10 Best Crypto Exchanges In Azerbaijan

This article will focus on the Best Crypto Exchanges In Azerbaijan as the need for reliable access for local traders has become ever more pressing.

In parts of the world where regulatory scrutiny has yet to develop, the selection of an exchange becomes pivotal.

I will summarize the advantages, disadvantages and salient aspects of the more prominent platforms servicing users based in Azerbaijan.

Key Points & Detailed

Binance: Largest crypto exchange by trading volume, offers spot, futures, staking, and a wide range of altcoins.

OKX: Advanced trading options including futures, options, and DeFi services, strong security features.

MEXC: Known for altcoin listings and fast listing of new tokens, offers spot and margin trading.Wide variety of cryptocurrencies and trading pairs, offers DeFi, margin, and futures trading.

Gate.io: Wide variety of cryptocurrencies and trading pairs, offers DeFi, margin, and futures trading.

Kraken: Highly secure, regulated exchange, supports fiat deposits and withdrawals, great for beginners and pros.

CEX.IO: Offers fiat-to-crypto purchases, margin trading, and simple interface for beginners.

Phemex: Focused on derivatives and futures trading, zero-fee spot trading for premium users.

EXMO: User-friendly exchange for fiat-crypto transactions, supports multiple payment methods.

WhiteBIT: European-focused exchange, high liquidity, supports fiat and crypto trading pairs.

BingX: Social trading platform with copy trading feature, simple interface for beginners.

10 Best Crypto Exchanges In Azerbaijan

1. Binance

Since they opened their doors in 2017, Binance has established itself as the largest exchange in the world for trading volume.

Binance has 350+ crypto coins, and leverages up to 100x for spot, margin, and futures trading. Binance can be accessed in full in Azerbaijan.

They have the ability to make AZN deposits through local banks like Kapital Bank and ABB. They have ultra-low trading fees, beginning as low as 0.1% with more discounts for those using BNB tokens.

Binance has global revenues of more than $270 million and is known for their health and harmony in liquidity, as well as their dependability.

The Binance mobile application is user friendly and has plenty of tools to help with trading and up to date market information.

There are additional tools offered for the more advanced traders and beginners, proving Binance is an excellent option in Azerbaijan.

Pros And Cons Binance

Pros:

• Department and Cryptocurrency Alternatives: Supports more than 500 cryptocurrencies, traders ranging from BTC, ETH, SOL, and PEPE all the way down to Pepecoin.
• Record PvE Completion and Financial Investment: Engages with spot, futures, and margin trading alongside the support of any beginner
• Service Cost Fees: Fees of a trading service are low and under a price of $5
• System of Defense and Network Protection: Protection of information blocked by criminals in the industry.

Cons:

• Finacial Laws and Policies for Regulatory Reasons: Has faced withers all over the globe and also the US ‘legal issues’.
• Learning for the First Time: Features with detailed explanations and breakdowns all fit within a neophyte ‘s grasp.
• Regedders and Stranded Laws: Countries in certain areas can still possess deposit and withdrawals in relative ease.
• Invasion and Loos of Information in 2022: When data was hacked, people reported that the site lost the most and concern was at the highest.

2. OKX

OKX was founded in 2017 and acts a global cryptocurrency exchange with spot, futures, and options trading.

It lags behind competitors in terms of access in Azerbaijan due to local rule concerns, even with its extensive offer of 300+ cryptocurrencies and sophisticated trading facilities.

The platform has some of the lowest fees in the industry– 0.08% maker and 0.10% taker use fees– and provides access to up to 100X leverage on derivatives. OKX is also known for its industry leading security features and fast trade execution.

The trading platform is also highly rated for liquidity and trading depth. OKX offers a mobile trading platform for both Android and iOS, although it is restricted in the country.

Due to the current limitation on access, Azerbaijani traders may wish to consider using other platforms.

Pros And Cons OKX

Pros

• Assets Postions and Fee: Engages with spot, futures, and margin trading with the support of any beginner.
• ement to Gd for the Trade : Defense of a digital overs within cyber.
• User-friendly interface: Users have access to a neat and simple dashboard enabling ease of use}
• Competitive fee system: The system is associated with low base fees and VIP level fee discounts as well as discounts with OKB token ownership.

Cons:

• Still no fiat on-ramps: Users may have trouble making the first steps if the system is lacking cryptocurrency deposit options.
• Does not cater to beginners: New platforms are left with complex features which new surfers may find difficult.
• Availability issues: Availability to the platform is closed to users on the US which is a drawback to US traders.
• Support issues: Users have reported slow response time to customer support.

