Best Crypto Brokers in Portugal for 2024

Written by Zornitsa Stefanova

Zornitsa Stefanova

Zornitsa Stefanova is experienced forex and crypto analyst. She also covers various financial topics such as stocks trading and retirement investments.

, | Updated: December 11, 2024

Cryptocurrencies have recently become a popular investment vehicle in Portugal as approximately 2.6% of the country’s population reported holding digital assets in 2023. According to forecasts, over 3.3 million people will use cryptocurrencies by 2025, when user penetration will surpass 33% in the country. A growing number of blockchain startups are flocking to Portugal, further consolidating its reputation as a crypto-friendly nation. Local crypto enthusiasts face no shortage of brokers and exchanges catering to the Portuguese market but some offer far more superior pricing and better trading conditions than others.

Finding the right trading platform is essential for your long-term success as a crypto trader but requires a good deal of research. The experts and analysts at Best Brokers have done all the heavy-lifting for you, testing and comparing dozens of Portuguese-friendly crypto trading platforms so you don’t have to. We ended up with unbiased shortlists of the top 10 brokers and the 3 best exchanges for cryptocurrency traders from Portugal.

1Fusion Markets

Rating: 4.9 ⭐

74-89% of retail CFD accounts lose money

Top Rated

2Axi

Rating: 4.8 ⭐

The vast majority of retail client accounts lose money

3FP Markets

Rating: 4.7 ⭐

73.85% of retail investor accounts lose money

4Pepperstone

Rating: 4.6 ⭐

75.5% of retail investor accounts lose money

5Forex.com

Rating: 4.5 ⭐

77.7% of retail investor accounts lose money

6Global Prime

Rating: 4.5 ⭐

74-89% of retail CFD accounts lose money

7Markets.com

Rating: 4.4 ⭐

74.2% of retail investor accounts lose money

8Eightcap

Rating: 4.2 ⭐

76.09% of retail investor accounts lose money

9IG

Rating: 3.7 ⭐

70% of retail client accounts lose money

10XTB

Rating: 3.7 ⭐

80% of retail investor accounts lose money

Portugal Crypto Brokers Ranked by Trustpilot Score

Top 10 Portugal Crypto Brokers with Low Spreads

Top 10 Crypto Brokers in Portugal

1. TRADE NOW READ REVIEW
   1. FP Markets

   Min. Deposit	€50 (€100 Bank Transfer)
   Regulations	ASIC, CySEC, FSCA, SFSA, Registered with St. Vincent & the Grenadines
   Tradable Coins	10+
   Software	MT4, MT5, TradingView, cTrader, WebTrader
   Crypto Leverage	1:50 (1:2 for retail customers)
   Fees	BTCUSD – 21.08 pips average spread
   Exchange/Wallet	No
   Deposit Methods	Visa, Mastercard, Bank Transfer, Neteller, Skrill, Asia Banks Unique Banking Solutions, SticPay, FasaPay, Virtual Pay, Rupee Payments UPI, Rapyd, Perfect Money, Pagsmile, LetKnow Pay, DragonPay, Rapid Transfer, Crypto Payments, MyBux, XPay, Apple Pay, Google Pay, Bank Transfer, B2Binpay, Thunderxpay, Plusdebit (Online Banking, P2P, QR Code, MOMO QR Code), QEIS, Coinspaid, Broker to Broker
   Withdrawal Methods	Visa, Mastercard, Domestic Bank Wire (AUD), International Bank Wire, Neteller, Skrill, Fasapay, Dragonpay, Asia Banks Unique Banking Solutions, Perfect Money, LetKnow Pay, Finrax, Sticpay, Rupee Payments UPI, Rapid Transfer, Virtual Pay, xPay, Pagsmile, Mybux, Bank Transfer, Crypto, Local Bank Transfer (QR Code), Online Banking, PaymentsAsia QRIS and E-wallets

   FP Markets excels at delivering consistently tight spreads for over 10,000 tradable instruments, including 12 cryptocurrency CFDs. Portuguese customers can trade popular crypto crosses like ADA/USD, BTC/USD, BCH/USD, RPL/USD, and ETH/USD with spreads from 0.0008 for select markets. The broker provides negative balance protection to all EU customers and offers retail leverage of 1:2 for cryptocurrency markets.

   Traders can place crypto orders via robust third-party platforms like cTrader, MT5, and MT4, benefiting from lightning-fast execution with speeds under 40 milliseconds. Customers who connect their FP Markets account to MT4 or MT5 can access a plethora of valuable features that take their crypto trading experience to the next level. From live price streaming and customizable price alerts to single-click trading, FP Markets offers plenty of useful functionalities to both fledgling and experienced crypto traders.

   FP Markets operates in full compliance with EU regulations, covering client assets with up to €20,000 in compensation in the unlikely event of insolvency. Minimum deposits are on the lower end of the spectrum and start from €50 with most supported payment methods. Deposits with bank cards and e-wallets are typically instant and attract no additional processing fees.

