How to Buy Bitcoin Sweden 2023 – Beginner’s Guide

Bitcoin is perhaps the most revolutionary technology of the past decade. It’s birthed dApps, Web3.0, and even an entirely new asset class. Therefore, it’s no surprise that investors are lining up to buy Bitcoin in Sweden. However, due to regulatory unclarity and confusing terminology, it can be difficult to work out how to buy Bitcoin in Sweden.

Throughout this guide, we’ll be covering exactly that, along with when and where to can buy Bitcoin in Sweden. Let’s take a look.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

Where to Buy Bitcoin in Sweden 

When it comes to deciding where to buy Bitcoin in Sweden, filtering through all the lackluster platforms can be a tiresome task. However, we’ve done the leg-work and reviewed the best platforms to buy Bitcoin in Sweden right now using a few core metrics like security, fees, and features.

1. eToro – Overall Best Platform to Buy Bitcoin in Sweden

For any investor on the hunt for the for the best platform to buy Bitcoin in Sweden, eToro is a sure contender. With more than 70 crypto-assets and a whole host of stocks, ETFs, and commodities, eToro has a ton of diversification options for its 27+ million clients. 

Security on eToro is excellent. It makes use of SSL encryption technology in order to obscure client data before it’s sent to the central servers, preventing attackers from intercepting sensitive information. On top of that, eToro holds client funds securely in cold storage and offers every user the option of setting up 2-factor authentication on their accounts.

Everybody loves a deal and eToro is one of the most cost-effective platforms out there. Trading fees are a transparent 1% plus a small spread and the minimum deposit for residents of Sweden is just $50 so it doesn’t cost an arm and a leg to get into the market.

As expected from a regulated, market-leading broker, eToro comes with heaps of features designed to help investors get off to a strong start. eToro’s CopyTrading & CopyPortfolio services allow users to mirror the positions of advanced traders and invest in a diverse range at the click of a single button. Furthermore, the eToro Academy is an educational platform created to help new investors get to grips with the market.

Overall, eToro is a phenomenal platform. It’s well-rounded, powerful, and secure. Regardless of an individual’s investment goals or strategies, eToro is a great place to buy Bitcoin in Sweden.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

2. Crypto.com – Buy Bitcoin in Sweden Securely

Since its 2015 launch, Crypto.com has managed to accumulate an impressive 50+ million worldwide users. This success is likely due to the platform’s diverse feature set, large range of cryptocurrencies, and focus on continued innovation.

Crypto.com does not take the security of its users lightly. On top of locking the vast majority of client funds in cold storage, Crypto.com strictly controls which employees can access the cold wallets and requires a minimum of two people to authorize access. Furthermore, Crypto.com has a team dedicated to monitoring transactions for anything unusual, preventing illegitimate transactions from completing.

Rather than blanket trading fees, Crypto.com operates using a maker (seller) /taker (buyer) structure, both of which are 0.4% for investors with under $25k 30-day volume and less than 5000 CRO staked. On top of maker/taker fees, Crypto.com charges 2.99% for credit/debit card purchases and has a $20 minimum deposit.

Crypto.com is stuffed with features. The app is designed to be as simple as possible and makes buying Bitcoin in Sweden a breeze. However, those looking for more advanced features can use the desktop-only Crypto.com exchange which allows people to trade using leverage and provides access to far more charting/trading tools.

For investors wanting to buy Bitcoin in Sweden with minimal hassle, Crypto.com is a great choice. It’s simple to use, yet powerful and has more than enough assets for the average investor.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

3. Bitstamp – Longest Standing Crypto Exchange

Bitstamp has been around almost as long as Bitcoin itself. It was founded in 2011 and has been a key part of the crypto market ever since.

Although Bitstamp was the victim of a 2015 hack, losing 19,000 BTC, it was a result of a phishing attack on 6 employees rather than the platform having poor security. Since this attack, Bitstamp has made every effort to ensure nothing similar happens again, vowing to use multi-sig hot wallets and keep the majority of assets in cold storage.

Fees on Bitstamp as a bit of a miss-match. On one hand, trading fees are low at just 0.5% but on the other, credit/debit purchases cost far more than the industry average at 5%. Bitstamp also has a $10 minimum size for trades.

