Buy bitcoin in russia

How to Buy Cryptocurrency in Russia

CoinMarketCap has a short guide on how to buy cryptocurrency in Russia.

Table of Contents

Russian residents are still trying to figure out how the flurry of crypto regulations being proposed or passed by the legislative arm of the government affects their crypto activities. Now more than ever, it is important to identify a legal and secure way of accessing and holding cryptocurrencies. Here, we will highlight all the requirements and processes involved in buying crypto in Russia.В

Buy Crypto in Russia

A survey carried out by Binance revealed that 53% of its over 23,000 users in Russia believe that crypto can replace bank deposits in the future. This survey is a clear reflection of why Russia is ranked as one of the top three countries with the highest crypto adoption rates. Therefore, it comes as no surprise that Russian residents are spoiled with options when it comes to crypto gateways.В

However, considering the love-hate relationship between the Russian government and crypto, it is advisable to understand the legal implications of owning and trading cryptocurrencies. The first thing you should have at the back of your mind is that the State Duma (the parliament) is currently working on implementing crypto tax rules. With that process ongoing as of May 2021, you should do your research to confirm how the proposed tax framework would affect your crypto activities.В

There is also a restriction concerning digital assets imposed just on Russian civil servants — as a public official, you are not allowed to own digital assets. Lastly, the Bank of Russia recently released a directive stating that non-qualified investors can only buy 600,000 rubles (equivalent to $7,950) worth of cryptocurrencies in a year.В

Apart from the legal aspects highlighted so far, there are other factors that you should consider before purchasing crypto.В

The first is the availability of ruble-to-crypto trading pairs. It is easier to buy crypto when the exchange or trading platform of your choice accepts rubles. It’s also advisable that you opt for exchanges and wallets that support your preferred payment methods, use only reputable platforms and transfer purchased cryptocurrencies to personal wallets.В

In January 2021, Russia-based exchange Livecoin allegedly suffered a hack and subsequently shut down its operations to the detriment of its users. Such incidents showcase the essence of sticking to trusted platforms when buying cryptocurrencies, as well as the importance of using a private wallet.В

Another factor in buying cryptocurrency in Russia is the fairness of the pricing algorithm of the crypto gateway, exchange or wallet. Exchanges often hike the prices of cryptocurrencies, especially when they are paired with the ruble. You should ensure that the prices correlate with the current global pricing of digital assets when using a crypto exchange in Russia.

How to Buy Bitcoin in Russia

After you have done your preliminary research and considered the highlighted factors above, you are now ready to purchase your first digital asset. In this section, we will focus on the process involved in buying Bitcoin, since it is the most popular coin not only in Russia, but also in the world.В

First, you must determine the level of privacy you are willing to forego. Note that you will most likely have to complete Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements before purchasing crypto on exchanges. Depending on the identity verification process adopted by the exchange, it might take you one or two days to have your profile verified. However, some exchanges allow users to make small purchases before imposing KYC requirements.В

If you are opting to buy Bitcoin via a crypto exchange, then the first option that you could consider is Matbea. The exchange is located in Russia and allows users to buy Bitcoin directly with rubles. You can fund your account on Matbea via bank transfer or cash deposits. The added advantage that local exchanges like Matbea provide is that they support an array of payment methods popular in the Russian market.В Always check the going price of Bitcoin on CoinMarketCap to make sure that the exchange is offering close to market rate.

Conversely, you could decide to go for a more established global exchange. An example is Coinmama. This exchange allows users to buy Bitcoin with debit or credit cards. Once you have registered and verified your account, head to the Bitcoin page to complete your purchase. Note that you would need to create a Bitcoin wallet address and enter it as your preferred destination for the purchased coin. Other options are Binance, OKEx and Bitfinex. They all have Russian interfaces, which is a plus when accessing their customer support channels.В

Alternatively, you may prefer a peer-to-peer (P2P) network instead of using a conventional crypto exchange or brokerage service. Platforms like Paxful and LocalBitcoins let users buy Bitcoin directly from other users. Due to the flexibility of this architecture, p2p networks support a myriad of payment options including PayPal, gift cards, bank transfers and so on.В

Lastly, there is an option of buying Bitcoin via a Bitcoin ATM. According to Coin ATM Radar, there are over 50 Bitcoin ATMs in the Russian Federation. Moscow is currently home to five of such machines. Note that Bitcoin ATMs offer a more privacy-focused purchase at premium rates.

