How to Buy Cryptocurrency in Montenegro
Buying cryptocurrency in Montenegro
The State authorities of The Central Bank of Montenegro (CBM), the Capital Market Commission (CMC), along with the Ministry of Finance are yet to issue official guidance or any policies regarding cryptocurrencies and cryptocurrency trading. Other bodies of the government of Montenegro also remain silent on such issues. Having in mind the country’s strong desire to become part of the European Union, it is likely that State authorities will align their official stance on these issues to those of the European Union. Meaning, the overall opinion on cryptocurrencies will remain reserved and very doubtful due to their volatile nature. Cryptocurrencies such as Bitcoin are not regarded as an official payment method in Montenegro. However, their use and possession is not banned. The CBM stated that such currencies aren’t legal forms of payment in the country, and that any and all transactions involving these currencies are done at one’s own risk.
As of 20/03/2021
These exchanges all accept customers from Montenegro. 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
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesnâ€™t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
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