3. MEXC

Since 2018, and located in Singapore, MEXC is an exchange with no-KYC requirements and serves 40 million clients worldwide.

The platform accommodates over 3000 cryptocurrencies, offering one of the broadest selections in the industry.

While MEXC is available in Azerbaijan, the platform offers ultra-low trading fees of 0% for makers and 0.01% for takers on futures. MEXC is great for traders who wants access to new and trending tokens.

The platform provides a mobile application for IOS and Android with real-time charts and strong liquidity. MEXC supports AZN via P2P and card payments.

MEXC is praised for its versatility and low-cost trading, and has been awarded for its innovation and asset diversification, making it an optimum choice for traders in Azerbaijan.

Pros And Cons MEXC

Pros:

• Prompt cryptocurrency listing: Allows access to new and high potential coins within the market making them a demand source.
• User-friendly interface: Customers of all levels have reviews to the platform which is easy to use.
• Trading fees: Users get to enjoy low fees which traders are greatly benefited.
• Varied trading options: Users get to enjoy the features of spot, margin, and futures trading.

Cons:

• Lack of features: Users do not have access to tools and features offered by larger exchanges.
• Regulatory issues: The platform is under review in certain the country which may limit functionality.
• Limited fiat currencies on Gate: Deposit and withdrawal in fiat currencies might be limited in some territories.

4. Gate.io

Established in 2013 Gate.io is a crypto exchange that has been in the industry for a long time and has over 23 million clients in over 130 countries. Gate.io does and suffers from compliance issues in Azerbaijan.

It is among the first exchanges with a mobile app for Android and iOS and offers same features on the app as on desktop. In the world, it is known for and has high reviews on security and liquidity.

Gate.io also has a good position globally as it has over 3900 cryptocurrencies and offers margin, spot, and futures trading.

Even with a high reputation and good asset coverage in the country, surely, Azerbaijan users will experience challenges with Gate.io. Always check with the appropriate crypto platform on details and local rules for trading.

Pros And Cons Gate.io

Pros:

• Large Selection for Gate: Offers a large number of cryptocurrencies and trading pairs, allowing ample trading.
• Tools and Features for Gate: Offers margin trading, margin futures, and lending of cryptocurrencies.
• Trading Fees for Gate: Charges low trading fees.
• Innovative Features with Gate: Includes unique services like Pilot Trading and trading bots.

Cons:

• UI for Gate: Has a complex interface with lots of information and a steep learning curve.
• Compliance Issues in Gate: Has faced regulatory issues in a few countries.
• On Ramps of Gate: Limited fiat deposit options, making the buying process a bit complex.
• Technical Support with Gate: Some customers have noted high response times for technical support.

5. Kraken

Founded in 2011 and located in the USA, Kraken is one of the oldest and most secure crypto exchanges and supports over 120 cryptocurrencies along with seven fiat currencies.

Kraken is available in Azerbaijan and offers spot, margin, and staking services. Trading fees operate on a maker-taker system wherein the rates of 0.00–0.16% for makers and 0.10–0.26% for takers are applicable.

The platform is touted for its user security, transparency, and compliance with regulations. The Kraken mobile trading app is free for download on iOS and Android devices, and provides simple trading and portfolio management.

Being user-rated 9.6 out of 10, Kraken is highly recommended for users in Azerbaijan due to its strong euro liquidity and advanced tools.

Pros And Cons Kraken

Pros:

• For Kraken: regulatory Compliance: Over 190 countries including Azerbaijan meet the local regulations.
• With Kraken: Over 230 cryptocurrencies available.
• With Kraken: Offers margin trading and futures contracts.
• For Kraken: Has strong security protocols.

Cons:

• Some first-time users may feel exasperated due to the overwhelming list of features the platform has to offer.
• Fees for trading different instruments may be in the upper range of the market fee structure.
• Some geographical regions may not allow withdrawal and deposit of the local currency.
• Complaints of slow response times to support tickets have been noted.

6. CEX.IO

CEX.IO, introduced in 2013 in London, is recognized as a reputable exchange with over 15 million users in the world.

With assets exceeding 200 cryptocurrencies, including Bitcoin, Ethereum, and Polkadot, CEX.IO is available in Azerbaijan.

CEX Ethereum is a type of CEX Ether whose AZN is treated as Exchange Ethereum and is accessible via both cards and bank transfers. CEX Ethereum boasts of a spam and margin margin with volume volume.

