How to Buy Bitcoin In Cyprus
Cyprus’s economy is based on a free and open market, tourism being an important aspect, since the country is a connection between the East and West.
In the last decades, Cyprus has gained stability and economic growth due to the transition from an agricultural period to a modern economy. This has lead to the Cypriot citizens reaching a high level of prosperity.
Cyprus has a relatively crypto-friendly regulatory environment despite its government issuing a warning to its citizens about investing in Bitcoin. Cyprus doesn’t regulate Bitcoin, and it allows blockchain startups, ICOs, and exchanges.
There is even a univerisity that accepts Bitcoin as payment for students fees.
One of the easiest ways to buy Bitcoin in Cyprus is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Cyprus, allowing you to easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Additionally, certain exchanges might require buyers to purchase a wallet for use with their exchange. Even if an exchange does not require a wallet it is recommended that you purchase one of your own for security reasons (and preferably a hardware wallet). If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.
Best exchanges to buy Bitcoin in Cyprus.
- eToro
- Coinbase|
- Bitpanda
- Paybis
- Bity
- Bitstamp
- Bitcoin ATMs
- Bitfinex
1. eToro
eToro is a trading platform and crypto exchange. It supports Bitcoin, Ethereum, Litecoin, Zcash and many other coins.
Deposits can be made quickly via bank transfer, SEPA, NETELLER, PayPal and more. It also offers unique features like copy trading.
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
PROS
1. Offers unique copy trading feature
2. Trusted exchange that has been active in traditional finance
3. Interface is clean and easy to use
CONS
You cannot deposit cryptocurrency, but you can deposit with other payment methods
2. Coinbase
Coinbase is the world’s largest Bitcoin (BTC) broker. They represent an easy and fast way for new users to purchase bitcoins. Coinbase supports customers in over 30 countries, including the United States, Europe, UK, Singapore, and Canada.
Customers in the above-mentioned countries can purchase bitcoins by debit card, bank transfer, SEPA transfer, and more.
PROS
1. High liquidity and buying limits
2. Easy way for newcomers to get bitcoins
3. “Instant Buy” option available with debit card
CONS
1. Purchases made with bank transfer can take up to 5 days to complete
2. Coinbase may track how and where you spend your bitcoins
4. Bitpanda
Bitpanda is a Bitcoin broker based in Europe.
They have high payment limits and low fees across their wide range of payment methods.
Bitpanda offers customers the option to buy bitcoins with credit card, debit card, SOFORT, Skrill, NETELLER, giropay, eps, SEPA, and Online Bank Transfer.
PROS
1. Some of the lowest fees for buying bitcoins with credit/debit card
2. Reliable and trusted broker
CONS
Fees aren’t shown openly on the site but instead included in the buying price
5. Paybis
Paybis is a popular cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.
PROS
1. 24/7 live support
2. Extremily high limits
3. 5 Minute verification
4. Get payouts fast
5. Large selection of payment methods
CONS
No traditional orderbook for advanced traders
6. Bity
Bity is a Bitcoin exchange and ATM operator, based in Switzerland. Their 5 ATMs allow for a quick first purchase and only require phone verification for an initial buy limit of 1,000 EUR or CHF. Their online service accepts wire transfers, SOFORT and online bank transfers.
PROS
1. Easy to start buying bitcoins after mobile phone verification
2. Payment limit of up to €100,000 annually after intensive verification
CONS
1. ID verification is required for most purchases, so not a private way to buy
2. Low annual limit of only €4,000 without intensive verification
7. Bitstamp
BitStamp is one of the world’s largest and most well-known Bitcoin exchanges. Deposits can be made through bank transfer, SEPA transfer, international bank wire, and now even credit cards.
PROS
1. One of the longest-running Bitcoin exchanges
2.Very low 0.25% fee, falling to 0.1% with sufficient trading volume
3. Good range of deposit and withdrawal options
4. Deep liquidity promotes a price close to fair market rate
5. Offers wide range of altcoins
CONS
1. Has been hacked before, users should not store funds on the exchange for any period of time
2. High 8% fee on small credit card purchases, falling to 5% with sufficient trading volume
3. Geared towards traders; slightly confusing for first time buyers
8. Bitcoin ATMs
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they’re also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
PROS
Our map makes it super easy to find a Bitcoin ATM near you
CONS
Bitcoin ATMs often have 5-10% fees per purchase
9. Bitfinex
Hong Kong-based Bitfinex has long been one of the largest USD Bitcoin exchanges in the world. Bitfinex accounts may be funded by bank wire only, their fee on accepting such transfers is low at only 0.1%.
In August 2016, however, it was hacked and lost around 30% of its users funds. While Bitfinex can be helpful for buying large amounts of bitcoins, it is probably best to not use the exchange until it fully compensates affected users.
PROS
1. Very low fees even for low volume buyers; 0.1% for market makers and 0.2% for market takers
2. One of the best ways to buy large amounts of bitcoins
3. Allows lending of fiat or bitcoin to margin traders at interest (but this is risky in light of the hack)
4. Very deep liquidity promotes a price close to fair market rate
5. Supports several altcoins
CONS
1. Was recently hacked and has yet to fully compensate all users for their loss
2. Geared towards traders; possibly quite confusing for first time buyers
3. Single payment option