Cryptocurrency trading in Russia has changed, but it’s still possible. Local platforms and peer-to-peer (P2P) services are now the backbone of the market. Here’s how you can buy crypto safely and efficiently.
Table of Contents
Step 1: Pick a Platform That Works for You
Not all exchanges are available in Russia anymore, but some reliable ones remain:
- Garantex: A local favorite with strong support for Russian Rubles (RUB).
- Bitzlato: Another local option with easy deposit methods.
- Binance P2P: A global platform offering direct transactions between users.
Look for these features:
- RUB support for deposits and withdrawals.
- P2P trading options for flexibility.
- Russian-language support for convenience.
Step 2: Create and Verify Your Account
Signing up is simple, but verification is mandatory due to Russian regulations:
- Use your email to register.
- Submit a passport or national ID and proof of address (utility bill or bank statement).
- Some platforms may ask for additional verification like a selfie or video call.
Local platforms like Garantex often streamline this process for Russian users.
Step 3: Deposit Rubles (RUB) into Your Wallet
Funding your account can be done through local payment methods:
- Bank Transfers: Use the Faster Payments System (FPS) via banks like Sberbank or Tinkoff. It’s fast and cheap.
- Qiwi Wallet: A popular e-wallet option in Russia.
- P2P Transactions: Buy directly from other users using bank transfers or Qiwi on platforms like Binance P2P.
Step 4: Place a Buy Order
- Once your wallet is funded, decide what to buy (e.g., Bitcoin, Ethereum, or USDT). Then:
- Go to the “Buy” section of your platform.
- Enter the amount in RUB or cryptocurrency units you want to purchase.
- Choose your order type:
- Market Order: Buy instantly at the current price.
- Limit Order: Set a price and wait for the market to match it.
- Confirm the transaction, and your crypto will appear in your wallet.
Step 5: Secure Your Crypto Assets
After buying, don’t leave your funds on the exchange unless you’re actively trading:
For short-term use, exchange wallets are fine but less secure.
For long-term storage, use external wallets like:
- Hardware Wallets: Devices like Ledger Nano offer top-notch security.
- Software Wallets: Apps like Trust Wallet are user-friendly and safe.
Key Considerations
Regulations
Russia treats cryptocurrency as property under its Digital Financial Assets Law but bans its use as payment for goods and services:
- Exchanges must comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) rules.
- Taxation applies—a flat 13% income tax on profits from crypto sales.
- Keep detailed records of all transactions for accurate reporting to the Federal Tax Service (FTS).
Security Tips
Protect yourself while trading:
- Always enable two-factor authentication (2FA) on exchange accounts.
- Use strong passwords and never share them.
- Avoid public Wi-Fi when accessing wallets or exchanges.
Trading crypto in Russia isn’t as straightforward as before, but it’s far from impossible. Platforms like Garantex and Binance P2P provide viable options despite global sanctions restricting access to international exchanges. By following these steps—choosing reliable platforms, verifying accounts properly, securing assets, and adhering to regulations—you can navigate this market confidently while staying compliant with local laws.