How to Buy Cryptocurrency in Iceland

Buying cryptocurrency in Iceland

Buying cryptocurrency in IcelandThe 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

Open a eToro Account

68% 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 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

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
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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.

Pros
  • Advanced and secure technology
  • Anonymous accounts
  • Attractive trading bonuses
  • Very low fees
Cons
  • 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

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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Open a Uphold Account

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.

Pros
  • Open to US residents
  • Integrated with Brave Browser
  • Over 50 different coins
  • Also offers precious metals and equities
  • Convenient and cheap deposit/withdrawal methods
Cons
  • High trading fees
  • Smaller coin selection compared to some
  • No Paypal withdrawal option
  • No instant debit card withdrawals
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