Best Crypto Exchange in Lithuania 2023

Cryptocurrencies are a high-growth investment asset that has garnered significant interest in recent years. Their high volatility has led to huge returns for early investors. Some altcoins have bull cycles of over 100,000% in the space of a year.

Currently the crypto market is currently following a bearish trajectory, with the price of Bitcoin – the crypto market leader – down by over 60% from its all-time high of $69,000. Now could be a good time to invest before the next bull market. In this article, we review the best crypto exchanges in Lithuania.

The Top Bitcoin Exchanges in Lithuania Reviewed

Now we have taken a brief look at the top crypto exchanges in Lithuania, we are going to dig deeper into each one. We will cover factors like ease of use, how beginner-friendly the broker is, how much it costs to trade with, deposit fees, tools and features, supported payment methods, and much more. Let’s dive in:

1. eToro

The best regulated crypto exchange Lithuania based investors can use is eToro. It is suitable for beginners as it’s simple to use, and accepts a range of payment options including bank transfer, debit/credit card, and e-wallets like PayPal and Skrill. Users can deposit funds using any of these methods with a minimum deposit of just $50.

When it comes to fees, eToro charges just 1% commission plus spread on all crypto trades. The only other fee that users need to be aware of is the $10 inactivity fee which is charged when users leave their accounts unattended for over 12 months, simply log in to avoid that. There’s also a $5 withdrawal fee.

eToro gives users access to 70 cryptos and 2000 other financial assets, including stocks, shares and indices. Stock trading is zero commission.

The eToro platform also has some of the best investment tools on the market. For example, users gain access to eToro Smart Portfolios. Simply deposit $500 into a set portfolio, and eToro will actively manage it for the best returns possible. These can be filtered for asset allocation, risk and return.

In addition to this, copy trading and social trading functions are available. Copy trading allows users to directly copy other eToro investors, buying when they buy, and selling when they sell. Social trading lets users share posts to 30 million other eToro users, which can be great for getting new crypto investment ideas and learning to trade crypto.

When it comes to security, eToro is a front runner, employing a number of state-of-the-art blockchain protocols to protect its wallets. In addition to this, the platform is regulated by the FCA, ASIC and CySEC – allowing it to operate in 140+ countries, including Lithuania.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

2. Crypto.com

Our next broker choice is Crypto.com. It is one of the most popular brokers on the market, with over 50 million users. A big part of this is likely due to the fact that the platform offers over 250 coins, which is great for those wishing to build a multi-coin portfolio.

Crypto.com does charge deposit fees of 2.99% when using a debit card, so if users are looking to buy Bitcoin with a cheaper broker, then eToro may be a better option.

Users can earn cashback though at selected retailers by using a Crypto.com card. When they do so, users will be rewarded with a cashback of up to 8% of the value of their purchase. The best part of this is that the cashback comes in the form of crypto and is transferred directly into users’ portfolios.

In addition to this, Crypto.com offers crypto staking. This is the process of giving up temporary access to crypto in turn for receiving interest as a reward. The current interest offered on Bitcoin is around 6%, but for other altcoins, it can be as high as 14.5%. Staking can therefore be a great way to add passive income to users’ portfolios.

Crypto.com has also launched its own NFT marketplace. NFTs have proved one of the most profitable investments in recent years, exploding in value in 2021. Having access to this asset alongside your crypto could therefore be a valuable tool.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

3. Bitstamp

Another one of the best Lithuanian Bitcoin exchanges is Bitstamp. It was founded back in 2011 making it a veteran in the broker field. It’s a great choice for beginner investors as it has an easy-to-use website and a well-designed accompanying mobile app. It also caters for more advanced investors, by giving them the opportunity to have access to more advanced trading tools to perform technical analysis.

The platform currently has 70+ cryptos available to trade, like eToro. Two of these coins, Ethereum and Algorand, are available for staking, where users can earn interest of 4.5% and 5% per coin respectively.

