How to Sell Crypto in Finland in 2021

Finland is a major Bitcoin and cryptocurrency trading hub, with welcoming regulations and many savvy traders among its residents.

So how do you sell crypto in Finland, and what are the best crypto exchanges in Finland?

Let’s dive in!

Crypto Regulations in Finland

Finland is among the global leaders in crypto adoption, having settled on regulating crypto through Finland’s Financial Supervisory Authority (FIN-FSA). A country with clear crypto regulations is typically a welcoming one when it comes to crypto investment, signaling that the government accepts crypto as an asset and is willing to work with the community.

FIN-FSA expects that service providers register their firms to ensure transparent, secure, and convenient services for crypto investors. It’s important to know that as a crypto investor in Finland, you will be subject to 30-34% capital income tax deductions. If you undergo any losses, you are exempted from the same amount while filing your income tax return.

Where to Sell Crypto in Finland

As a crypto enthusiast in Finland, there will come a time when you will probably need to sell your crypto. You got to evaluate the options you got on the table. The following are the most favorable places to sell crypto in Finland:

  • Crypto Exchanges: Exchanges have been in the picture for a long time now, mostly a few years after the inception of bitcoin. Depending on your needs, exchanges have different properties and a variety of aspects to offer. You have an option between centralized exchanges and decentralized ones.
  • OTC Brokers: Brokers are parties who manage crypto assets for users and perform all trading activity in their stead.
  • Crypto ATMs: Crypto ATMs make the work easier for those who need fast cash and have no time to deal with exchanges and the rest. However, one significant downside to using crypto ATMs is higher fees standing above 7% of your total transactions.
  • P2P Exchanges: P2P exchanges are a decentralized and anonymous path where crypto traders communicate and transact directly.

How to Sell a Large Amount of Crypto

Recently, Finland had plans to sell 1981 bitcoins seized from illegal activities within the country. The country’s law enforcement authority is now taking time to review the best cryptocurrency exchange services, as going with the wrong provider could result in millions worth of lost funds due to slippage and other selling costs.

How then do you follow in the footsteps of your country as an investor? It goes without saying that selling a vast amount of crypto is a delicate endeavor requiring a professional level of care. How do you go about this without risking a significant portion of your investment? Here are directions to follow to avoid an unnecessarily tedious venture:

  • The safety of your investment is the first thing you should work on. Always consider using cold storage instead of online wallets, which are more vulnerable to attacks.
  • Have a clear target and expectations during and after the sale of your assets; you know best what you can offer and what you cannot spare.
  • You need to meet all the legal requirements expected for the crypto sale, including banking arrangements, KYC/AML procedures, and taxes.
  • Be careful with your final choice of where to sell your crypto to avoid scammers and financial risk within the crypto space; focus on research to weigh your options.

How to Choose the Best Way to Sell Crypto

Assuming that you have followed all the above-stated pointers, how do you settle for your best option? There are factors surrounding crypto exchange that you should put into consideration, including:

  • Security: You need the safest way to dispense your large investment above all else. Make sure you go with the best security features available in the market.
  • User interface: If you struggle getting around the features or processes of a platform, avoid it. After all, you do not wish to undergo a stressful trade.
  • Withdrawal limits: How soon and how much do you need to get from the trade you are making? Settle for an option that does not inconvenience you.
  • Fees: Whether it is a deposit, withdrawal, conversion, or trading, you need to think about how much you will spend on the fees.
  • Legal status: You do not want to be on the wrong side of Finland’s law enforcement. So, ensure that everything you do is per all the regulations put in place to govern crypto trade.
  • Trading features: Are you a beginner, an intermediate, or a pro trader? What trading features do you need in your ultimate choice of selling crypto?
  • Privacy: Do you want total anonymity, or are you okay with releasing a few documents? This point will eventually sway your decision depending on what you would rather go with.

Other points to stress are speed, currencies offered, deposit options, withdrawal options, etc. It would be best to do a thorough search for the most suitable pathway for you and your goals.

The Best Crypto Exchanges in Finland

We’ve put together a complete list of recommended crypto exchanges available to Finnish traders. Take a look and see what suits your needs!

