How to Buy Cryptocurrency in Iceland
Buying cryptocurrency in Iceland
The legal status of cryptocurrencies in Iceland is unclear. In anticipation of launching Iceland’s peer-to-peer cryptocurrency (Auroracoin) in 2014, the Central Bank of Iceland stated that Bitcoin was not considered legal currency, and even if that was the case, Bitcoin purchases would still be considered illegal as these purchases would be in violation of the restrictions on foreign transaction then in place. Basically, the bank doesn’t have any real oversight of the cryptocurrency production in Iceland, and lacks control over their trading. This is in contrast to the fact that about 8% of the world’s supply of Bitcoin, the leading cryptocurrency, now originates in Iceland. Another concern regarding cryptocurrencies in Iceland is the impact such amounts of computing equipment used to mine these cryptocurrencies might have on the environment. 5% of the island’s electrical power is consumed by Icelandic data centers, and of that around 90% is used for mining.
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from Iceland. 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
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
Brand
Coins
Security
Usability
App
Service
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
BrandCoinsSecurityUsabilityAppService
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
BrandCoinsSecurityUsabilityAppService