Cryptocurrencies have been gaining popularity worldwide and Estonia has not been untouched by the crypto craze. In fact, it was one of the first places to provide for licensing of cryptocurrency exchanges. This has helped the country in becoming a crypto hotspot with many platforms setting up shop there.
There are a number of cryptocurrency exchanges operating in Estonia offering their services to a variety of trader demographics. To help you learn more about such platforms, we have compiled this list of the best crypto exchanges in Estonia.
7 Top Cryptocurrency Exchanges in Estonia
Coinbase
Coinbase is a simple and accessible cryptocurrency exchange for beginner-level traders. With around 250 assets, you can find nearly all major and some niche coins as well on Coinbase. If you’re in search of something more advanced, check out the Coinbase Pro platform. It features advanced charting and market tracking tools, unlike the basic version which is meant more for executing simple trades.
With the Coinbase mobile app, you can trade and manage your assets from anywhere. It is a solid app available on both Android and iOS devices and pretty much functions the same as the web version.
Coinbase, like most other exchanges, stores the majority of the user assets offline for security reasons. However, in addition to that, it has something called Coinbase Vault where you can enable time-delayed withdrawals for added safety of your funds.
Coinbase also supports many Web3 apps and you can the Coinbase wallet to explore popular Web3 apps such as Galxe, OpenSea and Magic Eden.
Features
✔️250+ assets for trading
✔️Basic and Pro versions available
✔️Native Coinbase wallet
✔️Cold storage and Coinbase Vault for security
Pros and Cons
✅Fantastic crypto selection ❌Expensive trades on basic version
✅Navigable interface ❌Customer service has bad reviews
✅App for Android and iOS devices
✅Advanced tools on Coinbase Pro
Trading Fees
Coinbase fees breakdown
Customer Reviews
Coinbase is a largely secure and reliable exchange
ID verification can often be a frustrating experience on Coinbase
Why We Picked It
Coinbase is a very beginner-friendly and accessible platform. It has been in the industry for more than a decade and offers a solid trading experience to users. There is an excellent portfolio manager and you can safely keep your assets in the Coinbase Vault.
Kraken
Kraken is one of the oldest cryptocurrency exchanges that started operations more than a decade ago with just Bitcoin, Litecoin, and Euro trades. It has grown tremendously since then and now features 200+ cryptocurrencies that are available for trading.
In addition to that, Kraken has crypto indices, OTC services and lucrative staking opportunities for users. It supports both flexible and bonded products and you are bound to find something that suits your investment goals.
Kraken is quite transparent about its reserves and has even published the Proof-of-Reserves report on its website. Therefore, you can also access and verify these reports if you wish to. Further, you can contribute towards making Kraken a safer platform by reporting vulnerabilities in the exchange via its Bug Bounty program and get rewarded for the same.
Features
✔️200+ cryptocurrencies for trading
✔️Basic and Pro platforms available
✔️Dynamic rates on the basic version
✔️Runs an active bug bounty program
Pros and Cons
✅Highly liquid exchange ❌Trading on basic version can be
✅Crypto indices available expensive
✅Excellent learning material ❌Reports of compromised accounts
✅Opportunities for staking assets
Trading Fees
Kraken Instant Buy fees explained
Trading fees for Kraken Pro
Customer Reviews
Kraken is a fine exchange for trading cryptocurrency
Reports of accounts being closed on Kraken
Why We Picked It
Whether you’re just starting out or have been in the crypto world for years, you will find something of use on Kraken. Apart from regular spot trading, you can also invest in crypto indices or take advantage of OTC services on Kraken. Its high liquidity provides a great trading experience and you can get some good returns on staked assets.
Bybit
Bybit is a famous cryptocurrency exchange that regularly features on CoinMarketCap’s list of top crypto exchanges. Primarily for derivatives trading, Bybit has plenty on offer for spot traders as well.
On Bybit, you can use USDC and USDT as collateral while swapping perpetuals. For inverse contracts and options contracts, you can use USDT as collateral. You can also get started with copy trading wherein you can copy the strategies of top traders without having to learn about complex trading strategies.
Bybit gives you personalized recommendations for investment tools by analyzing your investment profile with the help of AI. It also has an in-built crypto wallet that enables you to dive into the world of DApps and Web3.
