Taiwan has had a hands-off approach towards cryptocurrency regulation for a long time. This helped develop the cryptocurrency industry in the island nation to a large extent. According to Rest of World, at over 30%, Taiwan had one of the fastest crypto transaction volume growth rates in Asia in the first half of 2022.
While Taiwan aims to be a crypto haven in the region, it is also looking to strengthen the regulatory environment in the country after the exchange FTX’s collapse. In September 2022, Taiwan granted regulatory approval to 24 exchanges paving the way for a more stable and regulated crypto industry.
However, this also means that cryptocurrency traders in Taiwan can choose to invest their holdings in both global and local exchanges. Which exchange excels in which area? Which one offers the highest interest and lowest fees? This guide will answer all these questions for you and tell you about several major cryptocurrency exchanges in Taiwan.
Top 7 Cryptocurrency Exchanges in Taiwan
There are several prominent cryptocurrency exchanges in Taiwan offering services suitable for both beginners and advanced traders. Let us have a look at some of these exchanges.
Bybit
Bybit is primarily a derivatives exchange suitable for experienced traders who may want to take advantage of the lucrative returns it offers. It combines Decentralized Finance(DeFi) with Traditional Finance(TradFi) to offer users next-level services.
Along with derivatives, Bybit also supports spot trading and perpetual trading. With over 280 spot trading pairs, Bybit is one of the top 10 cryptocurrency exchanges as per CoinMarketCap. Along with that, it also ranks second among cryptocurrency derivatives exchanges.
Bybit has top-notch security and 99.99% functionality with a 100k TPS matching engine. In other words, it can process about 100,000 transactions at a time which is considerably fast. Bybit also uses data encryption technologies, Trusted Execution Environment(TEE) and Threshold Signature Schemes(TSS) to protect user accounts from unauthorized access.
Features
✔️Primarily a derivatives trading exchange
✔️280+ spot trading pairs available
✔️World’s biggest USDC Options marketplace
✔️USDT as collateral for perpetual contracts
Pros and Cons
✅Easy-to-use interface ❌Not the best option for spot trading
✅Inexpensive trades ❌Unverified trade statistics
✅Several order types supported
✅Testnet site for demo trading
Trading Fees
Bybit has VIP, non-VIP and Pro levels for determining fees
Customer Reviews
Bybit has a comfortable and slick interface
Bybit has been alleged to indulge in price manipulation
Why We Picked It
Bybit is a top-notch exchange, especially for derivatives trading. Both the website and mobile app have a slick UI and extremely fast transactions due to its 100k TPS matching engine.
KuCoin
KuCoin, a cryptocurrency exchange headquartered in Seychelles, is unparalleled in the sheer variety of cryptocurrencies it has available for trading. With over 700 cryptocurrencies, it is practically unrivalled in this department. This, combined with the exchange’s extremely low fees, makes it a great option for crypto trading.
While most centralized exchanges require KYC verification, KuCoin still allows anonymous trading to a limited extent. Therefore, you can easily conduct small trades without the hassle of KYC submission on KuCoin.
KuCoin implements industry-standard security measures such as multi-factor authentication and data encryption. However, along with the usual login password, it gives traders the option to opt for an additional password for trading. It also has a business wallet address verification system for additional security.
Features
✔️700+ available cryptocurrencies
✔️Multi-lingual exchange
✔️Native token is called KuCoin Token(KCS)
✔️Multi-factor authentication, trading password and wallet address verification
for security
Pros and Cons
✅Massive variety of coins ❌Complicated fee structure
✅Fees are on the lower end ❌No strict vetting of coins
✅Limited trading without KYC
✅Trading bots available
Trading Fees
KuCoin has several levels and classes for determining trading fees
Customer Reviews
KuCoin has a large variety of coins
KuCoin has poor customer service
Why We Picked It
KuCoin is a great option for people who want access to a wide variety of cryptocurrencies on a single platform. While it may not be very beginner-friendly, the low fees combined with features like trading bots make KuCoin an attractive option for crypto trading.
