Belarusians' Guide To Buying Bitcoin: What You Need To Know

If you're looking to buy Bitcoin in Belarus, there are a few options available to you. Firstly, it's important to note that Belarus has legalized cryptocurrency transactions, so you can buy Bitcoin through online exchanges such as Binance, Kraken, and OKX, which are trusted and popular platforms in the country. These exchanges offer multiple deposit methods and a variety of cryptocurrencies to choose from. Additionally, you can use a credit or debit card to purchase Bitcoin through platforms like CEX.IO, Paybis, and Coinmama, which are also accessible in Belarus. However, it's worth noting that as of October 2024, Paxful, a peer-to-peer Bitcoin marketplace, does not serve users in Belarus. While some sources mention the presence of Bitcoin ATMs in Belarus, other sources state that there are currently none available in the country.

Online cryptocurrency exchanges in Belarus

Belarus has legalised cryptocurrency transactions, and there are several online exchanges available for buying and selling Bitcoin. Here is some detailed information about the top online cryptocurrency exchanges in Belarus.

Kraken

Kraken is considered one of the safest and most trusted Bitcoin exchanges in Belarus. It offers a beginner-friendly platform with multiple deposit methods and a variety of cryptocurrencies. Kraken provides fiat-to-cryptocurrency trading and price information to Bloomberg Terminal. It has millions of active users and strategic investors, joining Coinbase and Binance as one of the big three cryptocurrency exchanges globally. Kraken charges fees between 0.16% and 0.28% for transactions. It supports various payment methods, including credit cards, debit cards, bank transfers (SEPA), and SWIFT.

Binance

Binance is the most popular Bitcoin exchange in Belarus, with over 215 million users. Within eight months of its launch in July 2017, Binance became the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion daily. It offers a wide range of cryptocurrencies, a professional and transparent CEO, and low trading fees. Binance provides two-factor authentication and offers multi-signature wallets and cold storage options. It supports various payment methods, including credit cards, debit cards, bank transfers (SEPA), and SWIFT.

OKX

OKX is a leading cryptocurrency exchange known for its vast selection of cryptocurrencies and user-friendly interface. It is ideal for both novice and experienced traders, offering low fees and deep liquidity. OKX accepts users and payments from 189 countries. It supports various payment methods, including bank transfers, credit cards, wire transfers, Bitcoin, and other cryptocurrencies. OKX has created an asset risk reserve fund to protect against crypto security risks.

Changelly

Changelly is a cryptocurrency exchange that allows users to exchange one cryptocurrency for another or buy using a bank card. It offers a convenient, clean user interface and quick registration via email or social media. Changelly's conversion mechanism is integrated into major cryptocurrency platforms like Poloniex, Bittrex, and Binance. There are no geographical restrictions, so it can be accessed from anywhere in the world. Changelly offers two-factor authentication and an HTTPS security protocol.

Paxful

Paxful is a peer-to-peer Bitcoin marketplace that connects buyers and sellers. It offers over 300 ways to pay for Bitcoin, including bank transfers, gift cards, PayPal, Western Union, MoneyGram, debit/credit cards, and more. However, as of 2024, Paxful does not serve users in Belarus, and there is no timeline available for reversing this decision.

Using a bank account or credit card

To buy Bitcoin with a bank account or credit card in Belarus, you can use one of the country's trusted online cryptocurrency exchanges, such as Binance, Kraken, or OKX. These platforms offer multiple deposit methods and a variety of cryptocurrencies to choose from.

Binance

Binance is the most popular Bitcoin exchange in Belarus, with over 215 million users. It offers low trading fees, a wide range of cryptocurrencies, and multiple deposit methods, including credit and debit cards, as well as bank transfers (SEPA and SWIFT).

Kraken

Kraken is another excellent option, known for its high security and ease of use. It supports credit and debit card payments, as well as bank transfers (SEPA). Kraken also provides advanced real-time trading and charting tools for individual and institutional investors through Kraken Pro.

OKX

OKX is a user-friendly platform with low fees, making it ideal for novice and experienced traders. It accepts deposits via credit card and bank transfer.

Changelly

Changelly is an instant cryptocurrency exchange with a simple and intuitive user interface. It allows users to buy Bitcoin with a bank card and supports USD, EUR, and GBP currencies.

CEX.IO

CEX.IO is a multifunctional cryptocurrency exchange that allows users to buy Bitcoin with a credit or debit card. It offers multiple payment options, including SWIFT, SEPA, ACH, and Faster Payments. CEX.IO accepts deposits in USD, EUR, GBP, and RUB.

Coinmama

Coinmama is a popular exchange that enables users to buy Bitcoin instantly with a credit card or bank transfer. It accepts all currencies, including USD, EUR, GBP, CAD, AUD, and JPY.

