Belarus is a country known for its favorable cryptocurrency laws. In fact, till 2023, crypto transactions were largely tax-free in the country. With this, Belarus seeks to develop the digital economy and help in the growth of the country’s tech industry.
However, a unique thing about Belarus’ digital economy regulations is that citizens are allowed cryptocurrency transactions only through exchanges based in its Hi-Tech Park(HTP).
Crypto trading is generally viewed positively in Belarus and it has also been ranked as one of the Top 10 crypto tax-friendly countries in 2023 by the blockchain analysis firm Glassnode.
When it comes to crypto trading itself, there are several exchanges operating in Belarus. You can easily buy Bitcoin on any such platform in Belarus with some of them also supporting the Belarusian ruble(BYN).
Top 7 Cryptocurrency Exchanges Operating in Belarus
Coinbase
Coinbase is an excellent platform for people who are still new to cryptocurrency and crypto trading. Its simplicity and accessibility make it an ideal choice for inexperienced traders still getting used to cryptocurrencies. With 250+ tradable assets, you have plenty of options for the type of asset you want to trade.
Even for advanced traders, Coinbase has several options. The Coinbase Pro platform, among other things, offers more experienced traders several sophisticated market tracking and charting tools for advanced trades.
The Coinbase mobile app too is fantastic for on-the-go trading. You can always keep track of your investments and it can be used on both Android and iOS devices. The app also gives you access to several popular DApps like Magic Eden, Galxe, and OpenSea.
Though Coinbase uses cold storage for user assets, you can also put your assets in the Coinbase Vault for added security.
Features
✔️Over 250 cryptocurrencies available
✔️Second-largest crypto exchange in the world
✔️Public listed company
✔️Cold storage and Coinbase Vault for security
Pros and Cons
✅Decent crypto selection ❌Higher fees on basic platform
✅Straightforward user interface ❌Customer service is poor
✅Native Coinbase wallet
✅Tutorials on crypto trading available
Trading Fees
Coinbase exchange trading fees
Customer Reviews
Coinbase is a fine exchange for crypto trading
Fees are often very high on Coinbase
Why We Picked It
Coinbase has a minimalistic and straightforward user interface that makes it ideal for people still learning the ropes of crypto trading. For advanced traders, the Coinbase Pro platform has many advanced charting and analysis tools. The Coinbase Vault is also an excellent choice for safely storing your funds.
Kraken
In business since 2011, Kraken is one of the oldest cryptocurrency exchanges. It has grown by leaps and bounds since its inception and is now one of the top cryptocurrency exchanges.
On Kraken, you get to choose between over 200 cryptocurrencies for spot, futures and margin trading. You can also check out crypto indices, OTC services and staking opportunities on the platform. There are several types of flexible and bonded products available to cater to users with different investment goals.
Like most crypto exchanges, Kraken encourages the use of 2-factor authentication(2FA) for account security. However, it also has a Global Settings Lock(GSL) for additional security and a bug bounty program for the community to report bugs in the system.
Features
✔️More than 200 cryptocurrencies available
✔️Basic and Pro platforms for users
✔️Supports spot, margin and futures trading
✔️Uses 2FA and GSL for security
Pros and Cons
✅Good crypto collection ❌Kraken Instant Buy is expensive
✅Kraken Pro has cheaper trades ❌Not the best choice for new traders
✅Earning opportunities
✅Active bug bounty program
Trading Fees
Kraken Instant Buy fees breakdown
Kraken Pro trading fees explained
Customer Reviews
Kraken has a fast and seamless withdrawal process
ID verification on Kraken can be lengthy and frustrating
Why We Picked It
There are many trading types available on Kraken and it also offers many investment options suitable for intermediate and advanced-level crypto traders. Its educational resources cryptocurrency and cryptocurrency trading are unmatched. Kraken’s proof-of-reserves report is also public to maintain a certain standard of transparency.
Bybit
Bybit is another cryptocurrency exchange with a boatload of features and interesting products for users to explore. Though it is primarily a derivatives trading platform, it has plenty of offers for spot traders too. For example, Bybit offers over 280 pairs for spot trading.
Perpetual swapping is also a popular choice on Bybit. For this, you can use USDC and USDT as collateral on the platform. USDC can further be used as collateral for both inverse and options contracts. Apart from that, you can also check out copy trading on Bybit. With copy trading, you can mimic the strategies of top traders without getting into the technical details.
