrency trading is legal in Russia, but the regulatory landscape is complex. The Russian ruble (RUB) is supported by several exchanges, with bank transfers and credit cards being popular payment methods. The Central Bank of Russia and the Ministry of Finance play key roles in crypto regulation. While personal crypto ownership is permitted, using cryptocurrencies as a means of payment is prohibited. Here are some of the best crypto exchanges in Russia:
Best Crypto Exchanges in Russia
When it comes to trading cryptocurrencies in Russia, selecting a reliable exchange is crucial. Despite the complex regulatory environment, several international platforms cater to Russian traders, offering support for the Russian ruble (RUB) and various payment methods suited to the local market.
For Russian users, bank transfers and credit card payments are widely supported options for funding accounts. However, it’s essential to verify the specific payment methods available on each platform, as these can vary depending on the exchange and current regulations.
1. 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.
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. 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. 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.
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 Russia?
The legal status of cryptocurrencies in Russia has evolved significantly over the years. As of 2021, the Russian government passed legislation that recognizes cryptocurrencies as property but prohibits their use as a means of payment. The Central Bank of Russia maintains a cautious stance towards cryptocurrencies, while the Ministry of Finance has been more open to their regulation.
The primary legal framework governing cryptocurrencies in Russia is the Federal Law “On Digital Financial Assets” (DFA), which came into effect on January 1, 2021. This law defines cryptocurrencies as property and sets rules for their issuance and circulation. However, it does not provide a comprehensive regulatory framework for all aspects of cryptocurrency operations.
Russian residents are allowed to own and trade cryptocurrencies, but businesses are restricted from accepting them as payment for goods and services. The government has also implemented strict reporting requirements for cryptocurrency transactions exceeding certain thresholds, as part of efforts to combat money laundering and terrorist financing.
Is Crypto Taxable in Russia?
Cryptocurrency taxation in Russia is an evolving area of law. As of 2021, the Russian Tax Code does not have specific provisions for cryptocurrency taxation. However, general tax principles apply to crypto assets, as they are considered property under Russian law.
According to guidance from the Federal Tax Service of Russia, individuals are required to report cryptocurrency income on their tax returns. The standard personal income tax rate of 13% applies to profits from cryptocurrency transactions. For annual income exceeding 5 million rubles, a higher rate of 15% is applied to the excess amount.
It’s important to note that the tax treatment of cryptocurrency mining activities remains somewhat unclear. Some experts suggest that income from mining could be subject to taxation as entrepreneurial activity, potentially at different rates.
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 Russia.
How to Buy Crypto in Russia
Despite the regulatory complexities, Russian residents can still purchase cryptocurrencies through various channels. The process typically involves selecting a reputable exchange, completing the necessary verification steps, and funding your account before executing trades.
For Russian users looking to buy cryptocurrencies, we recommend MEXC as our top choice. This platform offers a wide range of cryptocurrencies and supports multiple payment methods suitable for Russian users.
Here’s a step-by-step guide to buying cryptocurrencies in Russia:
- Select a Crypto Exchange: Choose a platform that supports Russian users, offers the cryptocurrencies you’re interested in, and provides suitable payment methods. Verify the exchange’s KYC requirements.
- Sign Up and Verify Identity: Create an account on the chosen exchange. Complete the KYC process if required, which typically involves submitting identification documents.
- Deposit Funds: Add funds to your account using Russian rubles (RUB). Popular payment methods in Russia include bank transfers, credit/debit cards, and sometimes electronic payment systems.
- Select Crypto to Buy: Choose the cryptocurrency you wish to purchase. Popular options include Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT).
- Execute Trade: Place an order to buy your chosen cryptocurrency at the current market rate or set a limit order at your desired price.
- Store Funds Securely: After purchasing, consider transferring your cryptocurrencies to a secure wallet for long-term storage.
Remember to stay informed about the latest regulations and always prioritize security when dealing with cryptocurrencies.
Best Crypto Wallets in Russia
Selecting a secure wallet is crucial for safeguarding your cryptocurrencies. While Russia doesn’t have specific restrictions on crypto wallets, it’s essential to choose a reputable option that prioritizes security and usability. Here are some wallet options popular among Russian crypto users:
- Ledger: A hardware wallet known for its robust security features, Ledger devices store your private keys offline, providing excellent protection against online threats.
- Trezor: Another respected hardware wallet option, Trezor offers secure storage for a wide range of cryptocurrencies and is known for its user-friendly interface.
- Trust Wallet: A popular mobile wallet that supports numerous cryptocurrencies and decentralized applications (DApps). It’s known for its ease of use and built-in DApp browser.
- Exodus: A desktop and mobile wallet that offers a sleek interface and supports a wide array of cryptocurrencies. It also features built-in exchange functionality.
- MetaMask: Primarily used for Ethereum and ERC-20 tokens, MetaMask is a browser extension wallet that’s particularly useful for interacting with decentralized finance (DeFi) applications.
When choosing a wallet, consider factors such as the types of cryptocurrencies supported, security features, backup options, and compatibility with your devices. Always ensure you’re downloading wallet applications from official sources to avoid potential security risks.
Bottom Line
In conclusion, while the regulatory landscape for cryptocurrencies in Russia is complex, there are still viable options for trading and storing digital assets. Among the best crypto exchanges in Russia, MEXC stands out for its extensive coin selection and user-friendly interface. Bitget follows closely, offering a robust platform with competitive fees. Always prioritize security, stay informed about regulatory changes, and consider consulting with financial professionals when navigating the crypto market in Russia.
