The global cryptocurrency market is in full swing this year 2024. We are experiencing a true spring in the sector, which attracts the interest of many people, beyond those who already had some level of prior knowledge. And, both in relation to the total population and in absolute terms, the figures can be impressive.
While in Brazil we have around 4.1 million people who own or carry out transactions with cryptocurrencies (which represents 2.01% of the country's 203 million inhabitants according to the latest IBGE census), in Spain there are between 4 .3 and 4.5 million people in the same situation, which is equivalent to 9.1 and 9.6% of the total population (which was 47.78 million in 2022). That is, almost 5 times more proportionally to the population.
Maybe you didn't know these data, but now that you know them, you understand that the presence of cryptocurrencies among people in Spain is even greater than in our country. With this in mind, we decided to list the five most relevant centralized cryptocurrency exchanges (CEX) in that country.
Just as when we talked about the best exchanges for cryptocurrencies in Brazil, we will use the same criteria now: we will tell a little about their origin and some peculiarities of each one.
Let's go there!
Binance
With a customer base approaching 200 million people worldwide, this is the largest cryptocurrency exchange in the world. Started in China in 2017 and moved to Taiwan after the ban on activities of this type in the first country, it currently stands out not only for the number of people who use it, but also for the possibilities offered to these people, separating even in categories, from beginner to the most advanced, from Lite to Pro, offering around 350 cryptocurrencies in its catalog.
Specifically in its performance in Spain, the highlight is its local subsidiary (Binance Spain), which in addition to complying with the country's legal requirements, also has a VASP (Virtual Asset Service Providers) license from the Bank of Spain, which allows for people to deposit funds through bank transfers, debit and credit cards.
Thanks to the set of specialized trading possibilities, it ends up attracting institutional investors, who find in this exchange a great opportunity to access products such as trading options, all with great liquidity present.
Kraken
Founded in 2011 and effectively beginning its activities in 2013 with the offer of Bitcoin, Litecoin and operations using euros, it expanded its presence both in different markets offered to American users as well as in local subsidiaries around the world, mainly through partnerships with local companies, as happened for example in Japan and the United Kingdom.
The highlight of this exchange lies in people who are starting their activities, although cryptocurrency professionals also use the platform. The most notable presence of people who are starting out is mainly because the commissions are low, which indicates that this exchange is a good initial option for beginners.
Another highlight of this exchange is the customer service, which in addition to being responsive, also offers educational content that contributes to a better understanding of the tools of the platform itself and other introductory aspects of the crypto universe.
eToro
This exchange actually started as a kind of social investment network, a large concentrated forum of people discussing topics within this field. So much so that its beginning occurred before the Bitcoin whitepaper: it all began in 2007, in Israel. This platform became an exchange in 2018 and began operations in the US.
Currently, it is the most used cryptocurrency exchange in Spain.
Two big highlights of eToro are the leadership it offers in regulatory terms (not only does it have a VASP license to operate in Spain, but it also meets the high-level criteria of other regulators throughout Europe) and, furthermore, the extensive possibilities that it offers in terms of products in its catalog.
To get an idea of the quantity, there are more than 4,000 financial instruments: from the most famous cryptocurrencies such as Bitcoin and Ethereum, through shares of other businesses (such as Microstrategy and Coinbase) and even Globally renowned ETFs, such as BlackRock's spot Bitcoin. All this on the same platform.
UpHold
Started in 2015 with offices in the US and the UK, UpHold is an exchange that offers, in addition to cryptocurrencies, also trading in precious metals, commodities and various foreign currencies. With around 10 million active users and a presence in approximately 150 countries, it has around 250 cryptocurrencies in its catalog and 27 fiat currencies.
The great novelty that this exchange brings is the fact that it is not limited to exchanges between assets of the same class. In practice, whoever has an account on this platform can exchange virtually any item for another. It's not the most trivial thing in the world, but you can carry out operations between metal commodities and cryptocurrencies, as well as between cryptocurrencies and fiat currencies.
Since its origins are already connected across oceans (having started between the US and the UK, but with a broad global presence) and also due to the wide range of possible operations, it complies with various regulatory sets and thus , seeks to offer a more fluid way of multi-asset exchange.
Bybit
Founded in March 2018 in Singapore and currently having around ten million customers around the world, Bybit is today the third most searched exchange in Spain. It presents a range of approximately 1,000 cryptocurrencies and seeks a balance between being a friendly platform, with low operating costs and complex trading options.
A highlight of this exchange is that it participates in charity and social responsibility activities, having as its business mission, in addition to the democratization of access and use of cryptocurrencies, the search for the development of a more sustainable environment for the sector itself throughout the world. world.
Another point of attention is that this platform allows various means for inserting funds: from credit and debit cards, through SEPA (Single Euro Payments Area) transfers and even PayPal.
How to choose the best exchange in Spain?
Did you know that the crypto universe was so present in Europe? Each exchange presented has its strengths and challenges to overcome, and it is up to each trader or investor to choose according to their risk profile and usability preferences.
If you are in Spain, are you interested in being on any of these exchanges? Tell us!
