Cryptocurrency trading these days is pretty much impossible without cryptocurrency exchanges. These platforms have made accessing cryptocurrency simple and easy for a lot of people.
Cryptocurrency has made inroads in Slovakia too where several virtual asset service providers(VASPs) and wallet service providers have come up. Therefore, Slovak traders have a lot of options that they can consider for Bitcoin trading.
Considering the sheer density of VASPs including Bitcoin exchanges in Slovakia, going through all of them and choosing one can be difficult. Hence, we bring to you this article about the best crypto exchanges in Slovakia.
However, do remember that this article is only for your information and you should always seek financial advice from a professional before investing in cryptocurrency.
8 Top Cryptocurrency Exchanges in Slovakia
Binance
Binance is one platform that has endless possibilities. Not just basic buy/sell transactions or simple spot trading, there is a lot to explore here. It offers Binance Pay for business owners so that they can conveniently receive payments in cryptocurrency.
For NFT enthusiasts, Binance’s NFT marketplace is a good fit where they can explore many fan tokens and IGOs.
Shoppers also get many incentives such as an 8% BNB cashback when they use the Visa-backed Binance card for making payments in cryptocurrency.
Holding the exchange’s native BNB token also makes you eligible for certain rewards. This can be anything such as frequent cashback, discounts on trading fees or rewards for using the Binance Vault.
Apart from that, Binance also supports P2P trading via its P2P trading platform. There are over 700 payment methods to choose from and the fees are quite low too.
Features
✔️Largest exchange in the world
✔️More than 350 cryptocurrencies available
✔️Has a P2P platform
✔️NFT IGOs and fan tokens available
✔️Native utility token is BNB
Pros and Cons
✅Great coin collection ❌Not suitable for beginners
✅Several trade types supported ❌Legal troubles in several countries
✅Binance card with rewards
✅Binance Pay to receive crypto
payments
Trading Fees
The different VIP levels on Binance are charged trading fees as per the 30-day trading volume or the BNB balance.
Trading fees for Binance
Customer Reviews
The Binance Visa card is popular among users
Binance’s customer support needs to be upgraded
Why We Picked It
Binance has a lot of variety of not just crypto coins but general crypto products as well. It supports several types of trades including futures, options and P2P trading. There is an NFT marketplace with even fan tokens and IGOs and attractive offers for shoppers and business owners.
Coinbase
Coinbase, the world’s second-largest cryptocurrency exchange, is a publicly traded company in America. Therefore, it has to adhere to the standards of financial transparency required by the regulators.
There are two versions of Coinbase- Basic and Pro. The basic version is perfect for people learning the ropes of crypto trading. Here, they can easily find the prices of different coins and then buy and sell them. The Pro version is for advanced traders who need additional technical analysis tools at their disposal.
Coinbase is a completely KYC-compliant platform and implements the legal requirements of the territories it operates in. It also offers a Coinbae wallet where traders can store their crypto assets and NFTs.
Features
✔️Public listing on NASDAQ
✔️150+ cryptocurrencies available
✔️Basic and Pro versions available for users
✔️1% fee for Coinbase Commerce Accounts
Pros and Cons
✅Beginner-friendly platform ❌Fees are high on the Basic version
✅Low fee on Coinbase Pro ❌Lesser number of coins listed
✅Comprehensive tutorials and quizzes
✅Learn and Earn program
Trading Fees
There are no particular fee rates for transacting on Coinbase. The exchange says that the final fee charged depends on factors such as order size, payment methods used, market conditions etc. Transactions on Coinbase Commerce, however, are charged a flat 1% fee.
Coinbase fee details
Customer Reviews
Coinbase is considered a safe exchange for crypto trading
Coinbase’s verification process can be tedious and annoying
Why We Picked It
Coinbase is an exchange that maintains a high standard of accountability and transparency. It has an easy-to-use and beginner-friendly platform that is perfect for those who don’t want a complicated crypto trading experience. Buying and selling crypto here is, therefore, a breeze here and the users’ assets are kept safely in cold storage.
Kraken
San Francisco-based Kraken is one of the oldest cryptocurrency exchanges. It is a widely available exchange with over 200 cryptocurrencies in its kitty. Kraken also supports a number of fiat currencies and advanced features like stop orders and crypto short sales are also available here.