How to Buy Ethereum in RussiaВ

Much like the modalities involved in buying Bitcoin, the process of buying Ethereum is also straightforward. In most cases, the exchanges listed above also support the purchase of Ethereum with rubles. The only difference is that you need to create an Ethereum public address to store the purchased coins.В

For P2P traders, you might discover that the platforms available for buying Ethereum are few and far between. Luckily, Paxful recently launched an Ethereum gateway where users can use an array of payment options to buy Ethereum. There is also LocalEthereum, which is the Ethereum-focused version of LocalBitcoins.В

When using centralized exchanges, you should not use the exchange wallet as your primary storage system for your coins. It is common knowledge that such platforms are susceptible to attacks. Therefore, the recommended crypto wallet offerings are either hardware wallets or non-custodial wallets. These wallets store your private keys on personal devices. With this, you have complete autonomy over your coins.В

Conclusion

To crypto beginners in Russia, buying cryptocurrency may seem like a complicated process as a result of uncertainties arising from the introduction of new regulations and the storage requirements peculiar to digital assets. However, as seen in this guide, there abounds an array of simple and straightforward methods of buying cryptocurrencies. As for the legal aspect, regulatory clarifications expected to surface in the coming months (May 2021) will go a long way to help crypto proponents understand their legal obligations.В

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.

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Buy Crypto & Bitcoin in Russia

We may receive advertising compensation when you click certain products. Before jumping into this page, an important disclosure.

Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.

Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.

Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.

• Works in almost all countries
• Highest limits for buying bitcoins with a credit card
• Reliable and trusted broker

• Some of the highest fees among credit/debit card bitcoin brokers

Paybis is a popular cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.

• 24/7 live support
• Extremily high limits
• 5 Minute verification
• Get payouts fast
• Large selection of payment methods

• No traditional orderbook for advanced traders

Best Change makes it possible to buy bitcoins with WebMoney, PayPal, Skrill, BTC-e codes, cash, Perfect Money, and more.

• Lists many places to buy bitcoins in Russia and nearby countries

• Does not actually sell bitcoins

Matbea is Bitcoin exchange based in Russia. You can fund your account by cash deposit or bank transfer.

• One of few Bitcoin exchanges based in Russia
• Wide range of deposit methods

• Does not offer rates close to market price

You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they’re also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.

• Our map makes it super easy to find a Bitcoin ATM near you

• Bitcoin ATMs often have 5-10% fees per purchase

Chapter 1

Bitcoin & Cryptocurrency Trading in Russia

Russia (formerly known as the Soviet Union) is home to a quickly growing cohort of Bitcoin enthusiasts. With legacy banks that don’t work for the people and a waning and perpetually depressed economy that only seems to work for the nation’s elite, regular citizens are turning to Bitcoin both as a store of value and a way to get paid as an alternative to the Russian Ruble.

If you think you may want to join this group of Russians opting out of the legacy financial system or feel that system is designed to hold you back, then this page is for you. We list all of the top exchanges serving Russia above, but below we will cover more country specific data with regards to Bitcoin in Russia.

One of the easiest ways to buy Bitcoin in Russia is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Russia, and you can easily 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 the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency. Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.

Ledger Nano X

• SCREEN:
• RELEASED: 2019
• PRICE: $145

Ledger Nano S

• SCREEN:
• RELEASED: 2016
• PRICE: $72

TREZOR T

• SCREEN:
• RELEASED: 2018
• PRICE: $189

TREZOR One

• SCREEN:
• RELEASED: 2013
• PRICE: $79

Another way to buy Bitcoins in Russia is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin, they are more private than exchanges. Just be aware that Bitcoin ATMs are pretty rare in Russia, so you likely won’t find one near you.

