Best Crypto Brokers in Finland for 2024

Written by Naylyan Nazifova

Naylyan Nazifova

Naylyan Nazifova is a recognised expert in the online trading field. She has many publications and analysis covering forex trading, stock investing and personal finance. 

, | Updated: December 10, 2024

Finnish crypto investors looking for the best brokerages offering crypto trading can check our list of top brokers operating in Finland. To compile our selection of top crypto brokers, we have considered various factors that can contribute to a superb trading experience, including low fees, tight spreads, and investor protection for crypto traders based in Finland. Since CFD crypto trading is the main service provided by most brokers operating in Finland, we have also included a few exchange platforms that offer competitive conditions for spot trading.

1Fusion Markets

Rating: 4.9 ⭐

74-89% of retail CFD accounts lose money

Top Rated

2FP Markets

Rating: 4.7 ⭐

73.85% of retail investor accounts lose money

3Pepperstone

Rating: 4.6 ⭐

75.5% of retail investor accounts lose money

4IC Markets

Rating: 4.5 ⭐

70.64% of retail investor accounts lose money

5AvaTrade

Rating: 4.4 ⭐

76% of retail investor accounts lose money

6Capital.com

Rating: 4.3 ⭐

75% of retail investor accounts lose money

7eToro

Rating: 4.2 ⭐

51% of retail investor accounts lose money

8Plus500

Rating: 4.1 ⭐

82% of retail investor accounts lose money

9FxPro

Rating: 4.0 ⭐

74% of retail investor accounts lose money

10XTB

Rating: 3.7 ⭐

80% of retail investor accounts lose money

Crypto Brokers Ranked by Trustpilot Score

Finland Crypto Brokers Spreads

Top 10 Crypto Brokers in Finland

1. TRADE NOW READ REVIEW
   1. FP Markets

   Min. Deposit	€50 (€100 Bank Transfer)
   Regulations	ASIC, CySEC, FSCA, SFSA, Registered in St. Vincent & the Grenadines
   Tradable Coins	10+
   Software	MT4, MT5, TradingView, cTrader, WebTrader
   Crypto Leverage	1:2 (Retail)
   Fees	BTCUSD – 21.08 pips average spread
   Exchange/Wallet	No
   Deposit Methods	Visa, Mastercard, PayPal, Skrill, Neteller, Bank Transfer
   Withdrawal Methods	Visa, Mastercard, PayPal, Skrill, Neteller, Bank Transfer

   FP Markets is one of the most reputable brokers catering to traders who enjoy forex and CFD trading products. Finnish crypto investors can also diversify their portfolios by joining FP Markets and picking from a wide range of tradable products. The crypto section will allow investors to speculate on the price movements of popular cryptocurrencies against fiat currencies.

   Since CFD trading allows trading crypto coins without gaining ownership over the underlying asset, no digital wallet is required. The broker allows its clients to take both long and short positions on the price fluctuations of a crypto asset, making profit possible whenever markets are going through rallies or corrections.

   With no commission charged on crypto trades, FP Markets strives to offer a competitive trading cost to its clients. Those who wish to boost their initial investment can make use of leverage when trading crypto CFDs. The broker services Finnish traders with a CySEC license.

   Key Pros

   • Supports popular third-party trading platforms
   • Does not charge commissions on crypto trades
   • Supports several convenient payment methods
   • Deposits do not incur fees.
   • Finnish traders can use different support channels like live chat, phone (+357 25 056926), and email (supportdesk@fpmarkets.eu).

   Key Cons

   • Broker’s website not available in Finnish
   • E-wallet withdrawals incur a fee.
   • Spreads can be higher than spreads offered by competitors.
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.92% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
2. TRADE NOW READ REVIEW
   2. IC Markets

   Minimum Deposit	€200
   Regulation	CySEC, FSA, ASIC
   Tradable Coins	19 (BNB, ADA, DOGE, BTC, LINK, DOT, ETH, and more
   Software	MT4, MT5, cTrader, TradingView
   Crypto Leverage	1:2 (Retail)
   Fees	BTC/USD – 2.210 pips min spread; No commission fees on crypto CFDs
   Exchange/Wallet Service	No
   Deposit Methods	Visa, Mastercard, PayPal, Neteller, Skrill, Rapid Transfer, Klarna, Wire Transfers
   Withdrawal Methods	Visa, Mastercard, PayPal, Neteller, Skrill, Wire Transfers

   Through its CySEC-licensed entity, IC Markets has expanded its reach, giving a varied group of traders the chance to trade a wide selection of products that fall under categories like forex, metals, stocks, indices, and more. Crypto traders will also be happy with the product coverage at IC Markets, offering crypto enthusiasts to trade the market 7 days a week.

