Austria is relatively relaxed about cryptocurrencies and crypto trading is largely allowed in the country. It has, however, strict AML and licensing requirements for cryptocurrency exchanges. The financial market regulator has also repeatedly warned investors about the risks of cryptocurrency.
However, Austria has in general managed to strike a balance between accountability and technological development as is evidenced by the presence of various cryptocurrency exchanges in the country. So, in this article, you will learn about crypto exchanges in Austria and what platforms are considered to be the best crypto exchanges in Austria.
7 Best Cryptocurrency Exchanges in Austria
Bitvavo
For European crypto traders, Amsterdam-based exchange Bitvavo is a great choice. The aim of the platform is to make cryptocurrency accessible to everyone and, hence, it has adopted a simple and beginner-friendly layout for that. For experienced traders, there are multiple order types and a more advanced interface available.
As Bitvavo is a Europe-based exchange, it is fully compliant with the General Data Protection Regulation(GDPR) and is also subject to the Fifth Anti-Money Laundering Directive(AMLD5). Additionally, Bitvavo is also registered with the Dutch Central Bank or DNB in its native Netherlands.
Bitvavo has a very transparent fee structure and it even provides reimbursement in the case of unauthorized account access and loss of funds.
Features
✔️180+ digital assets available
✔️Available only in Europe
✔️Instant EUR funding is possible
Pros and Cons
✅Simple platform ❌EUR is the only fiat supported
✅GDPR and AMLD5 compliant ❌No demo trading
✅Instant transfers with SEPA
Trading Fees
Trading fees for Bitvavo
Customer Reviews
Bitvavo is an easy to use platform
Bitvavo has high trading fees
Why We Picked It
Bitvavo has a decent cryptocurrency collection, a design suitable for new traders and is compliant with European laws and standards. You can instantly fund your account with EUR and use SEPA, SoFort and even PayPal as payment methods on Bitvavo.
Coinbase
Coinbase is a cryptocurrency exchange with something on offer for everyone. Do you want an exchange with a simple design? Coinbase has got you covered. Do you want to stake your crypto assets? Coinbase will help you. Want tools for tracking the market? Coinbase has it.
Apart from that, this NASDAQ-listed exchange has a native crypto wallet too for you to safely store your cryptocurrencies and NFTs. Coinbase also offers an integrated brokerage platform called Coinbase Prime for institutional investors.
Coinbase takes platform security very seriously and to its credit, it has never been hacked on a system-wide level, unlike some other exchanges. All the users are automatically enrolled for 2FA and data such as user passwords are encrypted so that not even Coinbase can decrypt and read the passwords.
If you are new and find everything a little intimidating, you can learn about the various aspects and implications of cryptocurrency trading on the platform. For this, Coinbase has several excellent educational resources.
Features
✔️100+ crypto coins available
✔️Digital assets brokerage for institutional customers
✔️2FA, encryption and password protection for security
✔️Coinbase Commerce for businesses to accept crypto payments
Pros and Cons
✅Financially transparent ❌Charges high staking commission
✅Multiple assets available for ❌Simple trades can be expensive
staking
✅Vault with time-delayed withdrawals
✅Learning rewards
Trading Fees
Coinbase trading fees
Customer Reviews
Coinbase has an excellent mobile app and trading experience
Coinbase has a tedious verification process
Why We Picked It
Coinbase is a secure and user-friendly platform. There are products suitable for both beginner and advanced traders. On Coinbase, assets are held on a 1:1 basis and it conducts regular audits to ensure transparency in operations.
Crypto.com
Crypto.com is a platform that focuses on developing and promoting mobile app-based trading instead of from a computer. The Crypto.com mobile app, in fact, is one of the fastest-growing crypto trading apps that reached 50 million active users in 2022.
There are over 250 cryptocurrencies for trading on Crypto.com including its native token Cronos(CRO). The exchange also charges zero fees for depositing tokens or for crypto-to-crypto exchanges. In addition, you can access a Crypto.com wallet to store your assets, an NFT marketplace to explore tokens, a prepaid Visa card and several assets for staking.
Plus, you can take advantage of discounts on trading fees if you stake a certain amount of the CRO token. To ensure the safety of user assets, Crypto.com has adopted cold storage for funds, multi-factor authentication(MFA) for account security and has also enabled address whitelisting.