OKX
OKX(formerly OKEx) is a Seychelles-registered cryptocurrency exchange that promises its customers low fees, fast transactions and powerful APIs. This exchange even has its own OKX Chain and a native token OKB which differentiates it from other exchanges.
Along with spot trading, OKX also supports margin trading, options trading and perpetual swaps. It also offers crypto loans and crypto mining services. You can also explore DeFi apps on OKX and farm DeFi tokens with its Jumpstart Mining initiative.
OKX has a multi-level security system in place to protect user assets. It uses a special network communication protocol that is partially offline in order to prevent online attacks.
Features
✔️Over 350 cryptocurrencies available
✔️Native blockchain called OKX Chain
✔️OKX Web3 Wallet supports 40+ networks
✔️Spot, futures and options trading available
Pros and Cons
✅Fees are not very high ❌Lousy customer service
✅Several payment options ❌Complex structure for fee calculation
available
✅Learning material
✅Demo trading for practice
Trading Fees
OKX has VIP and non-VIP categories for determining fees
Customer Reviews
Customers find OKX to be an easily navigable platform
OKX has a poor customer support
Why We Picked It
OKX supports spot, futures and options trading as well as offers crypto-based loans and mining services. You can explore various DeFi apps via OKX and even farm some DeFi tokens.
Kraken
One of the oldest cryptocurrency exchanges, Kraken is divided into two platforms- a Main one and a Pro one to cater better to the specific needs of different user demographics. The main platform is relatively easier for inexperienced traders to navigate while the Pro one is more suited for seasoned traders.
While not the largest collection, Kraken has a solid range of 180+ cryptocurrencies available for trading. It is quite a reputable platform and uses 2-factor authentication(2FA) and SSL encryption for a safe browsing and trading experience.
Features
✔️Over 180 cryptocurrencies available
✔️Basic and pro platforms
✔️No maker-taker model on the basic platform
✔️2FA and SSL encryption for safe browsing and trading
Pros and Cons
✅Very high liquidity ❌Expensive trades on basic version
✅Margin trading and stop orders ❌Hacking of user accounts
✅Comprehensive “Learn” section
✅Staking services
Trading Fees
Kraken Instant Buy takes into account several factors for determining fees
Kraken Pro uses the maker-taker model
Customer Reviews
Kraken offers good customer support
Kraken has a lengthy ID verification process
Why We Picked It
Kraken has something for everyone. It doesn’t matter whether you’re just starting out or have years of experience in crypto trading, you will something that suits your needs. Kraken offers some good returns on staking crypto assets and high liquidity for a better trading experience.
eToro
eToro is primarily a social trading and investment platform but it does offer some cryptocurrencies for trading. In other words, it is a brokerage that promises a unique social trading experience to users. eToro was one of the first places to offer copy trading wherein you can follow and copy an experienced investor’s trading strategies.
eToro crypto trading fee may be on the pricier side with a flat 1% fee for buying and selling cryptoassets but on the plus side, it is a heavily regulated platform so you can rest assured that your assets are safe on eToro.
eToro also runs a VIP club wherein users get various benefits depending on their membership level. There are five levels and the benefits included range from Trading Central access, discounts on withdrawal fees and dedicated account managers.
Features
✔️Platform for social trading and investment
✔️More than 75 cryptocurrencies available
✔️Stocks, ETFs and Options trading possible
✔️VIP program for users
Pros and Cons
✅Supports several asset ❌Limited cryptocurrencies
types ❌Uncompetitve fees
✅Heavily regulated brokerage
✅Supports copy trading
✅eToro Academy for learning
resources
Trading Fees
eToro charges 1% fees for buying and selling cryptocurrencies
eToro charges 0.1% crypto-to-crypto conversion fees
Customer Reviews
eToro has a wide variety of assets and dedicated account managers
eToro’s fees are on the higher end
Why We Picked It
eToro gives you the option of keeping all your investments including cryptocurrency in one place. Therefore, it is a good option if you want to diversify your investment portfolio.
Crypto.com
Singapore-based Crypto.com offers not just cryptocurrencies but a whole range of several blockchain-related products. Along with 250+ cryptocurrencies for trading, it has a native wallet, an NFT marketplace, a prepaid Visa card and staking services.
