The Netherlands was an early center of interest in Bitcoin and cryptocurrency-related activities. In fact, the city of Arnhem is known for having such a large number of merchants that accept Bitcoin that it's fairly easy to do without converting to the fiat currency for everyday purchases.
This is not a country where Bitcoin is under any legal restriction, so anyone who wants to buy their first Bitcoin or other cryptocurrency assets has nothing to worry about when operating in this jurisdiction. In fact, the Netherlands is one of the best countries in the world to live in if you are someone whose idea of cryptocurrencies has captured every aspect of your life
Are cryptocurrencies legal in the Netherlands?
As in many other major European countries, individuals can freely use Bitcoin and other cryptocurrencies without fear of encountering any complications from the law. The law regarding Bitcoin and other cryptocurrencies in the Netherlands has been clear for many years, and the country boasts a thriving community of cryptocurrency supporters who are interested in the technology for both financial and philosophical reasons.
Nevertheless, the country has taken action against exchanges that did not collect enough information about their users. Relatively new anti-money laundering laws have made it more difficult for smaller platforms to comply with the law, meaning that there were many opportunities to buy bitcoin in the Netherlands that disappeared in 2020.
While this may seem to have a negative impact on the cryptocurrency market in the Netherlands, it is important to remember that extensive user checks have become mandatory in most developed countries around the world. It is likely that this trend will continue until all exchanges around the world are forced to collect large amounts of data on their users.
What is the cheapest way to buy Bitcoin and other cryptocurrencies in the Netherlands?
When it comes to cheap options for buying bitcoin in the Netherlands, three of the best options for anyone will be eToro, Coinbase i Crypto.com. These three exchanges have comparable rates when it comes to the fees that are associated with each transaction, although these platforms may be a bit too complicated for people who just want to click a button that says "Buy Bitcoin" without having to worry about features aimed at more advanced traders.
While most users only think about fees before anything else when it comes to trading cryptocurrencies cheaply, in reality you should also think about other factors such as trading pairs and liquidity. After all, if you're starting with euros, trading on an exchange that focuses on U.S. dollars will lead to higher fees because you'll have to exchange euros for dollars before you can access bitcoin or any other cryptocurrency. When it comes to liquidity, Crypto.com BTC/EUR, so users who start with euros can first create an account on this platform.
How to buy cryptocurrency with a credit card in the Netherlands?
There are many different options in Europe buying bitcoin with a credit or debit card. When it comes to finding a trusted, reliable source for this type of transaction, it's hard to beat Coinbase, which may have the most respected name in the entire cryptocurrency exchange industry.
If you intend to buy Bitcoin using a credit card in the Netherlands, it should be noted that there are some limitations that accompany this form of payment. Namely, you will face lower limits when it comes to the amount of cryptocurrency you can buy per month using your credit card.
In addition, purchases made with credit cards incur much higher fees than when using a traditional exchange.
The views and opinions expressed here are solely those of the author and should not be taken as financial advice either. Every investment and transactional activity involves risk, so you are advised to do your own research when making any trading, investment or financial decisions.