Various financial authorities in Belgium, such as the National Bank of Belgium and the Belgian Financial Services and Markets Authority, have issued warnings in the past about the possibility of losses in the bitcoin and cryptocurrency market. However, this European country is one of the best places to live if you are interested in cryptocurrencies.
Citizens of Belgium have been able to buy Bitcoin and other cryptocurrencies through exchange platforms for many years, and most of the world's largest exchanges now operate in the country. Importantly, there are many Bitcoin ATMs operating in Belgium, and personal transaction fees are lower than in most other parts of the world.
Is it legal to buy cryptocurrencies in Belgium?
One of the first questions newcomers to cryptocurrencies ask is about the legitimacy of the entire cryptocurrency ecosystem.
While it is true that some countries have placed severe restrictions on the use of Bitcoin and other cryptocurrencies, the reality is that the technology is generally legal in free countries around the world - including Belgium. In fact Bitcoin is not subject to value added tax (VAT) in Belgium.
While there is a lot of hype in the media about the use of Bitcoin in illegal, criminal activities, the reality is that the average person on the street can still use this digital asset as a medium of exchange.
For now, financial regulators in Belgium are mainly interested in tracking cryptocurrencies at entry and exit points, which means they are mainly interested in exchanges.
This is why new users have to hand over a large amount of personal data when they use one of these platforms in Belgium. However, it should be noted that this is the case in almost all jurisdictions around the world.
Are cryptocurrencies taxed in Belgium?
Yes, cryptocurrencies are taxed in Belgium.
Cryptocurrency tax laws in Belgium are quite complicated, so it's worth setting up an account if you have large cryptocurrency assets.
In short, cryptocurrencies are taxed differently depending:
- You make a living trading cryptocurrencies.
- You are a high-risk investor.
- You are an ordinary investor.
If you trade cryptocurrencies to earn a living, you will generally be taxed at the highest rate (from 25-50%). Meanwhile, if you are a high-risk investor, you are likely to be taxed at a rate of 33%. Meanwhile, ordinary cryptocurrency investors may be tax-free in certain situations.
Remember that these regulations change frequently, and Cryptosonar does not provide tax or financial advice, so be sure to seek professional help with tax issues.
How easy is it to buy bitcoin in Belgium?
Buying bitcoin in Belgium is extremely easy, as many of the major exchanges can operate in the country. Well-known exchange platforms such as Coinbase i eToro, make it easy for anyone in Belgium to access their first bitcoin, and altcoins are also readily available. Well-known trading platforms for more advanced users are also available, such as Binance.
There's nothing wrong with using an exchange with a sleek user interface to access cryptocurrencies for the first time, but consumers should keep in mind that these types of platforms for novices usually come with higher fees.
What is the best bitcoin wallet in Belgium?
As a rule, bitcoin wallets are universal, so the best wallets in other parts of the world will also be the best in Belgium. We've bookmarked some of the best wallets for securely storing cryptocurrencies, including two hardware wallets and one software wallet.
What is the best cryptocurrency exchange in Belgium?
If you're going to buy cryptocurrencies in Belgium, you'll want to find a platform that strikes a balance between usability and cost. If you're not too worried about handing over your personal information to third parties, your best option in Belgium will be one of the established, centralized platforms that allow you to connect your bank account and access global liquidity.
In the case of Belgium, Crypto.com is the ideal exchange to choose because of the liquidity it offers on EUR trading pairs. Crypto.com's fees are also very competitive globally, and users can take advantage of a simplified trading interface that is not much harder to master than clicking a big button that says "Buy Bitcoin."
Although Crypto.com has features that are useful for novices, it is still a platform that focuses mainly on more advanced cryptocurrency traders - we are talking about Crypto.com/exhange.
The second option for an exchange with an easy-to-use interface is Coinbase. Its intuitive design makes it extremely easy to navigate for cryptocurrency novices.
What is the best altcoin exchange in Belgium?
If you're already using Crypto.com to buy bitcoin, you'll notice that multiple altcoins can also be traded on this platform.
For most cryptocurrency users, it is likely that Crypto.com will have all the cryptocurrencies and tokens the user wants to trade. However, Binance is an alternative option if you want to delve into the more niche offerings on the market. Additionally, Binance is an attractive option for privacy-conscious users, as it has fewer requirements when it comes to account verification. Still, this limited version of anti-money laundering restrictions is capped at 2 Bitcoins per day.
What is the cheapest way to buy bitcoin and other cryptocurrencies in Belgium?
Although Belgium is known as a hotbed of Bitcoin ATM activity, the reality is that these systems will not give you access to cheap cryptocurrency transaction fees.
To get low fees, you will need to connect your bank account to a global exchange that has high liquidity and is registered as a regulated entity. As mentioned earlier, the relatively low fees combined with the high liquidity in EUR on the Crypto.com make this platform the cheapest option for buying Bitcoin and most other cryptocurrencies in Belgium.
Coinbase is the cheapest option when it comes to more user-friendly platforms, and they even have an advanced platform available for more experienced cryptocurrency traders in the form of Coinbase Pro.
How to sell bitcoins in Belgium?
Selling your Bitcoin can be quite a simple task, as there are many Bitcoin ATMs in the country. In various places around the world, the fees for using these ATMs range from 5% to 10%, and the machines in Belgium are at the lower end of this range.
To get a better deal on selling cryptocurrencies, you need to use an exchange such as Crypto.com or Coinbase. After connecting your bank account and providing some personal information, you will be able to sell your bitcoins on the exchange itself, at a much lower cost than at bitcoin ATMs.
Can I buy bitcoin in Belgium with a credit card?
If you're going to buy bitcoin with a credit card in Belgium, you might want to take a closer look at Coinmama. The platform offers the highest limits on the market when it comes to purchases made with a credit or debit card, and the purchase fee will be around 5%.
You can also buy Bitcoin more cheaply outright with a debit card through Coinbase; however, keep in mind that this exchange platform has lower limits on the amount of cryptocurrency you can buy with this payment method.
Depending on your bank and credit card provider, you may not be able to buy Bitcoin and other cryptocurrencies with it. In most cases, you'll want to avoid buying Bitcoin with your credit card, as fees make the transaction uneconomical in many situations.