2 Bybit

Bybit is a well-known derivatives exchange with advanced trading tools, gaining popularity by the day among crypto investors. One of the best features about the exchange is its lack of KYC policies maintaining anonymous and stress-free transactions for users. Funds are protected with proof of an SSL certificate and integrated 2FA.

The platform also has an HD cold wallet system that increases the safety of user funds.

It boasts a variety of order options including limit, market, post-only, and stop loss. The exchange offers currencies such as BTC, ETH, BCH, LINK, EOS, DOGE, SUSHI, and more.

  • Ease of use: It has a user-friendly interface, favorable for all users, a 24/7 support system, and educational tools to help during a trade. The mobile app increases its efficiency as you can trade wherever you are.
  • Fiat currencies: Over 50 fiat currencies supported through fiat gateway, including USD, EUR, USDT, JPY, AUD.
  • Trading fees: It has a standard trading fee of 0.025% for makers and 0.075% for takers, ranking it among the cheapest exchanges.
  • Withdrawal limits: Withdrawal limits vary based on trading activity

3 PrimeXBT

PrimeXBT is famed for presenting trading cryptos with leverage, battling the dons of the industry despite being relatively new. The platform launched in 2019, bringing into the market high leverage (up to x100), liquidity, smooth trading, good profits, etc.

This cryptocurrency exchange is a secure and swift way to trade your crypto, with a high chance of benefiting despite the market conditions. Its stop loss feature protects traders from losing many funds during trade in the volatile crypto space.

It supports crypto trading, commodities, forex, indices, among other trading options. You can be sure that your funds are safe as the exchange implements various security measures, including 2FA, BTC address whitelisting, Cloudflare, cold storage, etc.

  • Ease of use: You can smoothly navigate the platform whether you are a pro or novice trader and advanced trading tools for professional traders with a wide range of options. The copy-trading feature is an additional tool to assist new traders on the platform.
  • Fiat currencies: EUR, USD, JPY, GBP, CAD, AUD, ZAR, NZD, TRY, CHF, CNH, and more.
  • Trading fees: Range between 0.05%-0.001% commission depending on what you are trading on the platform.
  • Withdrawal limits: Withdrawal limits vary.

4 Phemex

Phemex is a Singapore-based exchange contributing a fresh look into leverage trading, after coming into play since 2019. Maximum leverage of x100, low trading fees, learning tools, high liquidity, and almost instant transactions are among the advantages it offers.

It also employs the take profit and stop-loss functions, a growing feature in the leverage trading platforms to reduce risks. Its advanced technology, including the FIX API, making trading more straightforward.

  • Ease of use: Fairly decent user interface with an API to make trading easier. Learning tools are a plus for new traders combined with the support system providing the needed answers.
  • Fiat currencies: USD and EUR
  • Trading fees: Makers’ and takers’ fees are at 0.025% and 0.075%, respectively.
  • Withdrawal limits: Up to 3 withdrawals per day.

5 SimpleSwap

SimpleSwap was founded in 2018 as an instant cryptocurrency exchange with a friendly interface for quick crypto transactions. It has detailed indications on how the platform works, which is an uppity feature for all traders. It has over 300 coins at your disposal, with more information on them in case you need the extra tidbits.

It has a development API, a mobile app, a blog, and reviews online. You can buy your crypto using your Mastercard or Visa debit card.

  • Ease of use: SimpleSwap is straightforward to use. However, there is a limitation if you are looking for advanced trading features.
  • Fiat currencies: TL, RUB, UAH.
  • Trading fees: No trading fees per se. Floating rate mark-up of 1.0% and fixed rate mark-up of 5.26%.
  • Withdrawal limits: It is an instant service, so withdrawals do not apply.

6 Binance

Binance is a significant competitor in the market, ranking as one of the most popular exchanges. It has varying payment choices, low fees, and over 200 digital assets to trade. Also, it is a place to go for advanced trading options, including futures, derivatives, margin, etc. It has a wide range of payment options, including debit card and credit card transfers, bank transfers, etc.

Considering its large customer base, the cryptocurrency exchange diversifies its options to suit both novice and pro traders. Notably, you need to go through KYC verifications before you can begin selling on the platform.

