While Albania may not be the most active or developed cryptocurrency market, it has great potential for further development of the local crypto industry. After all, it is one of the first European countries to introduce a regulatory framework for cryptocurrencies.
Although Binance is not available in Albania, there are several other prominent crypto exchanges in Albania that you can check out. This is why, we have compiled this list of the best Bitcoin exchanges in Albania to help you learn more about the various types of crypto services available in the country.
However, note that this article is only for general information about cryptocurrency exchanges in Albania and should not be treated as a substitute for proper financial advice from a qualified professional.
Top 6 Cryptocurrency Exchanges in Albania
Kraken
San Francisco-based Kraken is a cryptocurrency exchange widely available in Albania. Here, you can easily register an account for free and then easily buy and sell 200+ cryptocurrencies. There are also great staking opportunities for interested traders. It has both bonded and flexible products in which you can invest and earn some good rewards.
Seasoned traders, meanwhile, can go for Kraken Pro which has more advanced trading options. Among other things, Kraken Pro has lower spreads for spot and margin trading as compared to the basic version. You get upto 5x leverage for margin trading on Kraken Pro and can trade 70+ futures contracts.
For transparency and accountability, Kraken publishes its Proof-of-Reserves audit results on its website which can be verified by anyone. It also runs a bug bounty program where you can report a bug and then receive a reward depending on the severity of the reported bug.
Features
✔️200+ cryptocurrencies available
✔️Has two versions- Basic and Pro
✔️Spot, margin and futures trading available
✔️Publically available proof-of-reserves reports
Pros and Cons
✅Decent coin selection ❌Costly Kraken Instant Buy
✅Lower fees on Kraken Pro ❌Reports of losses due to account hacks
✅Staking opportunities
✅Bug bounty program
Trading Fees
Fees on Kraken Instant Buy are determined by dynamic factors such as order size, market conditions, and payment method etc., Kraken Pro simply uses the maker-taker model for the same.
Kraken Instant Buy fees breakdown
Kraken Pro fees breakdown
Customer Reviews
Quick withdrawals are possible on Kraken
KYC verification on Kraken can often be a frustrating process
Why We Picked It
Kraken is a good choice if you’re an intermediate and above-level trader as it has several trading types available and low trading fees especially on Kraken Pro. Kraken is transparent about its reserves and also runs a bug bounty program where anyone can report vulnerabilities in the exchange’s system
Crypto.com
Singapore-based Crypto.com is meant more for trading from a mobile phone and not with a computer. It is one of the fastest-growing crypto trading apps and is estimated to have a user base of around 80 million traders.
There are over 250 cryptocurrencies available here and the exchange does not charge you fees for depositing cryptocurrency or for crypto-to-crypto exchanges. Crypto.com, along with good staking opportunities, also has an earnings calculator that can help you determine the interest rate and potential earnings.
Crypto.com’s security system is robust and the platform keeps the user funds in cold storage which is offline and also insured. Multi-signature technologies, address whitelisting and multi-factor authentication are some other technologies that are employed for security purposes.
Features
✔️Promotes mobile app-based trading
✔️Over 250 cryptocurrencies available
✔️Offers a prepaid Visa Card
✔️Cronos(CRO) is the native token
Pros and Cons
✅Large selection of coins ❌Fees for non-CRO holders is higher
✅Has a DeFi wallet ❌Not exactly beginner-friendly
✅Perks and rewards with Visa card ❌FAQs and educational resources
✅Lower fees for CRO holders are not very comprehensive
Trading Fees
Crypto.com has different levels as per the 30-day trading volumes. Higher levels with higher trading volumes are generally charged lower maker-taker fees. The fees paid are further reduced for traders who also hold the CRO.
Details of Crypto.com fees
Customer Reviews
Crypto.com provides excellent service to traders
Withdrawals are a problem on Crypto.com
Why We Picked It
There are lots of interesting products to check out on Crypto.com including its DeFi wallet and prepaid Visa card. This platform has competitive fees and a robust system in place to prevent cyber attacks. Asset staking is also supported here with which you can earn passive income.
Bybit
Bybit is not just the world’s largest USDC Options market but is also one of the top cryptocurrency exchanges. It has a decent selection of spot trading pairs but apart from that, you can also check outspot grid bots on Bybit that can execute trades on your behalf.