It is an exchange with high liquidity and low spreads so trades can be settled easily. The “Learn” section is very comprehensive and will help you in learning about the world of cryptocurrency in an easy and fun manner.
Kraken employs 2FA and SSL encryption for account and website security. For the same reason, account recovery via phone number or SMS is not supported.
Features
✔️Supports spot trading, futures trading and pegged tokens
✔️Kraken Pro available for advanced trading
✔️2FA, SSL encryption and cold wallets for security
✔️Accepts multiple fiat currencies
Pros and Cons
✅High liquidity ❌Higher fees on the Basic version
✅Impressive Learn section ❌Previous hacking incidents
✅Proof of Reserves available
✅Good staking options
Trading Fees
While there are no fees specified on Kraken Instant Buy as there is dynamic pricing, Kraken Pro uses the maker-taker model for the same.
Fees for Kraken Instant Buy
Fees for Kraken Pro
Customer Reviews
Kraken is great for fiat-to-crypto transactions
Accounts have been closed without information on Kraken
Why We Picked It
Kraken is an established platform with lots of interesting features to attract both novice and advanced traders. It is a regulated platform with competitive fees, advanced tools and excellent staking opportunities.
Crypto.com
Crypto.com is among the fastest-growing cryptocurrency exchanges. You can not only trade cryptocurrency anytime anywhere with the Crypto.com app but it also makes it free to deposit or exchange one cryptocurrency for another.
However, the biggest attraction here is the high stalking rewards. On Crypto.com, you can get as much as 6.5% p.a. rewards for staking USDC. There are also obligations for meeting payback deadlines for crypto-collateralized loans.
For security, Multi-Signature Technologies and Hardware Security Modules(HSMs) are used on Crypto.com. All the user funds too are stored in cold wallets. Crypto.com is not only ISO 27001, 27701 and 22301 certified but it also runs a Bug Bounty program to identify vulnerabilities in its system.
Features
✔️More than 250 cryptocurrencies available
✔️Focuses on crypto trading via mobile app
✔️Native token is known as CRO
✔️Crypto-collaterized loans available
✔️Prepaid Visa Card for merchant payments
Pros and Cons
✅Good selection of coins ❌High trading fees for non-CRO holders
✅Lower fees for CRO stakers ❌Limited educational resources
✅High staking returns ❌Poor customer service
✅Proof-of-Reserves is verifiable
Trading Fees
The trading fee on Crypto.com is already low and further comes down as the trade volumes go higher. Discounts are also given on the fees for staking CRO.
Crypto.com fee details
Customer Reviews
Crypto.com app has a multitude of great features
Withdrawals are a big problem on Crypto.com
Why We Picked It
Crypto.com is a platform that is compatible with the needs of the present times. Hence, its dedication to improving the mobile trading experience. The Crypto.com app has many interesting features, reasonable fees, cryptocurrency loans, a native wallet and some good staking opportunities.
eToro
eToro is not strictly a cryptocurrency exchange as stocks and ETFs are also available here. It is instead a platform mainly for social trading. On eToro, you can check out more than 3,000 assets for trading and investment though the number of cryptocurrencies is limited.
You can connect with other traders on eToro and have a unique social trading experience not found anywhere else. It was one of the first platforms to introduce copy trading and that remains one of the best aspects of eToro.
When it comes to security, it follows the industry standard of using a mixture of both hot and cold wallets for storing users’ assets. eToro encourages the use of 2FA and encrypts data to protect users’ personal and financial information.
Features
✔️Platform for social trading
✔️Stocks, ETFs and cryptocurrency available
✔️Copy trading is supported
Pros and Cons
✅Cryptocurrency and ❌Limited crypto coins available
conventional stocks available ❌Transaction fee is high
✅Established and regulated platform
✅Demo trading available
Trading Fees
eToro charges a 1% fee for buying or selling crypto assets. There are no charges for transferring them though. There is, however, a 0.1% fee for crypto-to-crypto conversions.
Details of eToro fees
Details of eToro wallet fees
Customer Reviews
eToro has excellent customer service
Slippage is expensive on eToro
Why We Picked It
eToro is an excellent choice if you want to trade a mix of stocks and cryptocurrencies. This gives you the opportunity to diversify your portfolio with exposure to different types of assets. eToro has a vibrant community which helps in providing a unique social trading experience.
