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How to Buy Cryptocurrency in Portugal in 5 Simple Steps

Cryptocurrencies Portugal

While cryptocurrencies are coming under the hammer of governments worldwide, Portugal is pulling in the opposite direction. The country is opening up to virtual assets faster than any other European country. For example, there is a Golden Visa program where interested citizens can pay for the services in Ethereum (ETH), Bitcoin (BTC), Ripple (XRP) and more.

Also, more people in the country are growing curious about owning cryptocurrency. If you are interested in buying cryptocurrency in Portugal, this guide will take you through the entire purchasing process and discuss various payment options. 

Quick Guide to Buy Cryptocurrency in Portugal Today

1

Sign up

You need an account to access the cryptocurrency market in Portugal. All trading platforms need to identify you for security reasons and to adhere to regulations. Signing up starts with supplying your first and last name and phone number or email address, sometimes both. Further information might be required to verify your identity and address. So, it helps to provide accurate details in the first instance.

2

Make a deposit

Your account requires funds to transact in the market, although this is not a requirement for exchange platforms. For example, if you opened a brokerage account, the account can start to transact only when adequate funds are available. The platforms offer a wide range of payment options, where you choose the one that appeals to you the most. However, an exchange account only needs you to link and verify your bank account.

3

Buy cryptocurrency

Once the account is funded and the funds reflect in the balance section, proceed to the exchange platform, and select the preferred token for purchase. Simply enter the price at which you wish to purchase, then enter the amount of tokens and hit the “Buy” button. On the broker platform, you can select the appropriate derivative instrument and send an order to the market.

What is the Best Payment Method for Buying Cryptocurrency in Portugal?

We cannot say with confidence that a payment method suits you, mainly because everyone defines 'best' based on personal preferences. For example, PayPal could be the best payment method for someone that needs convenience, while bank transfers suit one who desires impregnable security.

The good thing is that you have an endless pool of payment options in Portugal. In addition, the country's stature as a home to innovative financial institutions has enabled countless payment service providers to thrive.

  • Buy Cryptocurrency with Cash: Bitcoin ATMs in Lisbon enable buyers to enjoy immediacy, flexibility, and security when purchasing crypto. 

  • Buy Cryptocurrency with Credit Card: You can buy crypto instantly with a credit card without having all the cash on hand.

  • Buy Cryptocurrency with Bank Transfer: Offers robust security when transacting, but be ready to wait for longer to complete transactions.

  • Buy Cryptocurrency with PayPal: This gives you access to a vast number of cryptocurrency sellers.

  • Buy Cryptocurrency with Bitcoin: Enables you to enjoy user autonomy, discretion, peer-to-peer transactions.

Why Buy Cryptocurrency?

Bitcoin is the most widespread cryptocurrency, but many companies have issued their own versions, often called tokens. There were 10,945 tokens at the time of writing, according to CoinMarketCap. Altogether, the coins are worth $1.26 trillion. 

According to Forbes Magazine, cryptocurrencies obtain their value from their use cases, supported by the underlying technology, blockchain. 

The technology records transactions on a distributed ledger that is open for everyone on the network to verify. In addition, each blockchain system has a native token to facilitate transactions among peers. For example, BTC enables peers on the Bitcoin blockchain to transfer value and settle transactions.

Most importantly, blockchain technology uses the nodes on the network to prevent fraud. For example, most of the nodes on the platform must verify a transaction before it is added to the unified transaction record. Also, the system is set up so that a single node cannot alter the details of previously recorded transactions.

Other benefits of the technology include trust, reduced transaction costs, improved privacy and security, traceability of transactions, and more. Interestingly, the merits of the technology are creating many use cases across numerous industries worldwide. This is one of the reasons cryptocurrencies are gaining value.

For example, the total capitalisation of the cryptocurrency market in 2021 year-to-date is up 66% to $1.29 trillion. However, in the same period, the PSU 20 Index returned a mere 2.69%. This scenario supports the case for cryptocurrencies against the Portuguese equities market. As such, the crypto market is worthy of any investor's attention looking to diversify their portfolio.

Additionally, cryptocurrencies are gaining mainstream usage at a steady pace. This is mainly because of a positive attitude by the country's financial regulators. At this pace, there is a chance that cryptocurrencies like Bitcoin might become legal tender.

If so, the digital currencies will become priced assets in Portugal in the future. Unfortunately, the assets would be too expensive for those who missed the chance to enter the ecosystem early. By this logic, it looks like the best time to buy cryptocurrency in Portugal is now.

Is it Legal to Buy Cryptocurrency in Portugal?

Although Portugal lacks definitive cryptocurrency laws, the country's central bank does not prohibit purchasing, holding and selling digital assets. In fact, Banco de Portugal, the central bank, issued a statement recently in which it permitted two cryptocurrency exchanges to operate legally. However, the institution does not recognise digital assets as legal tender.

Buy Crypto in Portugal Today!

Where Can I Use Cryptocurrency in Portugal?

According to our research, there are various Bitcoin ATMs in Lisbon where you can spend the tokens. However, we could not establish whether the ATMs accept other tokens such as Ethereum (ETH), Litecoin (LTC), and more. Additionally, we could not find any major brands that accept cryptocurrency, despite days of detailed research. 

But there is good news. We established that thousands of enthusiasts have put up their cryptocurrency holding up for staking on numerous exchanges. Also, some use their coins to facilitate the governance of given blockchain systems.

Our Recommended Best Way to Buy Cryptocurrency in Portugal

We analysed all of the options to purchase cryptocurrency in Portugal and our choice for the best platform is given below.

1
Min. Deposit
$10
Promotion
User Score
10
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Start Trading
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA

Frequently Asked Questions

  1. No. According to digital currency regulations, the earnings from digital assets do not fall under the category of taxable income. However, the income generated from offering professional services to cryptocurrency investors is taxable.

  2. Yes. PayPal is one of the most common payment methods among cryptocurrency platforms in Portugal.

  3. The safest way to buy cryptocurrency in Portugal is through regulated broker and exchange platforms.

  4. Yes. Most reputed platforms will insist on identity verification as part of the KYC regulations.

  5. The cost of buying cryptocurrency varies depending on the payment option used. Therefore, some payment methods might be expensive while others might be affordable. Select an option that suits your budget and needs.

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