Crypto.com mainly focuses on app-based trading and you can pretty much access all features available on the web version. You can trade crypto, get crypto-based loans, make payments and stake your cryptocurrencies via the Crypto.com app.
Crypto.com has quite competitive pricing and you can even get discounts on the fee paid for trades by staking the exchange’s native CRO token. It has adopted several industry-standard security measures such as cold storage for assets and funds, multi-factor authentication and address whitelisting.
Features
✔️Major focus on app-based trading
✔️More than 250 cryptocurrencies available
✔️Offers cryptocurrency-based loans
✔️Native token called Cronos(CRO)
Pros and Cons
✅Decent coin collection ❌Poor educational resources
✅Competitive fees ❌Not very suitable for beginners
✅Calculator for staking rewards
✅NFT marketplace
Trading Fees
Crypto.com gives discounts on fees if CRO is staked
Customer Reviews
Crypto.com has some great features
Crypto.com has lousy customer service
Why We Picked It
Go for Crypto.com if you prefer trading from your phone. The app is quite navigable if you have experience with cryptocurrencies or even stock trading from an app. While not the lowest, its fee is competitive and you can get further discounts by staking CRO.
MaiCoin
MaiCoin is a native Taiwanese and the island nation’s biggest cryptocurrency exchange. The exchange is available in both English and Chinese and you can start investing with just New Taiwan Dollar(NTD) 100 on it.
MaiCoin is primarily meant for small transactions and supports several payment options such as bank transfers, ATMs and convenience stores like 7-11.
The MaiCoin Group’s MAX platform, however, is developed for advanced crypto trading and is the largest fiat-to-crypto exchange in Taiwan. Like almost all international exchanges, MaiCoin too has adopted SSL encryption and offline cold storage.
Multi-factor authentication helps add an additional layer of security to user accounts while end-to-end encryption ensures the safety of all types of shared information. On MaiCoin, you can also set up various policies for your wallet regarding daily limit, frequency limit and address whitelisting.
Features
✔️Home-grown exchange
✔️Available in Chinese and English
✔️37 cryptocurrencies available
✔️Multi-factor authentication and encryption for security
Pros and Cons
✅Supports NTD ❌Limited cryptocurrencies available
✅Several payment options
available
✅Has a mobile app
✅Recurring orders
Trading Fees
MaiCoin includes fees in the final price displayed
Why We Picked It
MaiCoin is a native Taiwanese exchange catering specifically to the needs of Taiwanese traders. Here, you can simply start trading by investing just NT$100. You can pay using any of the numerous options available. MaiCoin also takes all requisite measures for the security of funds and information.
Top 6 Decentralized Cryptocurrency Exchanges in Taiwan
If centralized exchanges and giving away identifying information is not your cup of tea, then maybe you should check out decentralized exchanges(DEXs) which are a lot closer to the core principles of cryptocurrency.
UniSwap
UniSwap is a community-governed decentralized exchange. Rather than being controlled by a centralized corporation, it is governed by the people who vote on proposals on the platform by using its UNI token. Since it is developed on the Ethereum network, UniSwap users can easily access thousands of ERC-20 tokens.
UniSwap is one of the largest DEXs which means that it is constantly able to maintain high liquidity on the platform. Its popularity is spurred by its extremely simple UI, low-cost trades and support for multiple blockchains.
Since UniSwap is a DEX, it does not require any sort of ID verification and you can immediately start trading by just connecting your cryptocurrency wallet.
Features
✔️Built on the Ethereum network
✔️Native token is UNI coin
✔️Works with Metamask, Trust Wallet etc.
✔️Supports multiple blockchains
Pros and Cons
✅ERC-20 token swapping ❌Costly Ethereum gas fees
✅High liquidity ❌Issue of scam coins
✅Instant trading
✅Community governance with
UNI
Trading Fees
UniSwap has three(practically four) pool fee tiers
Customer Reviews
UniSwap is a standard DEX
UniSwap has no grievance redressal mechanism
Why We Picked It
UniSwap is a high liquidity platform and one of the most popular DEXs out there. It has an intuitive UI and is quite beginner-friendly. The prospect of private and near-instant trading makes UniSwap an attractive option.
