How And Where to Buy Crypto & Bitcoin in Austria (2024)

Looking to buy cryptocurrency in Austria? You’ve come to the right place!

This guide will show you the primary methods and platforms for purchasing crypto and walk you through the secure and efficient process of buying Bitcoin and other digital currencies in Austria.

Let’s dive in.

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What is the best way to buy crypto and bitcoin in Austria?

In Austria, there are various ways to purchase crypto. Here are the most popular methods:

#1 Cryptocurrency exchanges

A crypto exchange is a platform where people can buy, sell, and trade cryptocurrencies like Bitcoin and Ethereum. There are two types: centralised and decentralised.

According to specialists, trading cryptocurrency on digital exchanges depends on trust, with users trusting the platform.

However, there have been many cases where this trust was broken, leading to stolen funds. This can happen when dishonest providers disappear with the money, or the platform’s security is compromised.

Centralised exchanges are like online markets for crypto deals. They’re run by one company that handles user accounts and transactions.

Decentralised exchanges, or DEXs, work on the blockchain. They let people trade crypto without a central authority. They use automated systems or order books to match trades, and users keep their funds in smart contracts.

📚Read more: Centralized vs. Decentralized Crypto Exchanges

#2 P2P marketplaces

Peer-to-peer (P2P) platforms allow direct trading of crypto assets between buyers and sellers. They offer better privacy than regular online transactions and make it easy to trade different cryptocurrencies using various payment methods.

#3 Crypto wallets with built-in exchanges

Crypto wallets keep your digital assets safe and let you store, send, and receive cryptocurrencies.

While most wallets don’t let you buy crypto directly, some, like swissmoney, allow it. They let you sell, buy, and exchange crypto within the app. This makes managing your funds easier since you can access crypto and regular money from one place.

With swissmoney and similar wallets, handling transactions and keeping track of your digital assets is probably the simplest way.

📚Read more: Crypto Wallet vs. Exchange: Which Suits Your Cryptocurrency Strategy

#4: Bitcoin ATMs

Cryptocurrency ATMs, also called Bitcoin ATMs or BTMs, let people buy Bitcoin and other cryptocurrencies with cash. Like regular ATMs, users can put in cash and choose the cryptocurrency they want, getting it in return. They can also deposit cryptocurrency and get cash back after verification.

There are 116 ATMs scattered across Austria. Most of them are in Vienna, Graz, Linz, and Innsbruck.

📚Read more: Bitcoin ATM Withdrawal Guide

Best crypto exchanges to buy Bitcoin in Austria

As mentioned before, crypto exchanges can be centralized and centralized. Here are the best exchanges of each type.

Best centralized exchanges:

#1 Bitpanda

Bitpanda is one of the most popular crypto exchanges in Austria. It’s a well-established cryptocurrency exchange known for its focus on security and following regulations. It’s a trusted choice for Dutch traders to trade digital currencies.

Bitstamp is popular among traders who prioritize security and simple trading. Various cryptocurrencies are available, and they suit both beginners and experienced investors.

Key features:

• Strong security, with most assets kept in cold storage.
• Easy-to-use interface for straightforward trading.
• Accepts major fiat currencies like EUR for bank transfers.

#2 Kraken

Kraken is yet another popular crypto exchange in Austria. It is a US cryptocurrency exchange founded in 2011. It was among the first bitcoin exchanges on Bloomberg Terminal and was worth $10.8 billion in mid-2022.

However, in 2023, the SEC accused Kraken of selling unregistered securities through its staking service, which involved selling investment contracts without proper registration.

Key features:

• Offers up to 26% annually in staking rewards.
• Provides real-time and reference rate indices.
• Supports a wide range of trading pairs.

#3 Coinbase

Coinbase is a major company headquartered in the US. It’s a significant player in the cryptocurrency exchange industry. Established in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase operates as a distributed company with remote work setups for its entire staff.

Key features:

• Easy-to-use wallet interface.
• Available in over 130 countries.
• Extensive educational resources.

📚Related: How to Withdraw from Coinbase 

#4 Bitstamp

Bitstamp is a European cryptocurrency exchange started in 2011. It lets you trade in regular money, Bitcoin, and other cryptocurrencies. It was made as another option in Europe after Mt. Gox.

Bitstamp lets you deposit regular money for free within the European Union’s Single Euro Payments Area, making it simple to move money between European bank accounts.

Key features:

• Strong security measures.
• Competitive fees.
• A variety of advanced trading features.

