How to Buy Bitcoin in Slovakia – Beginner’s Guide

Investors who want to buy Bitcoin in Slovakia should experience convenience and low fees. That makes investing easy, and it’s possible to get that kind of service with the best crypto exchanges. We searched the Slovakian market and compared exchanges.

Our findings led us to seven brokers that provided everything investors need to buy Bitcoin. We compared their fees, support, licenses and several other key aspects. Let’s get into the details of our reviews and everything investors need to know about buying Bitcoin.

How to Buy Bitcoin Slovakia – Quick Guide

Where to Buy Bitcoin in Slovakia

Several exchanges enable investors to buy Bitcoin in Slovakia, but we found the best places to help investors get started.

1. Crypto.com – Popular Exchange in Europe

Another great place to buy Bitcoin in Slovakia is Crypto.com. It offers more than 250 cryptocurrencies to 50 million users. Crypto.com has appealed to such a large market because it enables beginner traders easily to place trades while providing pro traders with indicators and tools such as moving averages and Fibonacci extensions to execute trades after in-depth technical analysis. Mobile traders can use the convenient app, which boasts everything on the desktop version.

Funding an account is possible via bank wire, ACH, debit/credit cards and crypto wallets. Investors opting for cards will be entitled to a free first month, but they’ll incur a 2.99% charge thereafter. A minimum deposit of 100 USDC is required to trade. Investors can deposit coins for free, but a withdrawal charge is applicable and determined by each coin. Traders are charged 0.4% for trading up to $25,000. The fees are lower with higher volume.

Crypto.com enables investors to make money from crypto by holding coins on the exchange. Investors can stake coins to earn interest. It requires investors to buy the desired coins and lock them in for a specific period. Certain coins offer up to 14.5% interest per annum. Investors wanting to stake stablecoins can earn up to 10% per annum.

Cryptoassets are a highly volatile unregulated investment product.

2. Bitstamp – Exchange Offering 24/7 Support

One of the key reasons Bitstamp is the go-to place to buy Bitcoin in Slovakia is its excellent support. Every trader needs support now and again, and Bitstamp works around the clock to provide it. Traders don’t need to worry about time zones, and they can expect prompt responses to queries. Plus, Bitstamp’s platform is designed to enable traders to open positions efficiently.

Ensuring their funds are secure is one of the key aspects investors need to consider. So we discovered that is also important to Bitstamp because it’s regulated by the Luxembourg Financial Regulator, the Commission de Surveillance du Secteur Financier.  

Investors can choose from 73 cryptocurrencies on the platform and deposit funds via SEPA and ACH, which are free. Buying crypto with a card is possible but comes with a 5% fee. Investors can do international wires for a 0.05% fee. Bitstamp requires investors to deposit at least €7.5. SEPA withdrawals are €3, and wire withdrawals are 0.1%. Trading fees are charged at 0.5% up to $10,000 trading volume. The fees drop to 0.25% above that volume.

Slovakian investors can use Bitstamp to stake coins. Only Ethereum and Algorand are available for staking. Ethereum staking investors can earn up to 4.39% per annum, and Algorand offers up to 5%.

Cryptoassets are a highly volatile unregulated investment product.

3. Coinbase - The Most Popular Global Exchange

Not only is Coinbase a great exchange to buy Bitcoin in Slovakia, but its popularity has spread around the world. Whether investors are only starting out or have been trading for years, Coinbase has provided platforms for both. The standard platform requires investors to click a few buttons to place a trade. But expert traders can use Coinbase Pro, which features advanced charts and other benefits. The best part is that traders don't pay for the pro version.

Getting started with Coinbase requires investors to deposit a minimum of $25. Funding accounts is possible via bank wires, SEPA and Ideal. ACH deposits are free, but SEPA deposits are charged at €0.15. Investors using USD wire to fund accounts will be charged $10.