Bitstamp is a well-rounded platform with 75 assets available to trade. There aren’t loads in the way of unique features other than TradingView integration and the ability to earn interest through staking (although Bitstamp does take 15% of rewards for this service).

Any investor wanting to buy Bitcoin in Sweden would be well served using Bitstamp. It offers a good if not slightly bland trading/investing experience, tainted only by high staking and card fees.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

4. Coinbase – Simplest Way to Buy Bitcoin

With more than 98 million users spread across 100+ countries, Coinbase is the largest exchange (in terms of users) we’ll be looking at. It’s regulated and perfect for investors new to the crypto space.

For investors wondering where to buy Bitcoin in Sweden securely, Coinbase is a sure choice. As a beginner-focused platform, Coinbase goes the extra mile when it comes to protecting investors, requiring every crypto available on the platform to undergo a strict vetting process. 2-factor authentication is enabled by default when using Coinbase but investors can take things a step further by using hardware security keys for 2FA, massively reducing the possibility of an account takeover.

Recently, fees on Coinbase got much better. The exchange made its fee structure for Coinbase and Coinbase Pro both the same at 0.6% for takers & 0.4% for makers. However, the fee to buy Bitcoin instantly using a credit/debit card is still 3.99%.

Coinbase recently added its Pro features to the regular platform making it far more powerful. Investors have access to useful trading tools like a range of order types and solid charting tools. Even with these additional features, Coinbase is still as simple as can be to use making it perfect for beginners.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

5. Binance – Trade over 600 Crypto Assets

Binance is a world-famous exchange that handles the most volume in the industry. It supports 600+ crypto assets, so there are plenty of altcoins for diversification purposes. Additionally, it has platforms for both new and experienced investors, making it simple to get started on Binance.

Unfortunately, Binance is not particularly forthcoming about its security measures. However, investors do thankfully have a variety of options at their disposal to add additional security to their accounts. Users can set up 2FA and whitelist withdrawal addresses in order to prevent account takeovers.

Binance has some of the market’s most competitive trading fees at just 0.1%. At 1.8% credit/debit card fees are below the industry average but still higher than eToro.

The area Binance really shines its its diverse feature set. It’s got tons of order types, an NFT marketplace, as well as a peer-to-peer marketplace, so investors have the option of buying Bitcoin in Sweden in a decentralized manner. Furthermore, investors can switch from Binance to Binance Lite at will, losing some features in exchange for increased simplicity.

With hundreds of crypto assets, TradingView integration, and low fees, Binance is a great platform that can be used to Invest in Bitcoin in Sweden. Although the platform can be somewhat initially overwhelming, the ‘Lite’ mode makes things far more digestible.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

6. LocalBitcoins – Peer-to-Peer Way to Buy Bitcoin in Sweden

LocalBitcoins works a bit differently from the other platforms we’ve discussed. Rather than using a typical exchange or broker model, LocalBitcoins facilitates peer-to-peer (P2P) transactions by matching a buyer and seller, acting as escrow and taking a portion of the funds earnt by the seller (1%)

As LocalBitcoins doesn’t offer a Bitcoin wallet, security on LocalBitcoins is less important than a dedicated exchange like Binance. LocalBitcoins offers an escrow service to buyers/sellers, meaning it takes custody of both the fiat and Bitcoin until both parties have paid their half, at which point the trade will be completed and both parties will receive the assets.

LocalBitcoins is a simple platform to exchange fiat for crypto without dealing with an exchange or broker. As it doesn’t store any assets, it’s an extremely safe platform. However, scams are prevalent, particularly for cash transactions so it’s advisable to onlytrade with reputable sellers.

7. Safello – Buy Bitcoin on a Swedish Platform

Safello is a crypto exchange native to Sweden. It’s regulated by the Financial Supervisory Authority of Sweden, was founded in 2013, and serves 250,000+ investors.

Like Binance, Safello does not disclose its security measures. Although most people don’t seem to have had a security problem with safello, it’s always better to know what security techniques a platform is utilizing. Fees on safello are very high. The minimum fee for all transactions is $3.44 (35 SEK), for investors with less than $14,721 (150k SEK) in volume, trading fees are a massive 5%, and Swish (a Swedish payment processor) charges an additional 5%.

Safello is an expensive exchange with only 5 available assets (of which only 2 can be withdrawn). It doesn’t have any real charting tools or order types, making buying for a specific price difficult. There are better Swedish crypto exchanges out there, but for those limited to platforms that support SEK, it’s a reasonable choice.