Features
✔️Focus on app-based trading
✔️250+ cryptocurrencies for trading
✔️Crypto loans available
✔️Native coin is Cronos(CRO)
Pros and Cons
✅Diverse coin selection ❌Scant educational resources
✅Competitve trading fees ❌Not beginner-friendly
✅In-built wallet
✅Cold wallet and MFA for security
Trading Fees
Trading Fees for Crypto.com
Customer Reviews
Crypto.com app is full of interesting features
Withdrawals are often a problem on Crypto.com
Why We Picked It
Crypto.com, with its solid mobile app, enables trading on the go. The exchange has competitive trading fees and gives you discounts on the same for staking the CRO token. You can also get other crypto-related products such as a Visa card and an NFT marketplace on Crypto.com.
OKX
OKX, earlier called OKEx, is a cryptocurrency exchange founded by Star Xu and known for its low fees, fast transactions and powerful APIs. It is a whole cryptocurrency ecosystem with its native OKX Chain and native OKB token powering the system.
There is spot, margin and options trading available on OKX. Further, it also enables perpetual swaps. Users can avail of cryptocurrency loans or explore crypto mining services on the platform. The native OKX Wallet supports several networks and can be used to explore DeFi apps on the platform. You can check out intriguing projects with the Jumpstart Mining Initiative and also farm DeFi tokens.
A particular network communication protocol is used on OKX that remains partially offline in order to prevent online attacks.
Features
✔️Over 400 cryptocurrencies available for trading
✔️OKX Chain is the native blockchain
✔️40+ networks supported by OKX Wallet
✔️Jumpstart Mining for farming DeFi tokens
Pros and Cons
✅Relatively low fees ❌Fee structure is complicated
✅Supports many payment options ❌Customer service is not good
✅Learning resources available
✅Has a demo trading mode
Trading Fees
Trading Fees for OKX
Customer Reviews
OKX is a good option for beginners
OKX’s customer service is not great
Why We Picked It
Spot, futures and options trading is possible on OKX. It also has a demo trading feature where you can practice your strategies before actually implementing them. Further, you can also mine cryptocurrencies, check out DApps and farm DeFi tokens on OKX.
KuCoin
When it comes to the variety of crypto coins, nothing beats KuCoin. With over 700 cryptocurrencies, it has one of the most extensive cryptocurrency collections. This, in combination with the platform’s minimal fees, makes KuCoin an excellent choice for intermediate-level traders who like to sift through hundreds of coins to find an underrated gem.
Along with the usual account password, you can opt for an additional trading password on KuCoin. Data encryption is practiced here and it enables multi-factor authentication for added security.
Features
✔️Over 700 cryptocurrencies for trading
✔️Supports 16+ languages
✔️Multi-factor authentication and 2FA for security
✔️Native coin is KuCoin Token(KCS)
Pros and Cons
✅Massive crypto variety ❌Fee structure is very complex
✅Low trading fees ❌No vetting process for coins
✅Can trade without KYC to
some extent
✅Trading bots for automatic
trades
Trading Fees
Trading fees for KuCoin
Customer Reviews
KuCoin has a lot of options to explore
KuCoin’s customer service is poor
Why We Picked It
KuCoin is the platform of choice for people whose highest priority is the number of cryptocurrencies available on a platform. It does not have the best design but it has low fees along with features like trading bots that make it an attractive option for many crypto traders.
Bitstamp
The goal of Bitstamp is to make cryptocurrency trading easy, fast and reliable.
It is a platform licensed as a Payment Institution in Luxembourg and has been a trusted exchange with bank-grade security and insurance since 2011.
There are 82 assets available on Bitstamp which you can trade either on the web platform or the mobile app with an intuitive interface. The exchange has many instant deposit options and even the cash-out option is available in some places.
There are no trading fees for trades below $1,000 on Bitstamp. Beyond that, the maker-taker fees are 0.30%/0.40% at the lowest level and consecutively go down with higher trading volumes.
In a unique move, Bitstamp has launched two mobile apps for users. The basic Bitstamp app is for both new and experienced users and supports multiple payment methods such as bank transfers, debit/credit cards and PayPal.
The Bitstamp Pro app, meanwhile, is meant for crypto experts and pro traders. You get all the same functionalities here as the Bitstamp exchange. Plus, you can use the app to access real-time charts, order book and many other analytical tools.