Coinbase allows investors to buy cryptos with debit/credit cards and Apple Pay. Investors can withdraw profits via Paypal and Instant Card Cashouts.  Trading fees differ for takers and makers. Takers pay 0.6% while makers are charged 0.4%. After traders exceed a monthly trading volume of $10,000, the fees decrease.

NFT investors can use Coinbase to create and collect NFTs. The platform offers a 0% fee for a limited time. Staking is also available on this platform, and investors can earn up to 5.75%.

Pros

Cryptoassets are a highly volatile unregulated investment product.

4. Binance - Exchange Offering More Than 600 Cryptos

One of the most popular places to buy Bitcoin in Slovakia is Binance. This platform has the highest day-trading volume of all exchanges. One of the reasons for that is its coin offering.

More than 600 cryptos are available on Binance, and it offers staking for over 100 coins. Some staked coins provide triple-digit returns for a staking period of 90 days. Staking investors can opt for flexible periods to stake their coins, but the annual percentage yield (APY) is lower.

Investors can buy Bitcoin instantly after depositing euros into their accounts. Deposit methods include SEPA, P2P Express, Advcash Account Balance and Etana Account Balance. Out of those, the only payment option that's not free is SEPA, incurring a €1 fee. Funding via debit/credit cards is available and charged at 1.8%. A minimum of €3 needs to be deposited. Binance provides a fixed fee for trading, which is only 0.1%.

Binance has upped its game on being regulated. France has recently regulated Binance and has allowed the platform to function as a regulated digital asset service provider.

Considering Binance's low fees, the broad range of cryptocurrencies and high APY for staking coins, it's easy to see why more than 90 million traders use it to buy Bitcoin (BTC).

Cryptoassets are a highly volatile unregulated investment product.

5. BitPanda - Popular Exchange Offering Indices

One of the appealing factors of using BitPanda to buy Bitcoin in Slovakia is that it's specifically tailored for the European market. Considering that the crypto market is largely unregulated, it's nice to see that BitPanda is serious about regulations and adhering to high ethical standards. BitPanda is regulated by MiFID II and PSD2, which is a payment solution. The platform is also compliant with AML5, so it means that it offers secure storage in offline wallets.

Opening an account with BitPanda is a simple process and then funding is possible via SEPA, Skrill, cards, Neteller and Sofort. The minimum investors can deposit is €25. This platform offers one of the lowest trading fees on BitPanda Pro. Takers are charged 0.15% and makers incur a 0.10% fee. 

Investors can take advantage of several great features on this platform. One of them is earning interest with staking, and the other is trading indices. BitPanda is one of the few crypto exchanges offering indices trading. That enables investors to diversify their portfolios. The three indices available are BitPanda Crypto Index 5, 10 and 25. Otherwise, investors can invest in single coins. The platform offers 60 cryptocurrencies.

6. Paxful - Most User-Friendly Platform

To buy Bitcoin in Slovakia, users need to follow a few simple steps. Certain exchanges make funding accounts difficult due to limited options, but Paxful is convenient. It offers 350 payment options. Investors can choose bank wire, debit/credit cards, Paypal, gift cards and e-wallets, to mention a few. Paxful also enables cash deposits. The minimum deposit is $10.

The reason that beginner investors enjoy using Paxful is because it provides a user-friendly platform. It's specifically designed for beginners, making the purchase of cryptocurrencies a three-step process: selecting BTC, choosing a payment option and entering the amount of fiat currency to spend.

Paxful wanted to appeal to all traders, so it waived the buyer's fee. Only sellers incur a fee for trading on Paxful. Funding the account via a wire transfer will incur a 0.5% fee and credit cards are charged 1%. Investors need a minimum of $10 to trade. The platform doesn't charge for sending/receiving Bitcoin.

The thing that makes Paxful unique is that it provides crypto rates based on a user's verification status, currency pairs selected and preferred payment method.

Should I Buy Bitcoin?

