Buying cryptocurrency in Ukraine is a simple process that typically takes less than 10 minutes to complete. The first step is to sign up for a platform, app, or exchange and go through the Know Your Customer (KYC) process. The exchange you select will be compatible with the majority of desktop and mobile platforms and will allow you to withdraw to your own personal hardware wallet. Here’s all you need to know about the requirements and platforms for buying cryptocurrency in Ukraine.
What Do You Need To Buy Cryptocurrency In Ukraine?
There are a few things you should do before making your purchase:
- To complete the KYC process, you will need a passport, national identity card, or driver’s license.
- Public WiFi is not advised as a private and secure internet connection since it may pose security issues.
- A mobile phone to use two-factor authentication (2FA) to authenticate your identity.
- A bank account or credit card that can be used to deposit fiat dollars in order to buy cryptocurrency.
- A cryptocurrency wallet for storing your assets. Although almost all exchanges include built-in wallets, it is critical to withdraw your cryptocurrency to your own personal cold wallet for maximum security.
How to Buy Cryptocurrency in Ukraine
#1. Open an account with a trading platform.
You may join 5 trustworthy exchanges in Ukraine, the most popular of which are Kuna and Binance, which have a combined 90,058,600 active users.
Both exchanges are considered beginner-friendly, with several deposit options and a wide range of cryptocurrencies available.
Fees, security, payment methods, and other features will vary amongst exchanges, so browse the “info” tab of the exchanges listed above to see which one is best for you.
The platform you choose will be determined by your preferences as well as the coins and payment methods it accepts.
It’s also worth noting that you can always join additional exchanges later.
#2. Finish the KYC verification process.
After you sign up for an exchange, you must verify your name and address as part of the Know Your Customer (KYC) process. This is a mandatory legal requirement for practically all transactions in Ukraine.
To accomplish this step, have your photo ID handy so that you can photograph both the front and back sides of the document.
In most circumstances, your verification will be granted immediately, with the exception of 1-2 days.
#3. Make a monetary deposit
To begin purchasing bitcoin and other cryptocurrencies, you must link a bank account or credit card to the exchange.
Kuna and Binance accept the following payment methods: Kuna Code, GEO Pay, Debit Card, Credit Card, and Qiwi.
The funds could arrive at the exchange in a matter of minutes or days, depending on the payment method used.
#4. Purchase cryptocurrencies
You are now ready to purchase your first bitcoin after funding your account. It is vital to know that you do not have to purchase an entire bitcoin.
Most exchanges allow you to purchase bitcoin or any other cryptocurrency for as little as a few dollars.
#5. Transfer your Bitcoin to an individual wallet.
Once you’ve purchased bitcoin or your preferred cryptocurrency, you should withdraw it to your own private personal wallet.
Leaving your coins on an exchange is risky because many exchanges are targets for hackers looking to steal user assets. Storing your own funds on a dedicated hardware wallet reduces this danger.
Best Platforms To Buy Cryptocurrency in Ukraine
#1. Skilling
Skilling is a user-friendly platform that makes commodity trading available to anyone. The platform allows you to trade 55 cryptocurrencies, and the system is quite portable, so you may use it from the app or your PC.
Skilling’s interoperability with TradingView is one of its biggest features, allowing you to chart trade ideas and then transmit them immediately to your trading account. It also has a plethora of other user-friendly software to make trading from your phone or internet simple, such as its proprietary Skilling Trader and the cTrader platform for pros.
#2. Exness
Exness provides narrow spread trading as well as a personalized trading experience. The platform accepts over 35 different cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Exness provides a wide choice of professional-style trading tools and account types to accommodate traders of all skill levels. Beginners can use a free demo account or micro-lots for low-minimum trades, while more experienced traders can trade from the Exness terminal or by plugging it into the MetaTrader software.
#3. Binance
Binance is the world’s largest cryptocurrency platform. It is used by over 30 million individuals to trade 350+ coins. Binance also provides a variety of other services, including staking, crypto loans, and derivatives markets like futures and options.
The Binance app is intended to appeal to users of all levels of experience. The ‘Lite’ version reduces everything to the essentials, whilst the normal software is one of the most complex crypto trading platforms available.
Bitcoin trading is free of charge. The charge for all other cryptocurrency spot trades is 0.1%. Binance currency (BNB) holders enjoy a 25% discount on all trading costs. Binance does not charge any deposit fees, but withdrawal fees vary based on the cryptocurrency.
#4. Bitstamp
Bitstamp has a long history of providing exceptional service. The platform supports 75+ cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and staking on Ethereum and Algorand.
Bitstamp was one of the first crypto platforms to open in 2011 and has since established confidence. It was created with institutional traders in mind, hence it boasts near-perfect uptime. It keeps 95% of its assets in cold storage and has a sliding charge schedule to ensure that high-volume traders get the best prices.
If you trade less than $1,000 in a rolling 30-day period, there are no trading costs. Fees above that start at 0.4% and decrease as your trading volume increases. Staking is subject to a 15% fee. Withdrawals are subject to a €3 fee.
#5. OKX.
OKX is an adaptive and versatile exchange with three different app versions depending on how you trade. Choose between the Lite edition for beginners, the Web3 option for NFT traders, and the Pro version for a plethora of trading options.