When using these platforms, it is important to remember that you may need to complete a Know Your Customer (KYC) verification process, which includes providing a copy of your photo ID. Additionally, for your security, it is recommended to withdraw your Bitcoin to a personal crypto wallet after purchasing it.

Bitcoin ATMs in Belarus

As of 2024, there are no Bitcoin ATMs in Belarus. However, there are other ways to buy Bitcoin in the country.

Online Cryptocurrency Exchanges

Belarus has legalized cryptocurrency transactions, and there are several trusted online exchanges operating in the country. The most popular and trusted ones are Binance, Kraken, and OKX. These exchanges offer multiple deposit methods, a variety of cryptocurrencies, and are considered beginner-friendly.

Peer-to-Peer Exchanges

If you want to buy Bitcoin anonymously, you can use peer-to-peer (P2P) exchanges like Bisq, Paxful, and LocalSwap. These exchanges allow you to buy and sell Bitcoin without going through a central exchange, providing more privacy.

Bitcoin Futures Exchanges

For those interested in Bitcoin futures trading, popular exchanges like Binance, Bitmex, and Deribit enable users to long or short Bitcoin with high leverage.

Traditional Assets and Tokenized Securities

Belarus has also launched a platform allowing traders to buy shares, gold, foreign exchange, and other traditional assets with cryptocurrencies. This platform, developed by VP Capital and Larnabel Ventures, offers tax-free transactions until 2023 and provides an opportunity for companies to attract funding from foreign investors.

Peer-to-peer exchanges

Peer-to-peer (P2P) exchanges allow users to interact and transact with each other with minimal oversight. These platforms facilitate direct transactions between individuals without the need for a central authority, thus empowering users and offering a more personalised trading experience.

When it comes to buying Bitcoin in Belarus, there are several P2P exchanges available. Here are some popular options:

• Bisq – A decentralised, open-source P2P exchange that allows users to buy and sell Bitcoin with a variety of payment methods. Bisq prioritises privacy and security, and does not require users to disclose extensive personal information.
• Paxful – A P2P Bitcoin marketplace that connects buyers and sellers. Paxful offers over 300 ways to pay for Bitcoin, including bank transfers, gift cards, PayPal, Western Union, and debit/credit cards. It is committed to growing global financial inclusion by making cryptocurrency trading easy, fair, and safe. However, it is important to note that Paxful does not currently serve users in Belarus.
• LocalBitcoins – A P2P exchange where users can buy and sell Bitcoins with cash or online. LocalBitcoins provides a platform for users to interact and transact directly with each other.
• Binance P2P – A prominent P2P exchange offering a diverse array of cryptocurrencies, including Bitcoin and Ethereum, as well as a variety of altcoins. Binance P2P excels in user convenience, with an easy-to-navigate interface that simplifies the process of matching buyers with sellers. It also integrates multiple payment methods and provides a built-in escrow service for secure transactions.
• Peach – A P2P cryptocurrency exchange that champions privacy and user convenience. Peach does not require account registration, ensuring user anonymity and simplifying the transaction process. It offers robust support for Bitcoin, allowing users to trade satoshis directly with peers and leverage natural market movements. Peach also provides fixed exchange rates during transactions, protecting users from price volatility.

When choosing a P2P exchange, it is important to consider factors such as security, reputation, available cryptocurrencies, payment methods, user interface, and customer support. Additionally, keep in mind that P2P exchanges may have higher risks of scams, price variability, payment disputes, and regulatory uncertainty compared to traditional centralised exchanges.

Bitcoin wallet options

There are several options available for storing your Bitcoin. These include hardware wallets, software wallets, paper wallets, and custodial wallets.

Hardware Wallets

Also known as cold wallets, these are physical, portable devices that you can carry with you and connect to your computer or other devices when needed. Examples include the Trezor Model T and the Ledger Nano X. These are considered to be one of the safest ways to store your Bitcoin.

Software Wallets

Also known as hot wallets, these are digital solutions that can be downloaded or accessed via an app or website on your computer or mobile device. While they are more convenient than hardware wallets, they are also more susceptible to viruses, malware, and hackers. Examples include Zengo, BlueWallet, and Exodus.

Paper Wallets

These are physical wallets that have imprinted private and public keys for your cryptocurrency. They may also have a special barcode that can be scanned. Paper wallets are secure because they remove the keys from the network, but they are susceptible to damage and deterioration.

Custodial Wallets

With these wallets, you give custody of your private keys to a third party such as a cryptocurrency exchange. While this can be convenient, it also means that you lose control over your keys and are vulnerable to hacking and malware. Examples include Binance and Free Wallet.

When choosing a Bitcoin wallet, it is important to consider factors such as security, cost, user experience, supported cryptocurrencies, and customer satisfaction. It is also essential to follow proper security practices to protect your crypto assets, such as using two-factor authentication and never sharing your login details or private keys with anyone.

Frequently asked questions