How to Buy Cryptocurrency in Slovakia
Buying cryptocurrency in Slovakia
According to Slovakia’s Minister of Finance, virtual currencies are perceived as having 2 roles - a means of exchange and an investment asset. Additionally, he expressed Slovakia’s desire to resolve issues regarding income tax which stem from the exchange for goods, along with the income that stems from cryptocurrency trading. This eventually led to a structured guidance regarding the taxation of virtual currencies. For private individuals, profits made from cryptocurrencies are subject to tax. When it comes to those running cryptocurrency businesses, virtual currencies are deemed financial assets. More precisely, cryptocurrencies are a form of short-term financial asset other than cash. Additionally, businesses and individuals also need to consider tax which applies to mining of virtual currencies, where cryptocurrencies are booked at market value instantly when traded or sold. This regulation eliminated the gray area of cryptocurrencies taxing present in most countries, but also hindered investors wishing to exploit it.
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from Slovakia. 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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