KuCoin
When it comes to the number of cryptocurrencies on a platform, KuCoin turns up as the winner. This exchange has over 700 cryptocurrencies of different types available for trading.
Apart from spot trading, KuCoin also allows margin trading and other advanced trading types. There are also Trading Bots here which can be used to execute trades on the trader’s behalf.
On the security front, KuCoin has multi-factor authentication plus data encryption. It also uses application firewalls and server threat detection technologies. Additionally, KuCoin sends users alerts in case of suspicious account activity.
Features
✔️700+ coins available for trading
✔️Native token is called KCS
✔️Platform supports multiple languages
Pros and Cons
✅Enormous quantity of coins ❌Issue of scam coins
✅Reasonably low trading fees ❌Complex fee structure
✅Margin and leverage trading available
✅Supports crypto loans
Trading Fees
KuCoin has extremely low fees beginning at 0.1%. Additional discounts are also given here for using KCS.
KuCoin fee breakdown
Customer Reviews
KuCoin has a decent crypto trading platform
Users report problems with withdrawals on KuCoin
Why We Picked It
KuCoin has low fees and many advanced trading options. There are trading bots available here and several opportunities to earn passive income. It is a perfect platform for people who want access to a variety of cryptocurrencies at a low price and don’t require much hand-holding.
Bybit
Bybit, the world’s largest USDC Options market is also one of the top cryptocurrency exchanges as per CoinMarketCap. For spot trading, Bybit has a great collection of spot trading pairs and also has spot grid bots that can execute trades on your behalf.
There are many flexible and fixed-term products here that you can choose from to customize your savings plan. Pretty much all these products have competitive and guaranteed APYs.
For safety reasons, data access is strictly controlled on Bybit. Only the users can access their private information. Bybit further employs 2FA, human-computer authentication and hardware authentication to secure user accounts and the platform.
Features
✔️One of the fastest-growing centralized exchanges
✔️270+ spot assets are available
✔️Spot trading, perpetual trading and options trading supported
✔️Multi-lingual platform
Pros and Cons
✅Extremely low trading fees ❌Trade volume statistics unverified
✅Fast transaction settlements
✅Intuitive interface design
Trading Fees
The VIP levels are charged lower fees on Bybit as compared to the non-VIP levels.
Details of Bybit fees
Customer Reviews
Bybit has a vibrant social community for crypto trading
Reports of Bybit freezing often
Why We Picked It
Bybit supports multiple order types, has low trading fees and supports P2P trading. It has a native crypto wallet and it also maintains an insurance fund to protect user assets. Bybit has never been hacked and this has helped it build its image as a safe crypto trading platform.
OKX
Formerly known as OKEx, OKX is a Seychelles-registered exchange founded by Star Xu. With 350+ crypto coins, it has a healthy collection of cryptocurrencies for users to choose from.
OKX is a platform that is easy to navigate and hence, it is quite beginner-friendly. Beyond basic buy/sell transactions, you can also stake your crypto assets in OKX mining pools and earn some income. OKX supports spot, margin and derivatives markets and you can explore DApps too on the exchange.
OKX uses cold storage to keep most of the user funds for security. Still, only 1,000 BTC are kept in one wallet address. It also maintains an asset risk reserve and encourages users to switch on 2FA, anti-phishing code and mobile verification for security.
Features
✔️Over 400 cryptocurrencies available
✔️Native blockchain isvOKX Chain and native token is OKB
✔️OKX Wallet supports multiple networks
✔️Customizable layout on advanced platform
Pros and Cons
✅Spot, futures and options trading supported ❌Several scandals
✅Several payment methods involving the company
✅High APYs on asset staking ❌Fee structure is complex
✅Demo trading feature
Trading Fees
OKX’s fee structure is a little complex as users are categorized as Regular and VIP and then further divided into multiple categories to determine trading fees.
Details of OKX fees
Customer Reviews
OKX is a very easy-to-use crypto trading platform
Spam is a major problem on OKX
Why We Picked It
OKX’s interface makes it easy to use on both desktop and mobile. This exchange is a good option for beginners due to its simplicity and ease of navigation. It has an extensive FAQ section, low trading fees and even a demo trading mode.
