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Top Crypto Platforms in Spain
Our team of experts has created a comprehensive process for ranking the top Crypto trading platforms in Spain. The process involves evaluating several critical factors for each platform, including regulatory compliance, security and transparency, fee structure, available features, supported assets, and other relevant components.
1. Uphold
Uphold is our number-one pick for Spanish investors for several reasons. Firstly, it is one of three Cryptocurrency exchanges globally that has US regulators regularly auditing its reserves and publishes its assets and liabilities in real-time, so you can always check its proof-of-reserves. Secondly, it is considered a multi-asset trading platform as it offers additional asset classes outside of Crypto, and Spanish investors can also trade other fiat currencies plus precious metals.
Thirdly, it offers free and instant EUR deposits via SEPA Transfers and Bank Transfers to buy and sell over 250 Cryptocurrencies with zero trading fees, making it one of the most cost-effective ways to buy Crypto assets in Europe. And lastly, it is a feature-rich platform that offers an easy UI, making it ideal for both novice and experienced traders, a mobile app so you can make trades on the go, a Crypto card that allows you to spend 250+ tokens on real-life purchases, and more.
2. Bybit
Bybit has been chosen as the second-best Crypto exchange by our team. The main reason for this platform's popularity in the Crypto industry is that it is a Non-KYC exchange, meaning that Spanish users can sign up to Bybit and trade tokens without needing to verify their identity. Because it does not require KYC, it can legally operate in over 180 countries globally and the platform can be used in over 30 languages, in addition to offering 24/7 customer support in multiple languages including Spanish.
It is best known for its derivatives trading, which allows users to trade with 100x leverage. Additionally, it offers spot, options, and margin trading. Bybit offers the widest range of features out of any exchange on this list with several staking options, lending and borrowing services, Copy Trading, an NFT marketplace, plus a Launchpad and Launchpool. The exchange also provides transparency in its holdings by providing regularly updated proof-of-reserves.
3. Bitpanda
Bitpanda is our expert team's third pick as it does not solely offer Cryptocurrencies but also provides access to five other asset classes including stocks, ETFs, commodities, indices, and precious metals. It is also one of the three other platforms globally that has audited proof-of-reserves which is carried out by KPMG. In addition, it has been awarded the ISO27001 Standard Security Certificate and is licensed by the Financial Market Authority (FMA) in Austria.
The exchange is one of the most secure and highly regulated platforms in Europe, that is also completely transparent in its funds. Apart from investing in multiple asset classes, Bitpanda also offers a Crypto card that allows its users to spend any of the 200+ supported Cryptocurrencies on shopping, groceries, bills, or any merchant that accepts VISA cards as a payment method.
4. OKX
OKX is the fourth-best Cryptocurrency exchange selected by our team and is another one that provides proof-of-reserves highlighting that users' funds are held 1:1 on the platform. However, these reserves are only updated once a quarter. It is a slightly less secure option than the other exchanges in this list as it is unregulated in Europe. Although, where it lacks in security, it makes up for with its abundance of features, services, and products offered on its trading platform.
First and foremost, OKX offers a diverse range of trading types, including two basic trading options (spot and options), four derivatives trading options (futures, options, margin & perpetual swaps), and a crypto-to-crypto swap feature (convert). Additionally, it provides 8 different staking types with flexible and fixed terms and crypto loans up to $1 million USD. But what it is best known for is its DeFi products, with its own network, OKX Chain, wallet, OKX wallet, and more.
5. Bit2Me
Bit2Me is our last pick for Spanish users but we had to add this platform to our list as it is Spain's largest native Cryptocurrency exchange. It offers over 210 Cryptocurrencies to buy and sell and 30 tokens to stake for high yields. For staking, it offers the highest returns on Bitcoin in the world with a competitively high 8.27% APY. In addition to trading and staking, Bit2Me also has its own Crypto Card that is sponsored by Mastercard and offers from 1% - 9% cash back on select purchases.
Apart from its features, Bit2Me also supports multiple Spanish-native payment methods including SEPA transfers and TikeBit, and has low trading fees of 0.95%. The exchange also offers 24/7 Spanish-speaking customer support via live chat, email, and phone. It is the only platform that offers phone support in Spain.
Is Cryptocurrency Investing Legal in Spain?
Yes, Cryptocurrency is legal in Spain, and the country has taken steps to regulate the sector. In 2020, the Spanish government approved a draft law to regulate Crypto-assets and their service providers, including exchanges and wallet providers. The law requires Crypto companies to register with the National Securities Market Commission and comply with anti-money laundering and counter-terrorism financing regulations.
Additionally, the law grants the Spanish tax authorities the power to require information from digital asset exchanges and their customers to ensure compliance with tax regulations. Prior to the regulation, the Spanish tax agency had issued several guidelines on how to report Cryptocurrency holdings and transactions for tax purposes. These guidelines apply to both individuals and businesses, and they require reporting on gains and losses from cryptocurrency transactions.
Final Thoughts
In conclusion, investing in cryptocurrency in Spain is not only legal but also accessible through various licensed and regulated platforms. Our top 5 picks for the best cryptocurrency exchanges in Spain are Uphold, Bybit, Bitpanda, OKX, and Bit2Me. These platforms offer a wide range of features, including regulatory compliance, user experience, low fees, diverse payment options, and a variety of coins. Make sure to choose a platform that fits your needs and preferences, and always stay informed about the ever-evolving world of digital assets.