   Key Pros

   • Allows up to 10 accounts per crypto trader
   • Offers an extra layer of protection with 2-Factor Authentication
   • Delivers consistently sharp spreads for crypto CFDs
   • Covers retail clients with up to €20,000 in investor compensation
   • Provides customer support in multiple languages

   Key Cons

   • Skrill and Neteller withdrawals attract additional fees
   • Inactive demo accounts expire after 30 days with no reactivation
   • Limited educational resources for cryptocurrencies
   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. Pepperstone

   Min. Deposit	€0
   Regulations	CySEC, FCA, ASIC, DFSA, CMA, and SCB
   Tradable Coins	9 major coins, 18 minor coins, 3 indexes
   Software	TradingView, MT5, MT4, cTrader
   Crypto Leverage	1:10 for professional traders
   Fees	BTCUSD Standard min spread – 17 BTCUSD Standard average spread – 25
   Exchange/Wallet	n/a
   Deposit Methods	Bank cards, bank transfers, PayPal
   Withdrawal Methods	Bank cards, bank transfers, PayPal

   Pepperstone is a leading global broker with over 14 years of market experience and registered offices in multiple jurisdictions, including Melbourne, Cyprus, London, and Düsseldorf. The company carries licenses from several highly accredited EU regulators, including the FCA, CySEC, and BaFin. Over 400,000 customers from more than 160 countries have already chosen Pepperstone for its low-cost trading conditions, transparency, and robust product line that encompasses over 1,200 tradable instruments.

   This impressive selection includes around 20 cryptocurrency markets tradable through contracts for difference. Customers can diversify their digital asset portfolios with the Crypto 10, Crypto 20, and Crypto 30 global indices where minimum spreads are wider, reaching 80 in some cases. Other than that, the broker enables clients to open competitively priced positions for individual coins against the EUR, USD, and GBP.

   The company safeguards retail clients from running up debt with negative balance protection. Traders can further reduce their risk by using advanced stop-loss and take-profit orders. They will benefit from top-tier liquidity, minimal slippage, and order fill rates of up to 99.87%. Portuguese customers can deposit and withdraw from their live accounts via bank transfers, cards, and PayPal.

   Key Pros

   • Multi-regulated and fully compliant with EU rules
   • Minimal slippage and order fill rates of up to 99.87%
   • Award-winning customer support around the clock
   • Standard crypto spreads from 2.5
   • Webinars for cryptocurrency trading

   Key Cons

   • Does not provide guaranteed stop losses
   • Could improve website maintenance
   • Demo accounts are available for a limited time
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% 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. Eightcap

   Min. Deposit	€0 for bank transfers; €300 for PayPal and cards
   Regulations	FCA, SCB, ASIC, CySEC
   Tradable Coins	100+
   Software	MT4, MT5, TradingView
   Crypto Leverage	1:10 for professional traders
   Fees	BTCUSD Minimum spread on Standard account – 170
   Exchange/Wallet	n/a
   Deposit Methods	Credit and debit cards, PayPal, Skrill, Neteller, POLi, bank transfers, cryptocurrencies
   Withdrawal Methods	Credit and debit cards, PayPal, Skrill, Neteller, POLi, bank transfers, cryptocurrencies

   Launched in 2009, Eightcap is a Melbourne-based trading company committed to delivering competitive prices for over 800 financial markets. The FCA and CySEC-regulated broker poses an ideal choice for traders looking to speculate on the rising and declining prices of cryptocurrencies as it provides a choice from over 100 crypto derivatives. The superiority of Eightcap’s services is undeniable, so much so that AtoZ Markets recognized it as the Best Cryptocurrency Broker in 2022.

   The broker provides exceptional trading with cryptocurrency crosses, altcoins, and crypto indices, all with rock-bottom spreads and no commissions. Clients can trade cryptocurrencies directly into their Eightcap accounts via robust platforms like MT5, MT4, and TradingView. Crypto enthusiasts can expand their market analysis with daily trading ideas and market trackers via the Crypto Crusher control panel. However, it is worth noting this panel is accessible only to clients who maintain a live balance of at least €500.

   The award-winning broker offers standard and raw accounts, both of which require minimum deposits of €100 or the currency equivalent. Crypto enthusiasts who join Eightcap can fund their live trading activities using familiar fiat solutions like Visa, Mastercard, Skrill, Neteller, and wire transfer. Depositing and withdrawing with TRC20 and ERC20 is also possible. Bitcoin deposits and withdrawals are available for USD-based accounts only.