2 Top Decentralized Exchanges in Slovakia
UniSwap
Since its launch in 2018, UniSwap has been going from strength to strength and has now emerged as one of the top decentralized exchanges. It is a DeFi project developed on Ethereum that runs with the help of the Automated Market Maker(AMM) system.
AMM is a collection of smart contracts which determine how liquidity pools are created, liquidity is provided on the platform and assets are swapped.
You don’t need to transfer your funds to UniSwap since it is a non-custodial exchange. Therefore, the custody of your crypto assets remains with you and you are responsible for their safety. You don’t need to submit your KYC details or even register an account to use UniSwap. Hence, you can easily maintain your privacy while trading on UniSwap.
Features
✔️Developed on the Ethereum network
✔️Enables instant trading
✔️UNI is the native token
✔️Works with most major crypto wallets
Pros and Cons
✅Custody of assets with user ❌Gas fees can be expensive
✅Enables ERC-20 token swapping
✅Governed by the community
✅Earn crypto with liquidity pools
Trading Fees
UniSwap has three tiers for its pools- 0.05% is charged for stable/stable pairs, 0.30% is charged for stable/blue chip pairs and 1% is for exotic pairs.
UniSwap v3 fees are three-tiered
Customer Reviews
UniSwap is a standard and easy-to-use DEX
There is no complaint redressal mechanism on UniSwap
Why We Picked It
UniSwap is a popular DEX because it is quite beginner-friendly making it easy to get a hang of the platform and start trading. Here, you don’t need to go through a registration and verification process. You can trade privately on UniSwap while retaining control over your crypto assets.
dYdX
dYdX is an Ethereum-based decentralized exchange that is meant primarily for perpetual trading. Yet, it does support spot and margin trading as well and has some good offers for users. dYdX’s main advantage is that there are no gas fees here. Trades are instantly executed and confirmed within hours on dYdX.
dYdX is compatible with most Web3 wallets like MetaMask, Trust Wallet, and Coinbase Wallet. It not only has very competitive borrowing rates but you can also earn good interest here on your deposited assets.
Features
✔️Platform primarily for perpetuals trading
✔️Native token is called DYDX token
✔️Facilitates crypto lending and borrowing
✔️Compatible with several Web3 wallets
Pros and Cons
✅Low to zero trading fees ❌Steep learning curve
✅Withdrawals are quick ❌Limited number of pairs
✅Mobile-friendly platform ❌Interest rates can greatly vary
✅No gas fee for perpetuals trading
Trading Fees
dYdX’s fee structure is multi-tier and uses the maker-taker model. The fee here ranges from 0.005% to 0.020% for makers and 0.025% to 0.050% for takers.
Trading on dYdX is free upto $100,000 volume
Why We Picked It
dYdX is a good choice for intermediate traders who have prior experience with DeFi platforms. Low-volume trades up to $100,000 do not attract any fees. It also has some crypto lending options that are worth checking out once.
Is Cryptocurrency Legal in Slovakia?
Being a European Union(EU) member, Slovakia has to implement checks and identifications required by the bloc including the Fifth Anti-Money Laundering Directive(AMDL5). Therefore, all the AML laws and KYC requirements are to be followed by the cryptocurrency exchanges operating in the country.
Interestingly, cryptocurrencies in Slovakia remain outside the regulatory realm of the National Bank of Slovakia(NBS) as cryptocurrencies are not considered to be a part of the financial market in the country.
Entrepreneurs offering crypto exchange services must be registered with the Trade Licensing Office as per Act No.279/2020. In Slovakia, profits from cryptocurrency activities are taxable. Therefore, any income from selling cryptocurrency has to be disclosed in the personal income tax return as “other income.”
Depending on the income level of the individual, a tax rate of either 19% or 25% is applied. However, in 2023, Slovakian lawmakers passed a law to bring down the tax rate on the sale of cryptocurrencies. Virtual currency sold after one year of its acquisition would be taxed at 7% while crypto assets held for a lesser period would be included in taxable income.
Conclusion
There are many cryptocurrency exchanges operating in Slovakia. Slovak traders, therefore, have a lot of choices when it comes to crypto trading. They can choose between multiple exchanges and the unique services offered by them to find something compatible with their goals.
However, you should always remember that cryptocurrency trading is a particularly risky venture and there are no proper protection laws in place for crypto investors. Therefore, you should tread carefully and always consult a professional before investing in cryptocurrency.