How to Buy Cryptocurrency in Austria
Buying cryptocurrency in Austria
The situation around cryptocurrencies in Austria is quite two-fold. Although the country's law does not prohibit cryptocurrencies, no one is encouraging people to adopt this financial alternative in their daily lives. In fact, the FMA or the Austrian Financial Markets Authority, has warned investors that cryptocurrencies are a risky path to go down and that such currencies are not regulated by them. There are no official cryptocurrency-related laws in Austria yet, which makes the whole situation quite stagnant. In general, cryptocurrencies are not considered equal to domestic or foreign fiat currencies in Austria. If you were to look for places where you could spend your Bitcoins in this country, chances are it would take a while to find one. Overall, cryptocurrencies are not treated as a financial instrument in this country. It is merely considered a commodity whose use is very limited. Besides, involving cryptocurrencies in a business requires certain licenses under the Austrian Banking Act, which makes the process seem off putting to business owners in the country.
As of 20/03/2021
These exchanges all accept customers from Austria. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Binance is one of the largest crypto exchanges with low fees, 100s of coins, and high trading leverage. It is one of the easiest & cheapest exchanges for crypto trading.
- Hundreds of coins and pairs
- Very low fees
- High liquidity
- Trade without verification
- No US residents
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
An Israeli fintech startup well known as a social trading broker, eToro has now over 10 million users worldwide. If you want to trade CFDs of most popular stocks, gold, shares or commodities as well as some crypto eToro is an interesting choice.
- Fully regulated financial institution
- Free stock and ETF trading
- Ability to follow expert traders
- Fees (spreads) are high
- Only USD as base currency
Based in Vienna, Austria Bitpanda specializes in buying & selling Bitcoins within the Eurozone. Bitpanda is suitable for both novice & pro traders with high-end security features and servers.
- Beginner-friendly with a wide variety of payment options
- It supports fiat to crypto and cash purchase
- 30+ digital assets including gold and silver.
- Supports IBAN to convert euros into digital currency.
- Fees are not stated clearly rather it is included in price.
- Not available worldwide.
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Poloniex is a centralized cryptocurrency exchange that started its journey back in January 2014. The platform offers margin trading, spot trading and margin lending
- No verification required
- Low fees
- Margin trading and lending options
- Not regulated
- No Fiat deposits
- No US users
Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Coinmama was formed in Slovakia in 2013. As a user, you are not allowed to exchange cryptocurrencies with other users on this platform. Instead, you will be trading cryptocurrencies with Coinmama directly which makes your transactions more secure.
- Receive coins to your wallet instantly.
- High limits for buying bitcoin
- Faster customer service
- High levels of security
- No option for trading with other users
- Higher fees
- No mobile app
Bittrex is a veteran US-based cryptocurrency exchange launched in 2013. Its has Worldwide availability, comprehensive mobile app, high liquidity and low fees.
- Strong security features
- Faster transaction & withdrawals
- Compliant with US laws
- Inexpensive bank card deposits
- No leveraged margin trading
- Intrusive verification process
- Unexplained closure of account