How to Buy Cryptocurrency in Lithuania
Buying cryptocurrency in Lithuania
Due to the pandemic, the development of digital currencies was accelerated in an attempt to motivate people to start making cashless payments. According to Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements, CBDCs will need to be introduced carefully, in order to avoid fragmentation of the financial and monetary system. In 2018, the Bank of Lithuania disclosed its plans to create the world’s very first digital coin collector using blockchain technology and other forms of equivalent technologies. The bank leading this project opened a pre-sale for these digital collector coins, LBcoins, in July 2020. 24,000 collector tokens created with blockchain technology were released. Another interesting fact is that Lithuania performed the largest state cryptocurrency transaction by selling about 6.4 million euros in virtual currency, previously confiscated by officials. In November 2020, the State Tax Inspectorate (VMI) sold 11,993 Monero, 360.38 Ether and 36.85 Bitcoin tokens.
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from Lithuania. 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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