Bitcoins to Fiat

Hannes asked 4 months ago

Last updated on November 5th, 2017 at 12:49 pm

Whats the best way to withdraw cryptocurrencies into a bank account in Germany?

1 Answers
Steven Hay answered 4 months ago

Hey Hannes,
Using an exchange will be the easiest method by far. Setting up a private trade will be difficult unless you already know some trusted Bitcoiners.
If you prefer a decentralised exchange which doesn’t require you to verify your identity, then I recommend Bisq (formerly BitSquare). This service escrows a trade between yourself and another individual. It’s both secure and private but the downside is it takes time to figure out how it all works and you might struggle to find a buyer – I’m not sure what the liquidity is like in Germany. I recommend Bisq as LocalBitcoins, the most well-known P2P exchange, is not available in Germany.
If Bisq is not for you, then there are numerous centralized exchanges which work for Euro trading and support bank transfers. I’d recommend BitStamp as very long-running and reliable option, with a big Euro market. You’ll have to send them your document scans and so on, which might take a week or three for them to verify, but after that it’s a very quick and convenient way to trade.