   Key Pros

   • Available in Portuguese
   • Access to Crypto Crusher market trackers
   • Abundant opportunities for crypto derivative traders
   • No ceiling on Visa, Mastercard, and PayPal withdrawals
   • Offers automated trading via Capitalise.ai

   Key Cons

   • Traders must maintain a minimum balance of €500 to use Crypto Crusher
   • Crypto withdrawals may incur additional processing fees
   • No customer support on weekends
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.09% 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. IG

   Min. Deposit	€50 – card payments No minimum for bank transfers
   Regulations	FCA, BaFin, DFSA, FSCA, MAS, ASIC
   Tradable Coins	11 major cryptocurrencies, two crypto crosses, and a crypto index
   Software	MetaTrader 4, ProRealTime, L2 Dealer, TradingView
   Crypto Leverage	1:10 for professional traders
   Fees	BTC min spreads – 38
   Exchange/Wallet	n/a
   Deposit Methods	Portugal: Maestro, Visa Electron, Mastercard, Visa, Bank Transfer Additional methods for other countries: PayPal, BPay
   Withdrawal Methods	Maestro, Visa, Mastercard, Bank Transfer

   IG is a market-leading online broker with over 313,000 satisfied customers worldwide. The broker accepts clients from Portugal through passporting as it holds operating permits from notable EU regulators like BaFin, CySEC, and the FCA. IG runs a Portugal-facing website local traders can load in their native language. There they will find 14 popular cryptocurrencies and altcoins tradable through competitively priced CFDs, including notable coins like BTC, ETH, ADA, and SOL.

   Customers will benefit from razor-sharp spreads starting from 0.4 for Avalanche, Neo, and Litecoin. The Crypto 10 Index is also available for trading at IG but comes with considerably higher minimum spreads from 38 pips. Crypto traders can mitigate their risk with guaranteed stop losses but using the feature requires paying a premium.

   Traders can open cryptocurrency positions via MetaTrader 4, a solid platform that supports fully automated trading. IG caters to clients from the southern European country with dedicated customer support in Portuguese. Native-speaking support agents are on standby on weekdays from 8 am to 5 pm. Portuguese customers also have access to a toll-free telephone line they can use when requiring immediate assistance.

   Key Pros

   • Ensures greater market exposure with the Crypto 10 Index
   • The website supports Portuguese
   • Offers guaranteed stop losses for crypto CFDs
   • No commissions on cryptocurrency CFDs
   • Exclusive support telephone line for Portuguese customers (toll-free)

   Key Cons

   • MT5 is unavailable for crypto trading
   • A subpar range of deposit and withdrawal options
   • Support in Portuguese is available only 24/5 from 8:00 to 17:00
   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.
5. TRADE NOW READ REVIEW
   5. Markets.com

   Minimum Deposit	€100
   Regulation	CySEC, FCA, B.V.I. FSC, ASIC, FSCA, FSA (Saint Vincent and the Grenadines)
   Tradable Coins	24 (DOT, ETH, LINK, BTC, XLM, OX, and more)
   Software	MT4, MT5
   Crypto Leverage	1:2 for retail customers
   Fees	Spreads: 56.52 for BTC, 0.0036 for ADA, 3.50 for ETH, 0.80 for LTC Rollover fees: -0.0480% (sell) / -0.0960 (buy) for BTC, -0.0486% (sell) / -0.0972 (buy) for ETH
   Exchange/Wallet Services	No
   Deposit Methods	Visa, Mastercard, PayPal, Skrill, Neteller, Sofort, iDeal, Wire Transfer, Local Bank Transfer, Apple Pay
   Withdrawal Methods	Visa, Mastercard, Wire Transfer, Skrill, Neteller, PayPal

   Markets.com is a seasoned CFD provider with over 15 years of market experience up its sleeve. The company has north of 4.7 million satisfied customers and a strong presence in five regulated markets, including Europe, South Africa, the UK, Asia, and Australia. Markets.com accepts Portuguese clients with a CySEC license but is also subject to regulation by the British FCA and the Australian ASIC.

   At Markets.com, Portuguese customers can go long or short with CFDs for over 20 popular and emerging cryptocurrencies and tokens, including ETH, BTC, LTC, OX, XMR, and COMP. The multi-licensed broker delivers institutional-grade liquidity, resulting in tighter spreads and minimal slippage. New crypto traders can build knowledge and confidence by setting up beginner-friendly demo accounts credited with €10,000 in virtual funds.

   Switching from demo to live trading is effortless at Market.com and only requires a few clicks. Live account holders face a varied choice of deposit and withdrawal options, including Skrill, Neteller, PayPal, Visa, Mastercard, and wire transfers. Free withdrawals, no commissions, and powerful analytics tools are some of the other great features Markets.com offers to Portuguese crypto traders.

   Key Pros

   • Minimum withdrawals of €5 with Skrill and Neteller
   • A selection of 24 popular and emerging crypto coins
   • No additional processing fees on withdrawals
   • Commission-free cryptocurrency trading
   • Responds to email queries within two hours

   Key Cons

   • Offers support in 5 languages but Portuguese is unavailable
   • Charges €10 per month after 90 days of inactivity
   • Support is available only from Monday to Friday
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.2% 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.
6. TRADE NOW READ REVIEW
   6. Fusion Markets