   Finnish crypto investors will be able to speculate on the prices of a wide selection of popular cryptocurrencies, allowing them to take both long and short positions. Since IC Markets allows trading cryptos through CFDs, there is no need for a digital wallet.

   When it comes to funding one’s trading account, Finnish investors will have various fiat methods at their disposal. The majority of options allow instant deposits, with no additional fees attached to transactions. Withdrawals are also smooth and fast, allowing traders to receive their funds in a hassle-free way.

   Key Pros

   • Finnish traders can resort to various payment options.
   • Crypto market available 7 days a week
   • No commissions charged on crypto trades
   • Supports a wide range of crypto products
   • Spreads on crypto crosses are very tight

   Key Cons

   • Website does not support Finnish
   • Some crypto symbols may not be available to trade on weekends.
   • Requires minimum deposit to activate new trading accounts
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3. TRADE NOW READ REVIEW
   3. AvaTrade

   Min Deposit	€100
   Regulations	ASIC, CySEC, IIROC, JFSA, CBI, DFSA, FSCA, ISA, BVI FSC
   Tradable Coins	16 (BTC, ETH, SOL, EOS, MIOTA, XRP, NEO, and more)
   Software	MT4, MT5, ZuluTrade, DupliTrade, AvaTradeGO, AvaSocial
   Crypto Leverage	1: 2(Retail), 1:10 (Pro)
   Fees	0.10% Over-market spread for BTCUSD 0.15% Over-market spread for ETHUSD
   Exchange/Wallet	No
   Deposit Methods	Visa, Mastercard, Skrill, Neteller, PayPal, Wire Transfer
   Withdrawal Methods	Visa, Mastercard, Neteller, Skrill, PayPal, Wire Transfer

   Finnish crypto traders can find a wide selection of tradable instruments at AvaTrade, which is a reputable broker specializing in forex and CFD trading services. Through popular trading platforms, the broker offers its customers to trade 20 different crypto crosses. To make one’s crypto trading experience even more convenient and diverse, AvaTrade also allows trading the Crypto 10 index.

   To ensure low trading costs, AvaTrade offers some of the tightest spreads on crypto pairs. Additionally, the broker does not charge any commissions on crypto trades, reducing the trading cost one pays for placing crypto orders.

   Finnish crypto traders will be able to instantly fund their accounts, with several convenient payment methods allowing fast and fee-free deposits. Withdrawals are also possible through a few payment options, offering crypto traders to get quick access to their profits.

   Key Pros

   • Broker’s website available in Finnish
   • Supports several payment options enabling instant deposits
   • Offers CFD trading on various crypto assets
   • Traders can go long and short on crypto CFD trades.
   • Does not charge commission on crypto orders

   Key Cons

   • Has a set deposit minimum for account activation
   • Charges inactivity fee
   • Chat support automatically launches chat bots.
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
4. TRADE NOW READ REVIEW
   4. Fusion Markets

   Minimum Deposit	€0
   Regulation	ASIC, VFSC, SFSA
   Tradable Coins	13
   Software	MT4, MT5, TradingView, cTrader, DupliTrade, Fusion+, MAM/PAMM
   Crypto Leverage	1:2 (Retail), 1:10 (Pro)
   Fees	BTC/USD – 10.63 min spread; Bitcoin trading fee – 0.06%; no commission fees on crypto CFDs
   Exchange/Wallet Service	No
   Deposit Methods	Visa, Mastercard, Jeton, Perfect Money, Bank Transfer
   Withdrawal Methods	Jeton, Perfect Money, Bank Transfer

   Finnish crypto traders have the opportunity to set up an account with Fusion Markets in a few simple steps and start trading right away. This forex and CFD broker covers a wide range of markets, with cryptocurrencies also listed as tradable products at Fusion Markets. The broker allows its customers to trade 13 different crypto pairs in the form of CFDs, requiring no digital wallets for this form of investment.

   Fusion Markets strives to offer its clients the most attractive prices, reducing spreads and charging no commission on opening crypto CFD positions. Bitcoin trading fees at Fusion Markets average around 0.06%, which is significantly lower than maker/taker trading fees one can encounter at many big crypto exchanges.

