Crypto exchanges: trade Bitcoin and Co (easily) online
If you want to trade cryptocurrencies, you can easily do so via crypto exchanges. We explain and show you the most popular platforms
Crypto exchanges offer you the opportunity to buy or sell digital coins and tokens such as Bitcoin and Ethereum. There are a variety of providers that you can go to Trading can use. They differ in the selection of cryptos and the fees. We’ll show you the most popular platforms.
Crypto exchanges: this is how the platforms work
Would you like to get into the crypto business or sell bitcoins and tokens? Via crypto exchanges you can find buyers and sellers and a selection of currencies. There is one crucial difference here: you can trade or buy. That sounds similar at first, but is based on two different principles. Both are offered to you by the platforms.
But where is the difference? In a trade, you are looking for a business partner who will sell you coins or buy yours. You conclude a trade agreement, the crypto exchange acts as a middleman. However, if you don’t want to be dependent on a third party, you can also buy directly from the platform.
Cold wallet and fiat money: this is how you trade
Before you get started and buy Ethereum or Ripple, you should prepare yourself. It is important that you get a cold wallet in which you can store your coins and tokens. This increases security by not keeping them online, as Cryptolist reports. Then it is important to see how you can act. Some exchanges only accept cryptocurrencies.
To get started, it’s better to look for a platform where you use fiat money. So you have the opportunity to purchase the cryptos with euros. Once you have chosen an exchange, you still have to register and create a customer account. The platforms require proof of identity from you, such as photos of your ID. Then it can go.
This is what the (well-known) crypto exchanges offer you
What are the most popular platforms and what are the differences? We give you an overview:
- Binance: over 150 cryptos; 0.1% fee; Deposit by bank transfer; partly in German
- BSDEX: 4 cryptos; 0.2% / 0.35% fees; Deposit by bank transfer; German speaking
- Coinbase: over 80 cryptos; 1.49% fee; Deposit by bank transfer; German speaking
- Kraken: over 75 cryptos; 0.16% / 0.26% fees; Deposit by bank transfer; English speaking
Sources: Cryptolist, own research
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