Cyprus is, in general, quite open to new and disruptive technologies including those such as blockchain technology and cryptocurrency. The Cyprus government has even formed a working group to better implement blockchain technology in the country.
This island in the Mediterranean is turning out to be a crypto hotspot due to its commitment to becoming a hub for new technologies. Cyprus also has some of the lowest corporate taxes which makes it attractive for cryptocurrency exchanges. Therefore, a lot of crypto exchanges have started operating in Cyprus.
To help you learn more about such exchanges, we have compiled this list of the best crypto exchanges in Cyprus.
Top 7 Cryptocurrency Exchanges in Cyprus
Coinbase
Coinbase is an old and famous cryptocurrency exchange that is suitable for a wide range of crypto traders.
With 250+ tradable assets, Coinbase offers a healthy choice of crypto assets to its users. Its basic and pro platforms have been created to cater to different demographics of crypto traders. The basic version is meant more for regular crypto buying and selling while the Pro version features more advanced tools for experienced traders.
With Coinbase, you can also access and explore the world of Web3. You can create a Web3 profile for yourself, customize it, explore other Web3 profiles and check out popular NFT collections. For institutions, there is the Coinbase Prime brokerage platform that uses an advanced smart order router to execute trades and securely custodies assets at scale.
Features
✔️Over 250 tradable assets
✔️Basic and Pro versions for users
✔️Wallet for storing crypto
✔️Coinbase Prime for institutional investors
Pros and Cons
✅Terrific crypto selection ❌Basic version is more expensive
✅Easy-to-navigate UI ❌Incompetent customer service
✅NFT collections
✅Coinbase Pro has sophisticated
tools
Trading Fees
Coinbase exchange trading fees breakdown
Customer Reviews
Coinbase is a secure exchange with a smooth trading experience
ID verification on Coinbase can be annoying
Why We Picked It
Coinbase is one of the most accessible and beginner-friendly exchanges. Its basic version is a very no-nonsense platform that facilitates simple crypto buying, selling, trading and storing. The fees here may be slightly higher but it is a good pay-off for the security and reliability of Coinbase.
Kraken
Kraken is another major cryptocurrency exchange operating in Cyprus. 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 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.
eToro
eToro is not a proper cryptocurrency exchange but more of a platform for social trading and investment that also supports some cryptocurrencies. Therefore, the cryptocurrencies available here are less in number than other crypto exchanges but it makes up for that with a wide variety of other asset classes. You can, hence, trade different types of assets such as stocks too on eToro.
When it comes to security, eToro follows the highest possible standards. A combination of hot and cold wallets is used here for storing funds. eToro also uses encryption and masking technologies to protect users’ personal and financial information. It is one of the most secure platforms as it is heavily regulated by the relevant authorities in many countries such as Australia and the USA.
Features
✔️Mainly a social trading and investment platform
✔️75+ cryptocurrencies available for trading
✔️Has crypto, ETFs and stocks
✔️Five-level VIP club for users
Pros and Cons
✅Allows copy trading ❌Fewer cryptocurrencies are available
✅Properly regulated platform ❌Charges fees on inactive accounts
✅No charges for card deposits
✅Demo trading is supported
Trading Fees
Trading fees for the eToro platform
Wallet fees for eToro
Customer Reviews
Several asset classes are available on eToro
Some users are unsatisfied with eToro’s customer service
Why We Picked It
eToro features a wide variety of assets and not just cryptocurrencies. You can diversify your portfolio and keep your several investments in one place by using eToro. You will not find eToro’s social trading experience anywhere else.
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.
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.
KuCoin
KuCoin is heaven for people who love to check out new crypto coins. And with 700+ cryptocurrencies, there is a lot to explore here. Combined with the low trading fees, KuCoin ticks off all the boxes for a good cryptocurrency exchange.
Along with spot, derivatives and margin trading, you can also lend out your crypto to earn interest on it on KuCoin. With KuCoin Earn, you can increase the value of your holdings by investing in products with lucrative returns. There is also an NFT platform where you can easily buy, sell and swap NFTs.
