How to buy Bitcoin in the Czech Republic?

[PluroVizio]

I am planning to buy a sizeable amount of Bitcoin using funds from my Czech bank account which is with UniCredit bank in Prague. The funds are in Czech currency (Czech koruna, a.k.a. Kc, a.k.a. CZK).

Are there any Czechs here with experience buying Bitcoin?

It seems to me that I will need to send my Czech-currency funds from my Czech bank account to some suitable cryptocurrency exchange, so what is the best exchange to use when buying Bitcoin in the Czech Republic? Coinbase, eToro, Binance, Bitstamp, Bitpanda, etc.?

Are there any good crypto exchanges which accept Czech currency (Kc), or would I have to convert the funds to euro (EUR) when sending?

I know that the Czech Republic is generally a crypto-friendly country, e.g. SatoshiLabs (company behind the Trezor hardware wallet) is based in Prague, as is General Bytes (the world's second largest manufacturer of Bitcoin ATMs), and there have been many Bitcoin ATMs throughout Prague for many years now.

So I would expect that it should not be *too* difficult to accomplish my goal, but I am anxious that UniCredit might make it difficult for me to send my funds over to a crypto exchange, as there are still some banks out there nowadays which generally make it difficult when sending money to crypto exchanges... I do not know where UniCredit bank stands in that regard. I am not quite comfortable walking into the bank and bluntly asking them, "So, do you mind if I start using my account here to buy large amounts of Bitcoin...?"

I have been investing in and trading cryptocurrencies for 8 years now, but it was previously always in a different country -- never before in the Czech Republic. I am quite experienced and knowledgeable with crypto generally, but this would be my first time buying crypto in the Czech Republic, so it is a peculiar sensation for me to feel like a novice again due to this different national/banking context.

Given the substantial amount I am looking to invest in Bitcoin, it would be grossly inefficient and so pretty much pointless to use a Bitcoin ATM (which is a pity, as there are tons of them all over Prague). To my mind, the only option which is appropriately secure and viable for me is to send funds from my Czech bank account to a suitable Czech-friendly cryptocurrency exchange. So any advice in that direction?

Thanks!

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[BitMaxz]

I tried to search for what exchange that supports Czech currency to buy BTC but Google didn't point me to any well-known exchange.

Anyway, If you don't want to buy BTC on the centralized exchange you can use a P2P exchange like Bisq or find another P2P exchange from this link below.

- https://kycnot.me/

[OROBTC]

...

coinatmradar.com shows a lot of BTC ATMs in Prague, and a few scattered around the Czech Republic.  I believe you can buy BTC from some tellers (usually forex places) as well.  Take a look:

https://coinatmradar.com/

Zoom in on the their worldwide map to Czechia.  Limit without nosy verification is some 1000 euros.  I think they all accept Czech Corunas, perhaps euros as well.



EDIT:  I just saw the last of your note saying you don't want to use BTMs, sorry for not noticing that.  

"Given the substantial amount I am looking to invest in Bitcoin, it would be grossly inefficient and so pretty much pointless to use a Bitcoin ATM (which is a pity, as there are tons of them all over Prague). To my mind, the only option which is appropriately secure and viable for me is to send funds from my Czech bank account to a suitable Czech-friendly cryptocurrency exchange. So any advice in that direction?"



Maybe at some of the tellers (which you can see at coinatmradar?)

[legendbtc]

Are there any good crypto exchanges which accept Czech currency (Kc), or would I have to convert the funds to euro (EUR) when sending?

If exchanges like coinbase, binance...are supported and operating in your country, you can buy bitcoin through those exchanges. As I know, the p2p feature on binance allows us to buy bitcoin through our country's currency instead of you needing to convert to USDT or other stablecoins. I think you should contact the exchange's support to get more details about it because as far as I know, binance only supports some countries to buy bitcoin with national currency. As you said, your country is crypto-friendly, which means it will be easier for you to find local in-person help, which will be better for you instead of looking for help online.

[pinggoki]

If exchanges like coinbase, binance...are supported and operating in your country, you can buy bitcoin through those exchanges. As I know, the p2p feature on binance allows us to buy bitcoin through our country's currency instead of you needing to convert to USDT or other stablecoins. I think you should contact the exchange's support to get more details about it because as far as I know, binance only supports some countries to buy bitcoin with national currency. As you said, your country is crypto-friendly, which means it will be easier for you to find local in-person help, which will be better for you instead of looking for help online.