   Leverage is offered to both retail and professional clients of Fusion Markets, giving any trader the chance to increase their initial investment. The maximum leverage available to retail crypto traders in Finland is 1:10.

   Key Pros

   • No minimum required to activate trading account
   • Allows leverage for crypto trades
   • Crypto traders can take long and short positions
   • Charges no commission for opening crypto CFD positions
   • Traders can contact customer support through various channels, including live chat, telephone (+61 3 8376 2706), and email (help@fusionmarkets.com)

   Key Cons

   • Broker’s website cannot be loaded in Finnish
   • Withdrawals via bank cards not available to Finnish traders
   • Not regulated by any authority in the EU
   Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
5. TRADE NOW READ REVIEW
   5. Global Prime

   Min Deposit	€0
   Regulations	ASIC, VFSC
   Tradable Coins	40 (BTC, ETH, DOGE, BNB, ADA, ATOM, BCH, EOS, LTC, and more)
   Software	MetaTrader 4 (desktop, iOS, Android)
   Crypto Leverage	1:5 (VFSC entity)
   Fees	BTCUSD Average Spread – 64.3 ETHUSD Average Spread – 6.61
   Exchange/Wallet	No
   Deposit Methods	Visa, Mastercard, Crypto, PayPal, Neteller, Skrill, Bank Wire, Perfect Money, Jeton, MiFinity, AstroPay
   Withdrawal Methods	Visa, Mastercard, Crypto, PayPal, Neteller, Skrill, Bank Wire, Perfect Money, Jeton, MiFinity, AstroPay

   Many customers have entrusted Global Prime with their crypto trades and Finland residents can also open accounts with the broker and start trading popular crypto crosses right away. There is no minimum deposit required to open your account at Global Prime, meaning you can start with as little of a balance as you feel comfortable with.

   With a wide coverage of crypto assets, Global Prime allows its clients to go both long and short on the price of various cryptocurrencies. Since crypto is traded in the form of CFDs, you simply speculate on the price movements of an asset, without gaining ownership over it.

   Since Global Prime is a strong believer in offering the lowest possible trading costs, the broker offers competitive spreads and charges a trading fee of only 0.1% per trade. Payments are possible through a variety of banking options, most of which enable fee-free and instant transactions.

   Key Pros

   • Covers a large selection of crypto assets
   • No minimum deposit for account activation
   • Finnish traders can pick from various payment options.
   • Deposits do not incur any additional fees.
   • Spreads on crypto can be very tight.

   Key Cons

   • No negative balance protection under the VFSC entity
   • Charges commissions on crypto trades
   • No digital wallet available
   Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017.
6. TRADE NOW READ REVIEW
   6. eToro

   Min Deposit	$50 ($500 for bank transfers)
   Regulations	FCA, CySEC, AMF, MFSA, ASIC, FSRA, FinCEN, FSAS, DNB, OAM
   Tradable Coins	100+
   Software	eToro Investing, eToro CopyTrader, eToro mobile App
   Crypto Leverage	1:2
   Fees	1% fee for buying and selling crypto; 1% fee on crypto CFD trading
   Exchange/Wallet	eToro Money Crypto Wallet
   Deposit Methods	Visa, Mastercard, PayPal, Skrill, Neteller, Bank Transfer, Trustly, Przelewy24, Klarna, iDeal
   Withdrawal Methods	Visa, Mastercard, PayPal, Skrill, Neteller, Bank Transfer

   To help Finnish traders experience various trading options without resorting to different platforms, eToro has incorporated several forms of crypto trading in one place. If you prefer to trade crypto assets by simply speculating on price movements, you can try eToro’s native trading platform and start trading CFDs, taking either long or short positions.

   Beating many of its competitors, eToro offers its Finnish customers to trade 98 crypto CFDs, charging a 1% commission on opening a position and another 1% whenever the position is closed. Since you do not gain ownership over the underlying asset whenever you are trading crypto CFDs, you do not need any digital wallet. That said, you can use the eToro Money wallet to transfer your funds and even keep crypto funds for your diverse trades at eToro.

   For those interested in spot trading, eToro also has an exchange platform that allows you to buy, sell, and exchange around 100 cryptocurrencies. Both sell and buy orders will incur a trading fee of 1%, while transferring your crypto fund to your eToro Money wallet will imply a 2% transfer fee.

