Belgium has been on a skeptical stance towards crypto assets. Their government has also issued several warnings to protect the consumers. They also had started a campaign which was to make people aware of the common fraudulent activity associated with cryptocurrency. So, the government is also imposing regulations on business operators or individuals with cryptocurrency. By 2018, the Belgium government launched a website which was to make its citizens aware of the threats posed by crypto assets. Belgium governance will also levy taxes for individuals gaining from crypto assets. According to STI or the Special Tax Inspectorate of Belgium, anyone who’d be garnering any amount of gains being associated with the crypto market will have to pay 33% and tag them under “miscellaneous income” while filing their tax returns. So, essentially there is no discrimination when it comes to other investments and crypto-assets. However, capital gains get tax exemption when they are from private estates but are taxable when coming from any speculative or business activity. Taxation will be a bit tricky to control given the resounding anonymity that surrounds crypto assets. But the Belgium tax authorities will be taking after the Internal Revenue Service of the states who could successfully pressure an exchange as big as Coinbase to grant them user data access for taxation.
However, the Belgium authority is yet to take further steps, rather than waiting for a common Euro policy like other European countries. The financial services and market authority of Belgium have recently updated the list of websites that they think might be fraudulent. Twenty-one new websites were added to the existing list which brings about 99 sites on the blacklist as of now. The sites are as follows:
Buying Bitcoin in Belgium
There are several options when it comes to buy Bitcoin in Belgium. But buying Bitcoin for the first time can be a formidable process with sets of speculations coming up. The process of purchasing Bitcoin is very simple but the factors leading up to it are not. There are several options that can be opted for buying Bitcoin which are fast, reliable and comfortable for first-timers. However, the experience may vary by geographical location in Belgium but it seems the case that it will follow the Euro regulations for crypto assets.
TLDR: You can use regular money i.e. Fiat to purchase Bitcoin. First of all, you will need a Bitcoin or BTC wallet where you can use traditional payment structures such as Visa, debit card and bank transfers to acquire Bitcoin easily. The Bitcoins will then be transferred into your wallet.
Before you jump right ahead, there are few factors which you need to keep in mind i.e.
- How much of private information are you willing to unveil?
- Is there any budget that you will like to stick to?
- Are you aware of the crypto regulations in Belgium?
These are the primary factors that will narrow things down for you. This guide will further enumerate the ways you can buy Bitcoin in Belgium. There will be a few methods involved which will surely walk you through the nuances of purchasing Bitcoin in Belgium.
- Bitcoin ATM
Bitcoin ATM bears the fundamental similarities of any FIAT ATM where you can get a hold of your monetary deposits. Bitcoin ATMs also happen to be the most secure and private way of acquiring your Bitcoins. There are some companies like Lamassu who produce Bitcoin ATMs where you can buy directly using cash. The regulations, however, depend on the operators since they can apply KYC regulations if they wish to. Their KYC verification method may vary from biometric scans to mobile phone authentication. The ATMs here are also known to incur higher interest rates which can be as high as three percent or more. Here’s a list of the available Bitcoin ATMs in Belgium.
- Broker or exchange platforms
These exchange platforms act as intermediaries much like the exchange offices that you can find on Airports. All you need to do is choose a website and the payment method to finalize your Bitcoin purchase. Bitcoin prices are also set by the platform. Some of these exchanges demand your own online wallet while others provide online wallet access with their services since most of these platforms have their own set of payment methods, you can choose from several options ranging from PayPal to credit card. These platforms are thus easier for new users to catch on since they have a quasi-traditional banking structure which the newbies feel comfortable using. The transaction fee of such platforms varies and it can be anywhere between one to five percent.
Here’s an assorted list of exchanges that you might want to look at for buying bitcoin in Belgium.
Coinbase is one of the biggest BTC brokers in the world. They are very easy to use and convenient for first-time users. Coinbase also has a global reach across 30 countries which includes Belgium. The customers from Coinbase can easily purchase Bitcoin via payment methods such as SEPA transfer, wire transfer, and debit card.
- High buying limits and liquidity
- Very easy for newbies to navigate through
- They have an instant buy option for debit cardholders
- Transaction fees are relatively lower
Note: The processing time for any bank transfer can take up to five days before completion. Coinbase also can track your activities associated with the Bitcoin you have purchased.
Coinmama is yet another platform that can let you use your debit or credit card. Their transaction fee can be up to 6% per transaction. Belgium users can make use of SEPA transfer to buy Bitcoin on this platform for a much lower fee.
- It has a global reach
- Provides higher limits to buyers using a credit card
- Trusted and reliable
Note: Higher transaction fee will be incurred while using debit or credit card.