There are customizable savings plans on Bybit where you can choose between fixed and flexible-term products. You are guaranteed competitive APYs on all such products here.
Data access is heavily restricted on Bybit due to security reasons. The private information of users can only be accessed by them. The exchange also uses 2FA, human-computer authentication and hardware authentication to further secure user accounts and the platform.
Features
✔️One of the fastest-growing centralized exchanges
✔️270+ spot assets available
✔️Has spot trading, perpetual trading and options trading
✔️Supports multiple languages
Pros and Cons
✅Extremely low trading fees ❌Trade volume statistics are unverified
✅Transactions are settled fast
✅Intuitive design
Trading Fees
Bybit has VIP and non-VIP categories for users. Among other things, VIP users are charged a lower fee than non-VIP users.
Details of Bybit fees
Customer Reviews
Bybit has a robust crypto trading community
Reports of the Bybit platform freezing at times
Why We Picked It
There are multiple trading types available on Bybit and it has low trading fees which makes it a win-win platform. Bybit also maintains an insurance fund to protect traders from negative equity. It is generally considered to be a safe platform as it has never been hacked before.
OKX
Previously known as OKEx, OKX is a famous cryptocurrency exchange with its own blockchain, token and wallet. With over 400 coins, you have a healthy variety of cryptocurrencies to choose from here.
Although it offers several services, it is far from a cluttered exchange and is actually quite easy to navigate. Beyond the basic crypto buy/sell transactions, you can also stake your crypto assets in OKX’s mining pools and earn some income. Apart from that, OKX supports spot, margin, and derivatives markets and you can explore DApps on it too.
On OKX, most of the user funds remain in cold wallets for security. Going one step further, it does not keep more than 1,000 BTC in one cold wallet address. To protect user assets, an asset risk reserve fund is also maintained on OKX.
Features
✔️Over 400 cryptocurrencies available
✔️Native blockchain known as OKX Chain and native token is OKB
✔️OKX Wallet supports several networks
✔️Customizable layout on advanced platform
Pros and Cons
✅Spot, futures and options trading ❌Several scandals involving the
✅Multiple options for buying crypto company
✅High APY for staking assets ❌Unsatisfactory customer support
✅Demo trading feature ❌Fee structure is complex
Trading Fees
OKX’s fee structure is a bit complicated with users 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 platform that is simple to navigate
Users have issues with the spam on OKX
Why We Picked It
With OKX’s sleek user interface, it can be easily used on both desktop and mobile. Beginners would definitely appreciate its user-friendly design. OKX also has a comprehensive FAQ section to help you solve any potential issues that might arise while trading.
CEX.io
London-based crypto exchange CEX.io’s strength lies in its simplicity. As a platform that seeks to make crypto trading accessible to all, CEX.io has an extremely simple and minimalistic design. Additionally, it also has an advanced order matching algorithm along with high liquidity.
Further, you get to access a good collection of 200+ cryptocurrencies on CEX.io. The fee structure here is simple and transparent- pay lesser fees with higher trade volume. Plus, you can directly buy any supported crypto with a debit or credit card or via bank transfers. However, you may be charged additional service fees and commissions depending on the method used.
Features
✔️Over 200 cryptocurrencies available
✔️Heavily regulated platform
✔️Everyone, Traders and Businesses categories for customers
✔️Has a mobile app
Pros and Cons
✅Satisfactory coin collection ❌Low liquidity
✅Inexpensive spot trades ❌Lengthy verification process
✅Staking opportunities ❌High deposit and withdrawal fees
✅Data encryption and cold storage
Trading Fees
CEX.io charges fees as per the 30-day trading volume using the maker-taker system.
CEX.io fees explained
Customer Reviews
User’s like the simple experience on CEX.io
Users have had trouble with deposits and withdrawals on CEX.io
Why We Picked It
CEX.io has a minimalist UI and promises a flawless trading experience. It is a properly licensed platform in several territories, offers decent earning opportunities and the trading fees too are good enough.
KuCoin
If you want an exchange with a large cryptocurrency collection, KuCoin is the way to go. It has a lot of options for you to explore and you might even end up finding some hidden gems. The low fees on this exchange along with the 20% discount it offers for paying with KCS make it an option that you should definitely consider.
KuCoin supports over 20 major languages on its platform which has helped it in developing a global crypto community. This platform enables spot, futures and margin trading and you can also lend your crypto holdings to other traders on KuCoin. Further, KuCoin Earn enables you to earn passive income on your crypto assets.