Each investor needs to decide for themselves if Bitcoin is the right investment. One of the ways to do that is by determining investment goals and comparing them to Bitcoin. When investors choose to invest in Bitcoin in Slovakia, they should be prepared for massive volatility. Bitcoin's price has shown to move up and down drastically, so this type of investment would favor risk-seeking investors. The upside of that is potentially high profits.

Investors should determine a timeline for their goals. If they feel that stock market profits take too long, then a crypto market might be the right option. Bitcoin has gone on a massive bull run in 2013, 2017 and 2021.

It's important that investors know everything about Bitcoin so they can compare its characteristics to their investment goals to see if they align.

Benefits of Buying Bitcoin

Investors who choose to buy Bitcoin in Slovakia will benefit in several ways.

Owning a Scarce Asset

The great thing about owning Bitcoin is that it has a finite supply. It means that Bitcoin holders own something that not many investors possess. When Bitcoin came out in 2008, its circulation supply was 21 million. Since then, it's been reduced to just over 19 million.

Bitcoin's circulation decrease happens by halving. That process rewards Bitcoin miners for processing transactions on the blockchain. Bitcoin's popularity has grown throughout the years, so demand has increased but supply has decreased. The market has revealed that the prices of assets in short supply and high demand surge.

Potentially High Profits

Profits are not guaranteed, but Bitcoin has shown that it has yielded massive returns for investors who bought when the market was in fear. Prices were low during those times and sentiment was bearish. A good example of that is the global lockdowns in March 2020. At the time, Bitcoin had fallen from its then all-time high (ATH) of $19,000 to $3,900, losing 80% of its value.

Investors who bought Bitcoin at that time watched it pump all the way to $69,000 by November 2021. They earned more than 1,700% in 20 months. That's a pretty good return for waiting less than two years after investing at the bottom.

Bitcoin has also shown that its 10x returns weren't only during the 2021 rally. The coin surged more than 2,000% during the 2017 bull run. Bitcoin also provided massive gains to investors during the 2013 price pump. It's capable of providing great returns, but investors should also note that when the price rallies significantly, a major correction almost always follows.

Decentralization

A lot of crypto's appeal stems from decentralization, which means that no entity or government body controls a platform. Bitcoin is based on a decentralized platform called blockchain. More people every day want to get away from traditional financial institutions such as banks to manage their own money. Bitcoin offers that option.

Because Bitcoin is decentralized, governments have limited control over it. Although global governments have regulated Bitcoin in certain countries, they cannot freeze the blockchain network, unlike people's bank accounts. Since people can access their Bitcoins whenever they want, they can trade anytime and from anywhere in the world.

It's a Global Currency

The best thing about Bitcoin is that it's not confined to one or several countries. Investors can use it globally. Owning Bitcoin means that investors can buy goods/services around the globe wherever Bitcoin is offered as a payment option. Investors don't really have any restrictions from third parties such as exchanges and governments when using it as a currency.

Sending Bitcoin across the world takes only a few minutes from any location. Investors can do it from their homes or at work. They don't need to go anywhere to fill out forms and wait days for funds to reflect on the beneficiary's side. Bitcoin takes several minutes to reach the beneficiary at any time because it's always trading; it's never closed, unlike the banks.

Since Bitcoin is regarded as a global currency, investors don't need to exchange their local currencies for foreign currencies to buy goods and services. That saves them money and time. But Bitcoin can be used as a means to send money. Instead of fiat currencies, the sender sends Bitcoin to the beneficiary, who will sell Bitcoin and convert it into local currency.

Security

Not being in control of funds means that investors are taking big risks. Keeping money in the bank exposes investors to being unable to access funds for numerous reasons. But Bitcoin enables investors to access funds at any time.

Investors can keep their crypto holdings offline, such as a digital wallet. It's portable, and the best part is that investors always have access. Only people with passwords for the wallet have access. Storing Bitcoin offline prevents hackers from accessing it on exchanges.

Having complete control of a portfolio gives investors the highest level of security. That's the power that Bitcoin grants to investors.