Features
✔️Chiefly for derivatives trading
✔️280+ spot pairs for trading
✔️Has the largest USDC Options Marketplace
✔️Native Bybit wallet available
Pros and Cons
✅Simple to use exchange ❌Not very suitable for spot trading
✅Trades are not costly ❌Trading stats are not verified
✅Supports many order types
✅Demo trading feature
Trading Fees
Bybit trading fees categorization
Customer Reviews
Bybit is an excellent exchange for cryptocurrency trading
Accounts are sometimes locked on Bybit
Why We Picked It
Bybit is an excellent option particularly for derivatives trading. It has a slick user interface and extremely fast transaction settlements. The crypto collection is adequate and you can also explore DApps with the Bybit wallet.
OKX
Seychelles-based OKX is not just a cryptocurrency exchange but a whole crypto ecosystem unto itself. Its whole ecosystem is powered by its native blockchain called OKX Chain and its native token OKB. The OKX exchange is particularly known for its fast transactions, low trading fees and strong APIs.
It supports spot, margin and options trading as well as also enables perpetual swaps. Crypto lending and crypto mining are also possible on OKX. The exchange’s native OKX Wallet is compatible with nearly 40 networks and can be used to explore DeFi apps. OKX also enables DeFi token farming via its Jumpstart Mining Initiative.
Features
✔️400+ cryptocurrencies for trading
✔️Native token OKB and native OKX Chain
✔️40+ networks compatible with OKX Wallet
✔️Jumpstart Mining for DeFi token farming
Pros and Cons
✅Fees are on the lower side ❌Covoluted fee structure
✅Multiple payment options ❌Poor customer service reviews
supported
✅Educational material available
✅Supports demo trading
Trading Fees
OKX trading fees breakdown
Customer Reviews
OKX is user-friendly and easy to navigate
OKX’s customer service is not very good
Why We Picked It
OKX is quite easy to navigate and supports a variety of trading options. It also has a demo trading feature where you can test out your strategies. You can also check out DApps, try mining cryptocurrencies or farm DeFi tokens on OKX.
Crypto.com
Crypto.com is quite popular among traders who prefer to access their portfolios and trade cryptocurrencies from the comfort of their mobile phones. It is, therefore, no surprise that it is one of the fastest growing crypto trading apps.
On Crypto.com, you get access to a wide variety of over 250 cryptocurrencies including its native token Cronos(CRO). There are several staking opportunities on Crypto.com and in a win-win situation, you can also get discounts on the trading fees paid if you stake CRO. Plus, token deposits and crypto-to-crypto conversions are free here.
Crypto.com is not merely an exchange for trading cryptocurrencies. It offers a wallet that you can use to store your crypto assets, a prepaid Visa-backed card for crypto payments and supports an NFT marketplace. Crypto.com is a secure platform with multi-factor authentication(MFA) and address whitelisting for account security.
Features
✔️Mainly concerned with app-based trading
✔️More than 250 tradable cryptocurrencies
✔️Enables crypto lending
✔️Native coin is known as Cronos(CRO)
Pros and Cons
✅Wide range of coins ❌Unimpressive learning material
✅Assets available for staking ❌Bad customer service
✅Crypto.com wallet for storing assets
✅MFA, address whitelisting for security
Trading Fees
Crypto.com exchange trading fees
Customer Reviews
Crypto.com app has several great features
Withdrawals are often an issue on Crypto.com
Why We Picked It
Crypto.com mobile app is a solid choice if you want an app with interesting features to trade crypto from your phone. It has a decent crypto coin collection and great APYs for staking assets. Plus, by staking CRO, you can avail of discounts on the trading fees on Crypto.com.
eToro
eToro is not just a cryptocurrency exchange but a multi-asset social trading and investment platform. Founded in Israel, it has 3,000+ assets belonging to different asset classes available for trading. It may not have the widest crypto collection but it does allow for cross-asset trading.
eToro is completely transparent about its charges and there are no hidden fees anywhere. You can also get discounts on the withdrawal fee once you join eToro’s VIP club. It is one of the first brokerage platforms to introduce copy trading to its users. Hence, you can freely copy the trading strategies of top traders to invest in several assets.
