How to Buy Cryptocurrency in Georgia

Buying cryptocurrency in Georgia

Buying cryptocurrency in Georgia Like so many other banks, the National Bank of Georgia announced that cryptocurrencies aren�t legal tender, and, therefore, aren�t regulated by law in December 2014. The Bank even advised citizens of Georgia to exercise caution when dealing and trading with cryptocurrencies. In spite of that, Georgia quickly became a hotbed for cryptocurrency mining, with people spending their investments or taking out loans in order to purchase their very own mining setups in hopes of getting rich. Due to low regulation and its cheap hydropower, Georgia was ranked the second country in the world for cryptocurrency mining, first being China. Bitfury, a U.S.-based technology firm, could account for much of this mining activity, from its vast data center equipped with computer serves located on the outskirts of the country�s capital, Tbilisi. Expectedly, it has brought about lots of controversy over declarations that it collected excessively generous terms for its electricity bills.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Georgia. 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

Open a eToro Account

67% of retail CFD accounts lose money. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk. US Residents - eToro USA LLC does not offer CFDs, only real Crypto assets available.

eToro

eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also have an innovative Copy Trader feature where you can choose to follow other successful traders and automatically copy their trades to hopefully share in their success

Pros

Fully regulated financial institution
Trade crypto, stocks and other financial assets
Follow and copy the trades of expert traders

Cons

Fees (spreads) are high
Only USD as base currency

Brand

Coins

Security

Usability

App

Service

Open a Bitfinex Account

Bitfinex

Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.

Pros

Very low trading fees
Large range of coins and trading pairs
High liquidity

Cons

Slow account verification
Two major hacks

Brand

Coins

Security

Usability

App

Service

Open a OKEx Account

OKEx

OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.

Pros

Good range of coins
DEX trading
No hacking history

Cons

Not available in US
KYC required

Brand

Coins

Security

Usability

App

Service

Open a Kucoin Account

Kucoin

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.

Pros

Vast selection of altcoins
Ability to stake & earn crypto yields
Robust security features
No forced KYC checks

Cons

No fiat currency deposits
Trading volume is low

Open a Changelly Account

Changelly

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.

Pros