Finland is quite a crypto-friendly country that allows its residents to buy, sell and trade cryptocurrency. Crypto assets and crypto exchanges in the country are regulated under the Virtual Currency Act which provides a certain level of protection to traders.
Recognizing its potential, many cryptocurrency exchanges have set up shop in Finland. To help you learn more about this, we have compiled this list of the best crypto exchanges in Finland.
7 Best Cryptocurrency Exchanges in Finland
Kraken
Kraken is an old and established crypto exchange founded over a decade ago in San Francisco. From its humble beginnings, this exchange has grown by leaps and bounds and is now the first crypto platform to be approved as a Special Purpose Depository Institution(SPDI) in the USA.
On Kraken, you get access to over 200 cryptocurrencies that you can use for spot, margin and futures trading. In addition to that, the platform features crypto indices, OTC and crypto staking services for users. Kraken has several flexible and bonded products that you can explore and choose based on your investment goals.
The exchange has a bug bounty program where anyone who reports bugs is rewarded depending on the severity of the reported vulnerability. On Kraken, users also get the option to turn on 2-factor authentication(2FA) and Global Settings Lock(GSL) for added security.
Features
✔️Over 200 cryptocurrencies available
✔️Basic and Pro platforms for users
✔️Supports spot, margin and futures trades
✔️2FA, GSL for security
Pros and Cons
✅Satisfactory coin collection for trading ❌Expensive Instant Buy
✅Kraken Pro has lower fees ❌Not the best for newbies
✅Assets with high APYs for staking
✅Active bug bounty program with rewards
Trading Fees
Kraken Instant Buy fees breakdown
Kraken Pro trading fees explained
Customer Reviews
Kraken has a good withdrawal system
Verification on Kraken can be lengthy
Why We Picked It
Kraken supports several trade types and it has multiple investment options suitable for intermediate and advanced-level crypto traders. The platform also has extensive educational resources to help you learn in-depth about crypto trading. Kraken has made its proof-of-reserves report publicly available to maintain a certain standard of transparency.
Bybit
Bybit is one of the most preferred cryptocurrency exchanges with a range of interesting features and attractive offers for users. While it is a platform mainly for derivatives trading, Bybit has plenty for spot traders as well including 280+ spot trading pairs.
Perpetual swapping is one of the most popular options on Bybit for which you can use USDC and USDT as collateral. USDC can additionally become collateral for inverse contracts and options contracts. You can also practice copy trading on Bybit where you can simply copy the strategies of other traders without needing to dive into complex topics.
Bybit’s native crypto wallet is useful for exploring the world of Web3 and DApps. Personalized recommendations for investment tools are given on Bybit. For this, AI is used which analyzes your investment profile to come up with suggestions best suited to your profile.
Features
✔️Platform for derivatives trading
✔️280+ spot trading pairs available
✔️Has biggest USDC Options marketplace
✔️Supports copy trading for users
Pros and Cons
✅Fantastic user interface ❌Trading stats reported are unverified
✅Inexpensive crypto trading
✅Demo trading feature
✅Native Bybit wallet
Trading Fees
Bybit exchange trading fees explained
Customer Reviews
Bybit offers a good interface and interesting features
Bybit’s customer service is not up to the mark
Why We Picked It
Bybit is an overall great exchange with a smooth user interface. Combined with its low fees, Bybit is an attractive option for derivatives traders. There are also many other lucrative crypto-related products available. This includes an in-built wallet for exploring DApps and a card for making payments with cryptocurrency.
Uphold
Uphold is not exactly a cryptocurrency exchange but falls more in the category of multi-asset trading platforms. This means that on this platform, you can trade not only cryptocurrencies but also fiat currencies like USD and precious metals like gold and silver. Not only that, but you can also do cross-asset trading i.e. say, trading Bitcoin for gold, for example.
Unlike crypto exchanges, Uphold does not charge fees. Atleast not with the maker-taker system. It, however, charges a spread every time you trade on the platform and the prices are locked pre-trade. Asset staking services are available on Uphold and you can, therefore, earn some decent rewards here.
Uphold has a “Cryptionary” which is a great feature if you want to learn more about cryptocurrency and cryptocurrency trading. It secures accounts with 2FA and audits and penetration tests are also regularly conducted on Uphold.