   Min. Deposit	€50
   Regulations	ASIC, VFSC, SFSA
   Tradable Coins	13
   Software	MT4, MT5, TradingView, cTrader, DupliTrade, Fusion+
   Crypto Leverage	1:10 (1:2 under the ASIC entity)
   Fees	BTC/USD – 10.63 min spread; Bitcoin trading fee – 0.06%; no commission fees on crypto CFDs
   Exchange/Wallet	No
   Deposit Methods	Debit Cards, Credit Cards, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, AstroPay, MiFinity, Crypto
   Withdrawal Methods	Bank Wire, Debit Cards, Credit Cards, Skrill, Neteller, MiFinity, PayPal, AstroPay

   Fusion Markets provides a low-cost trading environment to customers from over 160 countries, and Portugal is no exception. It facilitates competitively priced CFD trading with over a dozen cryptocurrency crosses, including BTC/USD, DOGE/USD, ETH/USD, ADA/USD, and more. Customers pay no commissions on crypto CFDs and enjoy spreads as low as 0.0 for select crypto-fiat crosses.

   Portuguese traders can access various useful tools, including trading calculators, an economic calendar, and sponsored virtual private servers. Cryptocurrency CFDs are tradable via popular platforms like MT4, MT5, TradingView, and cTrader. Fusion Markets offers leverage of 1:10 for cryptocurrencies, which will definitely appeal to customers looking for greater market exposure.

   The brokerage accepts fee-free deposits with widespread solutions like PayPal, Jeton, Neteller, Mastercard, and Skrill. Portuguese clients can start speculating on cryptocurrency prices with any amount they can afford as Fusion Markets has lifted its minimum deposit requirements. The broker accepts orders as small as 0.1 lots, while the maximum you trade is 100 lots. All these factors combined make Fusion Market a suitable option for all traders looking for flexibility and competitive pricing.

   Key Pros

   • Commission-free crypto trading
   • Supports a healthy range of third-party trading platforms
   • Tight spreads from 0.0 for popular altcoins like ADA, EOS, LINK, and DOT
   • Easy client onboarding and registration process
   • No requirements for minimum account size

   Key Cons

   • Yet to obtain licenses from top-tier EU regulators
   • Portuguese is unavailable as a language option
   • Hardly any educational materials for cryptocurrency trading
   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.
7. TRADE NOW READ REVIEW
   7. XTB

   Minimum Deposit	€1 for Portugal
   Regulation	CMVM, CySEC, FCA, DFSA, KNF, FSC (Belize)
   Tradable Coins	41 (BNB, BTC, ETH, ADA, LINK, KSM, SOL, and more)
   Software	xStation (proprietary platform)
   Crypto Leverage	1:2 for retail clients, 1:5 for professional clients
   Fees	0.22% – 0.35% for BTC, 0.45% – 0.75% for ADA and LTC, 0.25% – 0.50% for ETH
   Exchange/Wallet Services	No
   Deposit Methods	Portugal: Mastercard, Visa, Maestro, PayPal, Bank Transfer Available in other countries: Skrill, Neteller, PayU, Ecommpay
   Withdrawal Methods	Bank Transfer

   XTB is a global leader in low-cost CFD trading, boasting over two decades of market experience. The renowned brokerage hails from Poland but operates globally with licenses from Belize, Cyprus, Dubai, and the UK. XTB accepts Portuguese customers with authorization from the CMVM and has registered offices in the country’s picturesque capital, Lisbon. Portuguese traders will benefit from a website and support service in their native language.

   The market-leading broker delivers an impressively broad sweep of the financial markets with an ample selection of over 6,400 tradable instruments. The Portugal-facing domain features 41 cryptocurrencies and altcoins, including must-have options like BTC, ETH, LTC, ADA, and SOL. Spreads for high-volume cryptocurrencies like Bitcoin start from 0.22% of their market price, rendering XTB an attractive option in the eyes of budget-conscious traders.

   All available cryptocurrencies are tradable through CFDs, eliminating the necessity of having a wallet or buying digital coins. Retail customers can trade the price action with leverage capped at 1:2. Clients eligible for professional accounts enjoy leverage of 1:4 for BNB, DOT, and SOL and 1:5 for BTC, ETH, and LTC. Minimum deposits start from €1 on the Portugal-facing version of the website.

   Key Pros

   • Registered with the Portuguese regulator CMVM
   • Offers a Portuguese-facing website
   • Provides customer support in Portuguese
   • Crypto spreads from 0.22% of the market price
   • Investor compensation of up to €20,000 per customer

   Key Cons

   • No customer support on weekends
   • Only proprietary software is available
   • Withdrawals below €220 attract additional fees
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% 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. Axi

   Minimum Deposit	€5
   Regulation	ASIC, FCA, DFSA
   Tradable Coins	10
   Software	MT4, MT4 WebTrader, Axi Trading Platform
   Crypto Leverage	1:2 for retail clients
   Fees	Spreads: 18 for BTC/USD, 2 for ETH/USD, 0.0013 for XRP/USD, 0.015 for ADA/USD
   Exchange/Wallet Services	No
   Deposit Methods	Portugal and EU: Visa, Mastercard, Bank Transfer Available in other countries: PayPal, Waave
   Withdrawal Methods	Portugal and EU: Visa, Mastercard, Bank Transfer Available in other countries: PayPal

   Established in 2007, Axi has emerged as a trusted online broker renowned for its tight spreads, low-latency order execution, and transparent price structure. The brand reaches customers from over 100 jurisdictions and holds licenses from some of the most respected regulatory authorities in the world, including the FCA, ASIC, and CySEC. Axi welcomes Portuguese crypto traders with its Cyprus license, offering them a choice of 30 high-volume and emerging digital coins.