So far, this is the best advice that OP can get because P2P is a pretty good way to do the trades, just input the amount you are buying or selling and what mode of payment you are going to transfer the funds and that's it, most people that are in Binance P2P is quick to respond although that's from my experience when I am selling bitcoin or USDT for the local currency. OP have to be careful about it though as Binance requires KYC and it's a custodial wallet so if you don't like the idea of having your information taken to verify your account and you don't like other people holding your bitcoins which is smart then Binance isn't for you.

[Plaguedeath]

I would recommend you to follow @BitMaxz's advice, but I'm curious isn't the bank will detect your activity because you moved substantial amount of money regardless it's not to CEX? if you have a business or a job it's good, but if you're only a trader, I think you need to prepare to create a made up story.

As I know, the p2p feature on binance allows us to buy bitcoin through our country's currency instead of you needing to convert to USDT or other stablecoins.

P2P in Binance is a fake P2P, not recommended.

[NewRanger]

Interesting question, Btw, I happened to be browsing and found this link https://www.datawallet.com/crypto/best-crypto-exchanges-czech-republic. So, do you want to do it because if you look at your very enthusiastic desire to invest in BTC or you can directly choose the eToro platform https://bit.ly/eToro-Datawallet-EU-UK because in my opinion eToro is the right place to exchange Bitcoin and Bitcoin trading on eToro is also very straight forward.

[legendbtc]

As I know, the p2p feature on binance allows us to buy bitcoin through our country's currency instead of you needing to convert to USDT or other stablecoins.

P2P in Binance is a fake P2P, not recommended.

I know it's not a pure peer-to-peer transaction like the peer-to-peer concept that bitcoin offers. But if you do not care too much about privacy, trading on centralized exchanges is the most convenient, especially for those who are new to the market and do not have too much experience in handling such issues complex issues as using DEX. Furthermore, he simply buys bitcoins at centralized exchanges and moves them to his non-custodial wallet. He was just asking about buying bitcoins, and I was just giving advice on where to buy, I in no way said that he should store his bitcoins on those centralized platforms.

[Lucius]

~snip~
So I would expect that it should not be *too* difficult to accomplish my goal, but I am anxious that UniCredit might make it difficult for me to send my funds over to a crypto exchange, as there are still some banks out there nowadays which generally make it difficult when sending money to crypto exchanges... I do not know where UniCredit bank stands in that regard. I am not quite comfortable walking into the bank and bluntly asking them, "So, do you mind if I start using my account here to buy large amounts of Bitcoin...?"

I assume that the money in that bank was acquired legally and that you as their client have the right to dispose of your money in the way you want, of course as long as that money is not used for any illegal purposes. Therefore, I don't see why you wouldn't ask for information about whether your bank has any prohibitions/restrictions when it comes to cryptocurrencies - and to find out you don't have to go to the bank in person, you can ask by phone or e-mail.

Given that you plan is to spend a large amount of money, it would certainly be better for your personal safety and later for the possible payment of taxes if you have all possible documents that prove that you bought Bitcoin with legal money, and from whom you bought it. When one day you decide to sell, it will be logical to use the same subjects, only in the opposite direction.

Even if your bank is not friendly to how you want to spend your money, you can always transfer your money to a bank that has a different business policy, and at least there is no shortage of banks, right?

[n00ber]

If exchanges like coinbase, binance...are supported and operating in your country, you can buy bitcoin through those exchanges. As I know, the p2p feature on binance allows us to buy bitcoin through our country's currency instead of you needing to convert to USDT or other stablecoins. I think you should contact the exchange's support to get more details about it because as far as I know, binance only supports some countries to buy bitcoin with national currency. As you said, your country is crypto-friendly, which means it will be easier for you to find local in-person help, which will be better for you instead of looking for help online.

So far, this is the best advice that OP can get because P2P is a pretty good way to do the trades, just input the amount you are buying or selling and what mode of payment you are going to transfer the funds and that's it, most people that are in Binance P2P is quick to respond although that's from my experience when I am selling bitcoin or USDT for the local currency. OP have to be careful about it though as Binance requires KYC and it's a custodial wallet so if you don't like the idea of having your information taken to verify your account and you don't like other people holding your bitcoins which is smart then Binance isn't for you.

Many hate when it comes to centralized exchanges but this is clearly the best way for OP to be able to buy his bitcoins without too much hassle. For newbies, using DEX will be very difficult and not everyone can do it. One more thing, many people always talk about DEX but how many people will use DEX for all their trading, or will they just talk but still silently use CEX because it cannot be denied that CEX has been popular and superior to DEX for many years. If everyone uses DEX like they say, why isn't DEX more popular than CEX?