How to buy Bitcoin and cryptocurrency in Belarus

How to buy bitcoin in Belarus

Operations withcoins in the country are legal, regulated at the legislative level. Decree No. 8 prescribes the main rights and obligations of individuals and legal entities for handling tokens and coins.

To buy koins there are:

Buy bitcoin in Belarus can also be bought from private individuals. Operations with cryptocurrency in the republic are carried out by popular platforms with foreign registration. But first of all, local companies available to citizens of Belarus and other countries are of interest.

Exchangers

Legal intermediaries work in Belarus. Exchange transactions can be made for cash, other coins, with the help of bank cards Visa and Mastercard.

Popular intermediaries in Belarus are presented in the table below.

Features

Buy cryptocurrency in Belarus on Bitok.me with bank cards can only be used within the country. Verification is not required for cash payments. All cryptocurrency transactions are regulated and legal. In addition to Belarus, the service is available to clients from Russia, Ukraine, Switzerland, Estonia, and Sweden.

BitMinsk works with a commission in the range of 3.5-10% depending on the cryptocurrency pairs.

Free2ex exchange offers exchange services. The company works without commission, performing operations at the rate of the world’s largest platforms. Customers have a guarantee of the required amount of funds. The commission for deposit and withdrawal transactions to Visa and Mastercard cards is 2.49%.

The peculiarity of bitcoin exchange in Belarus is the verification of identity. No anonymity of clients is allowed. All operations are transparent for fiscal and other controlling organizations.

Advantages – full legality, high level of security, risk insurance.

The process of buying BTC on Whitebird

This is the first legal cryptocurrency exchange service in the CIS countries. The peculiarity of Whitebird is direct conversion of koins into fiat money with the help of bank cards. The goal of the project is to simplify the use of tokens and koins.

Unlike digital exchanges on Whitebird, it is much easier to buy cryptocurrency in Belarus with a card. It is enough to transfer money and receive the necessary amount on the wallet. Processing time depends only on the speed of transaction confirmation in the blockchain.

As of June 2023, the service works with Visa cards, in the future it is expected to organize support for other payment systems.

The service allows individuals and legal entities to buy cryptocurrency for 3 fiat currencies:

• Belarusian ruble
• US dollar
• Russian ruble.

For local citizens only transactions with the national monetary unit are available. The minimum amount for exchange is equivalent to $50.

Beginners need to buy cryptocurrency in this sequence:

1. Registration. An e-mail will come with a link to complete the procedure.

   

   To create an account, you need to specify your e-mail and come up with a password
2. Setting up the security of the account. This is done with the help of e-mail confirmation.

   

   You will be prompted to set up two-step authentication
3. Verification of documents. The verification process is different for citizens of Belarus and other countries.

   

   For conversion it is necessary to complete the verification
4. Pair selection.
5. Purchase of cryptoassets. In the form it is required to specify the transfer amount and confirm the application.

Cryptocurrency exchanges

In the Republic of Belarus there is a favorable climate for the development of trading platforms. All cryptocurrency exchanges are regulated. They operate in the jurisdiction of the state and enjoy preferential taxation within the framework of Decree No. 8.

Features of cryptocurrency exchanges

To open a trading service and work in Belarus, you need to become a resident of the HTP. The conditions for admission are strict, so there are not very many platforms, despite the loyal legislation. In general, local crypto exchanges have these strengths and weaknesses.

The peculiarity of cryptocurrency exchanges in Belarus is that they are relatively young platforms for working with digital assets, they emerged after 2017.

The process of buying BTC

Step-by-step instructions for exchanging assets on the exchange should begin with verification. This is the basic requirement of all platforms. After that, buying cryptocurrency should be done like this:

1. Deposit money into the account of the exchange.
2. Select the appropriate currency pair.
3. Send a request(order).

It is possible to store cryptocurrency on an exchange crypto wallet, but, given the risk of hacking the platform, it is better to withdraw it immediately. The most secure for storage are non-custodial services. The keys to them are held by the owners. Entry is possible by password, but in case of loss of access, it can be restored with the help of Seed-phrase.

Cards, EPS and bank transfers are available for replenishment and withdrawal. The commission depends on the payment method, currency and intermediary. On the Currency.com exchange, the cost of depositing from a bank card is 3.5%. There are minimum amounts for making a deposit and sending money to a personal account ($100 or 250 Belarusian rubles).

