Storage & wallets
Frequently asked question: You can trade with the brokers we presented to benefit from the rising exchange rates of cryptocurrencies, without using a wallet.
Tip: No wallets are necessary for crypto-trading.
Buying Bitcoins and cryptocurrencies
This is how easy it is to trade in Bitcoins and cryptocurrencies:
- Open an account with one of the abovementioned providers
- Pay money into the new account (e.g., using bank transfer, credit card, or PayPal)
- Buy the currency of your choice (e.g., Bitcoin, Ethereum, Ripple, Litecoin, or Dash)
- Sell the currency again whenever you want
- Let your credit be paid out onto your private account
Tip: Bitcoins and cryptocurrencies can be traded in 5 steps.
Finding the right Bitcoin broker
By now, a multitude of Bitcoin brokers have managed to establish themselves on the market. This makes it hard for the uninitiated to keep track. It is however easy to find the right broker by considering the following criteria:
There are certain European regulation authorities such as the Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySec). They ensure that the brokers are serious and that the money of the investor is safe with them.
Tip: Open an account with a CySec or FCA-regulated broker!
Even if users usually don’t need any support, it is still important for unexperienced traders that the broker offers 24-hour customer service. They can quickly offer uncomplicated help with questions or problems. Many brokers offer live chat and telephone support.
Tip: Pay attention to the support language
Some traders solely focus on trading Crypto Currency. Many others however also trade in stocks, currency pairs, and raw materials. It is clever to select a broker who offers those additional assets which you might like to trade.
Tip: Select a broker with many tradeable assets!
Online trading incurs fees. These are generally charged on a per-trade basis. The trade fees are indicated in pips. One pip corresponds to the fourth figure of the exchange rate sum. If you e.g. trade for € 1,000, this incurs a fee of € 1. Most brokers do not charge monthly fees.
Tip: Lower pip fees mean cheaper trades!
Leverage allows traders to increase their returns. If the Crypto Currency exchange rate e.g. increases by 1%, a leverage of 10 will result in a return of 10%. Higher leverages allow traders to realise great returns with small amounts. We recommend beginners to start with a low leverage to reduce risks.