Top Crypto Apps in Spain
Our experts have crafted a comprehensive evaluation system to identify and rank the leading crypto trading platforms available to Spanish investors. This exhaustive research focuses on essential elements like Euro payment methods, pricing structures, user-friendliness, support for the Spanish language, robust security measures, and functionalities. After a detailed assessment, we've determined the top five crypto exchanges in Spain.
eToro is a versatile trading platform that offers a broad range of financial instruments, including stocks, commodities, and various cryptocurrencies. One of its most innovative features is "CopyTrading", where you can automatically copy the trades of successful investors. This is particularly useful for newcomers or those looking to diversify their portfolios without spending too much time on research.
Regarding security, eToro is regulated by multiple financial authorities, including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the UK. The platform also offers a dedicated mobile app for trading on the go, social trading features to engage with a community of traders, and a practice account where you can trade with virtual money to hone your skills.
- Minimum Deposit: €50 EUR.
- Supported Tokens: 80+ Cryptocurrencies & 3000+ other assets.
- Regulatory Compliance: Regulated and licensed with CySEC.
- EUR Funding Method: Credit/Debit Card, PayPal, Neteller, Skrill, Rapid Transfer, Bank Transfer & Trustly.
Uphold is unique in its transparent approach to financial transactions. It provides a public record of its reserve holdings and allows for real-time transaction audits. This level of transparency is rare in the crypto exchange world and is a significant trust factor for its users. Uphold supports trading in more than just cryptocurrencies; you can also trade traditional fiat currencies and precious metals like gold and silver.
The platform has a straightforward fee structure with no hidden costs, making it easier for traders to understand their financial commitments. Additionally, Uphold offers a debit card that allows you to spend any of your holdings at traditional points of sale, bridging the gap between digital and physical finance.
- Minimum Deposit: €20 EUR.
- Supported Tokens: 250+ Cryptocurrencies & 100+ other assets.
- Regulatory Compliance: Regulated and licensed by CySEC.
- EUR Funding Method: Debit Card, Credit Card, SEPA, Google Pay, Apple Pay, & Wire Transfer.
Kraken is geared towards institutional investors, offering advanced trading options like futures and margin trading. The platform is known for its robust security measures, including keeping the majority of user funds in cold storage and two-factor authentication for accounts. These features make it a preferred choice for large-scale, professional investors who require additional layers of security.
It also offers a suite of analytical tools and real-time data feeds, which are essential for institutional investors who rely on data-driven strategies. The platform supports a wide range of cryptocurrencies and fiat currencies, and it also provides API support for automated trading, further enhancing its appeal to professional traders.
- Minimum Deposit: €20 EUR.
- Supported Tokens: 220+ Cryptocurrencies.
- Regulatory Compliance: Regulated by the CySEC.
- EUR Funding Method: Debit/Credit Card, FPS, CHAPS, SWIFT & Plaid.
Bybit focuses on derivatives trading, offering futures contracts and leverage options up to 100x. This makes it a suitable platform for traders looking for more than spot trading. The exchange is known for its high liquidity, ensuring that large orders can be filled without significantly impacting the market price. Additionally, Bybit provides proof of reserves, demonstrating that users' funds are held 1:1.
Another unique feature is Bybit's "Mutual Insurance" which allows traders to buy insurance to hedge against potential losses in volatile markets. The platform also offers a range of educational resources aimed at helping traders understand the complexities of derivatives trading, making it a comprehensive solution for those interested in these financial instruments.
- Minimum Deposit: €10 EUR.
- Supported Tokens: 850+ Cryptocurrencies.
- Regulatory Compliance: Regulated in Spain.
- EUR Funding Method: Bank Transfer, SEPA Transfer, Credit Card, Easy Bank, Debit Card, Google Pay, Maestro & more.
Binance is particularly friendly for beginners, offering an intuitive user interface and many educational resources through its "Binance Academy". The platform supports various cryptocurrencies, from well-known ones like Bitcoin and Ethereum to more obscure altcoins, providing ample opportunities for portfolio diversification.
In addition to spot trading, Binance also offers futures and options trading for those looking to explore more advanced financial instruments. The platform also has a feature called "Binance Earn", where users can stake their cryptocurrencies or participate in liquidity pools to earn additional income, making it a multifaceted platform suitable for traders of all experience levels.
- Minimum Deposit: €20 EUR.
- Supported Tokens: 350+ Cryptocurrencies.
- Regulatory Compliance: Not regulated or licensed by ESMA or the CNMV.
- EUR Funding Method: SEPA, Credit Card, and Debit Card.
How Does the CNMV Regulate Crypto?
The Spanish National Securities Market Commission (CNMV) is instrumental in regulating cryptocurrency exchanges within Spain. Responsible for issuing licenses, the CNMV ensures that these trading platforms comply with Spain's established legal norms. Consistent with international regulatory agencies, the CNMV enforces stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) rules to prevent illegal activities and enhance transparency within Spain.
For exchanges to operate in Spain, they must meet the robust security standards outlined by the CNMV. These precautionary steps are designed to protect both consumer information and financial assets from potential risks. Additionally, the CNMV places a high value on clear and effective communication with its user base, aiming to build confidence in Spain's rapidly growing cryptocurrency market.
Do I Have to Pay Tax on Crypto in Spain?
Absolutely, in Spain, cryptocurrencies are classified as movable property rather than traditional forms of currency. The Spanish Tax Agency, often referred to as Agencia Tributaria, oversees the taxation of digital assets. For individual investors, gains from cryptocurrencies are generally considered as savings income and are taxed at a progressive rate ranging from 19% to 26%. The specific rate can vary based on your total income.
If you're actively trading or mining cryptocurrencies as a business activity in Spain, the profits and losses you incur fall under corporate income tax. It's important to highlight that Spain, unlike some nations, does impose a Value-Added Tax (VAT) on the conversion of cryptocurrencies to fiat money. However, if you utilize cryptocurrencies to buy goods or services, standard VAT rates are also applicable to those transactions.
Is Crypto Staking Legal in Spain?
Yes, participating in cryptocurrency investment and staking is allowed in Spain, owing to the nation's open-minded perspective on digital currencies. Instead of implementing harsh restrictions like some countries, Spain has developed a comprehensive set of regulations to safeguard investors, meet tax obligations, and deter unlawful conduct.
Spanish residents can invest and stake various cryptocurrencies, such as Bitcoin and Ethereum, via accredited and supervised platforms like Kraken, Bybit, and more. This progressive mindset has not only cultivated a strong crypto environment within Spain but has also positioned the country as a center for technological innovation, attracting global investments into its economic framework.
The Bottom Line
To recap, choosing a reputable and secure cryptocurrency exchange is a critical decision for any investor in Spain. eToro stands out as the best overall exchange, followed by Uphold, Kraken, Bybit, and Binance, according to our extensive evaluation process. These exchanges vary in asset offerings, fees, regulatory compliance, and funding methods, providing a wide range of options for Spanish investors.
However, always ensure the platform is regulated by an authority such as the CNMV or ESMA for secure and compliant trading. Remember, while buying crypto is legal in Spain, adhere to tax regulations and other pertinent laws when trading or investing in cryptocurrencies. With these top platforms, Spanish investors can confidently navigate the vast crypto market.