   Spreads are cryptocurrency-specific, dropping as low as 0.0013 for digital coins like ADA. The reputable broker charges zero commissions on crypto CFDs, further boosting its appeal in the eyes of customers looking to reduce their trading costs. Onboarding clients from Europe can start their crypto trading adventure by depositing as little as €5 in their newly registered live accounts.

   Portuguese and European customers face a slightly subpar selection of deposit and withdrawal methods. The EU-regulated entity facilitates payments with cards and bank transfers only, which may displease traders looking to bank with popular digital wallets like Skrill or PayPal. On the bright side, withdrawing your CFD trading profits from Axi is a quick and hassle-free process that takes only one to three business days.

   Key Pros

   • Low minimum deposits for Portuguese and EU customers
   • Allows all crypto trading strategies
   • Zero commissions and ultra-low spreads for crypto CFDs
   • Free demo accounts with €50,000 in virtual credits
   • Quick withdrawal processing

   Key Cons

   • An extremely limited range of payment methods for Portugal
   • Extra fees for credit-card deposits exceeding €50,000 per month
   • Provides client support from Monday to Friday only
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. 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. Forex.com

   Minimum Deposit	€100
   Regulation	CySEC, BaFin, CIMA (Cayman Islands), CIRO (Canada), SFC (Hong Kong), FSA (Japan), NFA, CFTC, MAS, ASIC, FCA
   Tradable Coins	5 (BTC, ETH, BCH, LTC, XRP), 8 crypto crosses
   Software	MT5, TradingView, Capitalise.ai, Forex.com (proprietary)
   Crypto Leverage	1:2 for retail clients
   Fees	Spreads: 100 for BTC/USD, 7 for ETH/USD, 40 for XRP/USD, 100 for LTC/USD
   Exchange/Wallet Services	No
   Deposit Methods	Visa, Wire Transfer, Neteller, Skrill
   Withdrawal Methods	Visa, Wire Transfer

   Forex.com is a multi-award-winning brokerage delivering premium order execution and reasonable spreads for over 5,500 financial markets. The broker operates as part of the NASDAQ-listed StoneX Group and holds licenses in multiple first-tier jurisdictions, including the UK, Cyprus, Germany, Canada, Australia, and the US. The company provides quality trading services on a cross-border basis through passporting and reaches clients from Portugal, Denmark, Sweden, Spain, Italy, and other major European markets.

   Customers of the multi-regulated brokerage can speculate on the rising and falling prices of five major cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin. The world’s most popular cryptocurrency, Bitcoin, stands on one side of four crypto crosses. Forex.com customers can trade BTC against fiat currencies like USD, EUR, GBP, and AUD.

   While this selection may appear underwhelming to some crypto enthusiasts, the broker compensates with low-latency execution and zero commissions on crypto CFDs. Customers looking to profit from the highly volatile cryptocurrency markets have access to regular crypto news and analysis. Forex.com supports popular third-party platforms like MT5 and TradingView, but using its intuitive proprietary platform is also an option.

   Key Pros

   • Operated by a NASDAQ-listed parent company
   • Overseen by 11 financial regulators
   • A dedicated section for crypto market news and analysis
   • Abundant education and research content
   • Award-winning mobile apps

   Key Cons

   • Limited payment options for deposits and withdrawals
   • English and German are the only supported languages
   • A limited range of tradable coins and cryptocurrency crosses
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.7% 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.

Portugal Crypto Exchanges Trustpilot Score

Top 3 Portuguese Crypto Exchanges Fees

Top 3 Crypto Exchanges in Portugal

Bitstamp

Bitstamp is a popular exchange enabling customers to trade around 110 cryptocurrencies with ease in a secure and transparent environment. The exchange has obtained registrations with the regulatory authorities of multiple countries, including Luxembourg, Singapore, Great Britain, Italy, France, Spain, and the Netherlands. It is also featured as an authorized institution in the register of Banco de Portugal, further bolstering the confidence of customers from the country.

The exchange has plenty of aces up its sleeve, including superb uptime, instant deposit options, reliable order execution, and proactive customer support. Additionally, Bitstamp offers a broad range of advanced trading tools that retail and institutional clients can use to improve their crypto trading results. The exchange caters to fledgling traders with comprehensive crypto guides and tutorials.

From what we gather, Bitstamp currently facilitates only spot trading and works with external wallets. Clients receive generous staking rewards for holding their Ethereum, Algorand, and Cardano coins, with staking rates ranging from 1.60% to 3.10% based on cryptocurrency. The broker offers weekly, quarterly, and monthly distribution for staking rewards. Maker/taker fees range from 0.00% to 0.30% and 0.03% to 0.40% but fee discounts require substantial monthly trading volumes.

