How to Buy Crypto in Finland

Coinbase is a major cryptocurrency exchange and virtual currency provider that supports a number of payment methods and traditional currencies. Founded in 2012, Coinbase has become one of the most popular exchanges thanks to its longevity and intuitive user interface. A downside to using Coinbase is the higher than average user fees for exchange transactions.

Binance is the largest exchange in the world by trading volume and offers competitive fees as well. The trading platform has two versions, one for beginners and one for more advanced traders, and features such as stop-loss and margin trading are available. Due to the high volume of users, Binance reportedly has issues responding to customer support tickets.

eToro is a cryptocurrency exchange that supports stocks and CFDs as well as crypto and traditional currencies. A range of payment options are available, such as bank wire and credit card, and the platform has a minimum deposit of $500 USD. Fees on exchange transactions are in the mid range.

CEX is licensed by the FinCEN regulator, making it one of the few fully regulated platforms for trading cryptocurrencies. Many trading features and a variety of payment options are available.

Coinmama supports 8 crypto assets via a variety of payment options including credit and debit cards, bank transfer, or even Apple Pay. Trading fees on the sale of assets are high by industry standards, starting at 3.9%. A loyalty program can reduce fees and the actual acquisition cost of crypto somewhat, and this depends on each user’s personal activity on the platform and their use of the exchange accounts.

Kraken is a popular crypto exchange with multi-million volumes seen on a daily basis and many assets available. The provision of services includes trading pairs for over 40 current assets. Users can view their fiat currency in euros, US dollars, Japanese Yen, Canadian dollars, and British pounds. The user interface makes it easy to find the trading pair or currency in question.

Like stock exchanges, Kraken and other major exchanges are subject to some exchange rate fluctuations, and the exchange service drew criticism in 2021 when a flash crash decoupled ETH on Kraken from the fair market price of ETH, resulting in user losses. Despite this, the exchange remains popular and reputable, with market research on each asset category of crypto (financial coins, infrastructure coins, etc.) and other helpful learning materials.

Bitpanda is a cryptocurrency exchange that facilitates the conversion of Bitcoins and the trade of Bitcoin,  Ethereum, and a wide range of other digital assets. Fees for Bitcoin trading are 1.49%, but range lower when users trade with the native BEST crypto token, an internal currency for the exchange, making the true buying price or actual cost of each purchase appealing to some investors.

As a rule of thumb, sending crypto can come with fewer fees than with online banking when users shop around, but for many, fees are less important than instant access to the thriving crypto markets.

OKCoin is a highly liquid exchange with advanced trading features and a variety of virtual wallets. The exchange outperforms many competitors in the cryptocurrency industry terms of the selection of digital assets on hand. Fiat currencies are not supported, so trading with a basis in euros or other fiat is not possible. Fees are below average, with a maker fee of 0.10% and a taker fee of 0.20%.

Bitstamp is a peer to peer exchange that supports five currency tokens, a smaller range than cryptocurrency exchange services like Coinbase. There are few or no additional services beyond the selling of assets in the traditional sense. Exchange transactions cost 0.25%, and KYC is only required for traders seeking to withdraw their funds as fiat currency.

Gemini is a U.S. exchange with 20 supported cryptocurrencies including Bitcoin. Currency exchange fees are higher than many competing peer-to-peer exchanges. However, there is a market for Gemini due to its advanced trading tools and features.

Users on the Paxful exchange can trade Bitcoin, Ethereum, and the USDT stablecoin. Despite the limited range of currency tokens, over 300 payment methods are available such as bank wire, credit card, and PayPal. The price per share, or selling price, of each cryptocurrency is determined by the users themselves.

Prices on Paxful do not necessarily reflect current market prices, and the deemed acquisition cost of a cryptocurrency like Bitcoin could be higher or lower than current market prices, offering arbitrage opportunities. The purchase price does not always reflect the “actual cost” you may see on the wider market. As with any profits on cryptocurrencies in Finland, capital income must be reported when making a profit. It’s a good idea to factor in tax calculation when making trades of that nature.