How to Buy Cryptocurrency in Czech Republic
Buying cryptocurrency in Czech Republic
The Czech Republic is considered one of the early European pioneers of sound regulation of cryptocurrencies as well as their state status. In April 2015, Miroslav Singer, the former Governor of the Czech National Bank, issued a document named ‘Safety of online payments and virtual currency from the Czech National Bank point of view'. The document explained that only EU laws and not state legislation regulated cryptocurrency transactions. As such, cryptocurrencies were officially accepted as a method of payment. In 2017, several amendments were added and required banks, cryptocurrency exchangers and exchanges to verify the identity of clients converting cryptocurrencies to fiat, referring to transactions equivalent to €1000. However, such rules don't apply to Czech companies accepting crypto for products or services. Cryptocurrency payments are allowed countrywide – you can rent a hotel room in Prague using Bitcoin or other digital currencies. There's even an online hardware store Alza which accepts bitcoins as a method of payment
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from Czech Republic. 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
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
No US residents
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Bybit
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
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Kraken
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
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Uphold Disclaimer: Asset availability on the Uphold platform is subject to region. All investments and trading are risky, and may result in the loss of capital. Cryptoassets are largely unregulated and are not subject to protection
Uphold
Based in Charleston, South Carolina. Serves over 184 countries and has done over $4 billion in transactions. Offers convenient options to swap between crypto, fiat, equities, and precious metals.
- Open to US residents
- Integrated with Brave Browser
- Over 50 different coins
- Also offers precious metals and equities
- Convenient and cheap deposit/withdrawal methods
- High trading fees
- Smaller coin selection compared to some
- No Paypal withdrawal option
- No instant debit card withdrawals
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