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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 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%.
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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, allowing you to 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 considered before selecting one.
Additionally, Bitcoin buyers need to keep in mind that certain exchanges might require you to get a wallet of your own before being able to buy the digital currency. Even if there is no requirement, 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
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Iceland has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
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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.
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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How to Buy Ethereum in IcelandEthereum (ETH) has established itself as the second most popular digital currency, after Bitcoin. Its smart contract features allow unique apps to be built on top of its platform. Below you will find exchanges in Iceland that allow you to buy ethereum. Once you buy, you should withdrawal your ETH directly to your own crypto wallet.
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How to Buy Dogecoin in IcelandThanks to Tesla founder Elon Musk, Dogecoin (DOGE)—a coin that started as a meme about the shiba inu dog—has recently become a popular digital currency. Below you can find crypto exchanges in Canada that allow you purchase Dogecoin.
About Dogecoin: Dogecoin has become one of the most famous altcoin blockchains. Dogecoin was founded by Jackson Palmer and Billy Markus on December 6, 2013. Thanks to its popularity on Robinhood, it hit an all time high of $0.42 on April 20. Doge started the year at under $0.01 USD. It is an open source blockchain, meaning its code is publicly available for anyone to see.
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How to Buy Litecoin in IcelandLitecoin (LTC) is one of largest cryptocurrencies by market cap. Below you can find a list of brokerages in Iceland that allow you to buy litecoin and other crypto assets for good exchange rates.
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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.
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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. According to the Icelandic Blockchain Foundation, 8% of all Bitcoins have been mined there.
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.
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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.
You can use our Bitcoin ATM finder tool to check back in occasionally and see if one has opened.
Bitcoin prices are changing every second.
The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.
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.
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.
Paybis
Bity
Bitstamp
Bitcoin ATMs