Its 0.15% (maker) to 0.25% (taker) and 0.15% (maker) to 0.25% (taker) spam and margin volume.

At 4.5/ 5 available to active traders, the desktop app earns high ratings for both the ease of use and the security.

CEX.IO balances several regulatory requirements, thus, serving Azerbaijani users provides them with a wide range of payment options.

Pros And Cons CEX.IO

Pros:

• Offers a simple and intuitive platform, making the site suitable for the new traders.
• Avoid engaging in illegal operations in less than 1% of the world as they do not comply with local regulations.
• Allows users to quickly deposit and withdraw funds due to support for many local currencies.
• Features a crypto debit card as well as crypto- collateralized loan functionalities.

Cons:

• Does not offer as many tools as peers, with which to conduct buying and selling of crypto currencies.
• Some exchange markets offer more friendly fee systems.
• During active trading times, many traders experience less trading volume, an issue which is more common on smaller markets.
• Complaints of slow response times to support tickets have been noted.

7. Phemex

Phemex was founded in 2019 by Phemexs and ex- Morgan Steley executives, and is based in Singapore. The Phemex exchange offers spot and derivatives trading with over 200 cryptocurrencies.

Phemex is also supported in Azerbaijan with web and mobile interfaces. Phemex is one of the most competitive exchanges with 0.01% (maker) and 0.06% (taker)

for contracts, and 0.1% flat for spot trades. The mobile and web apps have various advanced features with charts and Trading View integrated.

Phemex which was rated 8.2/10 for security offers 100x leverage, grid bots, and copy trading which is also catered for in Azerbaijani traders.

Phemex is also competitive with easy user interface, cold wallet storage, and good customer service. Phemex is one of the best low fees and high speed exchanges which is very beneficial for active traders.

Pros And Cons Phemex

Pros:

• Offers spot and derivatives trading with leverage, as well as other advanced features to more seasoned traders.
• Competitive Fees: Keeps costs down on trading, allowing traders to maximize on profits.
• User Friendly Interface: Provides a seamless experience on the platform, enabling fast learning by beginners and even seasoned traders.
• Security Protocols: Trained monitors and processes to ensure the protection of the user’s assets.

Cons:

• Customer Support: Users have reported longer than acceptable wait times when seeking answers and assistance from help.
• Limited Availability of Foreign Support: In some geographical locations, the services of fiat and cryptocurrency withdrawal and deposits are not offered.
• Limited Cryptocurrency Selection: has fewer cryptocurrencies than most top tier exchanges.
• Regulatory Risks: Some areas of the world where the platform is available, new and existing laws have created problems. These may have an effect on the operations.

8. EXMO

Founded in 2014 and based in theUK, EXMO is a European crypto exchange operating in more than 200 countries. It allows trades in more than 85 cryptocurrencies, has more than 190 trading pairs, and has BTC, ETH, and EXMO Coin in its portfolio.

EXMO is also available in Azerbaijan and allows payment in AZN using a bank card and also through wire transfer. As trading fees are varied and flexible, they start from around 0.3% and are lower for high-volume traders.

It boasts a 4.4/5 rating on reliability and user satisfaction. It also has a mobile application for iOS and Android that enables real-time trading, staking, and IP recognition for additional security.

Azerbaijani crypto traders looking for a simple and secure trading exchange that offers cashback and VIP services would benefit from using EXMO.

Pros And Cons EXMO

Pros:

• User Friendly Interface: Features an easy to understand and use platform. Perfect for first time users.
• Global Access: Set up for a multitude of fiat currencies, allowing for seamless deposits and withdrawals.
• Competitive Fees: Charge a lower fee per trade, to give traders an use efficiency.
• Loan Features: Allows users to earn interest on cryptocurrency via loans and even staking.

Cons:

• Lower Tier Foreign Support: In comparison to market competitors, some users point out the absence of basic trading tools and upgrades.
• Regulatory Obstacles: Some regions of the world have proven troublesome and challenged the platform’s operations.
• Customer Support: A few customers have indicated that response times have been delayed.

9. WhiteBIT

New Exchange WhiteBIT, moved to Lithuania in 2018, has quickly emerged with more than 5 million users.

In Azerbaijan, users can deposit using Visa bank apps, Apple Pay, and bank transfers with trading in more than 330 cryptocurrencies, and 780 trading pairs, including WBT, BTC, and ETH.