Should I Buy Bitcoin?

Bitcoin is the largest cryptocurrency in the market by a wide margin. Because of this, many tout Bitcoin as being the best cryptocurrency to invest in. However, it’s important to understand that anything can happen in the crypto market, and investing in Bitcoin in Sweden does not guarantee profit.

Deciding whether or not to buy Bitcoin in Sweden should not be taken lightly. It’s a speculative and volatile asset that frequently has double-digit price shifts in just days. With that said, however, the returns offered by Bitcoin have blown almost every other asset out of the water. Even at its current price, Bitcoin has increased in value by more than 700% over the past 5 years, beating out even tech titans like Microsoft (285%).

Before anyone buys BTC in Sweden, it’s crucial to consider the risks. Cryptocurrency is a very young asset class that is getting targeted by regulators. As such, it’s worth keeping up to date with any local regulatory changes as they can affect investors’ ability to buy/sell assets on particular exchanges.

Ultimately, it’s up to each individual investor to decide whether buying Bitcoin aligns with their investment goals. It’s a very high-risk asset but some of that danger can be offset by utilizing de-risking strategies like dollar-cost averaging; a technique that emphasizes buying BTC at regular intervals in order to take advantage of dips in the market.

Benefits of Buying Bitcoin

Bitcoin has a ton of benefits, it’s the reason why so many investors are trying to get involved. However, it’s important each person analyze the benefits themselves in order to make a well-informed decision and choose whether Bitcoin aligns with their investment goals.

Trading at a Discount

Bitcoin is currently trading for 49% less than it was at the start of the year. While this could be disheartening for some investors, it’s a great opportunity to begin building a crypto portfolio while prices are low. Although it’s easy to get suckered into the hype of a bull run, the most money is made from investing toward the bottom of the market.

Early Adoption

It’s easy to look at the state of the market and believe the best is already over. However, in reality, the global crypto adoption rate was just under 4% in 2021, meaning there’s still a ton of demand not priced into the market. Of course, not everyone will want to get involved in the crypto market but assuming similar demand to the stock market, we could still see a 10x in demand within the next few years.

Potential Returns

Few assets have come close to the returns offered by Bitcoin over the past decade. Early investors have made millions and even those late to the party have done very well. Of course, profit is not guaranteed but respected analysts and investment banks like J.P Morgan  have estimated Bitcoin could hit six figures within the next few years.

Market is Fearful

Although pretty much every financial market is currently in disarray, bull runs are born from fear rather than greed.

When the majority of investors are fearful and selling assets, prices come down and whales accumulate. This slowly takes supply away from the open market leading to demand outpacing supply, eventually pushing prices higher until the whales dump their accumulated assets back on the market.

Right now, we’re at peak fear and have been for over a month. While it’s difficult to predict exactly when things will shift, it can pay to watch what whales are doing closely.

Relative Stability

Sure, being down just below 50% in 6 months might not seem very stable but compared to the rest of the cryptocurrency market, it is. Bitcoin has the advantage of size. Even the second largest cryptocurrency, Ethereum only has a market cap of $136 billion, compared to Bitcoin at  over $400 billion.

As Bitcoin has a larger market cap than Ethereum, it will take more money to move the price. This means that it’s far harder for a whale or group of whales to attempt to influence the price of Bitcoin compared to a smaller asset. This allows Bitcoin to grow more naturally than other cryptocurrencies, making it a much more viable long-term investment.

Ways to Buy Bitcoin

Figuring out how to buy Bitcoin in the most cost-effective and convenient manner can difficult but there are plenty of options. It’s worth considering the fees associated with a chosen payment method before making a purchase as they can vary in cost by over 5%.

Buying bitcoin with PayPal

There are a few different ways to buy Bitcoin with PayPal. Firstly, PayPal natively supports crypto purchases so it’s possible to buy Bitcoin instantly directly on the platform. Recently, PayPal even began supporting crypto withdrawals making it an even more viable option for crypto investors. However, buying Bitcoin with PayPal directly can incur some fairly steep fees so it’s worth considering alternates like eToro that support PayPal but only charge a 0.5% deposit fee.

Buy bitcoin with credit card or debit card

Everybody with a bank account has a credit or debit card, making it one of the most widely used payment methods on the planet. Because of this, using a debit/credit card to buy Bitcoin can often be the most convenient method.

