How to Buy Cryptocurrency in Guernsey
Buying cryptocurrency in Guernsey
Guernsey is known as a Crown Dependency of the United Kingdom and as a low-tax jurisdiction with a large financial sector. The Guernsey Services Commission, in charge of supervision and regulation of licensees from various sectors, made a statement in 2014, taking on a cautious approach towards virtual currencies, and declaring that it can deny application to register financial service businesses in cases where such currency is involved. Even so, the Commission’s policy consists of encouraging innovation. Cryptocurrencies are one of those innovations the Commission will continue to keep an eye on, along with the risks that accompany them. In 2015, The Guernsey government pointed out that the major obstacle for cryptocurrencies was the difficulty in adhering to international anti-money laundering standards. Several years later, the Guernsey Financial Services Commission issued another warning regarding the risks associated with cryptocurrencies, but recognized the investors’ appetite to invest in this developing sector.
As of 20/03/2021
These exchanges all accept customers from Guernsey. 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
68% of retail CFD accounts lose money Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also has 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
- Fully regulated financial institution
- Trade crypto, stocks and other financial assets
- Follow and copy the trades of expert traders
- Fees (spreads) are high
- Only USD as base currency
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
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