How to Buy Cryptocurrency in Slovakia

Buying 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

Open a Binance Account

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.

Pros

Hundreds of coins and pairs
Very low fees
High liquidity
Trade without verification

Cons

No US residents

Brand

Coins

Security

Usability

App

Service

Open a eToro Account

67% 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 have 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

Brand

Coins

Security

Usability

App

Service

Open a Bybit Account

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

Brand

Coins

Security

Usability

App

Service

Open a CoinCorner Account

CoinCorner

Based in Isle of Man. Over 200,000 customers with min deposit as little as £5. Simple site for getting into Bitcoin.

Pros

Simple user interface
Autobuy feature for regular crypto saving / DCA
You can earn Bitcoin on your shopping with their browser extension

Cons

Limited range of coins
No e-wallet feature
No live chat support

Open a Bitfinex Account

Bitfinex

Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.

Pros

Very low trading fees
Large range of coins and trading pairs
High liquidity

Cons

Slow account verification
Two major hacks

Brand

Coins

Security

Usability

App

Service

Open a OKEx Account

OKEx

OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.

Pros

Good range of coins
DEX trading
No hacking history

Cons

Not available in US
KYC required

Brand

Coins

Security

Usability

App

Service

Open a Kucoin Account

Kucoin

Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.

Pros

Vast selection of altcoins
Ability to stake & earn crypto yields
Robust security features
No forced KYC checks

Cons

No fiat currency deposits
Trading volume is low

Open a Changelly Account

Changelly

Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.

Pros