The trading platform has competitive rates – a maximum of 0.1% for spot trades, and 0.035% on futures trades (reduced rates for trading VIP users).

Its spot margin and futures trading capability and up to 100x leverage of people have rated WhiteBIT 4.6/5. The WhiteBIT mobile app on iOS/Android has great reviews for its staking and lending features, and for providing multi-chart trading systems.

The mobile app is, however, just one of WhiteBIT’s trading platforms. Its abundant liquidity and advanced trading features make WhiteBIT one of the most popular among traders in Azerbaijan.

Pros And Cons WhiteBIT

Pros:

• Easy Platform: Has a simple and clear layout, great for first-time users.
• Legal and Authorized: Operates according to the laws of various countries.
• Currency Support: Enables easy deposits and withdrawals and videos multiple fiat currencies.
• Robust Protection: Uses strong measures to secure funds for users.

Cons:

• Basic Features: More advanced features and tools for trading that are available on other exchanges are not available.
• Less Liquidity: Compared to other exchanges the liquidity is lower, which might affect the ease of trading.
• Less Crypto Offerings: Easier to sign up and use as other exchanges have a lot more complicated processes.
• Customer Support: A few customers have indicated that response times have been delayed.

10. BingX

BingX started in 2019 and has since developed an international stature owing to its cutting-edge copy trading and futures platform.

It is known for its crypto trading and offers 700+ cryptocurrencies and over 500 perpetual futures pairs.

BingX is available in Azerbaijan and allows users to make AZN deposits through crypto and multiple third-party gateways.

The trading fees remain competitive, ranging from 0.02% to 0.1% depending on the product. BingX app is rated amongst the top 15 crypto exchange platforms which offer grid trading, demo accounts, and wealth management features.

The BingX trading app is available for full trading on Android and iOS, providing trading insight and analytics.

BingX is a great fit for Azerbaijan users interested in automating proven crypto trading strategies.

Pros And Cons BingX

Pros:

• Social Trading Features: Enables users to use automatic trade following the techniques of skilled traders.
• Easy Platform: Has a simple layout that is easy to navigate for new users.
• Low Fees: Benefits traders by increasing profits.
• Accessibility: Has a mobile version for trading while not on a computer.

Cons:

• Few payment options in real currency — A small number of real currencies are supported; depositing and withdrawing real currency can take much longer and be much more difficult; some withdrawals are especially costly.

• BingX’s geographical availability and key licenses — BingX is unavailable and restricted in some countries; some countries have different licenses for BingX; some services, such as derivatives, may not be available in every country.

Is Crypto Regulated in Azerbaijan?

In Azerbaijan, Cryptocurrency operates in a legal grey area. The Central Bank neither acknowledges Bitcoin nor other digital assets, classifying such assets as taxable property under the Tax Code.

Cryptocurrency exchanges and wallets do not have a licensing system, so residents mainly use international platforms such as Binance and OKX.

Due to the AML and CTF rules, banks continue to be wary. Although future legislation is anticipated, investors need to keep carefully intricate records, pay taxes on profits, and adhere to the changing law.

How is Crypto Taxed in Azerbaijan?

In Azerbaijan, there is no specific tax law regarding cryptocurrency, but the State Tax Service deals with it as property for tax purposes.

For individuals, the law stipulates that crypto gains are taxed as income at a rate of 14% upon declaration with no separate capital gains tax.

Profits from trading, sales, or receipts of crypto payments are treated as income, and even crypto-to-crypto trades may trigger a tax liability.

For companies or individuals who mine cryptocurrency, the income is subject to 20% corporate tax, while mining gains are taxed at the value of receipt.

Crypto transfers are the only transactions that are not subject to VAT, but commodities and services that are provided in exchange for crypto payments are subject to an 18% VAT.

Remotely deposited cross-border e-wallet transfers are subject to a 10% withholding tax. As the law stipulates, records of transactions are necessary in order to apply for the appropriate tax, and there are penalties for failing to comply with it.

For foreign residents, at the tax law is paramount, dependant on the law of residency, such individuals are taxed on the total income that is earned from all over the world.

FAQ

Cocnlsuion

in cocnlsuion The Best Crypto Exchanges in Azerbaijan securing, user friendly platforms and affordable fees must all be considered.

There are no local platforms, but world exchanges such as Binance, OKX, MEXC, and Kraken cater to Azerbaijani traders.

Investors must keep accurate tax documentation, use a reliable exchange, and monitor changes to regulations as the legal framework is still developing.