We may receive advertising compensation when you click certain products. Before jumping into this page, an important disclosure.
You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Paybis Buy Now Paybis is a popular & cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.
Coinbase Pro Coinbase's exchange, Coinbase Pro, is one of the largest Bitcoin exchanges in the United States. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate.
Bitpanda Pro Buy Now Bitpanda Pro is Bitpanda's traditional exchange product, where users trade with each other instead of buying directly from Bitpanda. This means lower fees and more advanced trading options than Bitpanda's main brokerage service.
Bity Buy Now Bity is a Bitcoin exchange and ATM operator, based in Switzerland. Their 5 ATMs allow for a quick first purchase and only require phone verification for an initial buy limit of 1,000 EUR or CHF. Their online service accepts wire transfers, SOFORT and online bank transfers.
Bitstamp Buy Now BitStamp is one of the world's largest and most well-known Bitcoin exchanges. Deposits can be made through bank transfer, SEPA transfer, international bank wire, and now even credit cards.
Bitcoin ATMs Buy Now You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Bitfinex Buy Now Hong Kong-based Bitfinex has long been one of the largest USD Bitcoin exchanges in the world. Bitfinex accounts may be funded by bank wire only, their fee on accepting such transfers is low at only 0.1%.
In August 2016, however, it was hacked and lost around 30% of its users funds. While Bitfinex can be helpful for buying large amounts of bitcoins, it is probably best to not use the exchange until it fully compensates affected users.
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Cyprus's economy is based on a free and open market, tourism being an important aspect also, since the country is a connection between East and West.
In the last decades, Cyprus has gained stability and economic growth due to the transition from the agricultural period to the modern economy and the Cypriot citizens have reached a high level of prosperity.
Cyprus has a relatively crypto-friendly regulatory environment despite its government issuing a warning to its citizens about investing in Bitcoin. Cyprus doesn't regulate Bitcoin, and it allows blockchain startups, ICOs, and exchanges.
There is even a univerisity that accepts Bitcoin as payment for students fees.
One of the easiest ways to buy Bitcoin in Cyprus is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Cyprus, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency. Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.
COMPARISON
As of January of 2021, there are unfortunately no Bitcoin ATMs in Cyprus.
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Cyprus has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
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There are three main types of Bitcoin wallet and all of them are supported in Cyprus:
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.
ZenGo is an easy-to-use iOS and Android Bitcoin & crypto wallet. Start within 20 seconds.
Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.
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Joshua Polloso Epifaniou, a Cyprus citizen is wanted in the United States for wire fraud and attempted wire fraud after he stole personal informations from several US based companies and hacked their networks to steal $56,000 worth of Bitcoin.
His victims included a game publisher in California, a hardware company in New York, and an online employment website in Virginia. Epifaniou also installed ransomware on ripoff report's database for $90,000 in Bitcoin.
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Mining Bitcoin in Cyprus is anything but a good idea, at least if you want to make even a sliver of profit.
Electricity is one of the leading factors of Bitcoin mining profitability, in conjunction with your mining hardware's hash rate.
Maximizing the hash rate to power consumption ratio is key for profitable BTC mining. They're the only two factors you have control over, as the price of Bitcoin is always on the move.
If you do invest in mining hardware, Cyprus is probably one of the last places you'd want to set up shop.
The island nation's electricity prices are high, approximately double that of the United States.
Coming in at 0.22 Euro cents per kWh, even the best Bitcoin mining hardware wouldn't be profitable in Cyprus.
According to our Bitcoin mining profitability calculator, the S19 miner would lose around $5,000 per year, per miner. And that's after you invest around $2,000 for each ASIC in the first place.
It's been a while since Bitcoin mining's golden age when nearly anyone could make a profit.
Profitably mining is still possible now, but only with cheap electricity in a country like China, where most large mining operations reside.
In conclusion, if you want to buy Bitcoin as quickly and efficiently as possible, buy it from an exchange. Mining is reserved for large companies with the financial muscle to operate at scale, with cheap electricity, profitably.
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Citizens of Cyprus can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:
At this time, there are no Bitcoin ATMs in Cyprus.
The current price of Bitcoin in Cyprus is €27,256.84, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a Euro trading pair will allow you to sell your Bitcoin for fiat currency. Coinbase has EUR trading pairs for many popular coins.
As of January of 2021, there are unfortunately no Bitcoin ATMs in Cyprus.
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.
Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.
He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet's most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.
To learn more about Jordan, see his full bio.
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