Finland is a bitcoin-friendly country and was home to the first ATM launched on the European continent. As in most other developed countries, there is a strong bitcoin and cryptocurrency user base in this Nordic country, and Finland has hosted many cryptocurrency-related events over the years.
The use of cryptocurrencies in Finland is completely legal, and there are even regulations aimed directly at cryptocurrency users. Anyone living in the country should have no problem finding a bitcoin and cryptocurrency exchange that can be linked to a bank account and used to engage in the market for cryptocurrency assets.
How to buy cryptocurrencies in Finland
From Finland, you can use all the major cryptocurrency exchanges in the world. Whether you're looking for a simple, broker-like interface to buy bitcoin or want an advanced platform to buy and sell the most niche altcoins on the market, you'll be able to find something that suits your specific needs.
Bitcoin ATMs are a great option if you want to convert bitcoin into physical cash (or vice versa) as quickly as possible. According to Coin ATM Radar, there are currently 10 bitcoin ATMs throughout Finland, with 3 of these ATMs located in Helsinki. Many of these ATMs are operated by Bittimaatti, which is a cryptocurrency company based in Finland. Users of these bitcoin ATMs are able to withdraw up to €5,000 in a single transaction, which is quite high compared to the limits on bitcoin ATMs globally.
What are the best cryptocurrency exchanges in Finland?
The top five cryptocurrency exchanges operating in Finland are. eToro, Crypto.com, Coinbase, Binance and Kraken. Each of these exchanges provides a different experience for its users, and choosing the ideal cryptocurrency platform for your situation will depend on a number of factors.
If you're someone who just wants to buy some bitcoin and hold it for five or ten years in a way that's as simple as it gets Coinbase will probably be the best choice. Yes, the fee of 1.5% is a bit higher than what you can get elsewhere, but you're paying for the added convenience. Coinbase is also one of the most reputable cryptocurrency brands in the world, so you'll know you're working with someone you can trust. If you want to delve a little deeper after your initial purchase, you can always use the Coinbase Pro for its future commercial activities.
Binance may be a better option if you want to trade as many altcoins as possible on a daily basis. There are low Know Your Customer and anti-money laundering regulations on this platform, so you can get started with nothing more than an email address and some bitcoin.
Kraken is a well-balanced option when it comes to the learning curve, and is also home to the most liquid market for trading between bitcoin and euros. For most people, Kraken will be the best option in Finland and other parts of Europe, due to the high level of bitcoin euro trading on the platform, and the fees are also completely reasonable. You can also trade multiple altcoins on this platform, and the interface can be changed depending on your familiarity with online trading systems.
eToro - The best platform to buy cryptocurrencies in Finland
eToro is one of the largest cryptocurrency exchanges, with a history dating back more than 15 years. It is fully regulated by the FCA, ASIC and CySEC, so you gain the benefits of trading on a regulated platform, most notably insurance on balances up to $250,000, and peace of mind knowing that your investments are safe.
Cryptocurrencies are not the only area where eToro shines - before it became the best Bitcoin exchange , it was a powerhouse in index trading, ETFs and CFDs. Of course, eToro retains all of the aforementioned features, allowing you to trade a wide range of financial instruments, meaning you're not limited to just cryptocurrencies. This can be a huge benefit for anyone who comes from a trading background and is just entering the world of cryptocurrencies, as it allows you to manage all your investments through a single platform.
eToro is well known for its industry-leading security, so you don't have to worry about your funds. Any data you give to eToro is protected from anyone trying to steal it because it is SSL encrypted, and along with your private keys, it is stored offline in cold storage. This is an important factor for any hosted wallet, because if someone were able to access your private keys, they could potentially "recover" your account and steal your coins.
eToro is an ideal platform for beginners and experienced users alike, offering a range of indicators and charting tools for technical traders, as well as several features ideal for beginners. If you want to get into cryptocurrencies as soon as possible, then investing in "managed portfolios" may be your style.
Instead of spending hours researching the market for cryptocurrencies , which you think have potential, eToro users have done it for you. You can invest directly in these wallets and have the advantage of a well-balanced account from day one. In addition, eToro gives users the ability to perform trades called copy trading.
Copy Trading allows you to automatically mirror the trades of some of the most profitable users, while maintaining control over your own risk tolerance.
In order to give you the best possible advantage, eToro only charges spread fees, not brokerage fees. This means that you won't pay any direct fees, but the bid/ask prices will vary by a few percent.
Are cryptocurrencies legal in Finland?
Finland is a bit late to the party when it comes to regulating cryptocurrency activity in the country. The Finnish Financial Supervisory Authority (FIN-FSA) only officially began regulating the bitcoin and cryptocurrency industry in May 2019. This financial regulator is responsible for overseeing all cryptocurrency exchanges and other bitcoin-related businesses that emerge in the country. FIN-FSA is also tasked with regulating the issuance of new digital assets by centralized entities, which was an extremely popular activity during the Internet bubble ICO (initial coin offering) in 2017.
FIN-FSA's regulation of the cryptocurrency industry is based on anti-money laundering regulations. When FIN-FSA's new role as the regulator of cryptocurrencies in Finland was originally announced, the regulator claimed that its role would be to ensure the reliability of firms that hold cryptocurrency assets on behalf of their clients, protecting against potential loss of funds by those clients, making sure that companies' own cryptocurrency funds are segregated in various accounts from customers' holdings, overseeing how cryptocurrency companies are advertised to consumers, and combating terrorist financing and various types of illicit trafficking that can be driven by the cryptocurrency market.
In other words, FIN-FSA is concerned with regulating the cryptocurrency market from basically every possible angle.
Because of the way cryptocurrencies are regulated in Finland, an entity must be registered with the relevant regulatory authorities in order to operate legally. This registration requirement may be at least partially responsible for the lack of cryptocurrency-focused companies in Finland.
Although Finnish regulators warn of all the potential risks commonly associated with the cryptocurrency market, such as wild fluctuations in the prices of various cryptocurrency assets, the government allows companies to offer cryptocurrency trading services to Finnish residents.
When it comes to taxes, bitcoin and other cryptocurrencies are not treated as currency or securities. Instead, profits from cryptocurrencies are taxed on a contract basis, just as profits from the outcome of a contract for difference (CFD) are taxed. Like many other countries, Finland expects taxes to be levied in situations where someone buys a cryptocurrency, the value of that cryptocurrency increases, and then the person makes a purchase with a higher-value cryptocurrency.
Summary
It can be confusing sifting through all the available cryptocurrency exchanges in Finland, but after reading this guide you should have all the required knowledge to choose the best exchange . The best cryptocurrency platform will vary from person to person, but after analyzing many factors, we can wholeheartedly recommend eToro as the best place to buy Bitcoin and other cryptocurrencies in Finland. This is because it combines a great mix of security, trading tools, additional features and convenience, making it great for everyone from beginners to experienced traders.
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.
