The little nation of Armenia in the Caucasus region has been slowly opening itself to blockchain and cryptocurrency. In fact, the country aims to position itself as a crypto mining hub with state-of-the-art mining facilities.
While the legal status of crypto assets is ambiguous in Armenia, still there are several crypto exchanges that operate in the country. We have compiled a list of some such Bitcoin exchanges in Armenia so that you can learn about the best crypto exchanges in Armenia.
7 Best Cryptocurrency Exchanges in Armenia
Coinbase
Coinbase is one of the largest cryptocurrency exchanges and it is also available in Armenia. It is a simple exchange that is perfect for inexperienced traders to start their crypto journey. Along with the desktop version, the Coinbase mobile app is also very easy to navigate and has all the features of the web version.
On Coinbase, besides crypto trading, you can explore NFT collections and also venture into the world of Web3. You can create and customize a Web3 profile and even check out the profiles of other users. With Coinbase Web3, you get to access popular DApps such as OpenSea, Aave and CyberConnect.
Coinbase’s native crypto wallet is a non-custody wallet that lets you retain control of your private keys. It also holds user assets on a 1:1 basis and the majority of the assets are kept in cold storage for security. Crypto assets can be stored safely in the Coinbase Vault with time-delayed withdrawals.
Features
Second biggest crypto exchange in the world
250+ cryptocurrencies available for trading
Publicly listed company
Cold storage, encryption and Coinbase Vault for security
Pros and Cons
Straightforward interface Fees is higher on basic version
Native self-custody wallet Charges high commission for staking
Extensive learning material
Holds assets 1:1
Trading Fees
Coinbase cryptocurrency exchange fees
Customer Reviews
Coinbase is a safe place to buy and sell cryptocurrency
Network fees can make trades costly on Coinbase
Why We Picked It
Coinbase is the perfect platform for beginners with its straightforward and minimalist user interface. Buying and selling cryptocurrency is very easy here. For more advanced traders, there is the Coinbase Pro platform with more sophisticated analysis tools.
Kraken
Kraken is another major cryptocurrency exchange operating in Armenia. It is a flexible exchange with high liquidity where you can buy, sell and trade 200+ cryptocurrencies. Here, you can set up recurring buys to build up your portfolio for the long term or set target prices at which your trades would be automatically executed.
Kraken supports both fiat and crypto funding options. You can also buy cryptocurrency simply with your debit or credit card or a bank transfer. For margin trading, you can get up to 5x leverage and returns with up to 50x leverage with crypto futures. Kraken also offers personalized OTC services to users.
Kraken is an ISO 27001-certified exchange and periodically conducts Proof-of-Reserve audits the results of which are publicly available on its website. Advanced cold storage is used for storing user funds and a bug bounty program is there to encourage the larger security research community to report bugs.
Features
200+ cryptocurrencies for trading
Basic and Pro platforms available
Enables spot, margin and futures trading
Proof-of-Reserve audits for transparency
Pros and Cons
Satisfactory crypto selection Kraken Instant Buy is expensive
Kraken Pro has low fees Reports of compromised user accounts
Facilitates recurring buys
Provides OTC services
Trading Fees
Fees for Kraken Instant Buy
Fees for Kraken Pro
Customer Reviews
Withdrawals are a breeze on Kraken
ID verification can be lengthy on Kraken
Why We Picked It
Kraken supports all the major crypto trading types and you can even set up recurring buys for regular transactions. In addition to that, it also offers personalized OTC services and opportunities for staking with good returns. Kraken also runs a bug bounty program to reward those who find and report vulnerabilities in its system.
Crypto.com
Singapore-based Crypto.com is a popular and fast-growing crypto exchange. With the Crypto.com app, you can buy and trade 250+ cryptocurrencies with over 20 fiat currencies. You can also use a debit or credit card or bank transfers to instantly buy cryptocurrency with minimal fees.
On Crypto.com, you can stay on top of the game by setting up price and price movement alerts for your desired cryptocurrencies. Also, there are more than 21 cryptocurrencies and stablecoins available for staking with private members even getting extra 2% p.a. rewards in CRO.
While the fees on Crypto.com are already quite competitive, you can get further discounts on it if you lock up the CRO token. Crypto.com has ISO 27001 certification and keeps user assets fully backed on a 1:1 basis. Its Proof-of-Reserve reports are also publicly available and can be verified by users.