   Key Pros

   • Offers both CFD and spot crypto trading
   • Supports a wide range of crypto pairs and crypto coins
   • Offers a digital crypto wallet
   • Broker’s website available in Finnish
   • Offers top-notch customer support service

   Key Cons

   • Trading fees tend to be on the higher end.
   • Charges transfer fee for transferring crypto to eToro Money wallet
   • eToro Money Debit card not available to Finnish traders
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
7. TRADE NOW READ REVIEW
   7. Plus500

   Minimum Deposit	€100
   Regulation	CySEC, FCA, ASIC, FMA, FSA (Seychelles), MAS, EFSA (Estonia), DFSA, FSCA, BAPPEBTI, CFTC
   Tradable Coins	21 crypto-USD pairs, 2 crypto crosses, and 1 crypto index
   Software	Proprietary
   Crypto Leverage	1:2
   Fees	Spreads:0.30% for BTC/USD, 0.25% for ETH/USD, 1.46% for ETH/BTC
   Exchange/Wallet Services	No
   Deposit Methods	Visa, Mastercard, Bank Transfer, PayPal, Skrill, Apple Pay, Google Pay, Trustly
   Withdrawal Methods	Visa, Mastercard, Bank Transfer, PayPal, Skrill

   If you are looking for a trustworthy brokerage platform that caters to Finnish crypto traders, you can join Plus500. Licensed by multiple top-tier regulators, this broker makes sure to offer the best trading conditions to all of its customers while maintaining a fair and safe trading environment. In its selection of tradable CFD markets, Plus500 has also added cryptocurrencies.

   The broker allows its clients to speculate on the prices of various popular cryptocurrencies without gaining any ownership over the underlying crypto asset. In addition to your typical crypto-USD pairs, Plus500 also allows its customers to speculate on the price movements of a group of crypto coins through the Crypto 10 Index.

   Spreads on crypto CFDs are very competitive, allowing traders some of the best price points to trade with. Since traders can take both long and short positions, it is possible to profit from both market rallies and corrections. Members of the broker can also potentially increase their returns by making use of leverage, allowing Finnish retail traders to use leverage of up to 1:2 on crypto trades.

   Key Pros

   • Broker’s website available in Finnish
   • Supports various payment options for instant and fee-free deposits, including Trustly
   • Offers tight spreads on crypto CFDs
   • Charges no commission on crypto orders
   • Crypto products include Crypto 10 Index

   Key Cons

   • Charges inactivity fee
   • Does not offer third-party trading platforms
   • No phone support option
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
8. TRADE NOW READ REVIEW
   8. Admirals

   Minimum Deposit	$100 ($1 for Invest MT5 accounts)
   Regulation	ASIC, CySEC, FCA, CIRO, FSCA, JSC (Jordan), CMA (Kenya), FSA (Seychelles), EFSA (Estonia)
   Tradable Coins	27
   Software	MT4, MT5, StereoTrader
   Crypto Leverage	1:2 (1:20 for professional traders)
   Fees	Spread: 0.3% for BTC/USD and ETH/USD 0.3% for BTC/USD, 0.60% for the Crypto 10 Index
   Exchange/Wallet Service	Admirals Wallet
   Deposit Methods	Visa, Mastercard, Skrill, Klarna, Bank Transfer
   Withdrawal Methods	Visa, Mastercard, Skrill, Bank Transfer

   One of the best trading options for Finnish traders is Admirals, which is a reputable broker that offers a myriad of forex and CFD trading products. The broker supports several popular third-party trading platforms that will grant access to various markets, including crypto CFDs. Operating under licenses issued by reputable regulators, Admirals also welcomes Finnish traders.

   Since CFD trading allows taking a long or short position on the price of an underlying crypto asset without gaining any ownership over it, Admirals members do not need a digital wallet service to trade. Despite that, Admirals offers its custodial digital wallet that can be used to store and transfer funds, including cryptocurrencies that one intends to trade.

   Since the Admirals Wallet is connected to a third-party exchange platform, traders can buy, sell, and exchange crypto coins straight via their wallet account. While CFD crypto trades will incur no commission on trades, if you decide to buy or sell crypto assets via the digital wallet of the broker, a 1% commission will be charged on each trade.

