In a world where cryptocurrencies are becoming increasingly significant, investors must find secure and reliable platforms to buy, sell, and store their assets. The crypto market is risky, volatile, unregulated, and often lacks consumer protection. Moreover, there is a growing number of exchanges available, which makes selecting the right one a daunting task.
To choose the ideal platform, investors need to be wary of scams and understand the differences, unique strengths, weaknesses, and reliability of the different platforms, considering that there is no investor protection in case the exchange goes bust. Since we have the experience and the expertise to help you, we tried to summarize the information you need to make an informed decision when choosing the best crypto exchange in Norway.
In this article, we will compare and review the best cryptocurrency exchanges in Norway to help you find the perfect match for your needs.
Best Cryptocurrency Exchanges in Norway for 2023
With over 250 types of cryptocurrencies, Crypto.com offers diverse financial services related to cryptocurrencies, such as a crypto debit card and a comprehensive NFT marketplace.
American crypto exchange founded in 2012 with over 89 million users. The exchange is known for its simplicity. It allows you to buy and sell over 100 different cryptocurrencies.
Kraken is the fifth-largest Bitcoin exchange globally, according to trade volumes. The exchange is regulated by the FinCEN in the USA and is operational in over 200 countries.
Best Cryptocurrency Exchanges in Norway Reviewed
Crypto.com at a glance
Crypto.com is a platform founded in 2016 with more than 80 million users from 90 different countries. It has become a popular choice among Norwegian users due to its variety of services that allow investors to earn passive income and access financial services. The exchange also offers Norwegian customers a tool to easily generate a crypto tax report, allowing investors to calculate their taxable capital gains and losses with crypto.
Among the many other services, Crypto.com allows you to earn interest on your crypto holdings, gives you access to a safe crypto wallet, allows you to create a crypto savings account, and access a visa card to use your cryptocurrencies to pay for products and services on your day-to-day while earning rewards for it. The platform is also famous for its NFT marketplace, which is developed and easy to navigate. Moreover, if you hold the platform’s native utility token Cronos (CRO), you can lower your fees and earn higher rewards when using your crypto debit card.
The exchange is licensed in Malta as a Virtual asset Service Provider, which makes it reliable and compliant with anti-money-laundering rules, although it does not protect your investments. If you are a beginner, you may be overwhelmed by the platform’s interface, but a platform with low fees and an extensive list of services and assets is certainly one of the best crypto exchanges in Norway.
Coinbase at a glance
Coinbase is a cryptocurrency exchange founded in 2012 with more than 100 million users worldwide. The platform combines a user-friendly interface with a large offer of cryptocurrencies for the user to buy and sell. It also provides a massive library of information about cryptocurrencies, focusing on beginner education. Any user with limited knowledge of computers can use both the online website and the apps for Android or iOS, which makes it an excellent choice for beginners. Advanced traders can use Coinbase Pro, which contains advanced features not present in the regular platform.
The company prioritizes security. It is authorized and regulated by the Bank of Ireland as an e-money institution, which means that your cash balance will be protected by a depositor guarantee scheme. Besides, as a Virtual Assets Service Provider, Coinbase needs to abide by strong anti-money laundering measures. Although your investment in crypto will not be protected by any investment scheme, the exchange is trustworthy and is considered safe in the market. To enhance the security of investors, Coinbase also offers cold storage and multi-signature wallets, and a crime insurance that protects a portion of your digital currencies against theft and cybersecurity breaches.
Moreover, the exchange provides “learn & earn” programs that will pay you rewards in crypto to learn about cryptocurrencies and Fintech. Known for its simplicity and security, it is a solid option for investors, and its advantages put it in third place on our list of the best crypto exchanges in Norway.
Kraken at a glance
Founded in 2011, Kraken is one of the oldest and most reputable crypto exchanges in the world. You can trade a wide range of cryptocurrencies with low fees (up to 0.26%), have access to 24/7 customer support via live chat, and enjoy high-security standards. It offers educational resources for beginners and experts: there are detailed “Crypto Guides”, videos, and even a podcast, which are excellent tools to help investors make informed decisions.
Kraken provides staking services which are similar to a locked savings account. With the right cryptocurrency choice, you could earn 10%+ in interest. It’s an ideal choice for traders who wish to earn a passive income from their holdings.
The company is committed to transparency and security, and they offer a combination of cold storage and multi-signature wallets that protect user funds. Although it is registered in Italy as a Virtual Asset Service Provider, which obliges the exchange to comply with anti-money laundering rules, there is no protection for the investments in case the exchange goes bust.
How to choose the Best Crypto App in Norway
There are many aspects you should consider when choosing the best crypto exchange in Norway to make your investments. Some of the features you should consider are the following:
- Safety and Regulation: all the exchanges presented are licensed and regulated in Norway.
- Range of cryptocurrencies available to trade: you must assess whether the platform offers a wide range of crypto assets or only the most established ones.
- Fees: exchanges may charge above-average prices for buying, selling, or swapping cryptocurrencies.
- User interface and ease of use.
- Deposits: how can you top up your wallet in the exchange? Is there a minimum deposit amount?
- Services offered: exchanges offer different types of services. If you want to take on riskier investments, maybe you could consider using exchanges that allow you to trade derivatives. If you need to be able to use your cryptocurrency investments to make payments in your day-to-day life, an exchange that has a crypto debit or credit card may be more useful. If you want to hold your assets for a long period, maybe look for exchanges that will pay you higher rates for staking.
The bottom line
To sum it up, these are our top picks:
Best crypto platforms in Norway
The world of cryptocurrency trading is exciting and filled with opportunities. However, choosing the right exchange is critical to ensuring a positive experience and protecting your digital assets to avoid scams and unsafe platforms. In this article, we reviewed the best crypto exchanges in Norway, and we want to help your decision.
Please consider each of the unique strengths and advantages of the exchanges, always thinking of your needs and preferences. Cryptocurrencies are highly volatile and unregulated in Norway. There is little to no consumer protection and your investment will not be protected as it would be if you would buy stocks. Besides, remember that tax on profits may apply!
Take your time to do more research and evaluate the platforms. Stay informed and stay safe! We hope that this article was informative, and we wish you the best of luck in your investments!
What is a crypto exchange?
A crypto exchange is an online marketplace where you can trade cryptocurrencies for other cryptocurrencies, digital money, fiat money, or many other tokens, such as NFTs. Typically, crypto exchanges are centralized, similar to stock exchanges. These platforms will work as intermediaries that match transactions between buyers and sellers, offering you more safety when selling or purchasing cryptocurrencies. Crypto exchanges may also be decentralized. In this case, the platform will use blockchain technology to facilitate the exchange of your asset with another party without the intervention of the platform.
What are the best crypto exchanges for beginners?
We believe that all options in this list are a few of the best exchanges for beginners, although they have their unique strengths and differences.