Features
✔️Platform for social trading and investment
✔️More than 75 crypto coins for trading
✔️Supports stocks and ETFs with crypto
✔️VIP club with added benefits for users
Pros and Cons
✅Copy trading feature available ❌Limited cryptocurrencies
✅Strictly regulated investment platform ❌Charges inactivity fees
✅Zero fees for card deposits
✅Enables demo trading
Trading Fees
eToro fees for buying and selling cryptocurrency
eToro wallet fees
Customer Reviews
eToro has a wide range of tradable assets
Users are dissatisfied with eToro’s customer service
Why We Picked It
There are over 3,000 assets on eToro. This includes not just cryptocurrencies but other conventional assets as well for investment. Therefore, you can easily keep all your investments and manage your portfolio on one platform. eToro has been around for a long time and is one of the most regulated places for trading crypto.
CEX.io
CEX.io is one of the most popular cryptocurrency exchanges in Estonia. This exchange is all about making crypto trading accessible for everyone. Its simple and intuitive design reflects this core concept of accessibility. You get to access 200+ cryptocurrencies on CEX.io which makes it a pretty solid choice for starting your crypto journey.
On CEX.io, users are divided into three categories so that each user gets to have a personalized experience compatible with their skills and goals. For example, ‘Everyone’ gets to use the Instant Buy option for purchasing cryptocurrencies. The platform supports multiple payment options any of which can be used for buying crypto.
‘Traders’, meanwhile, also get to participate in spot and margin trading on CEX.io. The CEX.io PRIME platform is for ‘Businesses’ where they get to access institutional-grade services. The exchange encrypts all data for privacy and keeps user assets secure in cold wallets.
Features
✔️More than 200 cryptocurrencies available
✔️Users are put into three categories
✔️Multiple payment options available
✔️Encryption and cold storage for security
Pros and Cons
✅Wide range of crypto coins ❌Verification process can be lengthy
✅Crypto loans available ❌Does not have high liquidity
✅Staking opportunities
✅Spot fees are reasonable
Trading Fees
CEX.io crypto exchange trading fees
Customer Reviews
CEX.io gives a good trading experience
Deposits have been withheld on CEX.io
Why We Picked It
CEX.io is a licensed and quite accessible cryptocurrency exchange. It offers a plethora of options for crypto trading and you can even avail crypto loans here. It claims to provide 24/7 customer service and there are several opportunities through which you can grow your crypto holdings.
4 Top Decentralized Exchanges in Estonia
UniSwap
If you’re wary of handing over your data or funds to a centralized company, you can try a decentralized exchange like UniSwap instead. Here, there are no central order books for matching crypto buyers and sellers but smart contracts that define and detail the major aspect of the method to run the platform.
Thus, crypto buyers and sellers can freely trade on UniSwap without the interference of any middleman. It is an efficient platform where you can deposit and swap a wide range of ERC-20 tokens at quite low fees. A portion of this fee is given to liquidity providers as compensation for providing liquidity.
Features
✔️Built on the Ethereum blockchain
✔️Utilizes the AMM system
✔️Native token called UNI
✔️Governed by the UNI-holder community
Pros and Cons
✅ERC-20 token swapping ❌Does not verify coins before listing
✅Private and anonymous trading
✅User-friendly platform
✅Bug bounty program for security
Trading Fees
UniSwap’s pool fees tiers
Customer Reviews
UniSwap is an example of an accessible decentralized exchange
UniSwap has no complaint registration mechanism
Why We Picked It
UniSwap is a popular decentralized cryptocurrency exchange particularly because it is a very accessible platform. It uses AMM to automate the whole process of providing liquidity. This helps in preventing price manipulation on the platform. You get to choose between a variety of ERC-20 tokens for swapping while using UniSwap.
PancakeSwap
PancakeSwap is an example of one of the most successful DeFi projects. It was launched in 2020 on the BNB Chain and has since gone on to become one of the top decentralized cryptocurrency exchanges. It owes its popularity to its creative design and product portfolio, fast transaction speeds and relatively stable gas fees.
Further, PancakeSwap’s v3 promises lower slippage for traders and better compensation for liquidity providers. It also gives liquidity providers the choice to customize the price range to which they provide liquidity. With the StableSwap feature, you can swap stablecoins more efficiently with lower slippage as well as lower trading fees.
You can stake your LP tokens in yield farms to provide liquidity to the platform and earn CAKE tokens in return. PancakeSwap also has something called Initial Farm Offering(IFO) with which you can get early access to new tokens on fulfilling certain eligibility criteria.