   Key Pros

   • Admirals Wallet enables buying, selling, and holding crypto.
   • Allows CFD crypto trading that does not require a digital wallet
   • Charges no commission on CFD crypto trades
   • Admirals Wallet allows storing fiat funds as well.
   • Deposits incur no fees

   Key Cons

   • Broker website cannot be loaded in Finnish
   • Admiral Wallet does not support P2P crypto purchases.
   • Traders can enjoy only one fee-free withdrawal per month.
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
9. TRADE NOW READ REVIEW
   9. IG

   Minimum Deposit	€50 – card payments No minimum for bank transfers
   Regulation	FCA, BaFin, DFSA, FSCA, MAS, ASIC, FINMA, JFSA, FMA
   Tradable Coins	13 major cryptocurrencies, two crypto crosses, and a crypto index
   Software	MetaTrader 4, ProRealTime, L2 Dealer, TradingView
   Crypto Leverage	1:2
   Fees	BTC min spreads – 38
   Exchange/Wallet Service	N/A
   Deposit Methods	Visa, Mastercard, PayPal, Skrill, Neteller, Crypto, Bank Transfer
   Withdrawal Methods	Visa, Mastercard, PayPal, Skrill, Neteller, Crypto, Bank Transfer

   Finnish traders are able to make the most of their crypto investments with the help of IG – one of the biggest and most reputable brokerages online. Regulated by top-tier authorities in the EU, the broker also accepts registrants from Finland, allowing them to explore a wide range of forex and CFD products.

   Traders from Finland will have access to a wide selection of CFDs on crypto assets, with a special Crypto 10 Index offering even wider exposure to multiple cryptocurrencies with a single trade. Regarding crypto trading, IG offers Bitcoin and Ether investors to make use of the broker’s special Turbo24 product.

   IG allows crypto traders to go both long and short, with the Turbo24 platform offering them to set up a knock-out level when they open their positions. That way, Bitcoin and Ether investors can cap their risk. CFDs on other cryptocurrencies are available on the MT4 platform, which also allows traders to cap their risk levels by setting up guaranteed stop-losses.

   Key Pros

   • Offers different options for crypto CFD trading
   • Turbo24 trading reduces the risk of losing more than the initial investment.
   • Spreads on crypto pairs tend to be competitive.
   • Charges no commissions on CFD crypto orders
   • Offers wider exposure through the Crypto 10 Index

   Key Cons

   • Turbo24 supports only Bitcoin and Ether trading.
   • Broker’s website does not support Finnish
   • Phone support not available on weekends
   CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.
10. TRADE NOW READ REVIEW
    10. Tickmill

    Min. Deposit	$100
    Regulations	FSA (Seychelles), FCA, DFSA, CySEC, FSCA
    Tradable Coins	12
    Software	MT5, MT4, WebTrader
    Crypto Leverage	1:2
    Fees	BTCUSD Minimum spread – 12 Typical spread – 24.9
    Exchange/Wallet	n/a
    Deposit Methods	Visa, Mastercard, PayPal, Neteller, Skrill, Trustly, Bank Transfers, Przelewy24
    Withdrawal Methods	Visa, Mastercard, PayPal, Neteller, Skrill, Trustly, Bank Transfers, Przelewy24

    If you are a crypto trader based in Finland, you can benefit from opening an account with Tickmill, which is a leading brokerage operating in the EU with a CySEC license. Traders who join Tickmill are exposed to a wide range of tradable products, including CFDs on cryptocurrencies. This market allows traders to take both long and short positions on the price movements of ranging crypto crosses.

    Since pricing is always important when comparing crypto brokers, we can assure traders that Tickmill offers some of the most competitive spreads on a wide range of crypto assets. In addition, the broker does not charge a commission whenever traders open and close their positions, making crypto trading at Tickmill extra cost-effective.

    Crypto traders will have the chance to increase their initial investment when they trade CFDs in cryptocurrencies. Thanks to this option, retail crypto traders based in Finland will have the chance to trade crypto with a leverage of up to 1:2. Meanwhile, those who qualify for professional trading accounts will be able to increase the crypto leverage ratio significantly.