Chapter 2

Top Bitcoin & Cryptocurrency Exchanges in Russia

Russia has access to many large Bitcoin and cryptocurrency exchanges.

Have a look at our favorites below:

Chapter 3

Best Bitcoin Wallets for Russia

There are three main types of Bitcoin wallet and all of them are supported in Russia:

• Software (desktop or mobile — iOS and Android wallets
• Hardware wallet
• Cold-storage (paper or steel wallets, the latter of which are used to backup your main wallet.

Best for Security

Ledger Nano X

Secure storage for any cryptocurrency

The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.

Temporary Wallet

Zengo

Best for storing crypto for short period of time

ZenGo is an easy-to-use iOS and Android Bitcoin & crypto wallet. Start within 20 seconds.

Best for Desktop

Electrum

Simple yet powerful desktop wallet

Electrum is a Bitcoin-only wallet that has been around since 2011. It’s easy to use, but has advanced features.

Chapter 4

How to Buy Ethereum in Russia

Ethereum (ETH) has established itself as the second most popular digital currency, after Bitcoin. Its smart contract features allow unique apps to be built on top of its platform. Below you will find exchanges in Russia that allow you to buy ethereum. Once you buy, you should withdrawal your ETH directly to your own crypto wallet.

Chapter 5

How to Buy Dogecoin in Russia

Thanks to Tesla founder Elon Musk, Dogecoin (DOGE)—a coin that started as a meme about the shiba inu dog—has recently become a popular digital currency. Below you can find crypto exchanges in Canada that allow you purchase Dogecoin.

About Dogecoin: Dogecoin has become one of the most famous altcoin blockchains. Dogecoin was founded by Jackson Palmer and Billy Markus on December 6, 2013. Thanks to its popularity on Robinhood, it hit an all time high of $0.42 on April 20. Doge started the year at under $0.01 USD. It is an open source blockchain, meaning its code is publicly available for anyone to see.

Chapter 6

How to Buy Litecoin in Russia

Litecoin (LTC) is one of largest cryptocurrencies by market cap. Below you can find a list of brokerages in Russia that allow you to buy litecoin and other crypto assets for good exchange rates.

Chapter 7

Exchange Hacks and Crypto Scams in Russia

Bitcoin7 Hack

In October of 2011, the server farm of the Bitcoin7 exchange was hacked, thereby giving the attackers access to bitcoin7 and its user database as well as some of its hot wallets. Many client funds were stolen, though it is unclear to what degree.

Bitcoin7 promised it would hire personnel and develop new technology to prevenet similar hacks from happening and do its best to make its customers whole, but in order to do so, they required the customers to hand over a list of peronally identifying documents to do so.

• Scanned ID/Passport;
• Proof of address/utility bill;
• Proof of funding or bank statement;
• ABA/SWIFT number for bank transfer;
• Bank name and address.

Many users were angry this would be required, as the exchange had just proven it was incapable of keeping client data secure. Many beleived this was a stunt pulled by Bitcoin7 to make compliance so difficult that most would find it too costly to be worth the refund.

MMM Scam

The MMM scam was the brainchild of Russian Ponzi scammer Sergei Mavrodi»MMM» stood for «We can do a lot» in Russian. It first began in the 1990’s, with 10 million Russian victims. The scam guaranteed 1,000% returns to its investors, and even had its own paper currency at one point. It was said that money was coming in so fast, that workers didn’t even have time to count it all and so they resorted to weighing it.

However, MMM was shut down in 1994 by Russian authorities for operating what was clearly a ponzi scheme that is beleived to have stolen anywehre from $100M to $1B USD worth of value from its victims. The scam was so successful because at that time, Russians were so new to market economies that they had no idea what a real, legitimate investment should even look like.