A slight fault of Bitstamp is that it does not support Solana or Polkadot yet. These are two popular altcoins, and if users wish to trade them then eToro has listed both.

Regarding fees, Bitstamp is a great option. Fees are individual to each user as they are calculated based on monthly trading volumes. If users are trading under $10k per month, then they can expect to pay a very reasonable 0.5% in commissions. The best thing is that when these numbers increase, they will pay even less commission. Bitstamp is therefore a good broker for high-volume traders.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

4. Coinbase

Our fourth pick for Lithuania facing exchanges is Coinbase. Coinbase is one of the world’s largest crypto exchanges, offering over 100 cryptos on its exchange platform to its 70 million users, and more can be traded via its wallet.

One downfall of Coinbase is also its high debit card fees, like Crypto.com. Deposit via bank transfer to avoid those. However, a positive is that Coinbase has a minimum deposit of just $2. It is also well regulated being compliant with the FCA in the UK and the SEC in the US.

Their Coinbase Earn programme offers users the chance to ‘Earn while they learn’, by watching educational videos and earning free crypto as a reward.

In terms of fees, the maker / taker fees start at 0.4% / 0.6% respectively. Place a limit order instead of a market order when trading to pay the lower maker fee. Coinbase has a great mobile app for beginners, and a more advanced crypto app (Coinbase Pro) as well as an easy-to-use website.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

5. Binance

Binance is also one of the top crypto exchanges in Lithuania. It has over 30 million users and gives them access to 600+ coins, making it one of the biggest crypto exchanges in the world. It’s therefore a great option for diversifying portfolios.  The platform also has an NFT marketplace (Binance NFT), which as explained above, can yield high returns when traded correctly.

It has a very high level of security, offering some top-of-the-line wallet protection including private keys, two-factor authentication, and human verification for wallet entry.

Users can also pick between beginner (classic mode) and advanced trading platforms, which have differing levels of technical indicators on them.

In terms of fees, Binance is a cheap option, as it charges just a 0.1% fee on all crypto trades. However, there is a hefty 4.5% charge for credit card deposits, which is a point users should consider. If users want a cheaper deposit alternative, they can link e-wallets which have a lower charge.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

6. BitPanda

Bitpanda is another one of the best cryptocurrency exchanges Lithuanians can access. It’s useful for portfolio diversification, as it allows users to trade crypto index funds. It does this by allowing users to buy into index funds of 5, 10, or 25 cryptos based on market cap. Users can also trade commodities which is good for even more diversification.

A slight downfall of Bitpanda is that there is no staking option, so users can’t earn crypto interest. However, it arguably makes up for this with its low fees. Fees come in at just 1.49% for the basic platform, and 0.1% for Bitpanda pro. Minimum deposits depend on pay-in and pay-out method, as well as verification status.

7. Spectrocoin

Another top crypto exchange in Lithuania is Spectrocoin. It currently supports 48 coins, which can all be managed under one wallet. The platform comes with a mobile app, available on both IOS and Android, making it widely accessible, and great for beginners.

There is also a dedicated 24/7 customer service team which can be contacted at any point using either the online chat function, telephone, or email.

In terms of costs, the platform offers a small minimum deposit of just $3. However, there is a high deposit charge of 5.5% on this. Trading commissions are just 0.1% which makes it a very cheap broker to trade with. Spectrocoin pro offers slightly lower fees and more advanced tools for technical analysis.

8. Paxful

Our final Lithuanian Bitcoin exchange is Paxful, which has over 6 million users and supports over 300 different payment methods.

Paxful supports 145 fiat currencies but only 3 cryptos, ETH, BTC, and USDT. It does have low fees of 1% commission per trade, however, this is only paid when selling cryptos so buying crypto is free of charge. Deposit costs and amounts depend based on the payment method, but for bank transfers, the minimum deposit is $10 and the commission is 0.5%.

When users sign up for a Paxful account, they get a free BitGo wallet, which is a leading wallet in the crypto industry.