Features
✔️Built on the BNB Chain
✔️Utilizes the AMM protocol
✔️Native utility token is called CAKE
✔️Compatible with several popular crypto wallets like Metamask
Pros and Cons
✅Faciliates BEP-20 token swapping ❌BTC trading is not available
✅Imaginative product suite ❌Problem of pump and dump
✅Capital efficient exchange schemes
✅Open-source code for transparency
Trading Fees
PancakeSwap trading fees tiers
Customer Reviews
PancakeSwap is an exchange popular among DEX users
PancakeSwap does not verify coins before listing
Why We Picked It
Crypto trading is fun on PancakeSwap due to its colorful and cute design. Fees here are some of the lowest in the industry and are charged according to the nature of the pair being swapped. It is a highly capital-efficient exchange with low slippage and an ingenious product suite that is worth a look.
Bisq
Bisq is slightly more complicated than other crypto exchanges. It is not an online platform developed on a chain like Ethereum or BNB Chain; Bisq is rather a computer application. It is a free application that you need to download and install on your computer for cryptocurrency trading. There is no mobile app and Bisq can be used only on a computer.
This may sound inconvenient but on the flip side, nothing can compete with Bisq in terms of privacy and decentralization. It is an open-source software accessible to anyone with a computer and internet connection. Further, it is a very community-driven platform that is governed as a decentralized autonomous organization(DAO).
Another advantage of Bisq is that since its servers are geographically scattered, there is no possibility of a central failure. Even then, your funds always remain safe and in your custody, because Bisq itself is a non-custodial platform.
Features
✔️Free and downloadable computer application
✔️Platform is run as a DAO
✔️Native token is known as BSQ
✔️No fiat currency is supported
Pros and Cons
✅Complete decentralization ❌Need BTC/BSQ for payments
✅Community governance ❌Scant learning material
✅Servers are scattered worldwide
✅User retains control over private keys
Trading Fees.
Trading fees for Bisq exchange
Customer Reviews
Bisq follows the principle of complete decentralization for P2P trading
Bisq can be hard to navigate
Why We Picked It
Bisq is an exchange that strives to remain faithful to the principle and spirit of cryptocurrency. Here, no one interferes with crypto buyers and sellers and they are free to negotiate and conclude their trades. With Bisq, users retain custody over their private keys and therefore, don’t have to give up control of their funds.
Balancer
Balancer is an Ethereum-based DeFi project that uses the Automated Market Maker(AMM) protocol to create liquidity pools and provide liquidity to the platform. It has both public and private pools for traders to stake their tokens.
In public pools, any interested person can provide liquidity. On the other hand, private pools allow only pool owners to change add or withdraw liquidity or change the parameters of the pool. Besides that, Balancer pools are multi-token pools i.e. they let users add more than two tokens to the liquidity pool.
Plus, pool owners here get the freedom and flexibility to decide pool fees which can be anywhere between 0.0001% and 10%.
Features
✔️Developed on the Ethereum network
✔️Pools are governed by smart contracts
✔️Public and private pools available
✔️Works with multiple Ethereum-compatible wallets
Pros and Cons
✅Permissionless platform ❌Supports only ERC-20 tokens
✅Multi-token pools ❌Not compatible with mobile devices
✅Liquidity pools are customizable
Trading Fees
Balancer DEX fees
Why We Picked It
Balancer gives you the freedom to trade as you wish and hands over major control of the pools especially private pools in the hands of the traders. It can be used with any major Ethereum wallet. You don’t need to wait for ID verification here and can start trading by simply connecting your wallet.
Is Crypto Allowed in Estonia?
Cryptocurrency-related activities are allowed in Estonia. It was the first country to start issuing crypto licenses to entrepreneurs in 2017. In the same year, it amended its anti-money laundering legislation to define cryptocurrencies and bring them within the ambit of the law.
Therefore, virtual asset service providers(VASPs) in Estonia are required to have a license and follow all the required anti-money laundering laws. The Financial Intelligence Unit (FIU) regulates the licensing of crypto companies in the country. Such firms have to, therefore, pay a licensing fee, register a headquarters physically located in Estonia and identify their customers to get the necessary license.
Conclusion
There are several cryptocurrency exchanges in Estonia offering many types of crypto-related services to traders. They are regulated by the FIU and have to obtain a license to operate in the country. This helps to prevent money laundering via shell companies and also protects the traders.
However, cryptocurrencies are volatile assets in themselves and any investment in them should be made with caution. It is easy to lose way more money than you invested. Hence, do thorough research before putting your money in them.