    Key Pros

    • Covers a decent selection of crypto assets
    • Spreads on crypto CFDs are competitive.
    • Does not impose commission on crypto CFD orders
    • Supports a wide range of payment options for Finnish traders
    • Majority of payment methods enable instant deposits

    Key Cons

    • Broker’s website does not support Finnish
    • Wire transfer deposits below $5,000 will incur fees
    • Does not offer a wallet service
    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill Europe Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Crypto Exchanges Ranked by Trustpilot Score

Crypto Exchanges Trading Fees

Crypto Exchanges in Finland

Coinbase

Trading crypto with Coinbase is always smooth, fast, and very accessible. Finnish traders have the chance to explore over 240 tradable coins, with fast orders and competitive prices being some of the best qualities of Coinbase.

Finnish traders will be able to use the Coinbase exchange platform for spot trading, with the trading fee applied to each order being more than reasonable. From the get-go, traders will be charged a maker or taker fee of 0.40% or 0.60%, respectively. The great news is that these fees apply to regular traders or beginners, with those who accumulate higher trading volumes within a month enjoying even lower trading charges.

Coinbase also allows its members to enjoy profits through crypto staking. Individuals who have installed the Coinbase app can stake their eligible crypto coins with just a few taps on the screen. The exchange supports more than 15 protocols when it comes to staking, allowing its customers to enjoy a different way of gaining crypto profits. Clients can collect over 14% in annual staking rewards when holding certain digital assets like Cosmos.

OKX

Another great crypto exchange platform that welcomes Finnish traders is OKX, which offers great trading conditions to its clients. Members of OKX can instantly purchase crypto using certain fiat methods, the availability of which depends on the traders’ country of residence. Meanwhile, those who have funded their trading accounts can use the exchange platform to buy and sell crypto, with OKX offering speedy execution of all types of orders.

The maker and taker fees charged on buy and sell orders are extremely competitive, allowing even those who are new to trading to execute trades with maker/taker fees of 0.080% / 0.100%. Meanwhile, those who enjoy trading bigger volumes can reach the highest tier of the OKX VIP scheme (VIP 8) and reduce their maker/taker fees to -0.010% / 0.015%.

OKX offers its customers the chance to gain profit even while simply holding their crypto. Thanks to the exchange platform’s EARN feature, traders can HODL their crypto and earn an annual interest rate on a wide range of crypto assets. The staking rewards vary across different eligible currencies like Solana (11.74%), Tron (4.60%), Polygon (3.78%), and Ada (1.66%).

Gemini

Finnish crypto traders can enjoy a wonderful trading experience any time they decide to buy or sell crypto assets on Gemini’s exchange platform. With a strong presence in the EU market and a license from the FCA, this brand strives to offer a fair and safe trading environment to all of its customers, offering them a wide range of services.

While derivatives are not available to Finnish traders, they can engage in spot trading on Gemini’s intuitive exchange platform. The maker and taker fees charged on orders placed in Gemini’s order book are extremely low even if you are a recreational trader. While regular maker/taker fees are 0.20%/0.40%, those who advance to the highest VIP tier at Gemini can enjoy maker/taker fees as low as 0.00%/ 0.03%.

Earning profit through crypto staking is also a feature available to Gemini’s customers. Traders who prefer to HODL their crypto have the chance to earn rewards thanks to Gemini’s staking program. Currently, the exchange offers staking of assets like Solana (6.02%), Polygon (3.41%), and Ether (3.63%).

Legal Status of Cryptocurrency Trading in Finland

Currently, Finland still has not introduced a specific legal framework for the regulation of cryptocurrencies and crypto trading. That said, the Finnish Parliament is to consider new legislation that will give the Financial Supervisory Authority (FIN-FSA) more regulatory powers, allowing it to implement stricter measures to protect Finnish crypto traders.

According to the FIN-FSA, the regulation of crypto trading depends on the type of crypto assets that have been traded as well as on the way the payment transactions related to the trade have been processed. If the virtual currency that is offered for trading is considered to be a security, entities that provide this type of asset must adhere to regulations related to the provision of securities. If the cryptocurrency does not fall under the categories of securities or financial instruments, entities that offer this type of digital asset must adhere to regulations imposed by the Consumer Protection Act.

The FIN-FSA has categorized virtual currencies related to initial coin offerings (ICOs) into three different groups based on the way they are utilized:

• Virtual currencies used similarly to payment instruments – Bitcoin is the most popular crypto asset that falls under this category, representing a virtual currency that has been developed as an alternative to traditional currencies used as payment instruments
• Utility coins – these are cryptocurrencies used only as payment instruments for a specific commodity
• Virtual currencies that are used like financial instruments – virtual assets that share similar features with securities, giving traders ownership and voting rights as well as promising some expected returns

The three aforementioned types of cryptocurrencies are treated by the FIN-FSA differently, which means that they are regulated in different ways.

