Best Crypto Exchanges Italy

Best Crypto Exchanges Italy

Navigating the multitude of cryptocurrency platforms available can be a daunting task. Our specialized team has meticulously examined more than 20 exchanges, identifying the top choices designed for Italian investors. We've conducted comprehensive reviews of each one, weighing their advantages and identifying areas for growth. Here's a straightforward rundown of the best 5 OAM-regulated options for those in Italy, arming you with the knowledge you need for a successful investment experience.

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1. eToro

eToro takes the top spot as the best overall cryptocurrency exchange in Italy for its unique blend of social trading features and a wide range of tradable assets. Founded in 2007, it is regulated by multiple financial authorities, ensuring a secure trading platform. It offers a range of cryptocurrencies, including Bitcoin, Ethereum, and Avalanche, among other financial instruments like commodities, stocks and ETFs. What sets eToro apart is its social trading community, where users can engage in discussions, share strategies, and even copy the trades of successful investors. This makes it an excellent choice for traders of all experience seeking a more interactive trading environment. As a global exchange, it can be used in several languages, which includes Italian.

• Minimum Deposit: €50 for first time deposit.
• Supported Assets: 4,500+ Cryptocurrency, Stocks, ETFs & Commodities.
• Regulation: Regulated by the Organismo Agenti e Mediatori (OAM).
• Fees: Costs include 1% for buying or selling a cryptocurrency, conversion fees for EUR to USD, as all trades are made in US Dollars, and a $5 withdrawal fee to bank accounts. There are no monthly or maintenance charges on the exchange.

2. Bybit

Bybit ranks second and is particularly noted for its focus on derivatives trading, offering futures and perpetual contracts for over 990 cryptocurrencies. The platform provides leverage options up to 50x, allowing traders to maximize their potential returns. It is known for its robust trading engine that ensures quick order execution, minimal slippage, and an Italian interface. The exchange is well known for its high security, employing state-of-the-art safety measures and providing regularly updated proof of reserves, showing all user's assets are held on a 1:1 basis. Besides trading, Bybit also provides lending and borrowing services, an NFT marketplace, a demo trading account, a crypto debit card, and a copy trading feature.

• Minimum Deposit: €10 for first-time deposit.
• Supported Assets: 990+ Cryptocurrency.
• Regulation: Registered with the Organismo Agenti e Mediatori (OAM).
• Fees: Costs include a 0.1% fee for spot trading, 0.01% fee for maker orders, and 0.06% for taker orders on futures markets. Deposits and withdrawals in Euros are completely free of charge.

3. Kraken

Kraken is highly regarded for its commitment to asset transparency and security. Founded in 2011, the platform offers a wide range of cryptocurrencies and is one of the few exchanges that provide a transparent audit of its digital assets. This ensures that users can trade confidently, knowing their assets are secure. Its focus on transparency and security makes it the best choice for traders who prioritize these factors. Additionally, Kraken is great for institutional investors as it provides an OTC desk for trades above $100,000, which gives you a personalized account manager, low fees, and immediate price execution. Users can also use the platform in Italian and contact customer support in the language.

• Minimum Deposit: €20 for first time deposit.
• Supported Assets: 200+ Cryptocurrency.
• Regulation: Regulated by the Organismo Agenti e Mediatori (OAM).
• Fees: Costs include a 0.26% fee for spot trading and the maker/taker rebate is 0.02%/0.05%.

4. Binance

Binance is a global powerhouse in the cryptocurrency market and stands out for its offerings tailored to institutional investors. With an extensive list of tokens and trading pairs, advanced trading features, and robust security measures, it is a preferred choice for professional and institutional traders. The platform also offers options for spot, futures, and even options markets, providing a comprehensive trading environment. Besides trading, it offers crypto loans, staking services, an NFT marketplace, a cryptocurrency card, a P2P marketplace, a launchpad feature, and more. As the world's largest exchange, it is available to use in 41 languages, which includes Italian. It also provides 24/7 customer support in the language through live chat, email, and social media channels.

• Minimum Deposit: €50 for first-time deposit.
• Supported Assets: 350+ Cryptocurrency.
• Regulation: Regulated by the Organismo Agenti e Mediatori (OAM).
• Fees: Costs include a 0.1% fee for spot markets and 0.02% for maker orders, and 0.06% fee for taker orders on futures markets. Deposit and withdrawal fees vary depending on the method.

5. Young Platform

Young Platform is an Italian cryptocurrency exchange that has quickly gained popularity for its user-friendly interface and focus on customer service. The platform offers a range of digital currencies and is designed to make the trading experience as straightforward as possible, particularly for those new to the crypto world. Being a local exchange, it also offers customer support in the language and is attuned to the needs and preferences of the Italian market. The only downside of this platform is its limited selection of digital currencies, which is significantly less than the other options mentioned in this list.

• Minimum Deposit: €80 for first time deposit.
• Supported Assets: 40 Cryptocurrency.
• Regulation: Regulated by the Organismo Agenti e Mediatori (OAM).
• Fees: Costs include a 2.5% deposit fee and a 1.35% trading fee.

Is Cryptocurrency Regulated in Italy?

Yes, cryptocurrency is regulated in Italy under the oversight of the Organismo Agenti e Mediatori (OAM). This agency mandates that all virtual asset service providers (VASPs), like crypto exchanges and digital wallet services, must register and comply with Anti-Money Laundering (AML) policies to operate in the country.

For VASPs based in the EU, they can operate through a registered branch in Italy. However, non-EU VASPs must establish a local subsidiary to meet these registration requirements. These guidelines are part of Italy's broader efforts to provide a secure environment for cryptocurrency transactions, outlined in Legislative Decree No. 141 of 2010 and a 2022 decree from the Italian Ministry of Economy and Finance.

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How to Buy Bitcoin in Italy

‍For Italian investors wanting to securely invest in cryptocurrency through a trusted exchange, we recommend eToro. The platform offers instant EUR deposits through bank transfers, SEPA, credit cards, debit cards, PayPal, Skrill, and Neteller. It supports several asset types, including digital currencies like Bitcoin, plus other financial instruments like stocks, ETFs, and commodities. 

Buy, sell and trade BTC by following this simple guide:

1. Create Account: Sign up to eToro and complete the verification requirements. 
2. Deposit Euros: Click ‘Deposit Funds’ and transfer money into your account.
3. Find Asset: Use the search bar to locate Bitcoin and press the ‘Trade’ button.
4. Buy BTC: Input the amount you want to invest and tap ‘Open Trade’.

Italian Crypto Tax Requirements

In Italy, the tax treatment of cryptocurrency activities is a subject that has garnered attention due to the increasing popularity of digital assets. The Italian Revenue Agency, known as Agenzia delle Entrate, has issued guidelines that clarify the tax obligations for individuals and businesses involved in cryptocurrency transactions. For individual taxpayers, using crypto for personal transactions is not subject to VAT (Value Added Tax). 

However, if you're trading cryptocurrencies as an individual, capital gains tax comes into play. The capital gains are added to your overall income and taxed according to the regular personal income tax rates, which range from 23% to 43%, depending on your income bracket. It's important to note that capital losses can be offset against capital gains. However, you cannot offset these losses against other forms of income. 

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Final Thoughts

To recap, Italy offers a regulated and diverse crypto trading environment. Our analysis highlights the top 5 exchanges are eToro, Bybit, Kraken, Binance, and Young Platform. These platforms offer Italian investors a secure and efficient way to engage with digital assets. Given Italy's clear regulations and tax guidelines, entering the crypto market has never been more straightforward. For a successful investment journey, choose an exchange that aligns with your needs and consult tax professionals for compliance.