Features
Focuses on mobile app-based trading
More than 250 cryptocurrencies available
Supports crypto loans
Native coin is called Cronos(CRO)
Pros and Cons
Fantastic crypto selection Scant learning material
Competitive trading fees Not beginner-friendly
Holds assets on 1:1 basis
Opportunities for asset staking
Trading Fees
Fees for Crypto.com exchange
Customer Reviews
Crypto.com app has many intriguing features
Crypto.com needs better customer support
Why We Picked It
Go for Crypto.com if you prefer the ease of trading anytime from your phone. The app is easy to navigate if you have prior experience with crypto trading or even stock trading from an app. The fees on Crypto.com are very competitive and the exchange further offers discounts on the same if you stake a certain amount of CRO token.
Bybit
Bybit is also a popular cryptocurrency exchange suitable for traders who want to check out a variety of crypto-related products in addition to regular crypto trading. Along with spot trading, Bybit also supports derivatives and margin trading. You can easily convert crypto at zero fees and no slippage here.
With trading bots, you can automatically execute your trades and Launchpad gives you early access to new tokens. Bybit also gives you customized recommendations for trading tools by analyzing your investment profile with AI. The Bybit wallet helps you access popular DApps and you can also check out NFT collections on the platform.
Bybit is committed to maintaining the security of the platform and employs data encryption technologies, Trusted Execution Environment(TEE) and Threshold Signature Schemes(TSS) for the same.
Features
Mainly for derivatives trading
Over 280 spot trading pairs available
World’s largest USDC Options marketplace
Encryption, TSS and TEE for security
Pros and Cons
Easily navigable platform Not the best place for spot trading
Inexpensive trading Unverified trade stats
Supports many order types
Facilitates demo trading
Trading Fees
Trading fees levels for Bybit cryptocurrency exchange
Customer Reviews
Bybit has a great user interface
Allegations of price manipulation on Bybit
Why We Picked It
Bybit is a great platform, especially for derivatives trading. Both the website and mobile app have a slick UI and transactions are quickly settled here. All the relevant security measures including data encryption are implemented on Bybit.
OKX
The OKX cryptocurrency exchange is full of features with plenty on offer for different demographics of crypto traders. It even has its own blockchain and token along with a native OKX wallet. Here, you can indulge in spot, margin, options and futures trading.
OKX also enables easy crypto conversions at no fees and zero slippage. It supports copy trading as well and you can use the trading bots available on the platform to automate your trades.
OKX gives you the opportunity to grow your assets by investing in several simple or structured products. It also supports crypto lending and with the Jumpstart Initiative, you can access new and intriguing crypto projects.
Features
Over 400 cryptocurrencies available
Native blockchain known as OKX Chain
OKX Web3 Wallet supports multiple networks
Enables spot, margin, futures and options trading
Pros and Cons
Fees are quite low Customer service is bad
Many payment options Complex fee calculation system
supported
Extensive learning material
Supports crypto lending
Trading Fees
OKX cryptocurrency exchange fees
Customer Reviews
Customers like OKX for its ease of navigation
OKX does not have competent customer support
Why We Picked It
OKX supports several crypto trading types and charges quite low fees for the same. You can grow your crypto holdings here by investing in simple and structured products. Crypto loans are also available on OKX and you can access new crypto projects with the Jumpstart initiative.
CEX.io
CEX.io is a London-based exchange founded in 2013. Unlike a lot of other exchanges, CEX.io embraces simplicity. It reduces the complexity of the cryptocurrency trading experience to enable seamless and convenient trading.
The platform has over 200 cryptocurrencies for users to trade in. It categorizes users into three categories- Everyone, Traders and Businesses. ‘Everyone’ can use the Instant Buy option to buy cryptocurrencies with various payment options.
‘Traders’ can participate in spot and margin trading while ‘Businesses’ can access institutional-grade services with CEX.io PRIME.
CEX.io, like every major cryptocurrency exchange, keeps the majority of the user funds in cold wallets for safety. It is also an exchange that is duly licensed and regulated by authorities around the world. CEX.io is registered as a Money Service Business(MSB) in the US and Canada. It has also received a Moneylending license to operate in Europe.