The Best Lithuania Crypto Exchanges Compared

Below is a comprehensive comparison of all of the above Lithuanian crypto exchanges:

How to Choose the Best Lithuania Cryptocurrency Exchange for You

There are a number of considerations users should make before picking the best wallet for them. We have laid a few out below:

Regulation

Users should aim to pick a highly regulated broker. This will reduce the likelihood of any hacking or defaults on payments, keeping users’ funds safe. The FCA is the biggest regulator in the UK for example, and any FCA broker like eToro will also be compliant with all Lithuanian regulation.

Tradable Cryptos

Some brokers only support a few cryptos, while others support hundreds. Users should consider how much they want to diversify their portfolio, and for day traders how many assets they want to trade.

Fees

Fees can add up over time so choosing a cryptocurrency exchange with low fees is vital. The two main fee considerations are commissions and spread – charged per trade, alongside any deposit, withdrawal, and inactivity fees.

Tools & Features

Some brokers offer unique tools to enhance the consumer trading experience. For example, eToro offers Smart portfolios, copy trading, and social trading, which sets it aside from other brokers. Crypto.com offers the most staking coins to earn crypto interest – currently 50 different cryptos and stable coins.

Payment methods

Users may wish to deposit funds with a certain payment option like bank transfer, credit card, or e-wallet. Users should note that each of these methods usually garners a slightly different charge.

Customer service

Customer service is a very important element to a broker. If any problems are encountered, users want to be able to have this quickly resolved. Most of our brokers have 24/7 live chat, email, and phone customer service.

How to Use a Lithuanian Crypto Exchange

Now we have covered all the necessary information regarding the best crypto exchange in Lithuania, let’s look at how readers can set up an account today with eToro:

Step 1: Set up an account

Visit the eToro.com website and follow the onscreen instructions to get an account set up. Users will have to provide an email and password to do this.

Step 2: Verify the account

Before depositing, users must pass a KYC verification. To do this, they should submit two forms of ID to eToro, which aims to verify these within minutes.

Step 3: Deposit

Once verified, users can deposit using a number of payment options including bank transfer, e-wallets like PayPal and Skrill, and debit/credit cards.

Step 4: Buy Crypto

Search for Bitcoin using the search bar and click ‘Trade’ when the BTC icon pops up. Open the order form and fill it out to add a Bitcoin position to a portfolio.

Are Crypto Exchanges Legal in Lithuania?

Cryptocurrency is legal in Lithuania, and financial transactions with cryptocurrency are supported. These regulations came into force in 2020 and brokers are obligated to follow them. There are two main licences that exchanges must obtain before selling crypto:

1. Cryptocurrency exchange licence – A company holding this licence is able to exchange digital currency for FIAT currency or vice versa, hence acting as an exchange intermediary, and receiving commission from doing so.
2. Crypto wallet and custodian services licence – A company with this licence may operate a client wallet to store digital currency which includes generating and storing encrypted client keys

Both of these licences must be held at all times by exchanges and are granted and monitored by the Lithuanian Financial Crime Investigation Service (FCIS).

Crypto Tax in Lithuania

Cryptocurrency is taxed as income in Lithuania and is hence liable to the laws set out in the Republic of Lithuania Law on Personal Income Tax. When a resident sells an asset, the difference between the sale price and the acquisition price will be the taxable amount which users must pay. This will be taxed at the same rate as income, which is 15%. Users should make sure to always be on top of taxes on their assets as tax evasion is a punishable criminal act.

Conclusion

Overall, we have looked at some of the best crypto exchanges in Lithuania. With so many to choose from, we hope our top 8 list narrows down the choice of top crypto exchanges in Lithuania. With the crypto market back at historical support levels, now could be a great time to buy in for long-term growth.

If readers are wishing to buy crypto, then we recommend the best crypto exchange in Lithuania to be eToro. The platform is easy to use, making it great for beginners. It’s also highly secure, being regulated by the FCA and offers cheap trading fees of just 1% on crypto. It also gives users success through a plethora of great tools like social investing, copies trading, and smart portfolios.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

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