Bybit has a native wallet that can be used for storing crypto assets and NFTs. The wallet can further be used to access Web3 and explore DApps. Additionally, the exchange uses AI to analyze your investment profile and come up with recommendations for tools suitable for your investment style and goals.
Features
✔️Platform for derivatives trading
✔️Over 280 spot trading pairs available
✔️Has biggest USDC Options marketplace
✔️Copy trading available
Pros and Cons
✅Fantastic user interface ❌Trading stats reported are unverified
✅Fees are on the lower side
✅Supports demo trading
✅In-built Bybit wallet
Trading Fees
Bybit exchange trading fees explained
Customer Reviews
Bybit has a great interface and interesting features
Bybit’s customer service can be unresponsive
Why We Picked It
Bybit is a fantastic exchange with a sleek interface for both the desktop and mobile app. Derivatives traders would like it for its low fees. Along with that, Bybit offers many other lucrative crypto-related products. This includes a Web3 wallet and a Bybit card for making crypto payments.
OKX
Seychelles-based cryptocurrency exchange OKX was founded by Star Xu and is known for its fast transactions, competitive fees and strong APIs. It is a very beginner-friendly platform with a sleek design that makes navigating it easier. The OKX Pro platform even lets users customize the layout to their liking.
Further, the exchange has its own blockchain known as OKX Chain and a native token called OKB. The OKX crypto wallet is compatible with more than 40 networks and also lets you check out DApps. Along with supporting spot margin and options trading, OKX charges very low fees and especially to VIP users.
Features
✔️Over 400 cryptocurrencies available for trading
✔️Has its own OKX Chan and OKB token
✔️OKX Wallet is compatible with 40+ networks
✔️Jumpstart mining initiative to farm DeFi tokens
Pros and Cons
✅Competitive trading fees ❌Fee structure is convoluted
✅Supports many payment types ❌Customer service is unresponsive
✅Resources for crypto
learning
✅Has demo trading mode
Trading Fees
Trading fees for OKX exchange
Customer Reviews
OKX is an easy and simple-to-use exchange
OKX’s customer support can be better
Why We Picked It
OKX supports many trade types so you can always choose something that catches your fancy. Here, you can test out your strategies in the demo trading mode before using them on the main platform. The advanced version of OKX even lets you customize the layout. Plus, you can also farm DeFi tokens here if you wish to.
Crypto.com
With mobile phones being used for everything these days, Crypto.com has honed in on that particular demographic. It focuses on developing its mobile app to cater to traders who do everything from their phones. With an estimated 80 million users, it is one of the most popular cryptocurrency exchanges.
On Crypto.com, you can trade more than 250 cryptocurrencies including its native Cronos(CRO) token. You can also stake various assets here with the earnings calculator giving you an upfront estimate of your staking income. Plus, holding or staking CRO can bring additional benefits such as discounts on trading fees.
Among other things, Crypto.com offers users a digital wallet that can be used for storing their cryptocurrencies. Users can also get a Visa-powered card that can be used for making payments to merchants. Further, the exchange has an NFT marketplace where you can check out new and upcoming NFT collections. For security, Crypto.com uses cold storage, multi-factor authentication(MFA) and enables address whitelisting.
Features
✔️Primarily for mobile app-based trading
✔️Over 250 cryptocurrencies available for trading
✔️Uses cold storage and MFA for security
✔️Native utility coin is known as Cronos(CRO)
Pros and Cons
✅Diverse range of coins ❌Unsatisfactory learning resources
✅Trading fees are reasonable ❌Not very beginner-friendly
✅Native crypto wallet
✅Crypto loans available
Trading Fees
Trading Fees for Crypto.com
Customer Reviews
Crypto.com app has several interesting features
Users have had problems with withdrawals on Crypto.com
Why We Picked It
Crypto.com is a solid mobile app for trading cryptocurrencies. It charges reasonable fees and offers multiple assets for staking. By staking CRO, you can even get rebates on trading fees. Along with all this, Crypto.com also offers a Visa-powered card with cashback and rewards for users.
KuCoin
KuCoin is a cryptocurrency exchange with one of the largest coin collections. With over 700 cryptocurrencies in its kitty, there are very few exchanges that can compete with KuCoin on this front.
This massive crypto variety combined with its low trading fees makes this exchange an excellent choice for intermediate and above level crypto traders.
KuCoin also supports crypto lending and offers several assets for staking. Additionally, you can also get rewards for inviting your friends to the platform. KuCoin’s Halo wallet functions as a social wallet with which you can explore Web3 and keep track of the on-chain activities of other wallets.
