If you’re interested in buying and selling crypto coins in Spain, there are a few things you need to know. In this guide, we will provide step-by-step instructions on how to purchase and sell cryptocurrencies in Spain. We will cover the legal aspects, as well as the best platforms to use for trading.
Before purchasing or selling any type of cryptocurrency in Spain, it’s important to understand the legal framework surrounding these digital assets. In general, Spain has a very crypto-friendly attitude and does not restrict its citizens from buying or selling cryptocurrencies. However, there are some regulations that you should be aware of:
- Cryptocurrencies are not recognized as legal tender in Spain, meaning they cannot be used to settle debts or obligations.
- Any gains from cryptocurrency trading are subject to capital gains tax, which ranges from 19% to 23% depending on the amount earned.
- Cryptocurrency exchanges and wallet providers must comply with anti-money laundering (AML) and Know Your Customer (KYC) regulations.
Choosing a Platform
Now that you understand the legal aspects, it’s time to choose a platform for buying and selling crypto coins in Spain. There are several options available, but here are some of the most popular ones:
- Bitpanda: This is a popular cryptocurrency exchange that allows users to buy and sell a variety of coins, including Bitcoin, Ethereum, and Litecoin. They offer multiple payment methods, such as credit/debit cards, bank transfers, and even cash deposits.
- Coinbase: Another popular exchange, Coinbase offers a simple and user-friendly interface for buying and selling cryptocurrencies. They also offer a mobile app for easy trading on the go.
- LocalBitcoins: This is a peer-to-peer marketplace where buyers and sellers can directly trade with each other. It’s a great option for those who prefer more privacy and control over their transactions.
- Bitnovo: This platform offers a unique service where users can purchase cryptocurrencies through prepaid cards, which can be found at select retail stores in Spain.
Purchasing Crypto Coins
Once you have chosen a platform, the process for purchasing crypto coins is relatively similar across all platforms:
- Create an account: First, you’ll need to sign up for an account on your chosen platform. This usually involves providing some personal information and verifying your identity.
- Deposit funds: Next, you’ll need to deposit funds into your account using one of the available payment methods.
- Choose the cryptocurrency: Select the coin you want to purchase, and enter the amount you wish to buy.
- Confirm transaction: Once you’ve reviewed your order and confirmed all details, click on “Buy” or “Purchase” to complete the transaction.
- Store your coins: After the transaction is completed, you will receive your cryptocurrency in your platform wallet. It’s recommended to transfer these coins to a personal wallet for increased security.
Selling Crypto Coins
Selling crypto coins follows a similar process to purchasing them:
- Log in to your account: If you’re not already logged in, sign into your account on the chosen platform.
- Choose the cryptocurrency: Select the coin you want to sell and enter the amount you wish to sell.
- Confirm transaction: Review your order and confirm all details before clicking on “Sell” or “Trade”.
- Transfer funds: After the sale is completed, you can choose to withdraw your funds to a bank account or leave them in your platform wallet for future trading.
- Keep track of your transactions: It’s important to keep track of all your cryptocurrency trading for tax purposes. Most platforms provide a transaction history that you can refer to.
Buying and selling crypto coins in Spain is relatively easy and straightforward, thanks to the country’s favourable attitude towards cryptocurrencies. However, it’s essential to understand the legal aspects and choose a reliable platform before making any transactions. Remember to always do your research and keep track of your trades for tax purposes.