Crypto exchanges
Mining is not an option for most interested parties - and, as already mentioned, hardly lucrative due to the framework conditions, at least in Germany. Buying or selling cryptocurrencies is possible on so-called crypto exchanges; financial products such as ETFs are also offered in connection with cryptocurrencies. As a rule, you do not have to fulfil any special requirements; a corresponding account with one of the exchanges is completely sufficient. Often, an account with a crypto exchange can be opened in a similarly uncomplicated manner as conventional custody accounts and you can start buying cryptocurrencies without major obstacles.
How can I invest in cryptocurrencies?
If you have made the basic decision to trade with cryptocurrencies, you should first choose one of the reputable European crypto brokers. You should compare the fees and conditions as well as the access to crypto exchanges of the brokers. You should also find out how to use a wallet with this broker. In addition to questions about the security of their cryptos with the brokers, it also plays a role in how the deposit and trading can be made on the account.
The well-known online trading place and crypto and CFD broker Exness login, which is registered in Cyprus, convinces with its particularly low fees and the fact that payment service providers that are popular in Germany, such as PayPal, can also be used. In addition, the purchase of cryptocurrencies has been simplified, especially for beginners. However: Some cryptos can only be purchased as CFDs, which entails a high risk. So if you want to buy and sell these cryptocurrencies directly, you should look for an alternative to the CFD broker.
Verification of personal details usually possible with a smartphone
After deciding on a provider, you have to register and usually carry out the verification of the information provided, as is also usual, for example, when opening an account. Often, a video-ident procedure is used for this, in which the verification of one's identity is carried out by means of an identity document in front of the webcam or smartphone camera. With some providers and platforms, up to 500 euros may then be deposited. To lift this restriction as well and be able to buy more cryptocurrencies, the address must then be confirmed. A bank statement or utility bill that is not older than three months is sufficient for this.
How the deposit is possible on the crypto brokers as such depends on the accepted means of payment. Simple and fast is the payment via a service provider such as PayPal, because then no bank transit times have to be waited for. A bank transfer is advantageous because you then mostly do not have to bear any fees when buying the cryptocurrencies. Payment by credit card is also quick and uncomplicated, but then additional transaction fees are usually due, which you have to make up for by cleverly investing in Ethereum or other currencies. In the interest of maximising profits when buying or selling, payment by credit card should therefore be avoided. Find out whether you are paying in euros or US dollars, because additional fees may be incurred for the conversion to US dollars.
Once this hurdle has been cleared, you can start trading immediately. In addition to pure buying and selling, most providers of crypto exchanges also offer extensive tools for analysing performance and the possibility of mobile trading.