On KuCoin, you should set an additional trading password along with the regular account password for security. MFA can also be enabled and it uses encryption technologies for securing user information.
Features
✔️More than 700 cryptocurrencies available for trading
✔️Supports over 16 languages
✔️Uses MFA and encryption for security
✔️Native utility coin is called KuCoin Token(KCS)
Pros and Cons
✅Large crypto selection ❌Fee structure is convoluted
✅Low trading fees ❌No quality-check for coins
✅Halo wallet to access Web3
✅Trading bots are available
Trading Fees
Trading fees for KuCoin
Customer Reviews
KuCoin has a lot of cryptocurrencies to explore
KuCoin’s customer service is not good
Why We Picked It
You get to have access to a diverse range of cryptocurrencies on KuCoin. There are several opportunities to grow your assets here, the fees are low and you also get a commission for referring people to the platform. Plus, the exchange has a social element via the Halo wallet with which you can check out the on-chain activities of other wallets.
Bitstamp
Like Kraken and Coinbase, Bitstamp is also one of the oldest cryptocurrency exchanges out there. With 50 licenses and registrations, this exchange is one of the most heavily regulated platforms for crypto trading. Therefore, you can rest assured that you will have a safe trading experience on Bitstamp.
Though the number of cryptocurrencies available here is lower than many other exchanges on this list, it has a simple and transparent fee structure and you have the assurance that your assets would be safe on this platform.
Bitstamp may not be full of features but it excels at delivering what it promises i.e. a fast and simple crypto trading experience. Plus, with Bitstamp’s mobile app, you can trade, check your account and keep track of your investments from anywhere.
Here, 95% of the user assets are stored in cold wallets and all personal data is encrypted for security reasons. Further, you can enable transaction confirmation on Bitstamp for added security.
Features
✔️80+ cryptocurrencies for trading
✔️One of the oldest cryptocurrency exchanges
✔️Funds kept in cold storage
Pros and Cons
✅Trading fees are reasonable ❌Few crypto coins
✅Beginner-friendly platform ❌Margin trading not available
✅Excellent mobile app
Trading Fees
Fees for Bitstamp exchange explained
Customer Reviews
Bitstamp is a simple and trusted platform
Users have reported issues with withdrawals on Bitstamp
Why We Picked It
Bitstamp has been in the business for a long time and is a reputed and reliable crypto trading platform. It may not have a lot of features and products but it is a simple exchange perfect for people new to cryptocurrencies. It is a secure platform and has an excellent mobile app as well for trading.
Top 3 Decentralized Exchanges in Belarus
UniSwap
UniSwap is one of the most well-known decentralized exchanges and for good reason. It is the exchange that started the wave of DeFi projects in the crypto industry. UniSwap is an Ethereum-based exchange that facilitates ERC-20 token swaps on the platform.
For trading on UniSwap, you just some crypto and a wallet to store it. That’s it. You don’t need to compromise your privacy by submitting your personal information and can peacefully swap tokens by connecting your crypto wallet.
The whole process of swapping tokens is automated on UniSwap with the help of the Automated Market Maker(AMM) protocol. Everything is defined and executed by smart contracts here. You can create permissionless pools for any ERC-20 token, provide liquidity on the platform by depositing tokens in the pools and get a part of the trading fees as a reward for that.
Features
✔️Project created on the Ethereum blockchain
✔️Uses Automated Market Maker(AMM) system
✔️Native coin is called UNI
✔️Compatible with wallets like Metamask, Trust wallet etc.
Pros and Cons
✅ERC-20 token swapping ❌No vetting of coins
✅Accessible platform ❌Does not have customer support
✅Non-custodial exchange
✅Ensures user privacy
Trading Fees
UniSwap trading fees
Customer Reviews
UniSwap is a fine example of a decentralized exchange
UniSwap has no mechanism for registering complaints
Why We Picked It
UniSwap is popular because it is an easy-to-use platform, has high liquidity and competitive pool fees. The fees you pay on UniSwap for ERC-20 token swaps are proportional to the risk involved with the trading pair. You just need a crypto wallet to trade on UniSwap and can do so from anywhere in the world.
PancakeSwap
PancakeSwap is another popular decentralized exchange with plenty of interesting products for crypto traders. Though it is a ‘Swap’ exchange, it is not built on Ethereum like the majority of such platforms. It is a BNB Chain project used for swapping BEP-20 tokens.