CEX.io adopts the commonly used maker-taker model based on the 30-day trading volume for determining trading fees. Its fee rates are industry-standard and get lower with rising trade volume.
The data is encrypted on CEX.io and it also takes adequate measures to protect against DDoS attacks.
Features
Licensed and regulated exchange
Three-tier categorization of customers
CEX.IO Earn to earn passive income on crypto assets
Mobile app for on-the-go trading
Pros and Cons
Decent range of coins Lower liquidity compared to other
Lucrative staking options exchanges
24/7 customer support The verification process may be tedious
Low spot trading fee Limited number of educational resource
Trading Fees
CEX.IO fee schedule
Customer Reviews
CEX.IO is a simple and efficient platform
Users have had trouble withdrawing funds from CEX.IO
Why We Picked It
CEX.io is an exchange that supports multiple payment methods for buying and selling cryptocurrencies. It also gives opportunities to earn rewards by staking cryptocurrency. You can check it out if you do high-volume trades and do not require much help in navigating the platform.
Bitstamp
Bitstamp, which was founded in 2011, is one of the oldest cryptocurrency exchanges out there. It is a heavily regulated platform and holds a whopping 50 licenses and registrations in various jurisdictions globally. Although it only has around 80 cryptocurrencies, Bitstamp makes up for that with its simple maker-taker fee structure.
Plus, Bitstamp is one of the best exchanges if you are new to cryptocurrency. There isn’t anything fancy and it delivers on what it promises- an easy, fast and reliable trading experience. Bitstamp also has a mobile app with which you can trade on the go.
Bitstamp has quite competitive trading fees which keeps on going down as the trade volume increases.
Like most cryptocurrency exchanges, Bitstamp keeps 95% of the crypto assets in offline cold storage and encrypts all personal data. It also enables address whitelisting and transaction confirmations for added security.
Features
80+ cryptocurrencies available
One of the oldest cryptocurrency exchanges
Offline storage for funds
Pros and Cons
Low trading fees Limited cryptocurrencies available
Easy to navigate No margin trading
Solid mobile app
Trading Fees
Bitstamp fees explained
Customer Reviews
Bitstamp is a basic but trusted exchange
Withdrawals can be an issue on Bitstamp
Why We Picked It
Bitstamp has been in the game for a long time and is a heavily regulated platform. While it is not loaded with features, it is easy to use and enough to help you get acquainted with cryptocurrency trading.
4 Top P2P Exchanges in Armenia
Paxful
P2P crypto exchanges are popular in many countries in the region where banks and other payment service providers are often hesitant to process crypto transactions. Paxful is one such exchange that is quite popular among crypto traders in Armenia.
It is simply a marketplace that allows crypto buyers and sellers to engage with each other and negotiate and settle their trades. Users have the option to choose any of the 350+ methods available to pay for their cryptocurrency. Be it online wallets like PayPal, debit or credit cards or even cash, you can use anything to buy crypto on Paxful.
For businesses, there is Paxful Pay which enables them to accept crypto payments from a global user base at a transaction fee of 1%. Paxful also has a referral program where you can grow your network by inviting people to the platform and getting rewards for the same.
Features
More than 350 payment options
BTC and USDT to buy and sell crypto
Escrow trading available
Has a wallet for storing BTC
Pros and Cons
Several payment options Selling crypto can be expensive
supported Scams are possible
Receive payments with Paxful
Pay
Has a Refer and Earn program
Sellers can set BTC rates
Trading Fees
Paxful fees explained
Customer Reviews
Paxful is a convenient and efficient exchange
There is always a possibility of scam trades on Paxful
Why We Picked It
Paxful is fast and efficient and does not charge anything for buying cryptocurrencies. There are a plethora of payment options available and you can trade the way you like. Merchants can check out Paxful Pay for its relatively lower charges.
UniSwap
UniSwap is perhaps the first name that comes up when we talk about decentralized exchanges. This Ethereum-based exchange offers tons of ERC-20 tokens for swapping without needing any sort of identifying information. Get a crypto wallet, fund it, connect it to UniSwap and you are good to go.
UniSwap is somewhat simpler than other decentralized exchanges which makes it less intimidating for users. Even if you don’t have much experience trading crypto on a decentralized platform, you would be able to easily get a hang of UniSwap.
