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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.
eToro is a trading platform and crypto exchange. It supports Bitcoin, Ethereum, Litecoin, Zcash and many other coins.
Deposits can be made quickly via bank transfer, SEPA, NETELLER, PayPal and more. It also offers unique features like copy trading.
Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
Coinbase is the world's largest Bitcoin (BTC) broker. They represent an easy and fast way for new users to purchase bitcoins. Coinbase supports customers in over 30 countries, including the United States, Europe (besides Germany), UK, Singapore, Canada, and Australia.
Customers in the above-mentioned countries can purchase bitcoins by debit card, bank transfer, SEPA transfer, and more.
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'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 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 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 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.
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%.
Since 1990, Iceland has made serious market reforms, and the economy has seen massive growth. The area of Bitcoin is no exception.
Iceland hosts the largest Bitcoin mining facilities in the world, due to its very high reliance on thermal energy sources. The Icelandic government doesn’t consider Bitcoin a currency, but it allows its citizens to own Bitcoin and mine it freely.
One of the easiest ways to buy Bitcoin in Iceland is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Iceland, 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.
Iceland has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
There are three main types of Bitcoin wallet and all of them are supported in Iceland:
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.
As of January of 2021, we could find no exchange hacks or significant scams affecting Iceland or its citizens. We will update this page if/when any news of scams or exchange hacks occur in Iceland.
Iceland became the first nation to use more electricity for Bitcoin mining than any other practical application back in 2018, shortly after Bitcoin's price run.
Back when Bitcoin mining was profitable nearly anywhere, it seemed like a gold rush - anyone with mining hardware could make a profit.
And thanks to Iceland's volcanoes, the country has an abundance of geothermal and hydroelectric plants that provided the mining facilities with seemingly infinite energy.
However, Bitcoin's price has retraced even further since 2018, and mining difficulty has increased. Given Iceland's average electricity cost of $0.12 per kWh, it's no longer profitable for the average person.
Even using the Antminer S19 - one of the latest models from Bitmain - isn't good enough to turn a profit. According to our mining profitability calculator, the S19 would lose more than $1,600 per year in Iceland.
Bitcoin mining is only profitable in countries with dirt-cheap electricity, like China, India, and Kuwait to name a few. Otherwise, you'll most likely pay more in electricity than the value of the Bitcoin you acquire.
Couple that with the substantial upfront cost to invest in mining hardware and the time it takes to get going, it's easy to see why 99% of people don't mine Bitcoin anymore.
If you live in Iceland and want Bitcoin, buying it directly from an exchange is the best option.
Citizens of Iceland can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:
At this time, there are no Bitcoin ATMs in Iceland.
The current price of Bitcoin in Iceland is ISK4,459,354.12, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a Icelandic króna trading pair will allow you to sell your Bitcoin for fiat currency. Bitpanda has ISK trading pairs for many popular coins.
As of January of 2021, there are unfortunately no Bitcoin ATMs in Iceland.
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.