KuCoin runs a referral program where you can get up to 20% commission by inviting your friends to KuCoin. It is committed to platform security and uses multisig technology for secure asset storage. Data is encrypted during transit, storage and use and alerts are issued to users in case suspicious account activity is detected.
Features
✔️700+ available cryptocurrencies for trading
✔️Supports multiple languages
✔️Native token is known as KuCoin Token(KCS)
✔️Encryption and multisig technology for security
Pros and Cons
✅Massive crypto collection ❌Fee structure is complex
✅Fees are on the lower side ❌Coins are not strictly vetted
✅Referral program for users
✅Has an NFT marketplace
Trading Fees
KuCoin cryptocurrency exchange fee levels
Customer Reviews
Wide variety of coins available on KuCoin
KuCoin has bad customer service
Why We Picked It
KuCoin is a great place if you want access to a wide variety of cryptocurrencies on a single platform. You can automate your trades with the platform’s trading bots and use KuCoin Earn to grow your crypto holdings. There is also an NFT marketplace where you can buy, sell and swap NFTs.
Top 4 Decentralized Exchanges in Cyprus
UniSwap
If you are not comfortable handing over your personal information to a centralized corporation, you can try a decentralized cryptocurrency exchange like UniSwap. Here, you don’t need to enter any sort of identifying information for registration and can simply start trading by connecting a compatible crypto wallet with the platform.
To eliminate the role of intermediaries, UniSwap uses a collection of smart contracts that define how liquidity pools are to be created and liquidity is to be provided. This way, everything is automated and there is no need for a central order book. Hence, you can instantly swap a variety of ERC-20 tokens on UniSwap.
The fees for token swaps on UniSwap are determined by the risk factor of the pair being swapped. A certain portion of the fee collected is given to liquidity providers as compensation for providing liquidity.
Features
✔️Platform created on Ethereum blockchain
✔️Employs the AMM protocol
✔️Native token is called UNI
✔️Open-source smart contracts
Pros and Cons
✅Access to a variety of ERC-20 tokens ❌No vetting before listing coins
✅Facilitates sale of NFTs ❌Gas fees on Ethereum can be
✅Use bank account to buy crypto high
✅Decisions taken by community vote
Trading Fees
Pool fees tiers for UniSwap exchange
Customer Reviews
UniSwap is a simple exchange with good UI
High gas fees are a major issue on UniSwap
Why We Picked It
UniSwap makes it easy to start crypto trading by just connecting a compatible wallet. It is a popular decentralized exchange partly due to its accessibility as you can buy crypto here with your bank account. UniSwap is a community-driven platform where proposals are voted on by UNI holders.
PancakeSwap
PancakeSwap is an improvement over UniSwap in many ways. Firstly, it doesn’t have much of a network congestion issue so transactions are quickly processed and users don’t have to pay expensive gas fees. Next, PancakeSwap has lots of interesting features with all sorts of rewards for users.
Syrup pools are available on PancakeSwap where you can stake the exchange’s native CAKE token, yield farms where you can stake assets to earn passive income, regular lottery programs that give you the opportunity to win CAKE tokens and Initial Farm Offerings(IFOs) to get early access to new tokens.
The pool fees on PancakeSwap are some of the lowest in the industry. Here, all the smart contracts are open-source and protected by multisig and time-lock technology.
Features
✔️Created on the BNB Chain
✔️Uses the AMM system
✔️Native utility token is called CAKE
✔️Multisig and time-locked smart contracts
Pros and Cons
✅Facilitates BEP-20 token swaps ❌Does not support BTC
✅Innovative crypto products ❌Issue of low-quality coins
✅Low trading fees
✅Staking options
Trading Fees
Four trading fee tiers at PancakeSwap cryptocurrency exchange
Customer Reviews
PancakeSwap is one of the largest DEXs
There is no verification of crypto coins on PancakeSwap
Why We Picked It
PancakeSwap is cute, colorful and an overall attractive and fun place to trade cryptocurrency. The low trading fees are an added bonus and the exchange promises a seamless trading experience with low slippage and capital efficiency. There are several interesting products such as IFOs and lottery programs that you can check out on PancakeSwap.
