How to Buy Bitcoin in Latvia

We found 7 trusted online cryptocurrency exchanges operating in Latvia including Coinbase, Binance, and Bitpanda.

Latvia Flag
Alon Shvartsman
Last updated: October 21, 2024
Alon Shvartsman
Last updated: October 21, 2024
Latvia Flag
We may receive compensation when you click certain products. Before getting started, an important disclosure

Most Popular Bitcoin Exchanges in Latvia

Popular

Coinbase is the most popular Bitcoin exchange in Latvia with 110,000,000 users

Visit Coinbase

User-friendly

Binance allows buying and selling Bitcoin with 4 forms of payment

Visit Binance

All Around

Bitpanda accepts users and payments from 32 countries

Visit Bitpanda
Coinbase

Ease of Use

Easy

Fees

Average

Verification

1 Day

Reputation

Trusted

Coinbase is one of the most popular digital currency exchanges, based in the U.S and boasting over 43 million users.

Binance

Ease of Use

Medium

Fees

Low

Verification

1 Day

Reputation

Trusted

Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis.

Bitpanda

Ease of Use

Easy

Fees

Average

Verification

1-2 Days

Reputation

Trusted

Bitpanda is an Austrian cryptocurrency exchange that offers users a personal wallet and trading platform.

Best Bitcoin Wallets for Latvia

After buying bitcoin from an exchange, it's important to withdraw to your own non-custodial wallet for security, privacy, and to have full control over your bitcoin.

Mobile

Zengo Logo

Zengo is an easy iOS & Android crypto and NFT wallet. Buy, sell, and self-custody directly from the app.

Visit Zengo

Hardware

Ledger Nano S Plus Logo

Ledger Nano S Plus is a secure hardware wallet that connects to your computer via USB-C

Visit Ledger Nano S Plus

Desktop

BlueWallet Logo

BlueWallet is a popular desktop Bitcoin wallet which is compatible with Windows, Mac, and Linux

Visit BlueWallet
Gemini

Ease of Use

Medium

Fees

High

Verification

1-2 Days

Reputation

Trusted

Gemini is a digital asset exchange and custodian, founded in 2014 by brothers Cameron and Tyler Winklevoss, that allows customers to buy, sell, and store digital assets such as bitcoin and ether.

Uphold

Ease of Use

Medium

Fees

Average

Verification

1-2 Days

Reputation

Trusted

Launched in 2015, Uphold is a unique New York-based exchange offering users the options to buy and sell cryptocurrencies, equities, and precious metals.

OKX

Ease of Use

Easy

Fees

Low

Verification

1 Day

Reputation

Trusted

OKX is a leading cryptocurrency exchange known for its vast selection of cryptocurrencies.

Changelly

Ease of Use

Easy

Fees

Average

Verification

1 Day

Reputation

Trusted

Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card.

Buying bitcoin and cryptocurrencies in Latvia

Latvia-flag

Buying bitcoin and other cryptocurrencies in Latvia is a simple process and usually takes less than 10 minutes to get fully setup.

The first step is to register with a platform, app or exchange and complete a Know Your Customer (KYC) process.

Bitcoin hardware wallets

The exchange you choose will be interoperable with most devices, desktop and mobile, and will allow you to withdraw to your own personal hardware wallet.

There are also several options available for buying and selling without verification on P2P exchanges, although they are much less user-friendly and are recommended for more advanced users.

Requirements to buy cryptocurrency in Latvia

Before purchasing, there are a couple of important things you'll need to prepare:

  • A passport, national identity card, or driver’s to complete the KYC process.
  • A private and secure internet connection, public WiFi is not recommended as it may pose security problems.
  • A mobile phone to verify your identity using two-factor authentication (2FA).
  • A bank account or credit card you can use to make fiat currency deposits to purchase cryptocurrencies.
  • A crypto wallet to store your assets. Almost all exchanges will offer built-in wallets, but it is important to withdraw your crypto to your own personal cold wallet for optimal security.

Steps to Buy Cryptocurrency in Latvia

1. Create an account with an exchange

Latvia has 7 trusted exchanges available for you to sign up for, with the most popular being Coinbase and Binance, which account for a combined 325,000,000 active users.

Both exchanges are considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies.

Exchanges will differ by fees, security, payment methods, and other features, so explore the "info" tab on the exchanges listed above to find which one is the right fit for you.

The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support.

Also it's important to note that you can always sign up to other exchanges later.

2. Complete the KYC verification process

After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all exchanges in Latvia.

To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document.

In most cases your verification will be approved instantly and at most can take 1-2 days.

3. Make a fiat deposit

To begin buying bitcoin and other cryptocurrencies you will need to link a bank account or credit card to the exchange.

Some of the payment methods provided by Coinbase and Binance are: Bank Account, Debit Card, Credit Card, Wire Transfer, SEPA Transfer.

Depending on the payment method, it could take anywhere from a couple of minutes to days for the funds to arrive at the exchange.

4. Buy cryptocurrency

Deposit fiat for bitcoin

Once your account has been funded, you are ready to buy your first bitcoin. It's important to note that you do not need to buy a full bitcoin.

Most exchanges will let you buy as little as a few dollars worth of bitcoin, or any other cryptocurrency.

5. Send your bitcoin to a personal wallet

Bitcoin hardware wallets

Once you've purchased bitcoin or your cryptocurrency of choice it's important to withdraw it to your own secure personal wallet.

Leaving your coins on an exchange poses a security risk as many exchanges are targets for hackers to steal user funds. Storing your own coins on your personal hardware wallet mitigates that risk.

Is Bitcoin legal in Latvia?

Frequently Asked Questions

?What is the best exchange to buy bitcoin from in Latvia?

There are 7 trusted exchanges operating in Latvia with the most popular being Coinbase , Binance , and Bitpanda.

You can review each of these exchanges and find best exchange that works for you. Bitrawr ranks exchanges in Latvia based on fees, users, and security while giving placement preference to exchanges located in Latvia or specifically catering to users in Latvia.

?Can you buy bitcoin anonymously in Latvia?

Yes, you can buy bitcoin safely and anonymously by using P2P (Peer to peer) exchanges like Bisq, Paxful and LocalSwap.

?Can you buy bitcoin in Latvia using debit or credit cards?

Most of the exchanges operating in Latvia have debit/credit card payment options available. Remember that this requires completing KYC.

?Should I leave my bitcoin on an exchange after buying?

No! For complete custody of your Bitcoin or other cryptocurrencies it is recommended to store them in a hardware wallet as it keeps private keys safe and entirely offline.

?Can you buy bitcoin using cash in Latvia?

Bitcoin ATMs are an excellent way to buy bitcoin using cash and offer little to no requirements for KYC. ATMs are commonly located inside of convenience stores, shops, restaurants, malls or airports. Find one near you using our ATM map.

?Can you buy bitcoin futures in Latvia ?

Yes, popular Bitcoin futures exchanges like Binance, Bitmex, and Deribit enable users to long or short BTC with up to 100x leverage.

?Does Coinbase work in Latvia?

Yes, Coinbase works for users in Latvia. Coinbase in Latvia allows for the use of debit cards, credit cards, bank accounts, wire transfers, and in some cases, PayPal to buy cryptocurrencies.

Read more on Bitcoin