#5 Bit2Me

Bit2Me, established in 2014, is a fintech company specializing in Blockchain and digital currencies. Their exchange prioritizes top-level security to safeguard users’ digital assets.

Bit2Me exchange was recognized as one of the most reliable exchanges in a recent Cointelegraph Research report that compared nine top exchanges worldwide. The assessment focused on four factors: tax location, transparency, asset protection, and user experience.

Key features:

• Over 250 cryptocurrencies.
• Acceptance of individuals, companies, and institutions.
• It is the first exchange registered with the Bank of Spain.
• Insurance of 150.000.000€ through a partnership with Ledger Enterprise.

Best decentralized exchanges:

#1 SushiSwap

SushiSwap originated from Uniswap but has evolved into its decentralized exchange. It provides opportunities for earning additional income through farming and staking. It’s compatible with various blockchains and is community-driven.

Key features:

• Compatible with multiple blockchains.
• Community-developed.
• Provides options for yield farming and staking.

#2 PancakeSwap

PancakeSwap shines brightly on the Binance Smart Chain. Established in 2020, PancakeSwap is a swift and cost-effective decentralized exchange. It specializes in trading BEP-20 tokens and is renowned for its minimal fees and additional features such as farming and staking.

If you seek a platform on the Binance Smart Chain that offers abundant opportunities for earning while keeping fees low, PancakeSwap is an intelligent option.

Key features:

• Compatible with BEP-20 tokens.
• Offers farming and staking opportunities.
• Minimal transaction fees.

#3 Uniswap

Uniswap is a favourite for trading Ethereum tokens. It’s easy to use and can manage many transactions. If you want to trade different Ethereum tokens easily, Uniswap is a great option. Its simple design makes it easy to use.

Key Features:

• Lots of liquidity.
• Many ERC-20 tokens are available.
• Easy-to-use interface.

📚Related: Best Decentralized Crypto Exchanges

Best crypto wallets to buy Bitcoin in Austria

#1 Bit2Me Wallet

Bit2Me Wallet is a versatile financial tool that combines cryptocurrencies and traditional money management. It lets users easily handle tasks like making instant global payments, buying and selling cryptocurrencies, and creating debit cards.

The wallet supports various currencies, and users can suggest additional cryptocurrencies through social networks. Bit2Me Wallet allows quick money transfers worldwide, with micropayments possible in cryptocurrencies.

Key features:

• Fee-free payments to anyone globally.
• Over 200 supported cryptocurrencies.
• 9% cashback for using the Bit2Me Card to pay with Bitcoin or other cryptocurrencies.
• Access to the blockchain academy.

#2 Ledger Nano X

Founded in 2014, Ledger is well-known for its top-quality cold wallets created by blockchain security experts. They offer personalized security solutions for banks, hedge funds, and wealthy individuals.

Their main product, the Ledger Nano X hardware wallet, supports NFT portfolios and over 1,800 cryptocurrencies. It works seamlessly on iOS, Android, and Windows platforms, making it a popular choice in the crypto world for its high-level security.

Key features:

• Supports over 5,500 coins and tokens.
• Wireless Bluetooth connection with compatible devices.
• Allows for staking and NFT support.
• Safe offline storage.
• Expanded storage capacity.

#3 Gemini Wallet

Gemini Wallet, established by cryptocurrency pioneers Cameron and Tyler Winklevoss, offers a user-friendly interface with multiple buying and selling choices.

The official website emphasizes its role as a cryptocurrency exchange and custodian, boasting SOC1 Type 2 and SOC 2 Type 2 certifications for security. However, it’s worth noting that the exchange has encountered data breaches, which have led to users receiving phishing emails.

Key features:

• Insurance coverage for specific digital asset losses.
• Extensive selection of digital assets.
• Regulated by the NYDFS.
• Smooth fiat on-ramps.
• Crypto rewards on purchases with the Gemini Credit Card.
• Price alerts, recurring buys, and secure staking.

#4 Electrum Wallet

Electrum Bitcoin Wallet, founded in 2011, is one of the oldest and most user-friendly options for storing Bitcoin securely. It emphasizes customization and fast setup. While its main focus is Bitcoin storage, Electrum offers customizable security features and quick blockchain synchronization.

Despite past security issues, Electrum regularly updates its design, supports multi-signature and two-factor authentication, and works well with hardware wallets for cold storage.

Key features:

• Wallet recovery with a secret phrase.
• Fast transactions due to server indexing.
• Reliable access with decentralized and redundant servers.
• Secure transaction verification using SPV.
• Offline private key storage and online watching-only wallet use.

