The global crypto market is buzzing in 2024, we are experiencing a true spring in the sector and this ends up attracting the interest of many people, in addition to those who already had some level of information from other times. And, both in relation to the total population and in absolute terms, the numbers can be impressive.
While in Brazil we have around 4.1 million people who hold or trade cryptocurrencies (which means 2.01% of the country's 203 million inhabitants according to the most recent census IBGE), in Spain there are between 4.3 and 4.5 million people who fall into the same situation, which represents between 9.1 and 9.6% of the total population (which was 47.78 million in 2022). In other words, almost 5 times more proportional to the population.
Maybe you didn't know about this data, but now that you know, you understand that the presence of cryptocurrencies among people in Spain is even greater than what is seen in our country. With this in mind, we decided to list the five most relevant centralized exchanges (CEX) for crypto in that country.
Just like when we talked about the best crypto exchanges in Brazil, we will use the same criteria now: we will tell you a little about its origin and some of its peculiarities.
Let's go!
Binance
With a customer base approaching 200 million people around the world, this is the largest crypto exchange in the world. Started in China in 2017 and transferred to Taiwan after the ban on activities of this type in that first country, Binance stands out not only for the number of people who use it but also for the possibilities offered to these people - even separating them into categories, from beginner to more advanced, from Lite to Pro, offering around 350 cryptos on their shelf.
Specifically regarding its operations in Spain, the highlight is the local subsidiary (Binance Spain), which in addition to meeting the country's legal requirements, also has a VASP (Virtual Asset Service Providers) license from the Banco de España and thus allows people to contribute resources with bank transfers, debit and credit cards.
Thanks to the set of specialized trading possibilities, it ends up attracting institutional investors, who find this exchange a great opportunity to find products such as trading options, all with plenty of liquidity present.
Kraken
Founded in 2011 and having its activities effectively started in 2013 with the offering of Bitcoin, Litecoin and trades using Euro, it has expanded its presence both in different markets offered to American users and also in local subsidiaries around the world, mainly through partnerships with local companies - which happened, for example, in Japan and the United Kingdom.
The highlight of this exchange is people who are starting their activities, although crypto professionals also use the platform. The most notable presence of people just starting out is mainly due to the fact that the fees charged are low, which indicates that this exchange is an initial path for those who are just starting out.
Another highlight of this exchange is its service to users, which in addition to being responsive, also brings with it educational content that contributes to a better understanding of the platform's own tools and also 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 it began even before the Bitcoin whitepaper: it all started in 2007, in Israel. This platform ended up becoming an exchange in 2018 and, in this activity, it started in the USA.
Currently, this is the most used crypto exchange in Spain.
Two major highlights of eToro are the leadership it offers in regulatory terms - having not only a VASP license to operate in Spain but also complying with high-level criteria from other regulators across Europe - and, in addition, the broad possibilities it offers offers in terms of products on its shelf.
To give you an idea of the quantity, there are more than 4000 financial instruments: from the most famous cryptos such as Bitcoin and Ethereum, through shares of other businesses (such as Microstrategy and Coinbase) and even even globally prominent ETFs, such as BlackRock's Bitcoin spot. All of this on the same platform.
UpHold
Started in 2015 with offices in the US and UK, UpHold is an exchange that offers, in addition to cryptos, also trade in precious metals, commodities and various foreign currencies. With around 10 million active users and operating in around 150 countries, it has approximately 250 cryptos on its shelf and 27 fiat currencies.
The big news that this exchange brings is the fact that it is not limited to exchanges between assets of the same class. In practice, anyone who has an account with this broker can exchange virtually any item for any other item. Not that it's the most trivial thing in the world, but you can trade between metal commodities and cryptos, as well as between cryptos and fiat currencies.
Due to its origins already being connected between oceans - having started between the USA and the United Kingdom but having a wide global presence - and also the open range of possible trades, it ends up complying with different regulatory sets and, in this way, seeks to offer a smoother 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 sought after exchange in Spain. It presents a range of approximately 1,000 cryptos and seeks a balance between being a user-friendly platform, with low operating costs and complex trading options.
A highlight of this exchange is that it participates in charitable and social responsibility activities, having as its business mission, in addition to democratizing access and use of cryptos, the search for the development of a more sustainable environment for the sector itself throughout the world.
Another point of attention is the fact that this broker allows very wide means of 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 be overcome, and it is up to each trader or investor to choose based on their risk profile and usability preferences.
If you are in Spain, are you interested in being on any of these exchanges? Tell us!
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Photo by Formatoriginal, available on Freepik
