Throughout the world, Bitcoin (BTC) has become a household name. Ethereum (ETH), the second largest crypto, is close to becoming one too. For many, the topic of cryptocurrency is now a part of regular discourse. In Germany, it’s not uncommon to hear friends and coworkers talk casually about their favorite crypto exchange.
Hearing other folk’s 1st hand experience is a great way to be introduced to a new exchange. But ultimately, you can’t just take someone else’s word for the quality of a platform. Before opening an account, you’ll need to do some honest research.
Looking closer at the features available on a crypto trading platform can help you decide if opening an account is worth the time involved. Besides, the last thing you want to do is risk your hard-earned euros on a suggestion you heard around the watercooler.
From Munich to Hamburg, the options for trading cryptocurrency have increased significantly. As participation in the altcoin market heats up, finding an exchange you can trust becomes ever more pressing. In this frenzied trading environment, it seems like everyone is asking the same question: what’s the best crypto exchange in Germany?
Best Crypto Exchanges in Germany
From basic trading features to offers for interest on your crypto, the products and services found on an exchange define the experience for its customers. When considering the unique attributes offered on the most popular trading platforms, the following crypto exchanges represent the best that Deutschland has to offer:
1. Easiest and Fastest to Use: Coinmama
Coinmama is one of the best crypto exchanges in Germany because of its incredible ease-of-use. It's also clearly on a mission to spread cryptocurrency adoption across the world. The platform makes it incredibly easy to buy most of the largest cryptos for almost anyone around the world. It is available in a whopping 188 countries.
The account set up process on Coinmama is a breeze and is much faster than most other exchanges. The platform is extremely simple and you can start investing in cryptos in minutes. Instead of custodying your new cryptocurrencies in their own wallet, Coinmama sends your crypto directly to your personal wallet. This means that you have to set up a wallet first, but the process takes seconds with a wallet like Exodus Wallet or MetaMask and has clear security benefits. It's always better to keep your cryptos in a personal wallet anyway because exchange hacks, bankruptcies and other catastrophes have lost user funds in the past. You do still have to be wary of scams and phishing attacks but generally it's much safer, especially with a secure hardware wallet like Ledger Nano S.
2. Best Security: Coinbase
Coinbase (NASDAQ: COIN) prides itself on its security. With state-of-the-art offline storage for customer assets, users of the exchange are protected against most cyber threats. Coinbase also insures all crypto held by the exchange.
- securely through Coinbase's websiteBest For:Coinbase Learn
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
3. Best Customer Service: eToro
When it comes to customer service, eToro has a great support team, generally responding to customer inquiries within 3 days. With a stunning number of options to trade cryptocurrencies, commodities, exchange-traded funds (ETFs) and stocks, this one-stop-shop has become a favorite exchange across Germany.
- securely through eToro's websiteBest For:Demo Accounts
Don’t invest unless you’re prepare to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins and learn more. Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Cryptocurrency Exchange Types
Whether you’re interested in the best decentralized crypto exchange (DEX) available in Germany or the corner store’s Bitcoin ATM, the services offered by a cryptocurrency provider help define its classification. The services now offered to investors are as diversified as the Rhineland itself.
When researching traditional exchanges, you may run across a few that are more accurately referred to as brokerages. A brokerage is able to search various exchanges for the best deals on your crypto. The choice between a traditional exchange and brokerage often comes down to personal preference.
Whichever crypto provider you decide on, the options available to German consumers have grown considerably. Expanding right alongside Germany's trading platforms are the crypto prices themselves.
Current Crypto Prices
The crypto crash of 2022 took the air out of most of the crypto market, but this could be seen as a good time for hodlers to buy and wait for prices to rise in the future.
Smart contract platforms and the DeFi protocols built on top of them have revolutionized the cryptocurrency market. Pictured below are real-time prices for select cryptocurrencies:
What to Look for in the Best Crypto Exchanges in Germany
When looking for a cryptocurrency exchange, it’s important to consider some of the key qualities of great trading platforms. The security of an exchange, its selection of top altcoins and the advanced trading features offered, are perhaps the most important aspects to weigh before opening an account.