📚Related: Best Crypto Wallets

Best crypto P2P platforms to buy Bitcoin in Austria

#1 LocalBitcoins

LocalBitcoins, headquartered in Helsinki, Finland, operates as a P2P Bitcoin exchange platform. It enables the trading of bitcoins for local currencies through user-generated advertisements detailing exchange rates and preferred payment methods.

Key Features:

• Available in over 200 countries.
• Supports over 300 payment options.
• Generates revenue from various sources, such as trade transaction fees, withdrawal fees, user rating fees, and additional service charges.

#2 Paxful

Paxful is a peer-to-peer cryptocurrency exchange that enables direct trading of cryptocurrencies and eliminates the need for intermediaries. It provides diverse payment methods and a mobile wallet app for managing holdings.

Key features:

• Multiple payment methods like online bank transfers, Apple Pay, and PayPal.
• Easy-to-use interface for mobile and desktop.
• Available in over 150 countries and supports over 20 languages.
• Continuous support through FAQs, forums, and 24/7 account monitoring.

#3 Bisq

Bisq is a decentralized peer-to-peer cryptocurrency exchange allowing direct buying and selling of cryptocurrencies without intermediaries.

It operates differently from centralized exchanges by not storing users’ funds, which lowers risks. Instead, it matches buyers and sellers through a network of nodes for direct trades.

Key features:

• No requirement for personal information during signup.
• Supports various fiat currencies and cryptocurrencies.
• Open-source software for transparency and community involvement.

Best OTC trading platforms to buy Bitcoin in Austria

#1 Kraken OTC

Kraken OTC offers personalized service with a dedicated account manager for trading and settlement. It provides a variety of cryptocurrencies for more trading options and competitive pricing.

Targeting high-net-worth individuals and institutions, Kraken OTC easily connects with Kraken’s regular exchange for simple account transfers.

Key features:

• Clients receive one-on-one service.
• Trades can be conducted over chat.
• A Request-For-Quote system facilitates custom trades.
• Flexible settlement options are provided within 24 hours.

#2 Bitfinex OTC

Bitfinex OTC, from the digital asset trading platform Bitfinex, provides advanced services for cryptocurrency traders and global liquidity providers. This feature enables the execution of large trades directly with a counterparty, avoiding public order books.

Key features:

• Personalized service.
• Flexible settlement options.
• Seamless integration with Bitfinex’s standard exchange platform.
• Competitive pricing.

#3 Coinbase Prime

Coinbase Prime runs an OTC crypto trading desk for financial institutions, providing block trading, algorithmic orders, margin finance, and advanced market data. It also offers financing solutions such as lending, margin, and shorting to enhance trading strategies in various market conditions.

Key features:

• Access to major exchanges.
• Options for lending, margin, and shorting.
• Secure storage of multiple assets.

Remember, while OTC (Over-the-Counter) trading platforms exist for Bitcoin purchases, finding one specifically catering to Austrian users with low minimums might be challenging.

Note: All information provided is dated 02 April 2024 and may have been updated since. Please check each platform’s official website for the latest information.

How to safely buy cryptocurrency in Austria (step-by-step)

When buying Bitcoin in Austria, follow precautionary steps to ensure a smooth and secure experience.

Step 1: Select a reputable platform

To do this, you should evaluate various crypto platforms by checking Trustpilot reviews for reliability, monitoring social media engagement, and reviewing news articles for positive or negative coverage. Choose platforms with a solid track record and no major issues to minimize risks.

Step 2: Prioritize security

Look for a crypto platform with robust security measures such as encryption, two-factor authentication (2FA), cold storage, regular audits, and insurance.

Remember that the FDIC does not insure cryptocurrency exchanges or cryptocurrency itself, so ensuring platform security is vital for protecting your investments.

Step 3: Be aware of taxes

Familiarize yourself with the tax regulations to avoid surprises and ensure law compliance.
In 2022, Austria introduced a new tax reform.

Since March 1st, 2022, holdings have been split into old and new categories, changing tax rules. Old assets bought before February 28, 2021, might not be taxed if held for over a year; otherwise, tax is based on earnings.

New assets bought after March 1, 2021, are always taxed when sold. NFTs still follow old tax rules.

Step 4: Start with small investments

Only invest money you can afford to lose due to market price volatility and conduct thorough research before investing in any cryptocurrency.

Additionally, diversify your investments across different cryptocurrencies to lower risk and stay informed about the latest news and trends in the crypto market.