PancakeSwap
PancakeSwap is another DEX with a food theme. However, unlike other food-based DEXs, PancakeSwap is built on the BNB Chain and not Ethereum. This means that you can conveniently swap BEP-20 tokens on it without having to pay costly gas fees.
You don’t need to sign up for an account or submit your KYC to trade on PancakeSwap. Connect your wallet and you are good to go. Beyond token swaps, PancakeSwap also supports yield farming where you can earn CAKE tokens. Its syrup pools offer flexible and locked staking which users can choose as per their needs.
PancakeSwap also has several other interesting features such as a lottery program, a prediction market, Initial Farm Offerings and an NFT marketplace.
Features
✔️Built on the BNB Chain
✔️Uses Automated Market Maker(AMM) model
✔️Native token is CAKE token
✔️Open-source code
Pros and Cons
✅BEP-20 token swapping ❌Bitcoin not available
✅Works with several wallets ❌No official customer support
✅Flat 0.25% fee rate
✅Innovative products
Trading Fees
PancakeSwap charges a single fee rate of 0.25%
Customer Reviews
PancakeSwap’s syrup pool continues to attract customers
There is a problem of pump and dump schemes on pancakeSwap
Why We Picked It
PancakeSwap has some innovative products including lotteries and prediction markets to catch your attention. You can earn passive income with its yield farms and get early access to tokens via Initial Farm Offerings.
dYdX
dYdX is a decentralized platform known for being one of the few places where you can trade derivatives without KYC verification. Making it an even more attractive option is its extremely competitive fees. Trades up to $100,000 are completely free on dYdX.
Something unique about dYdX is that hosts regular competitions or trading leagues where users get promoted or demoted according to their overall performance. Plus, it is one of the few DEXs which has educational resources for users to learn about various concepts related to cryptocurrencies.
Features
✔️DEX for derivatives trading
✔️Uses AMM model
✔️Native coin is DYDX token
Pros and Cons
✅Competitve fees ❌Derivatives trading can be risky
✅Regular trading leagues
✅dYdX Academy for learning
✅Fast transactions
Trading Fees
dYdX offers free trades up to $100,000
Why We Picked It
dYdX is the way to go if you want to anonymously trade derivatives. It quickly settles transactions and facilitates near-instant withdrawals. The maker-taker fees are negligible and the security architecture is top-notch.
Balancer
Balancer is an Ethereum-based DEX that has some great investment options. Its open architecture allows users to create pools of various types with functionalities that suit their specific needs. In addition, pool creators can also set the fee for the pool themselves.
Balancer’s Smart Order Router(SOR) helps traders find the optimum price for their token pairs. Its use of the Automated Market Maker(AMM) system enables the platform to operate in a permissionless manner. You can use Balancer with any popular Ethereum wallet such as Metamask.
Features
✔️Built on the Ethereum blockchain
✔️Employs AMM system
✔️Creators can customize liquidity pools
✔️Native token is BAL token
Pros and Cons
✅Automated portfolio manager ❌Negligible educational resources
✅Public and private pools available ❌Impermanent loss
✅Smart Order Router for optimum
pricing
✅Multi-token pools
Trading Fees
Pool creators decide the fees on Balancer which can be between 0.0001% to 10%
Why We Picked It
Balancer’s multi-token pools are its defining feature. Its high interest rates and programmable pools are great for people looking to diversify their portfolios and those who have an appetite for risk.
Curve Finance
Curve Finance is a no-nonsense platform with low slippage and high liquidity. There are many liquidity pools each with its own rewards and some pretty good terms for long-term investments. You can even establish your own liquidity pool on Curve Finance.
To help you calculate your earnings for a specific period, Curve Finance has a Gauge Boost Calculator where you can get an estimate of your potential earnings by entering the deposit amount, the liquidity amount and the lock-in period.