Features
✔️More than 700 cryptocurrencies available
✔️Multi-lingual platform
✔️Native coin is KuCoin Token(KCS)
Pros and Cons
✅Enormous crypto selection ❌Complex fee structure
✅Multiple order types ❌Glitchy trading bots
✅Earning opportunities
✅Limited trading without KYC
Trading Fees
KuCoin employs the maker-taker model for determining trading fees. The highest rate is 0.10% and it only goes down from there. Plus, you can get 20% off for using KCS for payments.
KuCoin fees breakdown
Customer Reviews
KuCoin’s huge crypto collection is its biggest strength
KuCoin has bad customer service
Why We Picked It
KuCoin is mainly known for its cryptocurrency collection but it also supports several order types and has many advanced features. It is a multi-lingual platform where traders can interact with each other in any of the 20+ supported languages.
Top 5 Decentralized Exchanges in Albania
UniSwap
UniSwap is a major decentralized exchange based on automated market maker(AMM) technology. Here, AMM refers to a collection of smart contracts that define and detail the major aspects of the working of the exchange. These smart contracts detail everything from how liquidity is to be provided to how the assets would be swapped.
This system essentially eliminates the role of intermediaries which has helped UniSwap in building an efficient peer-to-peer platform for crypto trading. As UniSwap runs on Ethereum, you can deposit and swap a wide variety of ERC-20 tokens including ETH.
UniSwap charges a small fee for transactions a major part of which goes to liquidity providers as compensation for providing liquidity. Thus, you can earn cryptocurrency by depositing your tokens in UniSwap’s liquidity mining pools.
Features
✔️Platform built on the Ethereum network
✔️Uses a collection of smart contracts called Automated Market Maker(AMM)
✔️Its native token is called UNI
Pros and Cons
✅Enables ERC-20 token swaps ❌No verification of listed coins
✅Use any ERC-20 token to buy NFT ❌High Ethereum gas fee
✅Buy crypto with bank account
✅Users vote on governance
proposals
Trading Fees
There are multiple pools for each token pair on UniSwap. The fees in these pools are 0.01%, 0.05%, 0.30% and 1%.
UniSwap trading fee tiers
Customer Reviews
UniSwap is a DEX liked for its usability
Gas fees on UniSwap can be excessively high
Why We Picked It
UniSwap does not bother with things like account registration or KYC submission. You can connect your wallet and instantly start trading. It is a far simpler platform than many other decentralized exchanges and provides decent earning opportunities.
PancakeSwap
PancakeSwap may seem similar to UniSwap at first glance but they differ in several other areas. One significant point here is that PancakeSwap does not run on Ethereum but uses the BNB Chain. Hence, you will primarily find BEP-20 tokens here though it supports a few ERC-20 tokens as well.
PancakeSwap has a cute aesthetic and a food-based theme which is reflected in the nomenclature of its essential products. It has a token called “CAKE” that is staked in “syrup pools”. PancakeSwap also has “Initial Farm Offerings(IFOs)” where users can get early access to newly-listed tokens.
With the launch of its v3, PancakeSwap’s capital efficiency has improved and it has lower slippage than before for traders.
Features
✔️Built on the BNB Chain
✔️Uses Automated Market Maker
✔️Four tiers for pool fees
✔️Native token CAKE
Pros and Cons
✅Access to BEP-20 tokens ❌No vetting of coins
✅Innovative products ❌Phishing scams
✅Trading with privacy
✅IFOs for access to new tokens
Trading Fees
PancakeSwap has four trading fee tiers- 0.01%, 0.05%, 0.25% and 1%. Out of the fee collection, the majority share is given to the liquidity providers.
Trading fees for PancakeSwap
Customer Reviews
PancakeSwap is a DEX that can be trusted
There is no vetting of coins on PancakeSwap
Why We Picked It
PancakeSwap is free from the issues common among Ethereum-based DEXs. The fees on PancakeSwap are among the lowest in the industry. It also offers many innovative products for you to choose from.
Bisq
Bisq is perhaps the most decentralized platform for crypto trading that you can find. This is a totally peer-to-peer exchange where there are just crypto buyers and sellers and no one else. Bisq is instead a free software that is governed as a decentralized autonomous organization(DAO).