📚Related: Best Crypto Friendly Banks in Europe

How to choose the best crypto platform to buy Bitcoins in Austria

Consider these important points when deciding where to buy Bitcoin in Austria:

#1 Explore

There are various ways to purchase Bitcoin in Austria. Determine which method suits you best, whether managing your assets on your phone or using a Bitcoin ATM.

#2 Check availability

Ensure the platform is accessible in Austria and supports the cryptocurrencies you want. Look for a simple interface and real-time market data. Platforms that work on different devices, such as smartphones and computers, are convenient.

#3 Compare fees

Different platforms impose varying fees. Some charge for deposits, while others have monthly fees. Compare trading fees to avoid unexpected costs.

#4 Evaluate security

Seek platforms with robust security features such as encryption and password protection. Opt for those with two-factor authentication (2FA) for extra security. Additionally, ensure options are available for account recovery and backups in case of a lost device.

What are the top payment methods for buying crypto in Austria?

#1 Bank transfer

Many crypto exchanges in Austria accept bank transfers, also called wire transfers, for purchasing Bitcoin and other cryptocurrencies. Open a bank account and initiate a wire transfer.

Compared to SEPA transfers, wire transfers are faster and often processed within the same or the next business day. However, they may incur higher fees and have a wider geographic coverage beyond the eurozone.

#2 SEPA transfers

In Austria, SEPA transfers are commonly used to deposit funds to buy cryptocurrencies on platforms. They typically take 1-2 business days to process. However, this may vary depending on the bank and platform.

📚Read: A Comprehensive Handbook to SEPA Bank Transfer

#3 Credit and debit cards

Certain exchanges and platforms in Austria facilitate cryptocurrency purchases using credit and debit cards, offering a quick and convenient payment option.

The time taken for credit and debit card transactions to complete varies from a few minutes to several days, depending on the platform’s processing and your bank’s policies.

📚Related: What’s the Difference Between a Debit Card and a Credit Card?

#4 Cash

Cash is another payment method for buying crypto in Austria. You can exchange cash for crypto at Bitcoin ATMs or use it at SBB ticket machines.

#5 Crypto

Some platforms offer crypto-to-crypto trading, allowing users to purchase cryptocurrencies using stablecoins or other digital assets. Transactions may take anywhere from a few minutes to several hours.

Is cryptocurrency legal in Austria?

Yes, cryptocurrency is legal in Austria.

What regulations govern cryptocurrency in Austria?

While there’s no specific crypto regulation, the Financial Markets Authority (FMA) oversees crypto assets under Anti-Money Laundering (AML) regulations.

Austria has implemented the Fifth Anti-Money Laundering Directive (AMLD5) into national law to regulate virtual assets and crypto service providers.

Crypto service providers must adhere to AML/CFT obligations, including record-keeping, reporting to the FMA, customer due diligence, and transaction monitoring.

Moreover, Austria has specific tax rules for crypto assets.

What are the tax implications for crypto transactions in Austria?

Since the tax reform started on March 1st, 2022, holdings are now divided into old and new categories, impacting tax payments.

• Old Assets: If you bought your crypto before February 28, 2021, it’s old. You might not have to pay tax if you held it for at least a year. Otherwise, you pay tax based on how much you earn (progressive tax rate).
• New Assets: If you bought your crypto on or after March 1, 2021, it’s new. You pay tax when you sell it, either at a fixed rate of 27.5% or based on how much you earn (progressive tax rate).

The crypto-to-crypto exchange is now tax-free. However, NFTs still follow the old rules for holding periods, exemption limits, and progressive income tax rates.

Why buy crypto on swissmoney?

swissmoney platform ensures smooth transactions between fiat and cryptocurrency, simplifying the process of buying Bitcoin, Ethereum, and other digital currencies.

With strong security features, adherence to regulations, dedicated IBAN accounts, and virtual payment cards that can be instantly funded with crypto, swissmoney offers a user-friendly crypto experience.

Whether you’re new to cryptocurrency or an experienced user, swissmoney provides a simple way to manage your digital assets.

Methodology: How we chose the top crypto buying platforms in Austria

We extensively examined different methods and platforms for purchasing cryptocurrency in Austria, considering their features, supported currencies, and reputations. We prioritized platforms with robust security, reasonable fees, and advanced trading capabilities.

Our summaries provide a brief overview of each platform’s features and accepted deposit methods.

FAQs

Can I buy Bitcoin in Austria?

Yes, you can buy Bitcoin in Austria. You have options like using exchanges such as Bitpanda, Kraken, and Gemini or platforms like Bit2Me. Bitcoin ATMs are also available in Austria for buying Bitcoin with cash.