Features
✔️One of the oldest crypto exchanges
✔️Registered as a Payment Institution in Luxembourg
✔️82 assets available
✔️Separate mobile apps for newbie and expert traders
Pros and Cons
✅Internationally regulated exchange ❌Limited assets available
✅KYC is mandatory ❌Only two assets supported for
✅Trading fees are competitive staking
✅Easy to navigate ❌Margin trading not available
Trading Fees
Trading fees for Bitstamp
Customer Reviews
Bitstamp has been a reliable exchange for years
Some users have reported issues with withdrawals on Bitstamp
Why We Picked It
Bitstamp has been a trusted crypto trading platform for years and has obtained relevant licenses in various countries around the world. There are suitable options for both beginners and advanced traders with its separate mobile apps and it takes all relevant security measures to protect user assets.
Bybit
Bybit is a cryptocurrency exchange that was launched in 2018 and now it has become one of the top cryptocurrency exchanges. With constant innovation and attractive offers, it has built a steady user base. Though it is primarily for derivatives trading, still there are plenty of options for spot trading too on Bybit.
Both USDC and USDT are supported as collateral for perpetual contracts. For inverse contracts and options contracts too, USDC is available as collateral. Bybit also has copy trading wherein you can imitate the strategies of other traders for your own trades.
There are also advanced charting and market tracking tools available for users on Bybit. By using AI, this exchange recommends tools specifically suited to your trading style and needs.
There is also an in-built wallet on Bybit with which you can dive deeper into the world of Web3 and DApps. You can comfortably access Web3 and related applications with its DApps aggregator.
On Bybit, users are put into VIP and non-VIP categories. The main difference here is that users on higher VIP levels are charged lower fees than other users across all trading types.
Features
✔️Over 280 spot trading pairs available
✔️World’s largest USDC Options marketplace
✔️Supports copy trading
✔️Has a Web3 wallet
Pros and Cons
✅Supports many trading types ❌Does not properly communicate
✅Personalized investment tools risks of derivatives trading
recommendations
✅Copy trading available
✅Advanced tools for expert traders
Trading Fees
Bybit fees explained
Customer Reviews
Users can comfortably trade on Bybit
Accounts are often locked on Bybit
Why We Picked It
There are options suitable for expert as well as more casual traders on Bybit. The platform supports spot trading but focuses particularly on derivatives trading. Copy trading is also supported on Bybit and you can explore Web3 with its integrated DApps aggregator.
4 Top Decentralized Exchanges in Austria
UniSwap
A list of decentralized exchanges is incomplete without UniSwap. Launched in 2018, it is an Ethereum-based exchange that started the DeFi wave a few years later. Unlike most other decentralized exchanges that have a reputation for being difficult to use, UniSwap is quite accessible and beginner-friendly.
Here, every process is automated with the help of smart contracts- be it the creation of liquidity pools or the swapping of crypto tokens. This system is called Automated Market Maker(AMM) and it helps reduce the risk of price manipulation on the platform.
To get started on UniSwap, all you need is a crypto wallet and some funds. There is no need to submit any other information or hand over the custody of your assets.
Features
✔️Created on the Ethereum network
✔️Employs the AMM protocol
✔️Native token is known as UNI
✔️Governed collectively by UNI holders
Pros and Cons
✅Get access to ERC-20 tokens ❌Coins are not vetted before listing
✅Ensures users’ privacy
✅Easy-to-navigate platform
✅Active bug bounty program
Trading Fees
Pool fee tiers for UniSwap exchange
Customer Reviews
UniSwap is an excellent decentralized exchange
UniSwap has no system to register customer complaints
Why We Picked It
UniSwap is a well-known and accessible decentralized cryptocurrency exchange. Every process on this exchange is automated by AMM to reduce the possibility of price manipulation. With UniSwap, you get instant access to tons of ERC-20 tokens for trading as soon as you connect your crypto wallet to the platform.
PancakeSwap
PancakeSwap is a platform that was launched in the DeFi year of 2020 and has grown by leaps and bounds since then. It is an example of a successful DeFi project and has a lot to offer to crypto traders of different backgrounds.
PancakeSwap uses the BNB Chain which keeps it free from frequent problems of slowed-down transactions and high gas fees. It enables you to swap a number of BEP-20 tokens and some ERC-20 tokens as well at very low fees. PancakeSwap also offers lower slippage for stable pair trades via its StableSwap feature.
Features
✔️Created on the BNB Chain network
✔️Four-tiered trading fee system
✔️Native utility token is known as CAKE
✔️CAKE holders govern the network
Pros and Cons
✅Non-custodial exchange ❌Bitcoin is not available
✅Access to many BEP-20 tokens ❌Issue of persistent scams
✅Efficient stable pair trades with
StableSwap
✅Staking in yield farms
Trading Fees
Trading fees for PancakeSwap exchange
Customer Reviews
A plethora of tokens are available on PancakeSwap
PancakeSwap does not vet coins before listing
Why We Picked It
On PancakeSwap, you can swap tons of BEP-20 tokens without the issue of extremely costly gas fees. It is compatible with other chains like Ethereum and Aptos and you can also stake its native CAKE token in syrup pools. PancakeSwap is one platform that truly makes crypto trading fun.
