Cryptocurrency exchanges are necessary these days if you want to get into crypto trading. They hold a wide variety of assets, offer several crypto products and are, to a certain extent, regulated by the relevant authorities in many countries.
The same is the case in Sweden. While there may be no concrete law regarding cryptocurrencies, they are increasingly being brought into the regulatory net. Cryptocurrency exchanges offering crypto coins as financial instruments need to be approved by the Swedish Financial Supervisory Authority before starting operations.
There are now several global exchanges offering their services in Sweden. Which one of them is the best fit for you depends on your particular conditions- your financial position, risk tolerance and investment goals.
For this, we have compiled a list of top crypto exchanges in Sweden for your perusal so you can make an informed decision.
Top 5 Cryptocurrency Exchanges in Sweden
There are several cryptocurrency exchanges operating in Sweden including some home-grown ones. Since sifting through information about all the exchanges can be confusing, let us have a brief look at the major exchanges in Sweden.
Binance
Binance is a versatile exchange as it supports 350+ cryptocurrencies, several trading options such as spot trading, futures trading, options trading and swap farming, locked and passive products for earning passive income and a native token.
It is a behemoth of an exchange that boasts extremely low fees and many opportunities to grow your crypto holdings. You can even get crypto loans in a variety of tokens on Binance.
It is a fully KYC-compliant exchange and enforces 2-factor authentication(2FA) for account security. You also get alerts and e-mails in case any suspicious activity is detected. Further, you can restrict withdrawal access to certain specific wallets or IP addresses on Binance.
Features
✔️Supports spot, options and futures trading
✔️BNB token is the exchange’s utility token
✔️KYC Verification is compulsory
✔️2FA and personalized access controls for security
Pros and Cons
✅Variety of order types ❌Regulatory problems in many countries
✅Great coin collection ❌Not for novice traders
✅Safe Asset Fund for Users
✅End-to-end data encryption
Trading Fees
Binance trading fees schedule
Customer Reviews
Binance Visa card can be used for making payments
Binance’s customer support can be unhelpful
Why We Picked It
Binance is a multifaceted platform with lots of functionalities. While the number of products and features may be overwhelming for beginners, traders who are at intermediate or advanced levels would certainly like the choices available on Binance.
Coinbase
Coinbase is a cryptocurrency exchange that offers something for everyone. You want a platform with a minimalist design? Coinbase has it. Want to stake your crypto? Coinbase has you covered. Want more tools for tracking the market and managing several portfolios? Well, Coinbase has that too.
That’s not all. This NASDAQ-listed exchange also has a crypto wallet for you to safely store your cryptocurrencies and NFTs. There is an integrated brokerage platform called Coinbase Prime for institutional investors.
Coinbase is very strict about platform security and to its credit, has never been hacked on a system-wide level, unlike some other exchanges. Its customers are automatically enrolled for 2FA and data including user passwords are encrypted such that not even Coinbase can decrypt and read the passwords.
If you feel a little intimidated and want to learn about the various aspects and implications of cryptocurrency trading, Coinbase offers a bunch of excellent educational resources. Plus, you can get learning rewards in the form of crypto for completing courses and quizzes.
Features
✔️100+ crypto coins available
✔️Digital assets brokerage for institutional customers
✔️2FA, encryption and password protection for security
✔️Coinbase Commerce for businesses to accept crypto payments
Pros and Cons
✅Financially transparent ❌Charges high commission for staking
✅Multiple assets available for ❌Simple trades can be expensive
staking
✅Vault with time-delayed withdrawals
✅Learning rewards
Trading Fees
Coinbase fees for cryptocurrency transactions
Customer Reviews
Coinbase is a good exchange with a seamless mobile app
Coinbase has a lengthy verification process
Why We Picked It
Coinbase is secure, well-established and user-friendly. It has products suitable for both beginner and advanced traders. It holds assets on a 1:1 basis and conducts regular audits for ensuring transparency in operations.
