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How To Buy Bitcoin in Italy

Sim Teong Jing -

We previously published a series of articles on how to buy bitcoin in Asia covering countries like SingaporeMalaysiaThailandHong KongSouth KoreaVietnamThe Philippines and Cambodia. We will now begin our series of articles on how to buy bitcoin in Europe. With the Single Euro Payments Area (SEPA), buying bitcoin in Europe is relatively straightforward offering consumers a wider array of exchanges to choose.

The first country that we will cover in our series of how to buy bitcoin in Europe will be Italy. Buying Bitcoin in Italy was trouble-free until the Italian government implemented a 20% withholding tax on all inbound wire transfers to domestic personal bank accounts in 2014. This law was created to reduce money laundering and tax evasion in Italy but presents a problem for the Bitcoin community since most Bitcoin exchanges are located outside of the country. Consumers may thus be subjected to the 20% withholding tax when withdrawing funds from the Bitcoin exchanges.

Nevertheless, here are some of the top places to buy bitcoin in Italy:

1. Coinbase

Coinbase announced in September 2014 that after over two years since starting operations in the US, they are now expanding to Europe and allowing customers from 14 European countries the same ability to buy and sell bitcoins easily. Italy was one of the initial batch of 14 European countries that Coinbase expanded into. Using Coinbase, customers can easily buy bitcoins from their Italian bank accounts without much hassle.

2. Bitstamp

BitStamp is one of the largest Bitcoin exchanges in the world by trading volume. This company is based in Slovenia and was named the Best Virtual Currency Startup at the 2014 Europas. BitStamp was established in August 2011 and has been serving Europe with their simple and easy to use user interface. The company also boast excellent and responsive customer support. Users simply need to make a SEPA wire transfer to Bitstamp to start funding their trading account. 

3. BitBoat

BitBoat is a one of the preferred exchanges for Italian Bitcoin users because it offers a reloadable prepaid card payment service supported by PostePay. The buying process on BitBoat is fast and simple; all you have to do is to fill in an order form, click on a confirmation link in your email and then make payment through PostePay or JiffyPay. Bitcoin will then arrive in your Bitcoin wallet within minutes after payment.

4. The Rock Trading

Another Bitcoin exchange that Italian users could use is The Rock Trading Ltd, a Malta-based company established in 2014 by well-known Italian entrepreneurs, Andrea Medri (CFO) and Davide Barbieri (CTO). According to Davide, Rock Trading is the first European exchange to support both multisignature and instant confirmation after its partnership with security centered Bitcoin wallet provider, GreenAddress in September 2014. This allows users to be in full control of their bitcoin funds. It’s definitely a big step forward for The Rock Trading in establishing trust.

5. LocalBitcoins

Localbitcoins is a marketplace where buyers and sellers can meet online or in person to trade bitcoin. LocalBitcoins is available in over 246 countries worldwide including Italy so finding suitable Bitcoin sellers should not be a concern. Escrow service is built into the system by default to offer protection for both buyers and sellers. If a trade is occuring in person, both buyers and seller are encouraged to meet in busy public and take precautions.

6. CleverCoin

CleverCoin is a Bitcoin exchange based in The Netherlands. It is still relatively new with just over 10,000 users within its exchange network. CleverCoin allows users to buy or sell bitcoin up to 10x the amount in user’s Bitcoin wallet. This service is named “Boost”. However, users can only hold Boost positions for up to 48 hours. After that, users must decide to either pay for the bitcoins bought or settlement will be made by selling the initial purchase of bitcoin, resulting in either a profit or a loss. 

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Sim Teong Jing
Sim Teong Jing
TJ is a freelance writer that's enthusiastic for numbers, graphs and the economy. He is also a constant learner and are fast to analyse the latest happenings. Follow the author on Twitter @TjTeong

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