Bisq
Bisq is perhaps the most decentralized cryptocurrency exchange out there. It has a very hands-off approach towards traders and lets them do their thing. Bisq just functions as a place where crypto buyers and sellers negotiate with each other without anyone acting as a middleman.
It is an open-source desktop software that is governed as a decentralized autonomous organization(DAO). This is to ensure that Bisq remains a self-sustaining and censorship-resistant platform. It is quite an inclusive platform that anyone with a computer and an internet connection can use without any restrictions.
While trading on Bisq, you don’t need to give out your identifying information or the custody of your private keys.
Features
✔️Free desktop software
✔️Run as a DAO
✔️Native coin is called BSQ
✔️Fees are always in terms of BTC or BSQ
Pros and Cons
✅Completely decentralized ❌BTC or BSQ compulsorily needed
✅Private keys are controlled by user ❌Only for advanced traders
✅Can be used worldwide
✅Bisq code is open-source
Trading Fees
Bisq fees explained
Customer Reviews
Bisq is a complete P2P platform
Bisq’s UI can be better
Why We Picked It
Bisq is a platform that strives to remain true to the spirit of cryptocurrency. It is a purely P2P exchange that ensures that user privacy is maintained and hence, does not ask for any sort of data to be submitted by users for trading.
Additionally, all the data is locally stored in the user’s device. This in turn reduces the possibility of loss of data due to a cyber attack on the exchange.
dYdX
dYdX is a DeFi platform meant more for derivatives trading. The difference between dYdX and something like Bybit is that the former is a next-generation decentralized platform while the latter is a conventional centralized cryptocurrency exchange.
dYdX uses an Ethereum Layer 2 solution called StarkWare that helps it provide a fast and seamless trading experience to users. This solution also ensures the privacy and security of the platform. Trading on dYdX is all the more attractive for traders due to its dynamic interest rates and lack of gas fees.
Features
✔️Runs on the Ethereum network
✔️Focuses on derivatives trading
✔️Uses StarkWare for seamless trading
✔️Native utility token is known as DYDX token
Pros and Cons
✅Quick transaction settlements ❌Low number of trading pairs
✅Trades below $100,000 are free
✅Zero gas fees for trading perpetuals
Trading Fees
Trading fees for dYdX exchange
Why We Picked It
dYdX is for traders who want to partake in derivates trading on a smart, next-generation DeFi platform. It has low fees and dynamic interest rates that would help traders in getting the best out of their investments. Plus, here you don’t have to pay any gas fees for trading perpetual.
Is Crypto Allowed in Austria?
Austrian authorities are in general open to fintech and new technologies though they are wary of the financial risks involved in crypto trading. Hence, cryptocurrencies are not explicitly banned in Austria though the Austrian Financial Market Authority(FMA) has been increasing anti-money laundering(AML) compliance over the years.
There are no specific laws for cryptocurrency regulation in Austria. However, the FMA has released certain parameters based on which it decides as to what constitutes a cryptocurrency. Cryptocurrencies are, therefore, treated as commodities and not as currency or even financial instruments.
The general legal framework in Austria also applies to cryptocurrencies and depending on their features or operations, virtual asset service providers(VASPs) may have to comply with licensing requirements under the Austrian Banking Act, the Austrian Alternative Investment Fund Managers Act or the Electronic Money Act.
Further, as a member of the European Union(EU), Austria has to comply with the 5th Anti-Money Laundering Directive(AMLD5). The FMA has, therefore, been tightening licensing requirements for VASPs and more strictly monitoring AML compliance.
Since March 2022, a definition of cryptocurrency has been included in the Austrian Income Tax Law and, hence, a special tax rate of 27.5% is applicable on income from crypto holdings.
Conclusion
There are several cryptocurrency exchanges operating in Austria giving users a plethora of options when it comes to crypto trading. Though the country has been tightening norms for crypto exchanges, it is largely open to innovations in the fintech space and has allowed the development of the local crypto market.
Still, you should note that cryptocurrencies are volatile assets whose values can wildly fluctuate in just a few minutes. Hence, it is advised to consult a professional and assess your investment goals before putting money in cryptocurrency.