How to Buy Cryptocurrency in Spain

Buying cryptocurrency in Spain

Buying cryptocurrency in SpainIn 2021, Spainís government proceeds to harden its attitude towards cryptocurrencies. Whatís more, the Spanish Secretary of State for the Economy, Ana de la Cueva voiced her opinion on cryptocurrencies and the risk they present for Spainís economy. She also stated that cryptocurrencies like Bitcoin pose a risk since users arenít protected like they are conventional payment systems. The Secretary added that there is no guarantee system when it comes to Bitcoin. She replicated the stateís previous rhetoric regarding cryptocurrencies, emphasizing the lack of a regulatory framework within the industry. Other concerns about Bitcoin use are related to the fact that it isnít supervised, and cannot be sanctioned, solidifying the stance that there is a lack of clarity on the nature of Bitcoin. According to a recent report, the Spanish authorities even passed a bill where cryptocurrency owners are required to disclose their crypto holdings and gains on assets.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Spain. 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.

Pros
  • Hundreds of coins and pairs
  • Very low fees
  • High liquidity
Cons
  • No US residents
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Open a eToro Account

68% of retail CFD accounts lose money Investments in crypto-assets are not regulated. They may not be appropriate for retail investors and the full amount invested may be lost. It is important to read and understand the risks of this investment, which are explained in detail at this link

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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