Currently, the main piece of legislation that has provided legal guidelines for the regulation of businesses offering crypto trading services is the Act for Virtual Currency Providers (VCPs), known as Laki virtuaalivaluutan tarjoajista (LVT) in Finnish.

The LVT defines any virtual currency issuer, virtual currency exchange services, and digital wallet service provider as a VCP. Additionally, the act defines virtual currency services as the issuance of virtual currencies, the exchange of virtual assets, and the provision of crypto wallet services. Any entity that offers one or several of these services must register as a VCP with the FIN-FSA.

What Forms of Crypto Trading Are Legal in Finland?

Finnish crypto investors have several options when it comes to trading crypto assets. The majority of brokers authorized to operate in Finland are offering crypto trading in the form of contracts for differences (CFDs). This type of trading allows speculating on the price change of an asset without gaining any ownership over the underlying asset.

Under the Markets in Financial Instruments Regulation (MiFIR), the FIN-FSA has authorized the provision of CFDs if the provider has met several conditions. To be eligible to offer crypto CFDs to Finnish traders, service providers must:

• Request that the retail client pays the initial margin protection
• Provide the retail client with the margin close-out protection
• Restrict the maximum leverage accessible by retail crypto traders to 1:2
• Segregate client funds from their operating capital
• Offer negative balance protection to retail clients
• Not offer retail clients monetary or non-monetary benefits related to the sale, distribution, or marketing of a CFD
• Not use client communication channels to promote marketing, sale, or distribution of CFDs without the required risk warnings

As already covered, companies registered as VCPs are authorized to offer retail clients a set of virtual currency services, including the exchange of virtual currencies. That means exchange platforms or brokers that have been registered as VCPs with FIN-FSA can offer spot trading to residents of Finland.

Like other EU members, Finland has also limited the crypto trading options available to traders based within the country. Unfortunately, as of the time of writing this review, futures, margin trading, and other derivatives are not available to Finnish crypto traders.

Who Regulates Crypto Trading in Finland

The main body responsible for the regulation of the crypto trading market in Finland is the FIN-FSA. One of the roles of the authority is to ensure fair trading practices by enforcing a transparent and safe environment for Finnish investors.

In addition to introducing the regulatory framework for virtual currency service providers, the FIN-FSA is also the organization that issues permits to VCPs in the country. In order to offer any of the services that fall under the category of virtual currency services, companies must register with the FIN-FSA.

The application process for crypto service providers in Finland is very straightforward, requiring applicants to meet several AML (anti-money laundering) conditions. It takes between four and six months to acquire a registration as a virtual currency provider in Finland. In order to be eligible for a VCP license from the FIN-FSA, entities must:

• Either register the company in Finland or have a Finnish-based entity of the company
• Provide detailed business plan about the company’s operations
• Go through personnel evaluation process
• Provide required corporate legal documents
• Hold authorization for trade in Finland
• Ensure compliance with AML/KYC practices
• Have a share capital of at least €2,500

While the FIN-FSA is currently the official regulator of the crypto trading sector in Finland, we should also mention the Markets in Crypto-Assets Regulation (MiCA), which is expected to be fully implemented by the end of 2024/ the beginning of 2025.

While VCPs are currently required to be registered with the FIN-FSA to offer virtual asset-related services to Finnish traders, the goal of MiCA is to introduce a unified regulatory model for all VASPs (VCPs) based in the EU and EEA. That would mean that any company that has been registered as a VASP with any regulator based in the EU will be able to offer cryptocurrency-related services to traders from any country in the EU or the EEA.

The first portion of MiCA regulations came into force in July 2024, introducing enhanced protection and risk mitigation measures for stablecoin traders in the EU, including Finland residents. The existing legislation for virtual currency providers will be repealed at the end of December 2024, when MiCAR becomes fully applicable.

Virtual currency providers registered in Finland are subject to some of the strictest regulations in the world, meaning that many registered exchanges already cover many of the requirements outlined in MiCA and are well-prepared for the upcoming regulatory changes in the European Union. Authorized VCPs will be able to continue operating until the end of June 2025 and have until October 30 2024 to apply for new registrations under MiCA.