Coinbase

Coinbase is one of the longest-running crypto exchanges in the world, having been in operation since 2012. The exchange witnessed considerable growth in the years after its launch. Today, it handles a daily trading volume of over 5.5 billion dollars (accurate for early November 2024) and reaches customers from more than 100 countries. Committed to regulatory compliance, Coinbase boasts registrations with strict financial regulators like the British FCA, the German BaFin, and the CFTC in the United States.

Crypto traders from Portugal can have peace of mind knowing Coinbase is also present on the list of approved entities maintained by the country’s central bank (Banco de Portugal). It operates in the country with a cross-border license from the Central Bank of Ireland (C455715). Coinbase provides competitive trading conditions for various spot and futures markets, including low maker/taker fees. Over 240 cryptocurrencies and tokens are tradable on Coinbase. Clients can store the digital assets they purchase in a highly secure self-custody wallet.

Generosity is another distinctive trait of Coinbase. The exchange dishes out generous staking rewards for over 140 digital coins, including SOL, ETH, ADA, DOT, MATIC, and XTZ. Clients can earn up to 12% APY for holding eligible coins. Expanding your cryptocurrency knowledge is another way to earn a little something on the side as Coinbase offers exclusive learning rewards for completing short quizzes.

OKX

OKX is a high-volume cryptocurrency exchange ($6.2 billion per day in early November 2024) with a solid global presence, serving 50+ million customers from over 100 countries. The exchange has yet to obtain registration with the Central Bank of Portugal but has received authorization from prominent regulatory bodies like AUSTRAC, AMF, and MAS. Portugal residents who join OKX can buy, sell, and swap over 150 digital coins and trade around 240 cryptocurrency crosses on the spot. Digital coins on the Portuguese domain are tradable against EUR and USDC but we failed to locate any futures or margin trading while conducting our research.

In addition to spot trading and exchange services, OKX caters to Portuguese customers with a robust multi-chain wallet where they can securely store their coins. Wallet users gain instant access to over 100 DeFi apps and blockchain networks, including Ethereum, Polygon, Binance Smart Chain, Cronos Chain, and Dymention. Storing NFTs in your wallet is also an option.

The exchange compensates for the absence of options and futures contracts with generous staking rewards. Staking rates are flexible, ranging from 0.11% for HBAR to 32.50% for CHZ. Maker and taker fees for regular customers stand at 0.080% / 0.100% but decrease all the way to -0.010% / 0.015% for clients at VIP Level 8.

Legal Status of Crypto Trading in Portugal

Portugal is a relatively crypto-friendly country with no laws that expressly prohibit cryptocurrencies. Locals can freely purchase, sell, and hold digital coins without fearing legal prosecution. Cryptocurrency mining is not subject to restrictions, either. Portugal’s government recognizes the potential of digital assets as alternative payment and investment vehicles but has yet to introduce specific regulations on cryptocurrency trading.

With this in mind, the government has already taken steps to harness the potential of cryptocurrencies. It approved the Digital Transitional Action Plan in 2020, paving the way for creating the so-called “free zones” for testing new cryptocurrency technologies. The country is becoming an increasingly attractive destination for cryptocurrency businesses and startups.

The capital, Lisbon, has earned a reputation for being one of Europe’s biggest hubs for blockchain technology. It is home to several crypto exchange platforms, including Mercado Bitcoin, Bison Digital Assets, and Definancy. Some businesses in the country have already embraced cryptocurrencies and accept them for transactions. It is worth pointing out that cryptocurrencies like Bitcoin are not considered legal tender in Portugal, so residents cannot use them to pay debt or meet their financial obligations.

While there are no specific regulations on trading and holding cryptocurrencies, exchanges and wallet custodians operating in Portugal must comply with local anti-money laundering and counter-terrorist financing laws. Exchanges must register with the Portuguese central bank (Banco de Portugal) as virtual asset service providers (VASPs).

Companies must meet several criteria to obtain BP registration, including securing a local business address, opening an account at a local bank, and transferring equity to said account. Applicants must also pay registration fees and apply for inclusion in the Portuguese commercial register.

Exchanges and wallet providers registered with Banco de Portugal must adopt robust security measures to safeguard client assets and sensitive information. Local AML and CTF legislation requires them to perform identity verification checks of all onboarding customers before allowing them to deposit or buy cryptocurrencies.

Apart from conducting client due diligence checks, BP-registered exchanges must maintain detailed records of all transactions they process. They should immediately report all suspicious activities to the relevant governmental authorities. We should also point out that Portugal must comply with the broader EU regulatory framework.

MiCAR (Markets in Crypto-Assets Regulation) will come into full effect at the end of 2024, introducing a stricter regulatory framework for the distribution of digital assets throughout the EU. Earlier this year, the Portuguese securities market regulator CMVM consulted to determine which financial services providers and companies fall under MiCAR’s regulatory umbrella. The purpose of the consultation was to ensure a smoother transition to the implementation of the new MiCAR rules.