Here, everything is automated and you can create permissionless pools for any ERC-20 token. Further, you can deposit your tokens to provide liquidity to the platform and get a portion of the fees as a reward in return.
UniSwap essentially has three pool fee tiers. The fees are charged as per the nature of the trading pair.
Features
Exchange developed on Ethereum blockchain
Utilizes Automated Market Maker system
Works with crypto wallets like Metamask, Trust Wallet etc.
Native coin is called UNI
Pros and Cons
Access to ERC-20 tokens No customer support
Easy to use No vetting of coins
Maintains privacy
Trader control over private keys
Trading Fees
UniSwap pool fees breakdown
Customer Reviews
UniSwap is a simple and standard decentralized exchange
UniSwap has no proper customer support channels
Why We Picked It
UniSwap is a high-liquidity decentralized exchange with reasonable fees and an easy-to-use interface. In other words, you get access to tons of ERC-20 tokens here at a price proportionate to the risk with the pair being traded.
dYdX
dYdX is a next-generation decentralized exchange primarily meant for perpetual trading. However, you can still conduct spot and margin trading on Layer 1 of Ethereum. Apart from that, dYdX also supports crypto borrowing and lending. This makes it ideal for traders looking to earn interest on their holdings or longing or shorting assets.
dYdX has implemented StarkWare’s Layer 2 solution which has helped it eliminate gas fees for nearly all types of transactions. This layer 2 solution has also allowed it to ensure better security and privacy on the platform via zero-knowledge rollups.
Further, dYdX has its own collection of NFTs called Hedgies. These are 4,200 unique NFTs developed with the ERC-721 standard.
Features
Exchange developed on Ethereum blockchain
Focuses on perpetual trading
Spot and margin trading on Ethereum Layer 1
Pros and Cons
No Ethereum gas fee Derivatives are risky
No fees on low-value trades
Withdrawals are fast
Supports crypto lending
Trading Fees
dYdX fees breakdown
Why We Picked It
dYdX is great for perpetual trading and even supports spot and margin trading on Ethereum’s Layer 1. The fees here are competitive, there is barely any wait time for withdrawals and even learning resources are available.
Balancer
While Balancer may seem similar to other Ethereum-based decentralized platforms, it has certain features that set it apart from other DeFi projects. For example, Balancer has, among other things, multi-token pools where you can add like eight tokens in one pool.
It is an open and accessible platform where you can swap assets in a trustless and permissionless environment. It also has a native token BAL which is used for compensating liquidity providers for providing liquidity to the exchange.
Apart from that, Balancer has managed to reduce gas fees to a certain extent and offers more capital efficiency than several other places. Here, investors can choose the amount of exposure for every asset in their portfolio enabling them to regularly create new trading strategies.
Features
Exchange built on the Ethereum blockchain
Utilizes Automated Market Maker system
Native coin is BAL
Pros and Cons
Customizable liquidity pools Not very beginner-friendly
Portfolio manager which is automated
Capital efficiency
Trading Fees
Balancer fees explained
Why We Picked It
Balancer allows cryptocurrency trading in a trustless and permissionless environment. You can deposit as many as eight tokens in its public or private pools. Pool creators get the freedom to set their own fee range.
Can I Buy Crypto in Armenia?
There is no specific regulatory regime for cryptocurrency in Armenia. Whil there were talks of adopting common cryptocurrency rules, the Eurasian Economic Union(EAEU) members including Armenia failed to form consensus regarding rules for the crypto economy in their jurisdictions.
Therefore, cryptocurrencies are not legal but not explicitly prohibited in the country either. The State Revenue Committe(SRC) has asked the Central Bank of Armenia to regulate the country’s crypto market but there have been no significant developments on that front. Hence, cryptocurrencies remain unregulated in Armenia.
Conclusion
There are several cryptocurrency exchanges operating in Armenia offering plenty of services to Armenian traders. In the face of this, the best crypto exchange in Armenia depends on what the user wants.
That said, cryptocurrency trading is a risky venture and particularly because Armenia has no legislation on that front. Crypto traders, thus, have no legal recourse in case of scams and frauds. Hence, it is important to analyze your investment goals and only invest in cryptocurrency if you can afford to lose that money.