Features
✔️Cryptocurrency, fiat currency and precious metals available
✔️250+ cryptocurrencies for trading
✔️Regular audits, penetration tests and bug bounties for security
Pros and Cons
✅Satisfactory coin collection ❌Trades can be expensive
✅Minimum deposit requirements ❌Charges deposit and
are low withdrawal fees
✅Cross-asset trading
Trading Fees
Uphold platform fees explained
Customer Reviews
Uphold is an easily navigable platform
Withdrawals are sometimes difficult on Uphold
Why We Picked It
Uphold has a cryptocurrency collection that is comparable to any major crypto exchange. What you get here is the added advantage of cross-asset trading i.e. you can trade assets of one type for another on Uphold. Security is paramount here and it conducts regular audits and penetration tests for the same.
Crypto.com
You must’ve heard of Crypto.com even if you’re even marginally into crypto trading. This is a mobile app-based platform for trading cryptocurrencies. Here, you can choose and trade among a decent selection of 250+ cryptocurrencies and even exchange one cryptocurrency for another.
Traders also find Crypto.com enticing because of its high staking rewards. For instance, it offers as much as 6.5% p.a. rewards for staking USDC. It also does not impose any obligations for payback deadlines for crypto-collateralized loans.
As Crypto.com takes platform security very seriously, it uses Multi-Signature Technologies and Hardware Security Modules(HSMs) to provide a safe trading experience. The users’ assets are kept in cold storage Crypto.com also has ISO 27001, 27701 and 22301 certifications.
Features
✔️More than 250 cryptocurrencies available
✔️Focuses on crypto trading via mobile app
✔️Native token is known as CRO
✔️Crypto-collaterized loans available
✔️Prepaid Visa Card for merchant payments
Pros and Cons
✅Good selection of coins ❌High fees for non-CRO holders
✅Lower fees for CRO stakers ❌Limited educational resources
✅High staking returns ❌Poor customer service
✅Proof-of-Reserves is verifiable
Trading Fees
Crypto.com fee details
Customer Reviews
Crypto.com app has many exciting features
Users can have difficulty withdrawing funds on Crypto.com
Why We Picked It
Crypto.com is a platform that has been developed as per the needs and trends of the times. Hence, its commitment to providing a seamless and world-class trading experience on mobile phones. The Crypto.com app is full of features, the exchange has reasonable fees and cryptocurrency loans, a native wallet and some good staking opportunities.
eToro
eToro, while mainly a social trading and investment platform, also offers cryptocurrencies for trading to its users. It is a brokerage that promises a unique social experience while trading cryptocurrencies and other assets.
In fact, eToro was one of the first places to introduce the concept of copy trading on their platform. With copy trading, you can follow and imitate the strategies of established traders and apply them to your trades.
eToro’s prices may seem high with its flat 1% fee for buying and selling cryptoassets but it is a good trade-off for the level of security and regulation provided by the platform.
On joining eToro’s VIP club, users get several benefits depending on their level of membership. The benefits of these five levels range from Trading Central access to discounts on withdrawal fees and dedicated account managers.
Features
✔️Mainly a social trading and investment platform
✔️Over 75 cryptocurrencies available
✔️Supports stocks, crypto and ETFs
✔️Runs a VIP club with five levels
Pros and Cons
✅Copy trading supported ❌Limited cryptocurrencies available
✅Heavily regulated exchange ❌Inactivity fee charges
✅Free card deposits
✅Demo trading available
Trading Fees
eToro trading fees explained
eToro wallet fees explained
Customer Reviews
eToro has a wide variety of assets for trading
Users are not impressed with eToro’s customer service
Why We Picked It
Along with cryptocurrencies, eToro also offers stocks and ETFs for trading. Therefore, for people who want to invest in different asset classes in one place, eToro is a good option. It is heavily regulated by authorities around the world and offers a unique trading experience that may not be found elsewhere.
OKX
Seychelles-based crypto exchange OKX is quite easy to use even if you don’t have much experience with cryptocurrency trading. It has a healthy collection of 400+ cryptocurrencies for users to choose from. Not only that but it also has its own OKX blockchain, a native token OKB and a native crypto wallet.
If you want to go beyond basic crypto buying and selling, OKX offers crypto asset staking in its mining pools with some lucrative returns. Margin and derivatives trading are also supported here and you can also explore DApps with the OKX Wallet.