One of the world’s best crypto exchanges allows you to trade 350+ crypto coins from an app or PC. You may quickly fill your account using a range of simple payment options, and there is a sliding scale of fees that allows you to receive discounts by holding the OKB token or trading in large volumes.
On spot crypto trades, regular customers pay a 0.1% fee. OKB cryptocurrency holders are eligible for a discount of up to 0.02% for holding more than 2,000 coins. High-volume traders are also eligible for a discount, with the lowest costs available for traders with a 30-day trading volume greater than $10,000,000,000.
#6. Nexo
With Nexo, you get points for every purchase you make. You may trade 60+ cryptocurrencies and earn up to 0.5% on each transaction, then store your coins on Nexo to grow your wealth with passive interest payments.
A mobile app allows you to trade on the go, and Nexo is designed to be simple. Every trade is locked in at the rate you see on your screen, so there is no price slippage, and any cryptocurrency retained in your account automatically begins to earn interest.
On purchase and sell transactions, Nexo assesses a 2% spread. There are no fees associated with storing coins in your Nexo account. You receive a set number of free withdrawals based on your reward tier, and any additional withdrawals are subject to a network cost.
How to Select the Best Platform For Buying Cryptocurrency in Ukraine
With so many options available, you need exercise caution when selecting the best Ukrainian crypto platform for you. Exchange prices, storage facilities, and the variety of currencies available should all have an impact on your decision.
Here are some questions to ask yourself when you explore each cryptocurrency exchange to help you make the best decision.
#1. What is the exchange fee for trading?
The trading fees levied by each Ukraine-based crypto exchange can vary significantly. While all exchanges provide low-cost cryptocurrency trading, the fees they impose can differ greatly. Taking the effort to compare them can result in significant savings.
Trading commissions are typically imposed as a percentage of the trade. The finest cryptocurrency exchange in Ukraine will charge 1% or less of the trade amount. Some services charge significantly more.
There may also be deposit and withdrawal fees. Depositing fiat currency via a bank account, credit or debit card is rarely required, although you may be charged a fixed withdrawal fee. Withdrawals with digital money are frequently subject to a high fee.
#2. How does the exchange keep track of consumer funds?
Crypto exchanges are widely available, but the key question is whether they are regulated in Ukraine. It is the rule that protects you in the event that something occurs to the exchange and you lose your money.
You should choose a trustworthy exchange that securely stores its customers’ monies. Your funds should be kept in separate accounts and, ideally, in cold storage (offline) by the finest Bitcoin exchanges in Ukraine. Choosing a Ukraine cryptocurrency exchange that a reputable accounting company has audited will provide you with additional piece of mind.
#3. How user-friendly is the platform?
A good user experience entails more than simply being able to navigate the website with ease. Consider how you intend to trade: will you trade from your phone? How will you handle your cryptocurrency portfolio? Are you looking for specific analysis tools, visualizations, or software integrations?
With that information, you can begin to restrict your shortlist by analyzing if the exchange is suitable for you. For example, if you intend to do a lot of trading on the move, you should look for a platform with the finest crypto app in Ukraine.
#4. How does the account verification procedure work?
When you make an account, you will frequently be requested to provide some personal information as well as a form of identification to verify your identity. Any cryptocurrency trade in Ukraine is usually required to be regulated.
Before you sign up, be sure you understand the verification process. That way, you’ll have all of the necessary documentation on hand to ensure a smooth sign-up procedure. If you prefer not to provide personal information, you can filter out the crypto exchanges in Ukraine that require authentication in order to use them.
#5. How many different cryptocurrencies are there?
You may buy Bitcoin in Ukraine at any cryptocurrency exchange, however the number of available coins varies. If you want to trade altcoins, seek for a Ukraine crypto exchange that has a huge number of coins and ‘crosses’ where you can shift from one cryptocurrency to another.
#6. What currencies are accepted for deposit?
Most people think of a crypto exchange in Ukraine as a way to convert local fiat dollars into cryptocurrency. However, many cryptocurrency exchanges in Ukraine only accept US dollar deposits, which can be a problem if US dollars are not your primary currency.
If you don’t have access to US dollars, you should consider a huge exchange like Binance or a local exchange established particularly for crypto dealers in Ukraine.
#7. What methods of payment are accepted?
Choose how you wish to pay for your cryptocurrency. If you want to fund an account with the finest Ukraine crypto exchange using bank transfers or debit card payments, you don’t have to worry because most Ukrainian crypto exchanges accept deposits from bank accounts.
Alternative payment methods, such as PayPal and other e-wallet services, are less likely to be accepted by a bitcoin exchange in Ukraine. Although the larger ones, such as Binance, offer a wide range of payment methods, it’s still a good idea to check before signing up whether you may pay how you wish.
#8. Does it have any other features, such as staking or lending?
Consider what you might wish to utilize the transaction for and let it guide your decision. Do you want to keep your coins or stake them? Should you lend them to earn interest or borrow cryptocurrency?
You can buy cryptocurrency in Ukraine from any regulated cryptocurrency exchange, however not all platforms provide all of these features. You may be willing to juggle several logins and utilize different exchanges, but starting with just one provider is usually easier.
In Conclusion,
Buying cryptocurrency in Ukraine is relatively easy. All you need to do is choose an exchange platform that works best for you, sign up and go through the KYC process. Then, you can make your purchases. We hope this guide has been helpful.
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