How to buy Bitcoin in Russia

Are you wondering how to buy Bitcoin in Russia? Russia’s previously negative view towards cryptocurrencies has led to a lot of confusion about the legality of buying and owning Bitcoin in the country.

Back in 2014-15, measures were introduced to prevent Russians from transacting, mining, or even accessing information about Bitcoin. Crypto exchanges and news sites were subsequently blocked.

Since then, however, the country has started to take a more relaxed view towards Bitcoin. Global exchanges, who now see Russia as an expansion opportunity, are increasingly enabling people to buy Bitcoin in Russia. Thanks to these developments, there are a few different ways in which you can buy Bitcoin in Russia.

Buying Bitcoin via an exchange

There are several cryptocurrency exchanges which allow people to buy Bitcoin in Russia. Exchanges such as these are considered the safest way to buy crypto, although you’ll need to go through their identity verification procedures and pay fees. While Russia does have its own dedicated exchange, you can also use more global ones. To make the decision on which is the best to use, you should consider all options including:

• Decentralised exchanges
• Centralised exchanges
• Fiat-to-crypto exchanges
• Crypto-to-crypto exchanges

Different exchanges offer different payments in Russia including prepaid, debit and credit cards.

One thing to bear in mind is that although some exchanges accept rubles as deposits, this could prove to be expensive. According to Best Bitcoin Exchange, it is advisable to check the exchange rate of RUB/BTC compared to the rates available on international exchanges. In some cases, there can be a large difference between the price after translating RUB to other fiat currencies (such as GBP or EUR) and purchasing Bitcoin through those.

If you want to avoid high transaction and transfer fees from your bank, choose an exchange that works with a fee-free eWallet. This will allow you to deposit your rubles without being charged, which can be used directly on the exchange to purchase Bitcoin.

Peer-to-peer exchanges

Instead of a traditional cryptocurrency exchange, you could use a peer-to-peer exchange where crypto buyers and sellers connect with one another directly. A major advantage is you don’t usually have to undertake the lengthy ID verification process.

A popular peer-to-peer exchange is LocalBitcoins.com. In the search box, you fill in the amount you want to buy in your currency, enter your location, and choose a payment method. The site will then list Bitcoin traders available in your region.

Platforms also exist that help you to find nearby Bitcoin sellers. You meet up in person to conduct the trade. Make sure you pick a public location to meet, such as a restaurant, coffee shop, library, or bank lobby.

Other methods

If you don’t want to use an exchange, you can buy Bitcoin in Russia through a Bitcoin ATM. According to Coin ATM Radar, there are currently 60 Bitcoin ATMs/tellers in the Russian Federation. Moscow itself is home to nine Bitcoin ATMs.

Conclusion

Russia has been slow to adopt cryptocurrencies, which means there are fewer options for buying Bitcoin than in some other countries. However, with the government taking a more welcoming approach towards crypto, we could see even more exchanges expanding to the country in the near future.