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Buying Bitcoin in Italy is pretty easy to do these days.
Located in the European Union, Italy and many others have developed several laws surrounding the regulation of Bitcoin in the country.
Bitcoin trading to more than 1.2 million people during the COVID-19 lockdown, according to CoinTelegraph.
For a quick background on the best exchanges for Italians to buy Bitcoin with:
Let’s jump into some background on these exchanges, and then we’ll get to some frequently asked questions about Bitcoin in Italy.
We’ll include a step by step annotated picture buying guide for every exchange we mention so you’re never lost!
Based out of San Francisco, California, Coinbase is considered by many to be the most reputable beginner-friendly exchange. Since 2012, they’ve made it simple for any crypto newbie to buy and sell Bitcoin through their gorgeous user interface. Just make an account, link your preferred payment method, and start purchasing.
Please note that if you are based in the United States, most credit card purchases are disabled. For AML reasons, Coinbase, like most exchanges, requires users to submit a picture of their ID and other information for verification purposes.
When it comes to fees, this will depend on the payment method used. Bank purchases charge 1.49% and on credit and debit purchases expect 3.99%. Purchase limits depend on your accounts verification level, with the highest tier of verification allowing $50,000 to be purchased daily.
Want to see a step by step picture annotated guide on how to purchase Bitcoin on Coinbase? We've got you covered.Visit Coinbase Read Review
Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases. They offer instant delivery and sell Bitcoin, Ethereum, Ripple, Litecoin, and more to 46 US States, and most countries.
Coinmama doesn’t provide its users with a wallet on the exchange. Instead, users are asked to provide a wallet address to send the purchased cryptocurrency to. As long as you have your own wallet, this shouldn’t be an issue!
Coinmama charges a fee of around 5% for credit and debit purchases with instant delivery and high purchasing limits of a max of $5,000 daily, and $20,000 monthly.
Click here to see a step by step guide on how to purchase Bitcoin on Coinmama.Visit Coinmama Read Review
Kraken is another popular exchange based in the United States that's been around since 2011. When it comes to currencies, Kraken supports dozens of cryptocurrencies and fiat currencies such as USD, GBP, and EUR.
Fees on the exchange can range from 0%-.26% depending on the type of order and your trading volume. For funding options, Kraken offers deposits in USD (FedWire), EUR (SEPA), and CAD(Wire & EFT).Visit Kraken Read Review
LocalBitcoins offers a highly trustworthy escrow service and peer-to-peer (P2P) exchange. Due to the nature of the exchange, it's available in pretty much every country.
On the exchange, users to trade among themselves. Due to the nature of the transactions on the exchange, there is a resolution and feedback system.
It also allows users to post a quick buy or quick sell ad on the exchange platform. It is one of the best cryptocurrency exchanges for peer to peer trading.
LocalBitcoins is one of the better exchanges for users concerned with their privacy. Bitcoin can be purchased in person without linking an identity to an exchange.Visit LocalBitcoins Read Review
Italy also has a lot of Bitcoin ATMs – 59, to be exact – mostly in the north of the country.
If you’d rather keep your identity private, Bitcoin ATMs are a great way to acquire Bitcoin.
As you could probably guess, Bitcoin is certainly taxable in Italy. Have you ever known a government to not take tax wherever they can?
In 2016, the European Union passed a law stating crypto to fiat transactions incur no tax.
If you’d like to learn more about cryptocurrency tax software, feel free to check out our best cryptocurrency tax software guide!
Absolutely, Bitcoin is completely legal in Italy. The Italian government has dealt a fair amount of legislation grouping cryptocurrencies. Given the Italian governments cautious but openness to regulating cryptocurrency, we know it’s completely legal and here to stay!
Italian’s pay a hefty price for their electricity, coming in at 0.238 Euros per kWh ($0.258). Although it’s middle of the pack in terms of European electricity prices, it’s far too much for Bitcoin mining, at least if you want to have any hope of turning a profit.
Now that you have some background on Bitcoin in Italy, we hope we have everything you need to get started with Bitcoin.
The best exchanges for Italians to buy Bitcoin with: