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- Trusted Bitcoin exchange that has been around since 2011
- Supports many countries
- Requires ID verification, so not private
- User-interface makes it difficult for first time buyers
With over 500 Bitcoin exchanges around the world, it can be difficult to know which ones you can and should use. This all depends on your country of origin, which coins you want to trade using Bitcoin, and how you want to pay and withdraw your Bitcoin.
If this is your first time buying Bitcoin than you should try Bitcoin.de as it provides a safe and easy-to-use way to purchase Bitcoin from the other people.
Read on to see how it works.
What is Bitcoin.de?
Starting in 2011, Bitcoin.de became of Europe’s largest marketplaces to purchase, trade, and sell Bitcoin. It now claims to host over 800,000 users.
The marketplace works unlike most cryptocurrency exchanges as you purchase Bitcoin directly from the seller using a wire transfer. All users are verified and then continuously rated by other users to increase trust levels and the ability to withdraw more Bitcoin.
Prices are based on the supply and demand of Bitcoin just like an exchange, however, you don’t have to wait for your buy order to get accepted by a seller. Instead, you find a person who is selling Bitcoin for a reasonable market value and purchase it.
If you are looking for the best Bitcoin exchange to ensure you buy at fair prices from verified users then you can’t beat Bitcoin.de.
Bitcoin.de vs Other Exchanges
Here is Bitcoin.de compared to some other top exchanges:
- Popular Exchanges
- High liquidity and buying limits
- Easy way for newcomers to get bitcoins
- "Instant Buy" option available with debit card
- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
- Great liquidity and low fees
- Supports most countries
- Trusted exchange, started in 2011
- Good choice for Europe, easy to use
- SEPA & credit card supported
- Does NOT support the United States
The .de means that the Bitcoin exchange is located in Germany, however, anyone in Europe can use the exchange. It also supports several languages including German, English, Italian, French, and Spanish.
Owned by the German group Bitcoin Deutschland AG, the marketplace uses cold storage and keeps coins in escrow until bank transactions get confirmed. It also hosts all of its servers in Germany where their procedures and equipment are audited by third-party security companies.
The marketplace has a mutual partnership with Munich’s Fidor Bank, which adds to its safety and ease of use for Europeans.
When looking at this Bitcoin exchange guide you will notice that the fees are slightly higher than the average exchange. While the price might be higher to buy and sell Bitcoin, you could find even higher rates on less secure sites and when using credit or debit cards.
Since there are two ways to purchase Bitcoin there are also two different fee amounts.
The fees are as follows:
- Trading Bitcoin through SEPA (Single Euro Payments Area) bank transfer: 0.5% for both seller and buyer
- Trading Bitcoin through Fidor Bank account: 0.4% from the exchange and 0.1% charged by Fidor
- Withdraw fees: fluctuates based on the network, Bitcoin.de doesn’t keep these fees
Fees are automatically deducted when you make a purchase or a sale.
When you make an account through the marketplace you must first enter a bank account. The account is verified and tested using small deposits for you to enter into your profile.
Bitcoin.de approves any bank account that is SEPA-supported.
Once verified, you can use your bank to transfer Euro to a seller. This works by receiving the seller’s bank account information. You then need to transfer the funds within a 14-day window of making the purchase.
You will receive the Bitcoin once the seller confirms receipt of your payment.
Another option is to open a bank account with Bitcoin.de’s banking partner: Fidor Bank. The advantage of using Fidor is that you can use the express purchase option.
Instead of waiting for your payment to be confirmed by the seller, your purchase is processed within a few seconds. Your Bitcoin will be available to trade, store, and withdraw.
You can even reserve funds in your Fidor account to make Bitcoin purchases.
If you have Bitcoin in another exchange or wallet you still need to have a verified bank account linked to your profile. You can then send Bitcoin to your Bitcoin.de receiving address. This works well if you want to sell your Bitcoin and trade it for another supported coin as you will see in the next section.
The marketplace serves as a place to do some Bitcoin trading. New coins are becoming available in the future, but for now, Bitcoin.de only supports the following trading pairs:
- BTC/EUR (Bitcoin/Euro)
- BCH/EUR (Bcash/Euro)
- BTG/EUR (Bitcoin Gold/Euro)
- BTC/IOTA (Bitcoin/Iota)
- BTC/DASH (Bitcoin/Dash)
- BTC/GNT (Bitcoin/Golem)
- BTC/LTC (Bitcoin/Litecoin)
Go to the Marketplace tab in the top menu to see buying pairs. You can either make a simple purchase or place a bid or ask to buy and sell the supported coins at a certain price.
Security and Customer Service
Your account can also be kept safe from personal intrusion using a 2-step authentication process that is optional but encouraged. You will also receive a key code to recover your account if your password gets lost.
Your purchases and sales are protected from fraud as funds aren’t released until payments get verified. A transaction using Fidor ensures your funds are received using reserved funds for instant processing.
Another perk is that Bitcoin.de has an impressive customer service team as they respond quickly. However, the site doesn’t offer a live chat option or phone number, which is common for most exchanges.
Getting Started Buying Bitcoin
For long-term storage of your cryptocurrency check out our wallets tutorial to learn about your options.
Review By: Jordan Tuwiner
Rating: 4.5Buy Bitcoin at Bitcoin.de