Features
✔️Facilitates stablecoin swapping
✔️Traders can create their own liquidity pools
✔️Native token is CRV Coin
Pros and Cons
✅Lesser slippage ❌Not suitable for beginners
✅Minimalist design
✅Stable platform
Trading Fees
Fees for Curve Finance pools
Why We Picked It
Curve Finance is a highly efficient and low-risk platform. You can get some good returns in the short as well as long term once you get the hang of it. Curve Finance even has an earnings calculator to help you get an estimate of your earnings.
DODO
DODO is a newer entrant in the crypto industry but it has quickly made its mark with the products that it offers. Its use of the Proactive Market Maker(PMM) model makes it a more efficient exchange with high liquidity and low slippage.
Further, PMM has helped DODO pretty much eliminate the possibility of impermanent loss and ensure better pricing on the platform.
While the DODO Vending Machine enables anyone with a cryptocurrency wallet to create a liquidity market, its private pools offer advanced traders uninterrupted liquidity, one-sided deposits and withdrawals and active price discovery.
Features
✔️Built on the Ethereum blockchain
✔️Uses the PMM system
✔️Native token is DODO Coin
Pros and Cons
✅Free listing of coins ❌Lesser usage
✅Cross-chain trading
✅No impermanent loss
✅Price stability
Trading Fees
The final fees on DODO come to be around 0.6% per transaction
Why We Picked It
DODO is a platform that is free from the limitations of AMM-based DEXs. It has high liquidity and better price stability due to its use of the PMM protocol. Listing tokens on DODO is very easy and there are no minimum deposit requirements for its liquidity pools. The DODO Vending Machine and private pools give users the freedom to create their own liquidity markets.
Is Crypto Trading Legal in Taiwan?
Like most places, Taiwanese authorities do not accept cryptocurrency as a “currency.” In 2013, both the Central Bank of the Republic of China(Taiwan)(CBC) and the Taiwanese Financial Supervisory Commission(FSC) stated that cryptocurrencies were to be considered virtual commodities and not currency.
Since then, the FSC has issued statements from time to time reminding the public and financial institutions about the position of cryptocurrencies including one in 2014 where it prohibited local banks from accepting bitcoin or providing any services related to it.
Apart from that, there are no specific laws dealing with cryptocurrencies. They are largely considered security tokens for regulatory purposes. This stance was formalized in 2019 when the FSC officially designated cryptocurrencies as security tokens under Taiwan’s Securities and Exchange Act(SEA).
As such, there are no licensing requirements for operating a cryptocurrency exchange or acting as a “money transmitter” in Taiwan. However, an amendment to the country’s Money Laundering Control Act(MLCA) in 2018 brought the cryptocurrency exchanges operating in Taiwan under its anti-money laundering regulations.
Post the amendment, the FSC issued further regulations requiring crypto-asset operators and exchanges to establish an internal control and audit mechanism, KYC procedures and a reporting procedure for suspicious transactions.
The infamous exchange FTX’s collapse has developed a sense of urgency in Taiwan’s crypto regulation landscape. As per CoinDesk, an initial framework for legislation to regulate cryptocurrency is expected to be released by June 2023.
Cryptocurrency Frequently Asked Questions(FAQs)
How Can I Buy Bitcoin in Taiwan?
You can easily buy Bitcoin in Taiwan. The easiest option is to register on a cryptocurrency exchange and buy some Bitcoin there with your fiat money. If you have experience with cryptocurrencies and DeFi apps, you can directly purchase Bitcoin via peer-to-peer trading.
Does Taiwan have Bitcoin ATM?
Yes, Taiwan has cryptocurrency ATMs where people can buy cryptocurrency including Bitcoin, with cash. These ATMs have to comply with anti-money laundering laws and KYC norms of the country.
Conclusion
Taiwan has a plethora of cryptocurrency exchanges and a goal to be “the blockchain island” of East Asia. While there are many challenges, a special legislation for cryptocurrencies which is in the works is expected to provide a more stable environment for the development of the crypto industry.
Among all these, Taiwanese traders enjoy the choices offered by numerous exchanges looking to expand in the Chinese-speaking market. There are a lot of options available and we have tried to provide comprehensive information about the prominent crypto exchanges operating in Taiwan.
However, this is in no way a substitute for investment advice from a qualified professional and should be treated as a purely informational guide.