Not only does OKX use cold storage for user assets but it also makes sure that not more than 1,000 BTC are kept in one cold wallet address. The exchange also maintains an asset risk reserve fund for protecting user assets. Beyond 2FA, you can also switch on anti-phishing code and mobile verification on OKX.
Features
✔️More than 400 cryptocurrencies available
✔️Native OKX Chain and native OKB token
✔️OKX wallet supports 40+ networks
✔️Layout can be customized on advanced platform
Pros and Cons
✅Multiple order types ❌Several controversies related to
✅Several payment options supported the exchange
✅High APY on staked assets ❌Complicated fee system
✅Demo trading feature available ❌Poor customer service
Trading Fees
OKX trading fees explained
Customer Reviews
OKX provides a smooth trading experience
OKX’s customer service is not very responsive
Why We Picked It
OKX has a fantastic interface that makes it easy to use across devices. Its layout is quite simple and beginners would not have much problem navigating the exchange. Further, OKX’s FAQ section is very comprehensive and has detailed answers for nearly every possible query.
CEX.io
CEX.io’s main selling point is its simplicity. It aims to reduce the complexity of the cryptocurrency trading process and make it accessible to everyone. CEX.io is committed to providing a flawless and convenient trading experience.
Providing more than 200 cryptocurrencies for trading, CEX.io divides its users into three categories- Everyone, Traders and Businesses. The Instant Buy option is designed for ‘Everyone’ to instantly purchase cryptocurrencies via any of the multiple supported payment methods.
‘Traders’ also get to participate in spot and margin trading while ‘Businesses’ get access to institutional-grade services with CEX.IO PRIME. Like every major exchange, it stores the majority of the user funds in cold wallets and encrypts all data for security.
Features
✔️200+ cryptocurrencies available for trading
✔️Licensed exchange
✔️Divides users into three categories
✔️CEX.io Earn to earn interest on crypto assets
Pros and Cons
✅Satisfactory crypto selection ❌Lengthy verification process
✅Decent staking opportunities ❌Lower liquidity
✅24/7 customer service
✅Spot trading fees are low
Trading Fees
Trading fees for CEX.io
Customer Reviews
CEX.io has a good interface and works smoothly
Deposits may be withheld on CEX.io
Why We Picked It
CEX.io has obtained the relevant licenses in several places so it is not a completely unregulated platform. It supports several payment methods for buying and selling cryptocurrency and also offers good staking rewards. CEX.io is good for users who regularly perform high-volume trades.
4 Top Decentralized Exchanges in Finland
UniSwap
UniSwap is a popular decentralized exchange for swapping ERC-20 tokens. An Ethereum-based platform, it uses the Automated Market Maker(AMM) system for its core functions. AMM refers to a collection of smart contracts that tell everything about the way liquidity is to be provided, liquidity pools are to be created and assets are to be swapped.
The biggest advantage of UniSwap is that you don’t need to hand over any sort of identifying information to trade on it. You just need a crypto wallet that is compatible with the platform and you are good to go.
Fee charges are applied on UniSwap as per the nature of the pair being swapped. Your swap pair can fall into any of the four tiers of 0.01%, 0.05%, 0.30% and 1% depending on whether it’s a “stable” pair or a “wild” one.
Features
✔️Created on the Ethereum blockchain
✔️Native token is called UNI
✔️Platform governed by UNI holders
✔️Four tiers for pool fees
Pros and Cons
✅Enables instant trading ❌Ethereum gas fees can be costly
✅Privacy and anonymity maintained ❌Coins are not vetted
✅Democratic governance
✅Compatible with major crypto wallets
Trading Fees
UniSwap v3 trading fees explained
Customer Reviews
UniSwap is a decentralized exchange widely popular among traders
Uniswap has no customer service mechanism
Why We Picked It
UniSwap is quite simple as far as decentralized exchanges are concerned which makes it ideal for new traders. There is no registration or ID verification process and you can start trading as soon as you connect your crypto wallet to the platform.
PancakeSwap
PancakeSwap, like the similar-sounding UniSwap, is a decentralized exchange where you can swap cryptocurrencies without needing to go through a registration and identity verification process. Connect any crypto wallet that is compatible with PancakeSwap and you can instantly start trading.
What majorly differentiates PancakeSwap from other similar platforms is its underlying blockchain. Most AMM-based decentralized exchanges run on Ethereum but PancakeSwap has been developed on the BNB Chain to avoid issues like network congestion and prohibitively high gas fees.
