Buy Crypto & Bitcoin in Portugal

Bitcoin & Cryptocurrency Trading in Portugal

The Portuguese economy is considered to be a steady and reliable one, continuing its expansion since 2014. The economic growth is supported by large companies with a worldwide reputation, but also by its sustainable tourism.⁽¹⁾

Portugal is considered to be a Bitcoin-friendly country. The Portuguese financial authorities treat Bitcoin as any other currency on the market. Up until 2023, gains and profits from Bitcoin transactions were not being taxed.⁽²⁾

In October 2022, it was reported that new taxing rules will go into effect starting in 2023. For any digital-asset held for less than one year there will be a tax of 28% on any gains, while cryptocurrencies held over one year will be exempt from taxes. Authorities will also treat gains from the issuance of cryptocurrencies and mining operations as taxable income.

The Central Bank of Portugal has started a process of approving crypto exchanges, and in July 2021, announced two exchanges had received approval.⁽³⁾ The bank is clear that this is not an endorsement by the bank for cryptocurrency to be legal tender, but it does show an approval of the activities that these exchanges are providing. This approval does seem to be a long process, and it is reported that there are requests from more exchanges. It appears that these exchanges are still allowed to operate in the country without approval, perhaps because approvals are currently taking almost a year to complete.

One of the easiest ways to buy Bitcoin in Portugal is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Portugal, allowing you to select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.

Additionally, Bitcoin buyers need to keep in mind that certain exchanges might require you to get a wallet of your own before being able to buy the digital currency. Even if there is no requirement, it is recommended to have a wallet of your own for security reasons (preferably a hardware wallet).

As of January of 2021, there are unfortunately no Bitcoin ATMs in Portugal.

You can use our Bitcoin ATM finder tool to check back in occasionally and see if one has opened.

Exchange Hacks and Crypto Scams in Portugal

Portuguese banks under phishing attacks

Recently, the names of two Portuguese banks have been used used by the attackers. They sent e-mails to the customers and non-costumers, directing them to fake websites. These websites looked similar to those of the real banks. Once the victims visited the fake sites, they were asked for personal data (passwords, tax number, cards number etc.), so the attackers had all the information they needed to get into bank accounts and steal the money.⁽⁴⁾

The Judicial Police in Portugal revealed this scheme extorted two victims for more then €70.000.

While this isn't necessarily related to crypto, this is a common scam affecting crypto exchanges, so you should be weary when trading crypto in Portugal

Bitcoin Mining in Portugal

Mining Bitcoin in Portugal may seem appealing to some thanks to their Bitcoin-friendly tax laws, but you'd be mistaken to overestimate Bitcoin mining profitability.

Even the best Bitcoin mining hardware can't turn a profit in Portugal due to their high electricity costs, which are more than double that of the United States.

Considering electricity cost is one of the main factors of mining profitability, it'd be impossible to turn a profit mining Bitcoin in Portugal.

If you're in Portugal and want to mine, you're better off doing it in a country with cheap electricity like Georgia, which will dramatically lower your cost.

Calculating your mining profitability is easy with our calculator tool. All you have to do is enter your miner's hash rate and electricity consumption/cost.

For most residents of Portugal, buying Bitcoin directly from an exchange is your best bet.