How to buy crypto in Ukraine

WhiteBIT
Published 23 March 2022
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How to buy crypto in Ukraine

Content

The legalization of the cryptocurrency market in Ukraine helped to bring the business out of the shadows. Now digital assets are protected by the state itself. It means that exchange offices and cryptocurrency exchanges can now work legally. And the violations are regulated by the National Bank of Ukraine and the National Securities and Stock Market Commission.

The legalization also helped increase interest among those who were previously afraid to buy crypto because of its illegality. Currently, many are looking for where to buy cryptocurrency in Ukraine. While there are risks, this can be done quickly and safely. Read about secured methods further.

Services to buy cryptocurrency Ukraine

There are several ways to do that:

It is difficult for a beginner to figure out what advantages each method provides. Find out below what needs to be done for a successful purchase.

  1. Cryptocurrency exchanges. This is one of the popular ways to buy a cryptocurrency for hryvnia for those who want to perform it on a regular basis. First, you need to register, replenish your account (you can use a Mastercard/Visa card), and place a purchase order. Your assets will be stored on the exchange. In return, their safety is guaranteed.
  2. Online and offline exchange points. Offline ones operate similarly to regular currency exchange offices, but the funds are transferred electronically. In online ones, everything works according to the following principle: you enter the wallet address → transfer money → wait for the funds to be credited to your account.
  3. Crypto ATMs. If you do not want to register and search for a reliable exchanger, then find out how to buy cryptocurrency in Ukraine using the ATM. Select the currency on the screen, enter the wallet address and deposit money into the machine. The enrollment takes 5-10 minutes.
  4. P2P platforms. The advantage of using this method is that the seller will not receive the money until he actually transfers the required number of coins. During the transaction, the buyer’s funds are held by the platform. In a peer-to-peer network, the exchange is direct between 2 people. You can place an ad yourself or choose the one you want. All participants have a rating, which makes it easier to find the right person.
  5. With the help of an intermediary. This option should only be used if you know a reliable person. If everything goes wrong, you’re unlikely to get back the stolen money. Focus on reviews when searching for an intermediary, but it is better to be personally acquainted with him/her.

Where to buy cryptocurrency in Ukraine

There will be no difficulties if you live in a big city. For example, in Kharkiv and Kyiv, crypto ATMs are located in shopping centers. There are also regular currency exchange offices.

If you live in a small regional center, the only way to purchase digital currencies is online. In this case, you can use P2P platforms, crypto exchanges, and B&M exchangers. Regardless of the chosen method, the transaction takes up to 10 minutes.

Buy cryptocurrency for hryvnia

For Ukrainians, it is relevant to be able to purchase virtual assets for hryvnia. Exchange offices and crypto exchanges working with the Ukrainian audience provide an opportunity to pay for the purchase with the national currency. Depending on the chosen method, cash and non-cash payments are possible.

Is it safe to buy crypto in Ukraine?

Before using such a service in Ukraine, you need to study reviews from real customers. This way, you will understand what problems they faced and find out how these situations were solved.

The security of digital currency transactions is guaranteed by the platform itself. In the case of a crypto exchange, all transfer operations are supervised by the exchange itself. In the case of ATMs and P2P platforms, safety and deliverability are ensured by cryptographic algorithms.

When using an exchange office, you can find or ask for a license. For an online service, you can find and study reviews, preferably on an independent site.

Many services have their own support teams that will answer all questions regarding crypto and their services. The representative will tell you how to buy a cryptocurrency for hryvnia, what documents are needed, or what else needs to be done. The communication channel can be available by a phone call, chat, or email address.

How to buy cryptocurrency in Ukraine: KYC

Exchange platforms verify their clients in order to protect against fraud. Otherwise, the service will lose customers, and its license will eventually be revoked. In most cases, you can buy cryptocurrency in Ukraine only with confirmation of your own identity. The procedure is called Know Your Customer. For example, exchange offices ask for documents in order to know who exactly is the buyer.

On the crypto exchange, KYC is mandatory for withdrawing certain sums. One must take a picture with the documents and upload it to the website as a picture or as a pdf-version. Verification may take up to several days. After successfully completing this stage, you will be able to withdraw the received funds to your personal bank account.

The use of exchanges and P2P platforms is convenient not only because you can buy cryptocurrency there but also because the assets can be quickly sold. This is how traders make money.

FAQ

What can be bought for cryptocurrency in Ukraine?
The list is big and constantly changing. It can be both household items and cars, as well as even a house. Make sure the seller accepts digital currency before buying.
How to buy cryptocurrency in Ukraine?
On the state’s territory, you can use online and offline exchangers, crypto exchanges, and P2P platforms. Crypto ATMs and ground exchange points are available only in large cities (Kyiv, Kharkiv, etc.).
How to buy crypto in Ukraine safely?
It is possible only if using a reliable service. It is worth checking the constituent documents and the authenticity of the service itself. Make sure other people have already used the service and read the reviews. Do not spend all your money to make a single purchase on one website, break the process into several parts (2 or more purchases).