  • Ease of use: Binance can be confusing for newer traders, with advanced trading features and a complex interface.
  • Fiat currencies: Dozens including USD, RUB, JPY, CHF, CAD, AUD, UAH, NZD, EUR, GBP, and VND.
  • Trading fees: 0.02% and 0.04% for makers and takers, respectively.
  • Withdrawal limits: 0.6 BTC per day for non-KYC verified users.

7 Kraken

Trading volumes and liquidity are the least of your problems while trading on Kraken. The exchange is one of the first to come into existence in the crypto world, offering a wide range of cryptocurrencies. It is also one of the most secure platforms, with cold storage, ensuring funds are stored offline.

Speed might be a slight issue with slow verifications (depending on the trader level) and customer support response. Nonetheless, the platform is a favorable exchange for both new and experienced traders. It has additional options such as staking and margin trading, which more experienced users can utilize.

  • Ease of use: Instant Buy is an efficient way to buy crypto on the platform despite its higher charges. The interface is fairly decent for any trader, with lots of educational and how-to content. Mobile apps are a sure way of making your work easier.
  • Fiat currencies: USD, EUR, CAD.
  • Trading fees: 0.16% and 0.26% maker and taker fees, respectively.
  • Withdrawal limits: Daily limit for crypto withdrawals is $5,000 for starters and $500,000 for intermediate traders. The cash withdrawal limit is $9,000 for express level and $100,000 for intermediate level. There is a cash withdrawal limit of $9,000 for express level and $500,000 for intermediate level on a monthly basis.

8 Evolve Markets

Evolve Markets is a thriving crypto brokerage firm presenting high leverage trading and servicing clients worldwide. Moreover, it supports forex trading, commodities, indices, and stocks. The trading platform holds security on high standards, going for 100% cold storage, anti-automation, and 2FA.

Crypto trades have a maximum leverage of x100, supporting BTC, LTC, ETH, and USDT. You will be happy to know that there are no withdrawal fees and can earn more through the referral program. You have two trading platforms, Evolve Webtrader and MetaTrader, operable on your desktop or mobile phone.

  • Ease of use: Decent UI, clearly arranged for easy navigation.
  • Fiat currencies: USD, EUR, CAD, JYP, CHF, GBP, NZD, NOK, and HUF.
  • Trading fees: 0.75% for crypto trades.
  • Withdrawal limits: No limits

9 KuCoin

KuCoin is an interesting option for your crypto sale in Finland, offering over 200 virtual currencies You have an array of trading options including, margin trading, futures, crypto lending, peer-to-peer exchange, and more.

Its token, KuCoin Shares (KCS), is an additional way for you to earn more from the platform. You can deposit through debit cards, credit cards, and crypto transfers, with the downside being the lack of bank transfers.

  • Ease of use: An easy-to-navigate UI featuring video guides at the beginning. Favorable for beginner and pro traders alike.
  • Fiat currencies: USD, EUR, CNY, GBP, ZAR, RUB, CAD, CHF, NGN, NZD, JPY.
  • Trading fees: 0.1% fees on all normal trades. 0.02%-0.06% for futures trades.
  • Withdrawal limits: Ease of Use: An easy-to-navigate UI featuring video guides at the beginning. Favorable for beginner and pro traders alike. Fiat Currencies: USD, EUR, CNY, GBP, ZAR, RUB, CAD, CHF, NGN, NZD, JPY, etc. Trading Fees: 0.1% fees on all normal trades. 0.02%-0.06% for futures trades. Withdrawal Limits: Depends on your KYC verification level. For a detailed step guide, click here.

FAQs

Here are some of the frequently asked questions around selling cryptocurrency in Finland.

Is cryptocurrency legal in Finland

Yes, cryptocurrency is legal and regulated by guidelines issued by the FIN-FSA.

Does Coinbase work in Finland?

Yes, Coinbase and all of the exchanges mentioned in this article work in Finland.

Can I sell my cryptocurrency for cash?

You can! Selling crypto for cash in Finland is possible through peer-to-peer options, crypto ATMs, and exchanges like CryptoWallet.

With CryptoWallet, you can even spend crypto as cash directly using the crypto debit card that works in all stores.

Is it easy to sell crypto for cash?

Yes — simply sign up for CryptoWallet or any exchange recommended in this article.

What is the price of Bitcoin in Finland?

Bitcoin price varies daily, and the price in Finland is the same as it is anywhere else in the world.