What Forms of Crypto Trading Are Legal in Portugal

Portuguese legislation allows for the legal provision of contracts for difference (CFDs) involving cryptocurrencies. CFDs enable residents to trade the price action of popular cryptocurrencies without requiring ownership of the underlying assets. With these speculative instruments, traders can profit from the rising or falling prices of crypto coins without purchasing or storing them in wallets. If the prices move in a favorable direction, traders profit from the price difference, and vice versa. CFD trading often involves using leverage, enabling traders to open larger positions with borrowed capital.

1. Low Leverage for High-Risk Crypto CFDs: Due to their high-risk nature, crypto CFDs are subject to various restrictions and regulatory requirements to safeguard retail investors. Retail leverage for crypto positions should never exceed 1:2, which means clients must cover at least 50% of their trades’ size. Crypto CFD brokers must automatically close out all losing positions of retail customers when their balance decreases to 50%.
2. Other Requirements Mitigating Risks of Crypto CFD Trading: Retail clients from Portugal and other EU states are eligible for negative balance protection, a measure preventing them from losing more than their available balance. Regulated crypto CFD providers must join approved investor compensation schemes and reimburse clients with up to €20,000 per eligible person in the event of bankruptcy.

   Another requirement stipulates that crypto brokers must provide standardized risk disclosures to warn retail clients about the high financial risk associated with CFD trading. The disclosures must also contain information about the percentage of retail clients losing money when trading leveraged CFDs.

3. Fewer Consumer Protections for Professional Crypto CFD Traders: As you perhaps noticed, we referred to “retail” clients on multiple occasions throughout this section. This is because these measures do not apply to customers categorized as professional traders. Clients eligible for professional accounts commonly have no access to investor compensation and negative balance protection. Professional crypto traders are eligible for higher leverage of 1:5 or more in some cases.
4. Portugal Residents Can Legally Trade Cryptocurrencies on the Spot: Spot trading is another legal form of cryptocurrency trading available to Portuguese residents. The term refers to buying and selling digital coins at prevailing market prices on a crypto exchange. Unlike speculative instruments like the CFD, spot trading involves the actual ownership of cryptocurrencies. A trader places a buy order and another person matches it with a corresponding sell order in the exchange’s order book. The cryptocurrency is immediately transferred to the account of the first trader.
5. Pending Futures and Stablecoins Restrictions under MiCAR: Many EU and Portugal-compliant exchanges have started removing futures contracts from their product offerings in preparation for the second wave of MiCAR rules, arriving at the very end of December 2024. This overarching legislation will impose further restrictions on crypto derivatives, severely limiting the provision of high-risk instruments.

   Stablecoins are another area targeted by MiCAR and restrictions on them already came into effect during the first wave of the new regulations’ implementation in June 2024. Issuers must be able to cover their stablecoins with an equivalent amount in fiat currencies. All issued stablecoins must be backed by fiat currencies at a 1:1 ratio.

6. No Binary Options for Portuguese and EU Crypto Traders: Binary options for cryptocurrencies and other asset classes are illegal in Portugal and the EU. Regulated brokers cannot distribute, market, or sell such products to local customers due to their high-risk nature and semblance to gambling. With binary options, traders try to predict the occurrence or non-occurrence of short-term events.

   One example is whether Bitcoin will appreciate or depreciate against the US dollar in the next five minutes and by how much. A correct prediction returns a fixed payout, while an incorrect guess leaves you empty-handed. CMVM and other EU regulators reason that binary options carry significant financial risks and are vulnerable to fraud, which renders them unsuitable for retail investors.

Who Regulates Crypto Trading in Portugal

Crypto exchanges and wallet providers targeting Portuguese customers must register with the central bank, Banco de Portugal. BP monitors for compliance with local anti-money laundering and counter-terrorist financing legislation. However, the central bank does not directly supervise the products and trading services provided by registered exchanges because there is no comprehensive national legislation for the cryptocurrency ecosystem.

The central bank frequently issues warnings about the risks associated with cryptocurrencies and keeps a register of all authorized exchanges under its supervision. Searching this register is the fastest way to determine the registration status of a given exchange or wallet.

Trading activities involving digital assets classified as securities require registering and obtaining a license from the Comissão do Mercado de Valores Mobiliários (CMVM). Crypto CFD providers are subject to the direct supervision of CMVM, which ensures compliance with the local and European financial regulatory frameworks like MiFID II.

Other responsibilities of this entity include sanctioning breaches of the local securities legislation, contributing to the development of the local financial markets, and mediating disputes between investors and licensees. CMVM keeps a separate register of financial intermediaries licensed to operate in Portugal. The regulator regularly published warnings about companies targeting Portuguese traders without authorization.

As a member of the European Union, Portugal has adopted the regulations outlined in the overarching Markets of Financial Instruments Directive 2014 (MiFID II). The legislation enables many crypto CFD brokers to provide their services and products on a cross-border basis through passporting.