Uphold
Uphold, launched in 2015, is a multi-asset digital trading platform. This means that along with cryptocurrencies, you can also trade in conventional fiat currencies and precious metals on it. Therefore, you should definitely check out Uphold if you want to build a diverse multi-asset portfolio.
With over 250 cryptocurrencies and 27 national currencies, there is no dearth of options for you on Uphold. You can also get a welcome bonus of $50 in BTC if you sign up and trade at least $600 in an asset.
You can easily trade between assets on Uphold and even schedule regular transactions to minimize the impact of price volatility on your trades.
While Uphold has no maker and taker fees, it charges a spread for transactions which is generally between 0.9% to 1.2% for BTC and ETH in Europe. Note that the lower the liquidity of the coin, the higher its spread.
Features
✔️Multi-asset platform for digital trading
✔️Over 250 crypto coins available
✔️Charges spread instead of maker-taker fees
✔️Runs a bug bounty program
Pros and Cons
✅Enables Cross-asset trading ❌Spreads can be costly
✅Excellent coin selection ❌No equity trading in Europe
✅Debit card with rewards
✅Low minimum deposit needed
Trading Fees
Uphold service fees
Customer Reviews
Uphold is pretty easy to use
Uphold has a limited customer support
Why We Picked It
If investing in several types of assets at one place is right up your alley, do check out Uphold. You can also take advantage of its automation feature and schedule regular transactions with minimum impact of price volatility.
Bitvavo
Amsterdam-based Bitvavo is a great option for crypto traders located in Europe. It wants to make cryptocurrency accessible to everyone and its simple and novice-friendly layout certainly helps with that. For experienced traders, it offers an advanced interface and multiple order types.
Being a European exchange, it is fully compliant with the General Data Protection Regulation(GDPR) and subject to the Fifth Anti-Money Laundering Directive(AMLD5). It is also registered with the Dutch Central Bank or DNB in the Netherlands.
Bitvavo has a completely transparent fee structure and it even promises reimbursement of up to €100,000 in case of unauthorized account access and loss of funds.
Features
✔️180+ digital assets available
✔️Available only in Europe
✔️Instant EUR funding is possible
Pros and Cons
✅Simple platform ❌EUR is the only fiat currency supported
✅GDPR and AMLD5 compliant ❌No demo trading
✅Instant transfers with SEPA
Trading Fees
Trading fees for Bitvavo
Customer Reviews
Bitvavo is easy to use and has fast transactions
Bitvavo’s fees are slightly on the higher side
Why We Picked It
Bitvavo is a leading European cryptocurrency exchange with a decent collection of cryptocurrencies and a design suited for inexperienced traders. You can instantly fund your account with EUR and use SEPA and even PayPal as payment methods on Bitvavo.
Safello
Safello is a Swedish cryptocurrency exchange launched in 2013. It is registered as a financial institution with the Finansinspektionen and mainly focuses on the Swedish market. Its services are, therefore, tailored to cater to traders in Sweden.
You can securely log into the exchange with your BankID and don’t even need to go through the KYC verification process. To secure your Safello wallet, it uses the Fireblock protocol based on the MPC technology wherein private keys are never fully constructed but divided and distributed between different parties.
Features
✔️Sweden-based exchange
✔️Listed at NASDAQ First Growth Market
✔️High transaction speed
Pros and Cons
✅Registered with SFSA ❌Only 8 cryptocurrencies available
✅Supports Swedish Krona ❌Fees are on the higher side
✅Intuitve interface ❌Limited product suite
✅Direct login with BankID
Trading Fees
Safello fee schedule
Customer Reviews
Safello is a reliable platform
Withdrawals can be a hassle on Safello
Why We Picked It
If you’re just getting into cryptocurrency, Safello is the right option. It has limited cryptocurrencies and products with a simple and no-nonsense interface. It is registered with the SFSA and allows easy logins with your BankID app.