Ways of Buying Bitcoin

Anybody wanting to buy Bitcoin in Slovakia has several options. Although, many investors prefer to use Paypal and debit/credit cards. Both offer several advantages. Regardless of the method chosen, investors need to know when to buy Bitcoin.

Buying Bitcoin with Paypal

Investors can buy BTC in Slovakia by funding their accounts with Paypal.

Several brokers also enable investors to withdraw funds to their Paypal accounts.

Buy Bitcoin with Credit Card or Debit Card

One of the most popular options to buy Bitcoin in Slovakia is using a card. Many consumers shop online with cards, so why not use cards to buy cryptos? The main exchanges such enable investors to fund accounts with a card. Some exchanges only allow the purchase of cryptos with a card and not funding a trading account.

Bitcoin Price

Before buying Bitcoin, investors should look at its price history to determine that they can stomach the volatility. But some high-risk assets can provide high returns.

Bitcoin is currently hovering around the $30,000 region. Investors believing that the price is low may be wondering where to buy Bitcoin in Slovakia.

Bitcoin Price Prediction

Bitcoin's price has revealed that strong support is currently holding it in the $30,000 region. The price has held that support since February 2021 and has retested it several times. If the price bounces off that support, the next stop for Bitcoin is a retracement to $56,000. The price crashed from $69,000, but Bitcoin hasn't done a retracement since then.

Fibonacci retracements have shown that the crypto market usually retraces to the .702 level. Assuming Bitcoin topped at $69,000 and we're using the current lows, a retracement to the .702 level will be around $56000.

If the current support breaks, the market will be spooked. They will believe that Bitcoin is going way lower, but that might be a bear trap. The price will reverse, and if Bitcoin sets a new ATH, it will go to $100,000.

Predicting the price of any asset is difficult, but we know that a Bitcoin retracement is due. Will the price encounter strong resistance at $56,000 and turn on itself for a multi-year bear market or break through and rally to $100,00?

How to Buy Bitcoin Safely

Investors should be wondering how to buy Bitcoin in Slovakia safely. Putting money into an asset is a big risk as is, and the last thing investors should be risking is the actual purchase.

We found several key factors that investors should look at when buying Bitcoin with a broker.

• The broker should be regulated: Investors need to know that a financial body is looking out for their best interests so that exchanges can't do whatever they please with investor funds.
• The holdings should be stored offline: Some investors prefer to keep their cryptos on an exchange, but that exchange should ensure secure storage by holding assets offline.
• Keeps assets in a private wallet: Hackers may attack exchanges, so investors are better off storing their crypto in a private wallet. That enables them to have complete control of their portfolio.

How to Buy Bitcoin in Slovakia - Tutorial

We wanted to make buying Bitcoin as easy as possible, so we provided a step-by-step guide with screenshots.

Step 1: Sign up for an Account

Go to your chosen broker platform and register for an account, then complete the quick sign-up process.

Type in details like your name, email, and desired password, then click to create an account.

Step 2: Verification

When a broker is regulated, you'll be prompted to verify emails and phone numbers. These platforms also require you to upload a government-issued passport or ID.

Step 3: Deposit Funds

Before trading, you'll need to fund your account. Enter the amount to deposit, the currency, and the payment method.

Step 4: Search for Bitcoin

Look for the search function and type 'BTC'. When the symbol appears, click to buy or invest.

Step 5: Buy Bitcoin

Enter the amount of fiat currency to convert to Bitcoin and then click or how much Bitcoin you want to purchase, and follow the on-screen instructions.

How to Sell Bitcoin

Brokers enables investors to buy and sell Bitcoin. Investors who are bearish on Bitcoin's price will sell it. The process is exactly the same as buying, but the only difference is that investors should select sell instead of buy. All that's left is to enter the sell amount, then click to complete the process.

Conclusion

Our guide has shown investors how to buy Bitcoin in Slovakia, and we reviewed the best exchanges for beginners and advanced traders. Furthermore, we made a Bitcoin price prediction and mentioned several methods to ensure that investors buy Bitcoin safely.

FAQ