Best exchanges

Cryptocurrency regulated services:

• Currency.com. The first exchange, founded in 2019. You can buy bitcoins, Tether and other coins, trade tokenized assets (over 2,000 instruments, including stocks), and use a demo account. A mobile application has been created for customers. Among the advantages of the functionality, it should be noted that the account replenishment and withdrawal by bank payment without commission.
• Free2ex. A professional trading platform. Among the advantages: high liquidity of assets, acceptable commissions, insurance fund is $1 mln. A mobile application and exchange service have been created for comfortable work.
• Bynex. The platform was registered in 2021. Among the advantages should be noted the support of bitcoin, Ethereum, low commissions.
• IEX. The service works on the principle of “three in one”: an exchange, a wallet and a tool for converting cryptocurrencies. It is available to buy coins by card or bank transfer. Internal transactions with assets are carried out without commission.

The largest global cryptocurrency exchanges are also available: Coinbase, Kraken, KuCoin, Huobi Global.

P2P exchanges

Direct exchange services allow you to find someone with an opposing interest and agree on a transaction. P2P-exchange acts as a guarantor of the transaction. Popular services with Russian language support:

• LocalBitcoins. Registered in Finland. Verification is mandatory on the site. There is an internal Bitcoin wallet, a choice of applications by country is available.
• LocalCryptos. The platform is registered in Australia. Features of the platform: confirmation of registration by e-mail, no verification, the main types of fiat currencies are available.
• Cryptolocator. The country of registration is Estonia. Available fiat currencies (US dollar, Belarusian and Russian rubles, hryvnia, tenge and others). Verification is required when buying and selling in the amount of 1000 euros or more.
• Paxful. Service from the USA. Available fiat currencies and Bitcoin, verification is required (for Belarus and Russia). For the convenience of investors there is a mobile application.
• Bitzlato. The platform is registered in Hong Kong. All fiat currencies, Bitcoin, Ethereum, Dash, Dogecoin are available for work. Verification of users is optional.
• Other platforms (Binance P2P, Monabey, Bitpapa). Some services do not accept clients from Belarus. The list of prohibited jurisdictions should be seen in the user agreement or company rules.

Telegram bots

The popular messenger is actively used for trading digital money. Exchange services, P2P-platforms have bots. They serve to find sellers, buyers and connect them with each other.

Using a Telegram bot is simple:

1. Select a service.
2. Specify the currency pair to be exchanged.
3. Enter the amount and direction of conversion (send or receive).
4. Specify the details of the buyer’s and seller’s accounts.
5. Transfer funds to the counterparty.
6. Wait for the return transfer.

Buying from individuals for cash

Theoretically, Belarusians are not limited in opportunities and rights to exchange cryptocurrency from hand. But there is a risk of encountering fraudsters. The counterparty may not send coins, or they may turn out to be “dirty” – involved in illegal operations (drug trafficking, weapons, terrorism financing). Such assets will be difficult to sell, and the buyer runs the risk of being seen by law enforcers.

Crypto-machines

This is a new direction for buying digital assets. Their principle of operation is similar to mobile terminals. The client must choose a coin, deposit fiat money in a convenient way and receive funds on the wallet. It is not yet possible to buy cryptocurrency in Belarus through such a terminal. To track the available nearest cryptomats, citizens have the right to use the service coinatmradar.com.

Payment systems for buying Bitcoin

Electronic transfer companies (ETCs) are also used to work with cryptocurrency. On them it is convenient to exchange assets within one account, without commissions. There are various electronic payment systems with support for crypto coins: AdvCash, Payeer, Capitalist, NETELLER, WebMoney. To replenish EPS wallets, it is better to use bank cards or transfer services. The principle of conversion is easy:

1. Create an account, verify (optional, depends on the system).
2. Deposit bitcoins to the account.
3. Exchange to fiat.
4. Withdraw to a card or send to another person.

Which way to buy cryptocurrency to choose

Given the loyal legislation, the best option for transactions with coins, tokens – regulated crypto exchanges or officially registered exchange services.

On P2P platforms, there is a greater choice of payment methods, but there is a risk of buying “dirty” cryptocurrency. If you try to resell it at a regulated exchange or exchange, you may face questions about the origin of the money. Buying from individuals for cash doesn’t inspire confidence either.

Frequently Asked Questions