Bitcoin is one of the most popular cryptocurrencies in most countries, including Germany. The coin has grown from a relatively small digital currency to a financial juggernaut worth over $800 billion. It also has a market dominance of more than 40%, which is a substantial amount considering that there are more than 18,000 cryptocurrencies.
In this article, we will explain some of the easiest methods to buy Bitcoin in Germany.
Buy Bitcoin with Bots
It is also possible to buy Bitcoin with Trading Bots in Germany. A trading bot is a piece of software that automates the process of buying and selling of cryptocurrencies. To use it, you just need to link it to a centralized exchange or a CFD broker.
The bot will then be able to buy cryptocurrencies for you automatically. Alternatively, it can send you a signal when certain conditions are met. You can find some examples of popular Bitcoin bots in Germany by reading the following German guide on the process of buying Bitcoin using a Bitcoin trading bot from Cryptomonday.de
Using a peer-to-peer exchange
One of the most common approaches of buying Bitcoin in Germany is to use a peer-to-peer (P2P) exchange to implement the trade. P2P exchanges are companies that make it possible for one to buy cryptocurrencies from one another.
They work in a similar way to eBay and other e-commerce platforms like Etsy and even Amazon. The only difference is that their products are in the form of digital currencies. Also, they provide excellent Escrow solutions that ensure the safety of your transactions.
Using a P2P exchange is an easy process. You just need to create an account with one of them, select a seller, and then make the money transfer using their favorite method. As you do the transfer, your cryptocurrency will be safely kept in an escrow account. The final step is where the seller will confirm that you made your deposit. Finally, the exchange will release the coins to you.
Cryptocurrency sellers accept multiple methods to receive money. Most of them prefer using mobile wallets like PayPal, Skrill, and Payoneer since funds are sent faster. Other people prefer using bank transfers to receive the money in their accounts.
Notably, it is even possible to use these P2P platforms to buy Bitcoin. You will find some sellers who are comfortable with meeting in person and then exchanging the funds. While this is an option, many people don’t use it because of the risks associated with meeting people you don’t know.
There are many peer-to-peer Bitcoin exchanges that accept German customers. The most popular ones are Binance P2P, Paxful, and LocalBitcoins.
Using a centralized exchange
The most popular method of buying Bitcoin in Germany is to use a centralized exchange. These are companies that provide a wide marketplace where one can buy and store their exchanges. Some of the most popular exchanges in Germany are Coinbase, Crypto.com, eToro, and Kraken.
Using these exchanges to buy Bitcoin is relatively easy. First, you need to find a good exchange that is trustworthy. This is an important step because many people have lost millions of dollars for simply using the wrong exchange.
Second, you should create an account using your email address and name. The entire process should take a few minutes. To comply with German law, these exchanges are required to verify your location using your address.
Finally, select your preferred option to deposit your money to the exchange. Most people link their cards or mobile wallets while others prefer using bank transfers. After depositing funds, select Bitcoin and enter the amount you want to spend, and complete the transaction.
Exchanges are ideal because of the large number of features that they offer. For example, most of them offer margin trading that let people buy Bitcoin using leverage. They also have leveraged tokens and futures products.
Buy Bitcoin using a wallet
The other option of buying Bitcoin in Germany is to use a mobile wallet. These are financial products that lets you save money and even send it to other people. Examples of the most popular online wallets are PayPal, Skrill, Payoneer, and N26.
The process of buying Bitcoin using an online wallet is relatively easy. First, find a wallet that accepts cryptocurrencies. PayPal, the biggest wallet in Germany has not yet activated a service that lets you buy Bitcoin directly. Skrill is one of the best that lets you buy digital coins.
Second, create an account if it is your first time using the company. You only need an email address and your personal documents to achieve this. Finally, deposit funds to your wallet by doing a bank transfer or your card. Finally, select the amount you want to spend and then complete the transaction.
The benefit of using a wallet in Germany is that it is a significantly cheaper option. It is also an easy process that takes a few seconds. The disadvantages are that these wallets offer a small number of coins and most of the best brands like PayPal don’t have the services in Germany.
Buying Bitcoin in Germany is a relatively simple process. In this article, we have highlighted the most popular methods to use and their advantages and disadvantages. Other popular methods are using forex and CFD brokers and using decentralized exchanges.
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