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Buying Bitcoin in Germany: Bitcoin.de

Dec 20, 2019 | Cognition, Services

German cryptocurrency enthusiasts have a few different options to buy bitcoin. Those who prefer dealing with locally-sourced BTC should take an interest in Bitcoin.de It is the country’s largest marketplace, and one that focuses on peer-to-peer trading.

An Overview of Bitcoin.de

The Bitcoin.de platform is made in Germany for the German cryptocurrency community. It supports the buying and selling of bitcoin. Users are free to set their own prices to either obtain or liquidate the world’s leading cryptocurrency.  As such, the platform does provide an order book, albeit it works very different from traditional centralized exchanges. 

Over the years, the company has built up a very solid reputation. It is also the only platform in the world to utilize audited bitcoin customer portfolios. The auditing is taken care of by a publicly accredited auditing company. 

The Bitcoin.de service also undergoes regular security audits. Cryptocurrency platforms have become  a very popular target among cyber criminals. Preventing such mishaps from affecting customer funds always need to be a top priority. 

It is evident that the company takes security very seriously. All email transmission is fully encrypted to grant users additional privacy. Furthermore, there is a Bug Bounty program to ensure no harm comes to the platform or its users. 

User Control and Offline Storage

When dealing with buyers and sellers directly, trading works a bit differently. For Bitcoin.de, it is crucial to let users control their funds at all times. This is especially true when it comes to fiat currency in their bank account.

To guarantee this level of control, the platform covers all payments by statutory deposit insurance. This is different from centralized exchanges.

Those platforms take control over user funds and do not offer insurance. Bitcoin.de acknowledges deposit insurance is crucial when building trust between different parties. 

Supported Currencies and Payment Methods

Even though the platform is Bitcoin.de, it does support other currencies. Interested users can also buy and sell the bitcoin forks. This includes bitcoin gold, bitcoin SV, and bitcoin cash. Last but not least, Ethereum transactions are also available. More currencies may be added in the future, if there is sufficient demand. 

As far as payment methods are concerned, choices are limited. Users can pay through SEPA transactions or Express trade. The latter option requires a Fidor Bank account. SEPA transfers can be completed online to confirm the transaction much quicker.

Verification of one’s bank account is mandatory. This can either be done through Fidor or by confirming a test transfer. There is also a need to verify one’s mobile number. This is done through a simple code sent via SMS. 

Images courtesy of their respective sources.

Fintoism is not providing financial or investment advice. All content published on this platform is for entertainment and educational purposes only.

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<a href="https://fintoism.com/author/oglock/" target="_self">JP Buntinx</a>

JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

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