This was not the end of MMM, though. Mavrodi would continue the same scam in both Russia and elsewhere over the following 24 years until his death in 2018. These days, the scam involves helping clients set up cryptocurrency wallets, where they could send MMM Bitcoins in exchange for Mavro coins — a crypto version of the Mavro dollars printed in the 1990’s before the first shutdown.

This scam still runs today, especially in countries like India and Mexico. If you ever see the MMM name, run.

Chapter 8

Bitcoin Mining in Russia

The cost of electricity per kWh is about $0.056. If you are using a brand new Antminer S19 Pro (which will cost you around $4,500), mining at 110 Th/s and pulling 3,250W, you would lose around $1,572 per year.

Russia is, therefore not a great place to mine Bitcoins. However, that doesn’t stop a lot of people from trying.

Though, when large mining operations do open, it usually because they have some discount on these costs that most other cannot get.

Take the newly launched Siberian Bitcoin mining farm opened in late 2019. This mining farm employs an old Soviet aluminum plant in a city now known for data centers and server farms.

It partnered with a local energy company En+, which sources its energy from hydroelectric power nearby, greatly reducing costs since the mining farm is utilizing the excess capacity that would otherwise be wasted. Because of this arrangement, the hydroelectric company gets at least a small amount for the otherwise wasted energy, and the mining farm gets energy for pennies on the dollar. This is what makes mining in Russia possible for some.

However, to pull this off, you need massive up front investment, partners in the energy sector, and technical know how.

The truth is, for most poeple, mining in russia will lose you a lot of money. If you want Bitcoins, you are better off buying them from one of the exchanges listed above.

Chapter 9

Does Coinbase work in Russia?

Coinbase does NOT support customers in Russia as of September of 2020.

Where Can I Find a Bitcoin ATM in Russia?

You can use our Bitcoin ATM finder tool to find the one nearest you.

What is the price of Bitcoin in Russia?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

What percent of Russians own bitcoin?

While it is very difficult to know with much certainty how many Russians own Bitcoin, we do have some small survey data to help us guess.

WCIOM conducted a study of 1,600 Russians aged 18 and older. It asks them a series of questions about Bitcoin, but when asked if the respondents owned any Bitcoin themselves, only 2% said they did. This is a fairly large sample size, however many Bitcoiners would be unlikely to admit that they own any Bitcoin, so the number could very well be higher than this.

Which stores accept Bitcoin in Russia

Bitcoin is not really accepted in very many cities or establishments in Russia. You can see the most activity in the South of the country (near Kemerovo, Abakan, and Novosibirsk, and others), as well as small blips in the West (in Novy Urengoy) and the South-East (in Magadan and Petropavlovsk-Kamchatsky) However, you can find specific kinds of services and goods filterable on a map over at coinmap.org.

How do I cash out of Bitcoin in Russia?

Any exchange with a Russian Ruble trading pair will allow you to sell your Bitcoin for fiat currency. Matbea has RUB trading pairs for many popular coins.

Another way to sell Bitcoins in Russia is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren’t totally private.

LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you’ll minimize any potential problems.

You could also use a service like eGifter to sell your Bitcoin for gift cards.

How much Bitcoin volume comes from Russia?

Russia is reaponsible for the most peer-to-peer Bitcoin trading volume of any other country on Earth, with $32M worth of Bitcoin being traded each month on LocalBitcoins alone. This doesn’t include other P2P exchanges like Paxful. This number is harder to know, Paxful self-reports $2.2B in Bitcoin traded on their site each year, but other research suggests its more like $4.8M.

At any rate, numbers like these suggest that Russia is in the top 10 for Bitcoin volume overall, though you wouldnt know it based on how few establishments accept Bitcoin as money. Though, this is likely because Russia does not allow businesses to accept Bitcoin as payment.

About the Author: Jordan Tuwiner

Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.

He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet’s most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.

To learn more about Jordan, see his full bio.

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