Further, since PancakeSwap is a non-custodial exchange, you never hand over assets to anyone and always retain control over your private keys. It has some unique products like lottery programs where you can win CAKE tokens and syrup pools to stake CAKE.
Features
✔️Created on the BNB Chain
✔️Employs the AMM protocol
✔️Native token is known as CAKE
✔️Uses multisig smart contracts for security
Pros and Cons
✅BEP-20 token swapping ❌Limited ERC-20 tokens
✅Users retain custody of private keys ❌BTC not available
✅Ingenuine product suite
✅Community governance
Trading Fees
PancakeSwap trading fees explained
Customer Reviews
PancakeSwap is a fine exchange liked by users
PancakeSwap may have a problem with low-quality tokens
Why We Picked It
PancakeSwap’s biggest advantage is that it does not face problems like slow transaction speeds and high gas fees common among Ethereum-based exchanges. Further, its v3 has introduced higher liquidity and more capital efficiency. The platform is also very open about the way trading fees are used and allocated.
dYdX
dYdX is a decentralized platform known for being one of the few places where you can trade derivatives without KYC verification. Making it an even more attractive option is its extremely competitive fees. Trades up to $100,000 are completely free on dYdX.
Something unique about dYdX is that hosts regular competitions or trading leagues where users get promoted or demoted according to their overall performance. Plus, it is one of the few DEXs which has educational resources for users to learn about various concepts related to cryptocurrencies.
Features
✔️DEX for derivatives trading
✔️Uses AMM model
✔️Native coin is DYDX token
Pros and Cons
✅Competitve fees ❌Derivatives trading can be risky
✅Regular trading leagues
✅dYdX Academy for learning
✅Fast transactions
Trading Fees
dYdX offers free trades up to $100,000
Why We Picked It
dYdX is the way to go if you want to anonymously trade derivatives. It quickly settles transactions and facilitates near-instant withdrawals. The maker-taker fees are negligible and the security architecture is top-notch.
DODO
DODO is a newer entrant in the crypto industry but it has quickly made its mark with the products that it offers. Its use of the Proactive Market Maker(PMM) model makes it a more efficient exchange with high liquidity and low slippage.
Further, PMM has helped DODO pretty much eliminate the possibility of impermanent loss and ensure better pricing on the platform.
While the DODO Vending Machine enables anyone with a cryptocurrency wallet to create a liquidity market, its private pools offer advanced traders uninterrupted liquidity, one-sided deposits and withdrawals and active price discovery.
Features
✔️Built on the Ethereum blockchain
✔️Uses the PMM system
✔️Native token is DODO Coin
Pros and Cons
✅Free listing of coins ❌Lesser usage
✅Cross-chain trading
✅No impermanent loss
✅Price stability
Trading Fees
The final fees on DODO come to be around 0.6% per transaction
Why We Picked It
DODO is a platform that is free from the limitations of AMM-based DEXs. It has high liquidity and better price stability due to its use of the PMM protocol. Listing tokens on DODO is very easy and there are no minimum deposit requirements for its liquidity pools. The DODO Vending Machine and private pools give users the freedom to create their own liquidity markets.
Does Finland Allow Crypto?
Yes, cryptocurrency is legal in Finland. They are regulated under the Finnish Virtual Currency Act which defines various virtual asset-related services and provides for the registration of virtual currency service providers with the Finnish Financial Supervisory Authority(FIN-FSA).
Further, the provisions of the Act on Preventing Money Laundering and Terrorist Financing are also applicable to virtual currency service providers. Therefore, crypto exchanges in Finland are obligated to prepare a risk assessment on money laundering and terror financing and conduct due diligence while registering customers.
They are also required to report suspicious transactions to the Financial Intelligence Unit.
Cryptocurrency is also subject to taxation in Finland. Traders have to pay capital gains tax while disposing of cryptocurrencies as well as income tax on income from activities such as crypto mining.
Conclusion
Cryptocurrency is allowed in Finland and, hence, crypto traders in the country have plenty of options when it comes to both products and service providers. There are many cryptocurrency exchanges in Finland with a variety of unique products for traders.
That said, crypto trading is an inherently risky venture due to the volatile nature of cryptocurrencies. It is, therefore, important to not dive into the world of cryptocurrencies unprepared. Do thorough research and define your investment goals before putting your money into cryptocurrency.