The BNB Chain helps PancakeSwap avoid frequent network congestion and high gas fee issues- something that is very common with Ethereum-based platforms.
As its name suggests, PancakeSwap’s theme involves food and even the terminology used on the platform is in line with this theme. Its native token is CAKE, it is staked in dedicated syrup pools and there are Initial Farm Offerings(IFOs) for access to new tokens.
Further, PancakeSwap has also introduced CAKE Bridging between Ethereum, Aptos and BNB Chain.
Features
✔️Project created on the BNB Chain
✔️Four-tiered pool fee system
✔️Utilizes Automated Market Maker(AMM) protocol
✔️Native coin is called CAKE
Pros and Cons
✅BEP-20 token swapping ❌Problem of scams and phishing
✅Pools are permissionless ❌No vetting of coins
✅User control over private keys
✅Lower slippage
Trading Fees
Trading fees for PancakeSwap
Customer Reviews
PancakeSwap especially its CAKE pool is liked by users
PancakeSwap has no quality control for crypto tokens
Why We Picked It
PancakeSwap is a very creative platform with innovative products that make trading fun. Its v3 ensures lower slippage and provides more range for pool fees. You can stake the CAKE token for some passive income and CAKE bridging is also available here.
Bisq
Bisq is a community-driven cryptocurrency exchange managed as a decentralized autonomous organization(DAO). It is not a platform hosted on the Internet but rather a computer application with an open-source code. You need to download and install this application on your computer to run the platform.
In this sense, Bisq is a completely decentralized and self-service platform that lets people trade cryptocurrency as they wish without the interference of any third party. The maker-taker fees here are always denominated in either BTC or the exchange’s native BSQ token.
Features
✔️Free downloadable computer application
✔️Functions as a DAO
✔️Does not support fiat currencies
✔️Native coin is called BSQ
Pros and Cons
✅Proper P2P trading ❌Not beginner-friendly
✅Open-source platform ❌Little to no learning material
✅Geographically scattered servers
✅Trader control over private keys
Trading Fees
Fees for Bisq exchange
Customer Reviews
Bisq is an exchange for people who like proper P2P crypto trading
Bisq’s interface needs some improvements
Why We Picked It
Bisq is an exchange that conforms to the principles and spirit of cryptocurrency. It is suitable for traders who want to negotiate directly with other traders. Bisq has ensured that its servers remain geographically scattered so that the possibility of a central failure is eliminated.
Note: With Belarus banning P2P cryptocurrency transactions, you should tread carefully and consult a professional before going for a P2P cryptocurrency exchange.
Is Bitcoin Legal in Belarus?
Yes, Bitcoin and all other cryptocurrencies are legal in Belarus. In fact, Belarus was one of the first jurisdictions to legalize cryptocurrencies and implement a regulatory regime for them. Decree No.8 “On Development of Digital Economy” came into force in March 2018 and legalized cryptocurrency exchange operations.
The decree further defined terms such as “token”, “mining” and “cryptocurrency.” In Belarus, cryptocurrencies are not considered money or security. Rather, it is a unique asset in a dematerialized form. Therefore, crypto-related activities are excluded from currency as well as banking and security regulations.
Anyone in Belarus can own crypto tokens, store them in digital wallets, mine them or exchange them for other tokens. On the taxation front, Belarusian law states that activities related to mining, acquisition and sale of crypto tokens are tax-free for both individuals and businesses.
Belarusian cryptocurrency laws are, overall, quite liberal though the National Bank of Belarus has specified that BYN is the only legal tender in the country. Plus, crypto tokens can be exchanged only for BYN, foreign currency, electronic money and other tokens.
In the latter half of 2023, reports emerged of Belarus planning to ban P2P cryptocurrency transactions in a bid to curb cyber crime and illicit activities. For this, it plans to implement a procedure similar to the one for exchanging foreign currencies. This will, in turn, make it impossible to withdraw money obtained from illegal activities.
Conclusion
There are several cryptocurrency exchanges operating in Belarus. This gives crypto traders in the East European country plenty of choice for crypto trading. The tax-free regime makes it a sweeter deal. You can also use the BYN on certain platforms to buy cryptocurrency.
However, you should always remember that crypto trading is a risky and speculative venture. The value of cryptocurrencies can fluctuate wildly in a matter of a few minutes for the most random reasons.
Therefore, it is very easy to lose money while trading cryptocurrency. Hence, you should tread carefully and never invest money that you cannot afford to lose.