Balancer
Balancer is also a decentralized platform for swapping ERC-20 tokens. However, its multi-token liquidity pools differentiate it from other similar exchanges. You can easily add upto 8 tokens in Balancer pools. These pools are also automatically rebalanced upon completing the token swap.
It also offers an automated portfolio manager for users. On Balancer, you can save on the gas fees by claiming digital assets from the contracts with its Merkle Orchard. It has both public and private pools that are programmable. While anyone can provide liquidity to a public pool, only the pool creator can deposit or withdraw assets in private pools.
Features
✔️Developed on the Ethereum chain
✔️Employs AMM system
✔️Multi-token pools
✔️Native token is called BAL
Pros and Cons
✅Customizable liquidity pools ❌Possibility of impermanent loss
✅Can deposit several tokens in ❌Prior experience with DeFi needed
one pool
✅Automated portfolio manager
✅Pools are automatically rebalanced
Trading Fees
Balancer fees can be anywhere between 0.0001% to 10% as it is decided by the pool creators.
Balancer fees explained
Why We Picked It
You can swap ERC-20 tokens and save on gas fees with Balancer. Its public and private pools are a great way to diversify your investment portfolio. These pools are programmable and you can change their parameters to suit your needs.
DODO
DODO is an Ethereum-based decentralized exchange that has replaced the traditional Automated Market Maker model with the Proactive Market Maker(PMM) model. This helps it minimize impermanent loss and calculate an ideal market price with the help of oracles.
There is a mechanism called Crowdpooling on DODO which helps users create and maintain highly liquid capital pools and provide assets at a low cost. Further, with the DODO Vending Machine and private pools, liquidity providers can build liquidity markets that have pricing set as per their needs.
As explained by one of its co-founders, the basic fee on DODO is 0.3% per trade but the final fee comes around to be 0.6% per transaction.
Features
✔️Developed on the Ethereum network
✔️Utilizes PMM protocol
✔️Native token is DODO Coin
✔️Easy listing of coins
Pros and Cons
✅Cross-chain trading ❌Does not support any fiat currency
✅Freedom to create liquidity
market
✅No impermanent loss
✅NFT Vault
Trading Fees
DODO fees explained
Why We Picked It
DODO is a next-generation innovative platform that uses the PMM protocol to eliminate the limitations of the widely-used AMM model. The process of listing coins on DODO is simple and anyone can create a liquidity market with the DODO Vending Machine.
Is Bitcoin Legal in Cyprus?
Cyprus’s Prevention and Suppression of Money Laundering and Terrorist Financing Law(AML Law) is the only legal framework for crypto-assets in the country. This law was amended in February 2021 to comply with the EU’s Fifth Anti-Money Laundering Directive(AMLD 5) and is the only law in Cyprus that recognizes and defines crypto assets.
Crypto-Asset Service Providers(CASPs) are, therefore, largely regulated under the provisions of the AML Law. CASPs in Cyprus must register at the CASP registry held by the Cyprus Securities and Exchange Commission(CySEC).
Initial Coin Offerings(ICOs) are a regulated activity in Cyprus as they fall within the purview of services provided by CASPs.
On the taxation front, any income derived from ICOs is treated as taxable income in Cyprus and is hence, subject to corporate tax in the country. The corporate tax rate for the same is 12.5% which is one of the lowest rates making Cyprus an attractive destination for CASPs.
Conclusion
Cyprus has been fast emerging as a crypto hotbed leading to the proliferation of crypto exchanges in the island nation. Crypto traders in Cyprus, therefore, have plenty of choices when it comes to trading. There are several exchanges offering a vast number of cryptocurrencies and specialized services to traders.
Still, you should remember that cryptocurrency prices are extremely volatile. You can end up losing way more money than you ever invested. Every cryptocurrency investment should, therefore, be made only after a thorough consideration of the pros and cons of the same.