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Austin Jacob • May 4th, 2020

Buy Bitcoin in Spain

Here’s the deal:

Purchasing Bitcoin in Spain USED to be difficult.

Now it’s pretty dam easy thanks to exchanges like Coinbase.

To learn how to purchase Bitcoin in Spain, keep reading!

Comparison

coinmama
Fees Established Countries
5.9% 2013 Nearly All
bitpanda
Fees Established Countries
~4% 2014 Europe
Coinbase Home

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.

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. 

Visit Coinmama Read Review

 

Bitpanda, called by some the Coinbase of Europe, is a popular brokerage that sells. Bitcoin, Ethereum, Ripple, and more for US Dollars, Euros, British Pounds, and Swiss Francs.

Just like Coinbase, Bitpanda has a very simple user interface, making it easy for beginners to successfully purchase in cryptocurrency.

The exchange has several payment methods such as bank transfers, credit cards, debit cards, Skrill, Neteller and more. Depending on which method is used, there may be differing deposit fees.

Fees and Limits

When it comes time to transact on the exchange, Bitpanda charges 1.49% for buys, and 1.29% on sells making them an extremely competitive option.

Headquartered in London, UK, CEX.io offers security, high liquidity, and cross-platform trading. They support an extremely wide array of countries making them available to most people.

CEX.io appears to have little no fees at first glance. They are able to do this by charging a premium on the Bitcoin price. We estimate this comes in around a 7% premium on average.

When it comes to purchasing limits, it really depends on your accounts verification tier. The first level has daily deposits of $500 and $100 withdrawals while the highest tier has unlimited in each category. Payment methods include cards, bank transfers, and more.

Visit CEX.io Read Review

 

Bitcoin Regulation in Spain

Spain is known to be highly protective of their investors’ rights, and as a result, have adopted a cautious attitude towards Bitcoin and other cryptocurrencies. Like most countries, Spain does not treat Bitcoin as a currency or legal tender.

Bitcoin regulation in Spain virtually doesn’t exist – the Spanish government has decided deal with Bitcoin and other cryptocurrencies using their barter laws, which spells problems for investors. Not only do Spanish Bitcoin hodlers owe capital gains taxes on their investment, but they may also be subject to VAT taxes in certain circumstances.

They’ve even gone so far as to request all citizens to reveal their holdings to the government, regardless of the quantity. This move seems invasive and is another example of government trying to regulate Bitcoin, a decentralized asset which knows no governments or borders, only the people whom it serves.

Mining Bitcoin in Spain

Spain’s cost of electricity is average for the European Union nations, coming in at 0.21 Euros per kWh ($0.23). Still, that’s double the cost United States’ citizens pay, and is nowhere near low enough to be profitable for Bitcoin mining.

Even with the best Bitcoin mining hardware, you’d lose an average of 4,000 Euros per year, not to mention the startup cost of mining.

If you want to acquire Bitcoin, buying it from an exchange is the fastest, easiest, and best method.

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