Top 5 Decentralized Exchanges in Sweden
If you have some experience with Decentralized Finance(DeFi) products, then you can also try out crypto trading on Decentralized Exchanges(DEXs) where you don’t have to depend on a centralized company for trades.
UniSwap
One such exchange is UniSwap. It has a collection of smart contracts that define and detail the major aspects of the working of the platform. It is these smart contracts that determine how liquidity is to be provided, how liquidity pools are to be created and how the assets would be swapped.
Eliminating the intermediaries has helped UniSwap build an efficient peer-to-peer platform for crypto trading. Since UniSwap is developed on the Ethereum network, you can deposit and swap a wide variety of ERC-20 tokens including ETH. But note that you can only swap assets on UniSwap and cannot buy or sell cryptocurrencies.
UniSwap charges a small fee for transactions portions of which are given to liquidity providers as compensation for providing liquidity. This way, you can also earn crypto by simply 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
UniSwap trading fee tiers
Customer Reviews
UniSwap is a simple and usable DEX
UniSwap has excessively high gas fees
Why We Picked It
You just need to connect your wallet to start trading on UniSwap. It is a popular DEX in part because you can use your bank account or card to buy crypto. You also get to vote on governance proposals if you hold UNI.
PancakeSwap
PancakeSwap, developed on the BNB Chain, is another popular DEX that facilitates instant trading. You don’t need to register for an account or wait for your KYC to be verified. Connect a compatible crypto wallet and you are good to go.
PancakeSwap has a bright and cute design that makes crypto trading fun. It is a non-custodial exchange and you don’t need to hand over your funds to anyone. You control your keys and are responsible for their safety.
Apart from that, PancakeSwap gives you some innovative products to explore such as lottery programs, StableSwap specifically for stable pair swaps, syrup pools for staking and an NFT marketplace for checking out NFTs.
Features
✔️Uses AMM to run the platform
✔️Platform built on the BNB Chain
✔️Compatible with Metamask, Coinbase Wallet, Opera Wallet etc.
✔️Its native token is called CAKE
Pros and Cons
✅Facilitates BEP-20 token ❌Coins are not vetted before listing
swaps ❌Issue of phishing scams
✅Variety of products available ❌No BTC trading
✅No ID verification needed
✅Flat fee rate
Trading Fees
The trading fees for PancakeSwap
Customer Reviews
PancakeSwap’s CAKE pool is quite lucrative
PancakeSwap does not vet coins before listing them
Why We Picked It
PancakeSwap has a cute and colorful design that makes trading fun. It is upfront about the fees it charges and offers many products that are worth exploring. Not only can you stake CAKE but CAKE holders can also participate in the governance of the platform.
Curve Finance
Curve Finance is committed to the idea of decentralized in decentralized finance. Compared to a lot of DEXs, it is a very stable platform because it mainly provides liquidity for stablecoins. It has multiple liquidity pools that can be a good option if you are planning to hold your crypto for the long term.
In the short run, staking your assets in Curve Finance’s liquidity pools can get you some handsome rewards. As a bonus, Curve Finance can work on multiple blockchain networks including but not limited to Ethereum, Harmony, Arbitrum, and Polygon. It also has a native token CRV which is often given as a reward for providing liquidity. Not only that, but CRV holders also 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
Pool fees for Curve Finance
Why We Picked It
Curve Finance is a stable and efficient exchange with very low slippage. It is an extremely decentralized exchange that promises complete autonomy to the traders to conduct trades as they see fit.
Balancer
Balancer is also an Ethereum-based DEX that uses the AMM protocol to create liquidity pools and compensate the liquidity providers. However, what differentiates it from other similar projects are its public and private pools.
Public pools, as the name suggests, are open to anybody who wants to provide liquidity. In private pools, however, only the pool owner can change its parameters or decide to add or withdraw liquidity. Besides that, Balancer pools are multi-token pools i.e. more than one or two tokens can be added to a pool.
Balancer gives pool owners the kind of control and flexibility not found anywhere else. After all, it is the pool owners who set the fees for the pools and it can be anywhere between 0.0001% to 10%.
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
Fees for trading on Balancer
Why We Picked It
Balancer ensures flexible trading and gives traders control over the pools, particularly in the case of private pools. You can trade instantly by connecting any Ethereum wallet to the platform.
DODO
DODO is a DeFi platform that uses the Proactive Market Maker(PMM) protocol to ensure better liquidity and price stability for its users. It operates through oracles which act as a link between blockchains and real-time data.
DODO is, therefore, an efficient exchange with low slippage, high liquidity and zero impermanent loss. You can also build a liquidity market on it with the DODO Vending Machine provided that you have a wallet.
Liquidity mining is very easy on DODO and has no lock-up period involved. You can, thus, immediately redeem your assets and rewards anytime you want to.
Features
✔️Runs on the PMM protocol
✔️Native utility token is DODO Coin
✔️Private pools available for advanced traders
Pros and Cons
✅Minimal slippage ❌Fiat currencies cannot be used
✅No impermanent loss
✅Simple listing process
Trading Fees
DODO fee details
Why We Picked It
DODO has managed to move away from the limitations of AMM by adopting the PMM model. It has high liquidity and offers an overall better DeFi experience to users. Plus, it has products such as DODO Vending Machine, private pools and NFT Vault that you should definitely check out once.
Is Crypto Trading Legal in Sweden?
Yes, cryptocurrencies are considered tradeable assets in Sweden. However, no specific laws govern the trading and ownership of cryptocurrencies. This is further complicated by the fact that different authorities in Sweden have contradictory views on cryptocurrency.
Sweden’s financial regulator, Finansinspektionen(FI) has repeatedly warned consumers about the unregulated nature of most crypto assets and the risks associated with them.
The Swedish Financial Supervisory Authority(SFSA) has also warned against Initial Coin Offerings(ICOs) noting that most ICOs are not properly regulated.
However, Riksbank which is Sweden’s central bank has recognized the potential of blockchain technology and digital currencies. It aims to make Sweden a digital currency innovation hub and also launched the e-krona project in 2017 to analyze the need and use of a Central Bank Digital Currency(CBDC) in Sweden.
While there is no specific legislation addressing cryptocurrencies in Sweden, they generally fall under the Markets in Financial Instruments Directive II(MiFID II). However, this only applies to cryptocurrencies that are considered transferable securities.
The Swedish Currency Exchange Act requires certain financial institutions to comply with anti-money laundering(AML) regulations.
Virtual currency exchange service providers and custodian wallet providers were also brought within its ambit after Sweden implemented the EU’s Fifth Anti-Money Laundering Directive.
Therefore, any cryptocurrency exchange wishing to start operations in Sweden first has to comply with the country’s AML regulations.
Further, if any such exchange deals in digital currencies which are also considered financial instruments, operating markets requirements may be applicable to them and would need the authorization of the SFSA.
Since cryptocurrencies are taxable financial instruments in Sweden, citizens need to disclose their crypto holdings in their returns to the Swedish Tax Agency i.e. Skattevert.
Gains from cryptocurrency trading are subject to a flat capital gains tax rate of 30%. But at the same time, losses from the same are deductible up to 70%.
Therefore, while Sweden has not enacted any law for cryptocurrencies, it effectively treats them as financial instruments in most cases and regulates them like the latter.
The Bottom Line
Despite the differing stances and high taxes on trade gains, cryptocurrency exchanges have flourished in Sweden. Slowly, some international exchanges have obtained regulatory approval and started offering crypto services in the country.
Now, which exchange you choose to trade cryptocurrency on is your choice. It is important to take into consideration several factors such as the range of available cryptocurrencies, trading fees and other charges and security profile.
Also, keep in mind that cryptocurrencies are extremely volatile assets. You should invest in them only if you can afford to do so.