Common Costs Associated with Crypto Trading in Finland

We recommend Finnish crypto trading enthusiasts to get familiar with any surcharges that may apply to their trades. Whether they decide to engage in CFD crypto trading with a broker or they intend to engage in spot trading on an exchange platform, Finnish traders will pay certain trading fees.

To be as competitive as possible, brokers strive to reduce the trading costs attached to CFD crypto orders, with tight spreads being the main way to offer low-cost trading to their customers. More often than not, brokers do not charge any commission on CFD crypto trades, including whatever small fee there is to the spread that applies to a crypto cross.

Spreads are the differences you will notice between the bid and ask price of a crypto asset, representing the fee that you will be charged for the order you place. Crypto exchanges offering spot trading to Finnish traders also have spreads attached to tradable cryptocurrencies. While brokers often provide detailed information about the average spread they charge on major crypto crosses, exchanges will rarely provide such information. That said, you can simply subtract the bid price from the ask price, which will reveal the spread applied to a crypto asset.

Whenever you place a “buy” or “sell” order on an exchange order book, you will be charged either a taker or a maker fee. The taker fee is applied to orders that are processed instantly or almost right away, while maker fees are charged on orders that “make” the market as they get processed more slowly. Maker fees are typically lower than taker fees and can often drop to 0% whenever traders achieve high monthly trading volumes.

Whenever you deposit into your broker or crypto exchange account via a fiat method, you may also be charged a fee, depending on the payment solution you use. That said, the majority of trading platforms catering to Finnish crypto traders allow fee-free deposits. Additionally, often Finish traders can withdraw their profits without paying any additional fees.

Since crypto exchanges also allow traders to instantly purchase crypto through various fiat methods, this type of transaction may incur some fees. However, the size of this type of surcharge depends on the fiat method used, the volume of the purchase, and other factors that may affect the overall price of the purchase.

Are Profits from Crypto Trading Taxed in Finland?

Regarding crypto trading taxes, Finland has taken an approach similar to the view on crypto taxes in other EU countries. Finish crypto investors are required to pay taxes on their gains from crypto trading if the cumulative amount of their sales prices is above €1,000. Traders based in Finland also do not pay any taxes for their purchases of crypto assets via fiat methods. Transferring crypto funds between digital wallets or different exchanges is also not subject to taxes in Finland.

Sales of cryptocurrencies are subject to a capital gains (CG) tax in Finland. The rate of this tax is 30% on profits below €30,000 and 34% when this threshold is surpassed. Those who gain profits from crypto mining are also required to pay an additional earned income tax of up to 44%.

Transactions that fall under the category of taxable crypto income in Finland include:

• Exchanging one cryptocurrency for another digital asset
• Paying for a service/product via cryptocurrencies
• Trading cryptocurrencies for fiat currencies
• Staking cryptocurrencies
• Trading NFTs
• Profits gained from margin/futures trading

How to Pick Quality Crypto Brokers for Finnish Traders

While we have provided a list of reputable brokerages that cater to the needs of Finnish traders, we can also help Finnish crypto investors pick the best trading platform on their own. There are several factors to consider while picking a crypto broker operating in Finland. Those who learn how to spot the companies that offer the best trading conditions can always enjoy a smooth crypto trading experience.

We like to list regulation as the first requirement that brokers must meet in order to cater to the needs of Finnish traders. The best option is to pick crypto brokers that have been licensed by the local Finnish regulator – the FIN-FSA. That said, when it comes to CFD crypto trading, Finnish traders can also rely on brokers licensed by other top-tier regulators in the EU. Holding a license from some of the biggest regulatory bodies in the industry ensures access to various safeguard tools like negative balance protection or investor compensation schemes.

Crypto asset coverage is also important when one is looking for the best Finnish crypto broker. Platforms that cover a wider selection of crypto pairs can fit the preferences of a larger portion of traders and can also allow easy portfolio diversification. Some brokers also offer the chance to trade crypto indices featuring several of the most popular cryptocurrencies. Naturally, having more diversity is always a better choice for Finnish crypto traders comparing different broker platforms.

The cost of trading is another important factor that can make or break one’s crypto trading experience. Comparing spreads is always helpful, allowing you to identify the broker that imposes the lowest trading fees on crypto orders. However, traders should also consider other surcharges like commissions, deposit and withdrawal fees, and other account-related fees that brokers may charge. We would like to remind traders that paying an overall lower trading fee is more important than simply having lower spreads attached to some crypto pairs.

Written by N. Nazifova