Luno is yet another BTC exchange which is based in Singapore. It also has its expansion in Europe. This platform supports the purchase of Bitcoin via SEPA transfer, iDEAL, SOFORT and credit card.
- This exchange has been around for a very long time and thus can be relied upon
- Easy to use
- Faster processing
- Privacy is low
- Lower Withdrawal fees and free deposits
Note: It is advisable that you don’t store the Bitcoins in their wallet service.
Bitpanda is based in Austria and is quite a popular broker platform in Europe. They have lower fees and higher payment limits with several payment method options. Bitpanda also offers its users to buy BTC via debit card, SEPA, giropay, NETELLER, Skrill, SOFORT and even bank transfers.
- They incur low transaction fees when using credit or debit card
- They are reliable, fast, secure and trustworthy
Note: The fees won’t be shown separately on the site but will automatically be included in the buying fare.
CEX.io is also another popular platform that lets you use your credit card for buying Bitcoin. They also have several other payment methods options such as AstroPay, SEPA transfer, and cash. However, the purchases that you make with your credit card are reflected immediately. CEX.io works fine for Belgium users and enthusiasts.
- It supports most of the countries including Belgium
- It offers lower trading fee up to 0.2%
- They are reliable, easy to use and well-known
Note: They have an extensive verification process that requires a lot of personal info including a photo.
LocalBitcoin is known to be an escrow service which pairs Bitcoin sellers with buyers, Here the most common method of payment is through cash. The users can also specify their payment method preference in their respective ads. LocalBitcoins provide faster and more reliable Bitcoin purchases on their platform.
- Localized bitcoin trading
- They are faster, easier and more private
- Bitcoin purchase option via cash deposit
Note: The prices may vary since they provide added privacy. Users are to stay alert and check the trader they are buying from. However, you won’t be able to buy in bulk as opposed to large platforms where you can.
So, if you are looking for places to buy Bitcoin with Visa in Belgium, then this guide will help you find these places. For starters, you will face some difficulties since there are few websites that have Visa as their payment method for buying BTC. There are complex regulations which bar these websites from adding Visa as their payment method. But these following websites are an exception.
- From Cex.io
This is one of the most favored choices. Cex.io additionally happens to be one of the top services enrolled in Britain. It likewise is the main service that offers Visa as a paying method. This is being proposed, principally in light of the fact that Cex.io is one of the only service providers that offer Visa as their payment method to purchase Bitcoin. They are likewise consistent with both the British Financial regulations and the American MSB permitting, making them versatile and a platform to stick with.
- They have a free digital currency wallet that can store your BTC alongside six other crypto assets
- They additionally incorporate their own trade which allows you to sell and exchange your BTC
- They have been around the market since 2013 which makes them progressively steady and solid.
- There are 1% reward free on qualified stores yet for a constrained time frame.
Note: Using Visa, for the most part, brings about higher exchange charges rather than other payment methods.
- From eToro
eToro is another organization that has Visa as their payment method. They additionally have marshaled notoriety for giving better services. eToro will enable you to purchase both Bitcoin and universal stock inside a similar record. They additionally enable clients to duplicate funds which are fundamentally mechanized portfolios that the exchanging specialists set up. This will enable you to contribute all the more deliberately and the sum you’d need to buy to hit the sweet spot. eToro likewise clearly offers 100$ free reward with your first buy.
- There is duplicate trading funds feature which is imitated by finance experts that encourages you to strategize your ventures
- You can purchase worldwide stocks just as Bitcoin
- You can sell your Bitcoin on eToro at any time of the day.
Note: eToro is fundamentally utilized for any speculation buys which implies that you won’t have the option to withdraw your crypto resources from this trade. Be that as it may, this additionally gave added security to your assets. They have additionally tended to that they will include a withdrawal strategy very soon.
- From Coin Bundle:
In contrast to different sites, Coin Bundle is the main website that allows you to purchase crypto packs. These bundles can be dealt with as ETFs or mutual funds. You are fundamentally buying 1 BTC token which is in a share from the gathering or group. These packs are likewise genuine crypto tokens which implies that you can additionally pull them back while exchanging the equivalent. Coin Bundle likewise has a few different packs, to begin with, however, you will likewise get an alternative to tweak your pack in future updates. In the event that you structure a custom group, you will be allowed a commission each time somebody purchases that specific pack.
- It has low exchange and withdrawal expenses
- You can assemble a differentiated portfolio all alone
- You can acquire a commission from the custom pack or portfolio you make
- It likewise is the main portfolio tool which allows you to withdraw
The Belgium government has shown interest and concern over the potential consequence that crypto-asset harbors. This can be seen as something positive since regulations will help in mass adoption, which frankly is the future we are looking for.