Buy Bitcoin in Germany
By: Eliot Prince | Last updated: 10/31/19
Trying to buy Bitcoin in Germany? Read this guide for all the information on Bitcoin’s status in Germany and the best Bitcoin exchanges.
How to buy Bitcoin in Germany summary
You can buy Bitcoin in Germany using a Bitcoin ATM, or by following the instructions below:
- Download or get your Bitcoin wallet
- Go to Coinmama
- Choose the amount of Bitcoin you wish to buy
- Enter your payment information and Bitcoin address
If you are looking for a different exchange, you can visit any of the options below for buying Bitcoin in Germany:
That’s it in a nutshell! Continue reading if you want an in-depth review of buying Bitcoin in Germany. In this article I will cover:
- Bitcoin legal status in Germany
- Bitcoin popularity in Germany
- Bitcoin communities in Germany
- Buy Bitcoin in German exchanges
- Buy Bitcoin in International exchanges
- Bitcoin ATMs in Germany
Bitcoin is completely legal to trade and use in Germany, although it is not legal tender so there is no obligation for it to be accepted by businesses. BaFin, the German financial authority, classifies Bitcoin as a ‘unit of account’ rather than digital currency or money.
German citizens can freely use Bitcoin to pay for the acquisition of goods and services. From the merchants’ perspective, gains from Bitcoin payments are completely tax-exempt. Additionally, merchants and entrepreneurs can happily accept cryptocurrency without the need for a license.
Payment processors and anyone commercially converting Bitcoin to Euros, like exchanges, require a BaFin license.
The chart below shows weekly trading volumes in Europe on LocalBitcoins. After the 2018 market pullback, trading volume regularly sits at around €2million. Any growth on this follows global Bitcoin market prices, hitting €4million in June 2019 when Bitcoin returned to over €10,000 par coin.
Google Trends below shows interest in Bitcoin in Germany, for the search term Bitcoin. For the most part, it follows market trends, deviating in accordance with trading volumes and price movement. The interest spike to 100 in June 2019 matches the volume growth for the same period.
With a population of over 80 million, there are many helpful Bitcoin communities to discuss a range of topics:
- BitcoinTalk Germany
- Buying Bitcoin BitcoinTalk Thread
- Bitcoin Munich Meetup
- Blockchain Meetup Berlin
Germany is known as a world leader in finance and this extends to some innovative Bitcoin platforms. Here are some of the best German Bitcoin exchanges for you to choose from:
Bitwala removes the barriers between traditional banking and Bitcoin. Operating since 2014, the company is known for innovating new ways in which customers can spend Bitcoin. The platform is a bank account and a Bitcoin wallet all in one.
Users can switch seamlessly between the two assets and quickly spend funds via a debit card. Fees are generally fair, Bitcoin trades cost 1% which is higher than some platforms but not excessive for the convenience. You can read our full Bitwala review here
BSDEX is rolling out exchange services across Germany and Europe. Boerse Stuttgart, the tech company behind this German Stock Exchange, is creating a regulated order book style exchange.
The platform brings together buyers and sellers for a competitive 0.20% – 0.35% trading fee. The new platform is set to be a safe regulated place for Germans to buy and sell Bitcoin, as well as other digital assets.
International exchanges offer added options to German customers with many supporting Euros and helpful deposit methods. Here is a top selection available to you:
Coinmama may be based in Israel, but it’s available in a huge number of countries, including Germany. It was launched in 2013, and it offers convenience: you can buy Bitcoin with a debit or credit card.
The downside is that the fees are on the high side at 5.5% per transaction and 5% per credit or debit card transaction. You can read our full review of Coinmama here.
CEX.IO is available in most countries around the world. Founded in 2013 with its headquarters in London, this cryptocurrency exchange allows users to buy and sell Bitcoin as well as a selection of altcoins.
Both credit cards and SEPA bank transfers are accepted payment methods, with low fees of 0%–0.2% on trades. CEX.IO offers both a trading platform and a brokerage service, both entail different fees. You can read our full CEX.io review here.
The company offers an online platform and a bricks and mortar location. It has provided over 200,000 EU customers with easy access to BTC, ETH, LTC, XRP and BCH. The platform is a broker service which removes the technical complexities of buying Bitcoin.
More than that, it even offers a personal investment service to its customers. You can read my full Coinhouse review here.
Changelly is a crypto-only exchange, founded in 2015. Signing up for an account doesn’t require any personal information, and you’ll then have a quick and easy way of exchanging cryptocurrency from one wallet to another.
There’s a fixed fee of 0.5%, which is slightly higher than many other Bitcoin exchanges. You can read our full Changelly review here.
As of 2019ֿ, there are 36 Bitcoin ATMs in Germany, according to CoinATMRadar. These are spread around the country, with particular hotspots in Munich, Berlin, and Dusseldorf.
There’s plenty to be excited about for the future of Bitcoin in Germany. The state happily allows German citizens to use cryptocurrency, although is unlikely to make it an official currency. Company licensing laws do exist and regulation is seen as important for market growth.
Bitcoin is growing in popularity too and projects like Bitwala continue to break further into the mainstream. The strength of the German finance sector could play an important part in developing Bitcoin in Europe and globally.
Know of any change in Bitcoin’s legal status in Germany? Do you have experience with the exchanges I’ve mentioned above? If yes, let me know in the comment section below.
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