Therefore, in order to use Bisq, you need to install the software on your computer. There is no possibility of a central failure here as the platform’s servers are geographically scattered.
Features
✔️Downloadable computer application
✔️Globally scattered servers
✔️Native token BSQ
Pros and Cons
✅Completely P2P platform ❌Not many resources for learning
✅Central failure not possible ❌Only BTC and BSQ accepted for fees
✅User control over private keys
✅Community-driven exchange
Trading Fees
Trading fees on Bisq are denominated in either BTC or BSQ. The combined rate for the same is 1.1% in the case of BTC and 0.55% in the case of BSQ
Trading fees for Bisq
Customer Reviews
Registration is not needed on Bisq
Bisq needs a better user interface
Why We Picked It
Bisq is a community-driven platform that you should check out if you want an exchange that is completely decentralized. This is an exchange that deals purely in cryptocurrency. There are barely any geographical restrictions on Bisq and hence, anyone with a computer can use it.
Curve Finance
Curve Finance is, in a lot of ways, different from other decentralized exchanges. It is, for instance, a very stable platform as compared to other similar exchanges because it mainly provides liquidity for stablecoins. Therefore, Curve Finance is a good option if you’re planning to hold your crypto long-term.
In the short run too, you can earn good rewards by staking crypto assets in Curve Finance’s liquidity pools. Plus, Curve Finance is not limited to Ethereum and also works with Harmony, Arbitrum, and Polygon. Its native token is known as CRV and CRV holders get to vote on proposals for modifications to the platform.
Features
✔️Platform for stablecoin swapping
✔️Offers multiple stablecoin pools
✔️Can work on Ethereum, Avalanche, Solana, Arbitrum etc.
Pros and Cons
✅Earn returns by providing ❌Needs prior DeFi experience
liquidity ❌No mobile app available
✅Reduced slippage
✅Autonomous and anonymous
trading
Trading Fees
Depending on the proximity of the price to the internal oracle, pool fees on Curve Finance can range from 0.04% to 0.4%.
Pool fees for Curve Finance
Why We Picked It
Curve Finance is stable, efficient and has very low slippage. It gives good returns on assets deposited in liquidity pools, gives complete autonomy to traders and promotes community governance of the platform
Balancer
Balancer is a decentralized exchange developed on Ethereum that also uses the AMM protocol for the major functions of the platform. But its concept of public and private pools makes it different from other exchanges
Public pools can be used by anybody who wants to provide liquidity. For private pools though, only the pool owner has the right to change parameters or decide to add or withdraw liquidity. Apart from that, pools on Balancer are multi-token pools i.e. more than one or two tokens can be added to a pool.
This exchange gives pool owners the kind of control and flexibility not found anywhere else.
Features
✔️Liquidity pools governed by smart contracts
✔️Public and private liquidity pools available
✔️Works with almost all Ethereum wallets
Pros and Cons
✅Permissionless exchange ❌Only ERC-20 tokens available
✅Can add multiple tokens in ❌Cannot be used on mobile devices
one pool
✅Pools can be customized
Trading Fees
On Balancer, 50% of the trading fees are taken by the protocol.
Fees for trading on Balancer
Why We Picked It
Traders get control over the pools and particularly private pools on Balancer. This platform has a very flexible approach and users can trade crypto the way they like by just connecting a wallet that is compatible with the platform.
Does Albania Allow Crypto?
Yes, cryptocurrency is allowed in Albania. It was one of the first European countries to adopt a regulatory framework for cryptocurrencies in 2020 by passing the DLT-based Financial Markets Law. This law applies to all financial market activities based on distributed ledger technology(DLT).
The DLT Law regulates the issuance of virtual currencies and the licensing and supervision of cryptocurrency exchanges. In order to strengthen the law, the Albanian Financial Supervision Authority(FSA) approved a licensing regime for crypto exchanges in 2022.
Conclusion
There are several cryptocurrency exchanges operating in Albania. While the Albanian market is less developed than several other countries in Europe, there is a lot of potential here. Albanian traders, therefore, have a lot of options when it comes to crypto trading.
Still, you should note that crypto trading is a highly risky and speculative activity and you should be cautious while investing money in cryptocurrencies. They are very volatile assets and you can lose money in the blink of an eye. Hence, it is always better to consult a professional before putting money in cryptocurrencies.