The security of an exchange is undoubtedly the top priority of discerning investors. With exchange hacks becoming more common, reviewing the protections a platform has in place is imperative before opening an account.
From basic services like 2-factor authentication (2FA) to advanced anti-hacking technologies, reputable exchanges constantly develop new ways to secure your assets. Researching the specific tools an exchange has at its disposal for dealing with cyber attacks can help put your mind at ease before making any commitments.
2. Altcoin selection
The selection of altcoins offered by an exchange can make a big difference to an investor still choosing between platforms. If there is a specific coin you’re interested in, make sure you find out if the exchange you’re researching carries it.
Many customers find themselves purchasing more than 1 or 2 cryptocurrencies. Finding an exchange with a great selection can save you the hassle of signing up for multiple exchanges later.
3. Advanced trading features
Professional trading features, such as advanced charting, are big selling points for experienced traders looking for a new exchange. From faster transactions to deep order books, the tools offered to serious traders are increasingly sought after by savvy consumers.
A large portion of cryptocurrency investors don't need all the bells and whistles that the most complex crypto exchanges offer. Sometimes its just better to use the easiest, fastest exchange so you can pick up the cryptos you want and be done with it.
Crypto Regulation in Germany
With a new parliamentary government in place, many traders are taking a wait-and-see approach while the concerns of the various parties are weighed. While some effort has been made to frame blockchain technology as an important part of Germany’s future, more will be known about the government’s stance in the coming months.
Generally, Germany is a crypto-friendly country. But regulations do apply. Focusing on consumer protection, the government has taken a proactive approach to regulations.
Recently, Germany took a stance against the world’s largest cryptocurrency exchange, Binance. As a result of heavy regulatory pressure, Binance has been forced to discontinue its derivatives trading services in a number of European countries.
What You Need to Open a Crypto Account in Germany
Opening an account with a crypto exchange in Germany isn’t much different than opening an account anywhere in the eurozone. But you’ll want to make sure you have your documents in order to make the process as easy as possible.
A government-issued identification, like a drivers license or passport, will be required for account verification. You may also need to take a selfie to complete the process. The Know-Your-Customer (KYC) process shouldn’t take long, but be prepared for delays as increased participation can sometimes create slowdowns in the system.
With your identity verified, you’re free to fund your account. Transfer Ethereum (ETH) or connect a bank card to purchase any 1 of the cryptocurrencies being offered by your favorite exchange.
Best Crypto Wallets in Germany
After purchasing your cryptocurrency from one of the best crypto exchanges in Germany, you’ll want to move them off the exchange if you’re to take true ownership. Whether you’re looking for mobile connectivity or the security of a cold storage solution, the options for storing your assets have never been greater. Ledger is the leading hardware wallet brand offering incredibly secure devices that support more than 1,000 different cryptos including Bitcoin, Ethereum, Ripple, all ERC-20 tokens and many more. With software and hardware varieties readily available, the best crypto wallets in Germany are compared here:
Time to Trade
With everyone talking about their latest crypto gains, many aspiring traders are feeling pressured to purchase their first cryptocurrencies. With prices soaring, the fear of missing out (FOMO) gets stronger with each passing day.
Still, investing in cryptocurrency is inherently risky. And the decision to participate in the market is ultimately a personal one. When you do decide to sign up for an exchange, it pays to have done the due diligence necessary to protect your assets. The trading platforms presented here represent the best exchanges in Germany.
If you want to find out more about the amazing world of blockchain technology, visit our Benzinga Crypto Hub.
Frequently Asked Questions
Can you make money by investing in crypto?
Yes, you can make money by investing in crypto, but you must invest carefully, do your research and watch the markets so you can make wise decisions.
Why are crypto wallets important?
Security in the crypto sector is a major issue, and you need a wallet that can protect your investments and prevent hacking.
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