Over the past decade or so, BTC has been considered a global sensation in the digital realm, fascinating the minds of venture capitalists, tech enthusiasts, virtual currency miners and the general public alike. Being at the forefront of the Eurozone, Germany has witnessed a surge in virtual currency adoption. This being the case, this article explores the legal framework surrounding virtual currencies in Germany and highlights the key aspects of how to buy Bitcoin in Germany via online virtual currency platforms and mobile applications.
Legal Framework
Germany has been profoundly proactive in establishing a legal framework for virtual currencies, facilitating clarity and legitimacy to the burgeoning virtual currency industry. In 2020, the country implemented the Fourth European Anti-Money Laundering Directive, which categorizes virtual currencies (particularly Bitcoin, Ripple, Ethereum, Litecoin, etc.) as financial instruments. This regulatory move subjects online virtual currency exchange service facilitators to strict AML/KYC/CDD regulatory norms, guaranteeing a robust and transparent environment for investors.
How to Buy Bitcoin in Germany
If you are wondering how to buy Bitcoin in Germany (how difficult or easy this process may be), first and foremost you are recommended to follow these useful steps:
Easy Steps How to Buy Bitcoin in Germany
- Select a virtual currency wallet for secure storage of your assets (a hardware/software/mobile wallet).
- Decide on where to buy Bitcoin in Germany (choose the best site to buy Bitcoin in Germany or the best app to buy Bitcoin in Germany). Register with the crypto exchange service provider and make sure that the platform fully complies with the German legal framework. As a rule, you can get familiarized with the list of supported and unsupported countries/jurisdictions in the website’s Terms of Use/Terms of Service.
- Get verified on the platform as it is a mandatory requirement for proper KYC/AML/CDD procedures.
- Buy the preferred virtual currency using one of the payment methods available on the platform.
- Receive BTC to your virtual currency wallet.
Where to Buy Bitcoin in Germany
Navigating the myriad of virtual currency platforms can be excruciating and daunting, but several regulated firms have received prominence in Germany owing to their reliability and adherence to EU regulatory standards.
Switchere
Being a Lithuania-based fintech company, Switchere is fully compliant with all EU regulatory norms and rules, including the German legal framework. The company has been operating since 2019 and expanded its service provision to 170+ countries and jurisdictions.
The Switchere website is conveniently localized into 10 languages (including German) and its user workflow is simplified to the maximum. The site offers easy and secure crypto purchases, swaps, sales, and storage services and one can use its branded mobile app (iOS and Android) for crypto-related operations.
Bitpanda
Bitpanda is a Vienna-based virtual currency exchange site that has garnered a strong client base in Germany. The firm renders a crypto-friendly UI and UX. Bitpanda not only lets eligible persons acquire and sell BTC but also boasts an arsenal of other virtual assets. Additionally, the company complies with regulatory requirements, deploying cutting-edge security tools and automated KYC procedures.
eToro
eToro’s crypto-friendly website organization and an extensive list of all popular virtual currencies make it a popular choice among German investors. eToro’s social trading features enable users to follow and replicate the trading operations of successful traders, making it an appealing option for crypto novice, seasoned, and institutional traders alike.
Best Site to Buy Bitcoin in Germany
Judging from the above list, Switchere can be considered a perfect choice to buy Bitcoin and other liquid coins and tokens due to its full legal compliance, established reputation and brand recognition, zero fraud tolerance, and fast, simple and flawless order processing. Even more, the company has expanded its service provision from B2C to B2C and its turn-key payment integration solutions are widely implemented by international business entities. Therefore, the company’s credibility and trustworthiness are proven by time and actions.
Mobile Apps for BTC TXs: Best App to Buy Bitcoin in Germany
In an era where convenience is paramount, mobile applications have become instrumental in facilitating virtual currency TXs on the go. Several apps cater specifically to the German audience.
Switchere
Switchere presents the best-in-class and most crypto-friendly mobile app featuring all the functionality of the Switchere.com platform to satisfy the needs of every demanding user. Feel the real digital freedom and buy, sell, swap, send, receive, deposit, store and track top 10+ cryptocurrencies at the touch of a button. Experience the true power of crypto with a smart pocket-size exchange in the palm of your hand.
BSDEX
BSDEX is a mobile application, which in its turn lets crypto enthusiasts purchase and sell BTC directly from their smartphones. With its integration into the conventional financial market, BSDEX offers a bridge between fiat and virtual currencies.
Coinbase
The app presents a simple by design UI, allowing individuals to acquire, store, and manage their virtual currency holdings securely. Coinbase is known for its emphasis on regulatory compliance and top-notch security architecture, making it a trusted variant for German-speaking people.
Whatever the case, since BTC continues to gain mainstream acceptance, comprehending the legal architecture and opting for the right platform for BTC and other crypto TXs is crucial, especially in a country like Germany with a robust regulatory environment. Switchere, Bitpanda, eToro, and Coinbase are among the leading virtual currency exchanges, each offering unique features to cater to different user preferences. Additionally, mobile applications like BSDEX and Switchere provide convenient options for on-the-go BTC TXs, ensuring that investors have a diverse set of instruments to surf the dynamic world of virtual currencies in Germany.