In other words, a broker authorized by a given EU financial regulator can legally service customers from other member states without necessarily procuring a license from local watchdogs. Some crypto brokers accept Portuguese customers with licenses from the regulatory bodies listed below:

• CySEC – Cyprus Securities and Exchange Commission
• BaFin – Federal Financial Supervisory Authority of Germany
• AMF – Autorité des marchés financiers (France)
• MFSA – Malta Financial Services Authority
• CBI – Central Bank of Ireland
• AFM – The Netherlands Authority for the Financial Markets
• CONSOB – Italian Companies and Exchange Commission
• CNMV – National Securities Market Commission (Spain)

Common Costs Associated with Crypto Trading in Portugal

Whether using exchanges or brokers, cryptocurrency traders from Portugal can anticipate paying additional fees. Comparing fee structures across multiple trading platforms is essential for crypto enthusiasts looking to reduce their overall expenses in the long term. Brokers and exchanges levy additional fees to generate profits and cover their operational costs.

Gaining an adequate understanding of how these fees work is crucial for effectively managing your trading expenses. Here are some of the most common costs you can expect at Portugal-friendly crypto brokers and exchanges.

1. Spreads – Most brokers do not impose commissions on cryptocurrency CFDs, adding a nominal markup to market spreads instead. The term “spread” refers to the difference between the buy and sell prices quoted for cryptocurrency crosses. Narrower spreads translate into fewer trading expenses in the long term.
2. Rollover fees – Traders incur rollover fees when holding leveraged crypto positions open overnight. These charges are percentage-based and subject to frequent change. They are essentially a form of interest as leveraging your positions involves borrowing additional funds from your broker.
3. Inactivity fees – Portuguese crypto traders should log into their accounts occasionally or else they risk paying inactivity fees. Some trading platforms deduct nominal amounts from the available balance (if any) in accounts that have remained dormant for prolonged periods, usually three to twelve months.
4. Maker/taker fees – Maker/taker fees are commonly charged by cryptocurrency exchanges. Traders who place limit orders are called “makers” because they contribute to market liquidity. Those placing market orders executed immediately reduce liquidity, hence the moniker “takers”. Taker fees are often higher than maker fees.
5. Blockchain fees – These are charged to cover the costs resulting from processing blockchain transactions. Crypto exchanges commonly pass them on to their customers. Blockchain fees vary depending on transaction size, network congestion, and order execution urgency.
6. Deposit and withdrawal fees – Some brokers and exchanges charge additional fees for depositing and withdrawing with specific payment methods. Withdrawals requested via international bank transfers often attract processing fees but domestic transfers are largely free. Another thing to keep in mind is that certain crypto trading platforms allow only one free withdrawal per month and charge customers for subsequent requests.

Are Profits from Crypto Trading Taxed in Portugal?

Until recently, cryptocurrency traders from Portugal were not liable for capital gains and value-added taxes because the local government did not treat digital assets as a form of currency. Things changed in 2023 when the government introduced new tax regulations for cryptocurrencies. The new rules dictate that residents are taxed at a rate of 28% if they hold their digital assets for less than a year before exchanging them for fiat currencies.

Respectively, traders holding their cryptocurrencies for more than 12 months before selling them are exempt from capital gains taxes. The new tax regime does not apply to non-fungible tokens (NFTs). It is also worth noting that Portugal has a progressive tax system, which means tax rates increase proportionately to one’s income. The rates vary from 14.5% to 53% for income over €78,834, depending on your income bracket.

How to Pick Quality Crypto Brokers for Portugal

Finding suitable crypto brokers requires traders to consider several crucial factors, starting with their regulatory status. While it is preferable to pick a CMVM-regulated broker, trading platforms licensed by other prominent EU financial watchdogs will also do as they all uphold the same high standards of security, price transparency, and consumer protection. EU-licensed brokers must comply with specific caps on leverage, contribute to investor compensation funds, and protect retail customers from negative balances.

Another aspect you should consider is the range of tradable crypto assets supported by the broker or exchange. Quality trading platforms are renowned for their versatile product range, offering a healthy selection of tradable crypto crosses and crypto indices. Greater market versatility translates into more flexibility and more opportunities for portfolio diversification.

Portuguese traders should look into the spreads, commissions, maker/taker fees, and other additional costs resulting from trading with a specific broker or exchange. These should be as competitive and transparent as possible because high trading fees can gradually eat up one’s profits from successful trades.

Another thing to check is the trading software a given broker or exchange uses. It should be as intuitive and user-friendly as possible, even more so if you are new to the cryptocurrency market. Portuguese traders should additionally consider the availability of educational content and the range of additional features for market analysis.

Choosing a cross-compatible platform is essential for customers insisting on market access while away from their desktop computers. Last but not least, Portuguese traders must ensure their chosen broker or exchange facilitates payments in the EUR via secure, cost-efficient, and convenient payment methods.

Written by Z. Stefanova