How can I buy Bitcoin online in Austria?

To buy Bitcoin online in Austria, you have options like crypto exchanges, P2P platforms, and specific crypto wallets.

To do it, follow these steps:

• Choose a reputable platform, sign up, and complete any necessary verification processes.
• Select a suitable payment method such as bank transfer, credit/debit card, Apple Pay, or Google Pay.
• Enter the amount of Bitcoin you want to buy and complete the transaction using your selected payment method.
• After the purchase, consider transferring your Bitcoin to a personal crypto wallet for added security or leaving it in your exchange wallet if you prefer.

Is Austria a crypto-friendly country?

Yes, Austria is known for being friendly towards cryptocurrencies, with many citizens involved in crypto investments.

Read: The 16 Most Crypto-Friendly Countries Report

Is it safe to buy crypto in Austria?

Yes, it’s safe to buy crypto in Austria. The country has rules to prevent money laundering, and many trustworthy exchanges and platforms are available.

Where can I buy Bitcoin in Austria?

You can buy Bitcoin in Austria from various sources, including cryptocurrency exchanges like Bitpanda, Kraken, and Coinbase and peer-to-peer platforms such as LocalBitcoins and Paxful.

You can get a crypto wallet like swissmoney and use it to manage, sell, and buy Bitcoin and other crypto coins and fiat currencies in one place.

Additionally, Bitcoin ATMs are available in Austria, providing a convenient way to purchase Bitcoin with cash.

What is the easiest way to buy Bitcoin in Austria?

The easiest way to buy Bitcoin in Austria is through cryptocurrency exchanges, which offer a user-friendly platform for purchasing Bitcoin using various payment methods or using the swissmoney all-in-one financial solution.

What are the most popular cryptocurrencies to buy in Austria?

The most popular cryptocurrencies to buy in Austria include:

• Bitcoin
• Ethereum
• Litecoin
• Ripple
• Cardano

What are the fees for buying crypto in Austria?

The fees for buying crypto in Austria depend on the platform or exchange used.

Which crypto exchange is best in Austria?

Here are some of the best crypto exchanges in Austria:

• Bitpanda
• Kraken
• Coinbase
• SushiSwap
• PancakeSwap

Which crypto exchange is best for beginners in Austria?

Bit2Me is one of the best crypto exchanges for beginners in Austria. It offers an easy-to-use platform perfect for beginners who want to trade cryptocurrencies.

Bit2Me also ensures top-level security to protect users’ funds, providing peace of mind. Customer service is comprehensive, with telephone support available in English and assistance in multiple languages, which is ideal for beginners needing guidance.

Which Bitcoin wallet is best in Austria?

swissmoney is one of the best Bitcoin wallets in Austria. swissmoney prioritizes security and reliability, safeguarding users’ funds and assets.

Its user-friendly interface caters to beginners, making it easy to manage Bitcoin holdings. With support for multiple fiat and cryptocurrencies and adherence to the latest security standards, swissmoney is a top choice for Bitcoin storage in Austria.

Can you buy Bitcoin anonymously in Austria?

Yes, you can anonymously buy Bitcoin in Austria using services like Coinfinity. You can purchase Bitcoin at shops across the country without providing extensive personal information or identification.

How do I sell crypto in Austria?

There are many ways to sell crypto in Austria. While the process varies, these are the main steps:

1. Choose a platform: Select a Cryptocurrency Exchange like Bit2Me or Coinbase, a Peer-to-Peer (P2P) Marketplace such as LocalBitcoins, or a crypto wallet like swissmoney.
2. Transfer your crypto: Move your crypto to the chosen platform if it’s in a separate wallet.
3. Initiate the sale: Sell your crypto on the exchange by specifying the amount and price, or create a sell order on the P2P marketplace with your desired terms.
4. Receive payment: Get paid in Euros on the exchange after the sale, or receive payment from the buyer on the P2P marketplace through your preferred method.

📚Learn more: How to Exchange Crypto for Fiat

How do I cash out crypto in Austria?

In Austria, cashing out cryptocurrency means selling it for Euros, which you can withdraw to your bank or get as cash. You can do this through:

1. Cryptocurrency Exchanges like Bit2Me or Coinbase which is the most common method.
2. Peer-to-peer (P2P) Marketplaces like LocalBitcoins connect buyers and sellers directly but require caution.

Less common options include:

• Using Bitcoin ATMs (BTMs) to sell crypto for cash, although fees are typically high.
• Some Cryptocurrency Brokers may offer crypto-to-fiat conversion services, but research their fees carefully.

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