The Slovak Ministry of Finance announced that Cryptocurrency income must be taxed. Therefore, any type of exchange, for example, an exchange of a virtual currency for an asset or its “exchange for a service rendered or its paid transfer, including its exchange for another virtual currency” is considered to be a taxable sale.
Moreover, Peter Kazimir, Slovakia’s finance minister, said the country wants to start paying attention to taxation of cryptocurrencies, which some took to mean that income from cryptocurrencies wasn’t being taxed for the time being.
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How to buy Bitcoin in Slovakia?
- Select a reliable exchange – Don’t forget to use the exchange links from the official crypto exchange websites to make sure you don’t end up on scam / phishing websites
- Register on the exchange and go through the KYC process. The most popular exchanges use automated Know Your Customer services
- Deposit your fiat currency
First of all you have to look for the best crypto exchange to purchase BTC or other tokens. Due to the decentralized nature of the cryptocurrency, there are a lot of scammers and hackers in the crypto space. With the growing crypto market and high volatility index, it is too crucial for you to do analysis before doing any investment. As you might have already read, more than $11 Billion worth of crypto has been stolen since 2011.
What are rogue exchanges?
If you manage to avoid scammers or hackers, you are still vulnerable to high fees from rogue exchanges. Hence, this is the wild west and if you are not careful you can lose your money.
ETERBASE, a Bratislava/Slovak based cryptocurrency exchange, disclosed a security breach last year. The exchange said hackers breached its internal network and stole cryptocurrency funds worth $5.4 million.
This incident involved the theft of various cryptocurrencies from the company’s hot wallets. Hot wallets are cryptocurrency accounts that are actively connected to the internet and which ETERBASE was using to power its inter- and intra-currency exchange operations.
Funds were stolen from six hot wallets, storing Bitcoin, Ether, ALGO, Ripple, Tezos, and TRON assets.
Top crypto exchanges
Coinbase
A great user interface and fast KYC process make coinbase the perfect exchange for beginners.
Cex.io
is a time-tested British exchange with over 3 million users. One of the simplest exchange to buy or trade bitcoin and other cryptos. Great choice for buying bitcoin with debit and credit card. They are available almost everywhere globally.
Coinmama
is the perfect choice to buy bitcoin with credit & debit card. It has served over 2 million happy customers across 188 countries. Perfect for buying bitcoin with debit and credit card. They are available almost everywhere globally.
Kraken
It is one of the largest and oldest cryptocurrency exchanges in the world and has grown into a cryptocurrency industry powerhouse. It is available across the world in almost every country.
Bittrex
is a crypto exchange with high focus on security. The founding team has more than 40 years of combined experience in computer security.
Join us and benefit from our expertise on Crypto investment, trading, management and more.