Unfortunately, credit/debit cards tend to also incur the highest fees out of any deposit method, even well-established exchanges like Coinbase and Bitstamp charge between 3.99-5%. These fees can quickly eat into any profits and are especially dangerous for frequent investors. Despite some platforms charging exorbitant fees, eToro allows its users to deposit with a credit/debit card for just 0.5%.

Bitcoin Price

The price of Bitcoin has dropped sharply since the start of the year. In January BTC was trading in the $42,000-46,500 range, however, the market underwent a correction shortly after leading to a multi-month downtrend.

On its way down, Bitcoin tested multiple important supports, breaking below $41,000, then $34,500, before losing $27,500, bringing us to today’s price of $21,500.

As we can see from the chart, we’re currently trading at levels unseen since December 2020. While corrections are a natural part of the market cycle, this one was exacerbated by rampant money printing, war, and supply chain issues.

Bitcoin Price Prediction

Timing when to buy Bitcoin can be extremely confusing. It’s in an important range. If it breaks below $18,500 we’re likely to see more downward pressure and a potential testing of the $12,000 region. Again, if BTC breaks below this level we’ll likely see further downwards movement pushing toward the $7,500-$8,000 region. With that said, for a negative movement of this caliberto occur, the stock market will also have to support the idea

Alternatively, if the FED manages to curtail inflation rates and stimulate the economy, it’s entirely possible we’ll see a reversal and a retest of  the previously mentioned key supports (which will become resistances).

How to Buy Bitcoin Safely

Learning how to buy Bitcoin safely is crucial for every investor. Thankfully, Bitcoin itself is relatively safe. However, scams are prevalent within the cryptocurrency market so here are a few things to watch out for.

Phishing – Attackers are cloning platforms like MetaMask and OpenSea and promoting them via Google in an attempt to steal investors’ crypto. Never click on adverts when searching for a specific platform and always ensure the URL is correct before inputting any information.

High APRs – With yield farming/staking projects becoming far more popular, platforms offering extremely high interest are cropping up fairly frequently. Almost all of these projects are designed to get investors to part with their Bitcoin in the hopes of seeing massive returns. If something seems to good too be true, it usually is.

Storage – Not something to watch out for necessarily, but it’s recommended to research the best Bitcoin wallets to ensure any assets are safe for the long run. Typically hardware wallets like a Ledger offer the best protection.

How to Buy Bitcoin in Sweden – Tutorial

Learning how to buy Bitcoin in Sweden using a new platform can take an excessive amount of time. However, by following the below steps any investor will be ready to buy Bitcoin in just minutes.

Step 1: Register with eToro

Firstly, head over to eToro.com and complete the registration process. This can be done in 2 minutes and the only details needed are things like name and email address.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

Step 2: Verify Account

Once the account has been created, it’ll need to be verified. This is because eToro is a regulated platform and therefore must comply with know-your-customer rules. The verification process is straightforward and the only documents required are a photo ID (passport, driving license) and proof of address (bank statement, utility bill)

Step 3: Deposit Funds

After the account has been verified, it’s time to deposit some funds. To do this, simply click ‘Deposit Funds’, decide how much to invest, and press ‘Deposit’. The funds will be credited to the account shortly but first-time deposits will take a short while longer.

Step 4: Buy BTC

As soon as the funds have arrived, it’s time to buy Bitcoin in Sweden. Just click on the eToro search bar, enter ‘BTC’, click ‘Trade’, choose how much Bitcoin to buy, and hit  ‘Open Trade’. It’s possible to manage and monitor the position from the portfolio section of eToro.

How to Sell Bitcoin 

Selling Bitcoin with eToro couldn’t be simpler. Just head over to the portfolio, press the cog icon on a position, select ‘Close ‘, decide how much to sell, and lastly hit ‘Close Trade’

Conclusion

Buying Bitcoin in Sweden can be daunting at first but once the process has been outlined it’s simple. However, it’s still crucial to select the best possible platform to actually make the purchase.

One platform that consistently comes out on top is eToro. It is a regulated broker with tons of features to make buying Bitcoin as simple as possible. With trading fees of just 1% and credit/debit deposits costing just 0.5%, it’s also one of the most cost-effective ways to purchase Bitcoin.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

FAQs