How To Buy Cryptocurrencies On bitcoin.de
bitcoin.de is a German cryptocurrency marketplace. It differentiates from other exchanges by its marketplace characteristic, meaning you do have an orderbook like traditional exchanges have, too, but you’re free to pick any order from the books.
This might come in handy when you want to buy crypto from someone within your country (or even from someone using the same bank as you do), because the bank transfers are faster.
Here, you will learn how to:
- register for an account on bitcoin.de
- verify your account, so you can trade cryptocurrencies
- make an order on the marketplace
- withdraw your coins to your wallet
One additional note: even though it’s called bitcoin.de, it’s targeted at European users. The website is primarily German, but you can change the language to fit your needs.
How To Create An Account On bitcoin.de
First, visit bitcoin.de. Click on the blue button on the top-right corner which says “Register/Registrieren” (depending on your language settings).
Note: as this website aims to reach an international audience, this article will continue with the English version of bitcoin.de.
You’ll be directed to the registration form. Fill out:
- User name (needs to be unique)
- Email (a working one you have access to)
- Password (make sure to pick a strong one!)
- confirm the Google reCAPTCHA, and
- check the checkboxes to confirm you read and understood their ToS (you might wanna read them)
- check the last checkbox if you’re interested in receiving their newsletter
Verify Your Account
After clicking the Register button, you will either be directed to the “Thank you” page, telling you to check your email account for the confirmation mail, or it’ll highlight fields with errors in the registration form. In this case, correct everything and click “Register“, again.
Check your email account for the confirmation mail and click the confirmation link.
It should look something like this:
Congratulations! Your account was successfully created. In the login prompt, enter username and password and click “Log in“.
As you haven’t set up second factor authentication (2FA) – which you really wanna do to keep your account safe from theft – you will receive another email with a “Login TAN”. Navigate back to your email account, open the email, copy the TAN, enter it into the form and log in.
Next, you will see a form requesting personal information. This is necessary because bitcoin.de only acts as a middle man between you and the person(s) you’re trading with. In case there are any issues, they need to know it’s actually you.
Fill out the form and hit “save“.
Make sure you’re using an existing phone number, because you’ll receive an activation code via SMS to that number. On the next page, you’ll be prompted to enter that code. Click the link and enter the number:
Bank Account: Fidor Or Your Own Account
Because bitcoin.de only acts as an intermediary between you and your trade partner, you’ll have to configure a bank account, so bitcoin.de knows you’re using your own account.
You basically have two options:
- register for a free account with fidor.de: click this link to register with bitcoin.de’s partner bank. I have an account with them since years (privately and business), and I can recommend them with good conscience. If you register for a private account, you’ll need to go through the standard processes of verification. This might be a good option for German users, however they might also serve other European countries. Try it!
Having an account with them brings you a few benefits, such as instant trading, meaning you can make so-called Express orders to have the crypto- and money transfer handled automatically (provided you have enough money on that bank account, of course!).
- Continue with your own bank account: you can use bitcoin.de perfectly fine with your own bank account: enter the details and you’ll be prompted to make a small verification deposit using “sofort.de / sofortueberweisung.de”. ATTENTION: when using sofortueberweisung.de, you basically hand over your banking PIN to a third party. Many people (including myself) don’t want that for obvious reasons. So far, there are no security issues known with sofort.de, but you really might wanna think twice if you’re willing to do that.
If not, check the page for other means of authenticating your bank account. It takes a while, but it works. You might need to remind the fidor.de support from time to time via email to enable your account, because for private accounts, they’re not very fast.
Once your bank account is verified, you’re ready to go.
Buying Cryptocurrency on bitcoin.de
After we’ve completed all the necessary steps to set you up for trading cryptocurrencies, we’re getting to the interesting part. This tutorial will assume that you’re using your own bank account to buy crypto on bitcoin.de.
Navigate to the Marketplace in the top navigation. You will see the market with the sell side on the left (that’s where you can buy from) and the buy side on the right (that’s where you can sell to).
Here, you will have several options to proceed. As this is a tutorial on how to buy cryptocurrency, we’ll focus on buying things. It basically works the same for selling crypto, you’ll just have to use the other side of the marketplace.
When filling out the Buy form, you have two options: perform a market buy (take liquidity from the market and buy from the sell side) or create a limit order. (add liquidity to the market and create an order on the buy side below market price which someone else has to sell into)
- Number of Bitcoins: the amount you want to buy. You can also enter fractions of a Bitcoin, such as “0.03”.
- Purchase price (max.): what you’re willing to pay. If you enter a price above market price, the list of available sell orders will filter to show which orders you can fill (up to the price you’re willing to pay). In that case, pick a sell order from the (now filtered) list and hit “BUY”. Otherwise – if your price is below the market price – fill out the relevant details in the form, confirm and wait for your order to get filled.
Hint: above the market place, right below the bitcoin.de logo, you can find the different markets bitcoin.de supports. If you wanna buy Bitcoin, make sure “BTC/EUR” is selected, for any other cryptocurrency, select the appropriate tab.
Another hint: if you’re using a fidor.de bank account, you have the option to perform express orders. Under “my Bitcoin.de -> Express Trade”, you can preload your bitcoin.de account with a balance from your fidor.de bank account. That amount then goes into a “reserved state”, and it can be used to execute fast trades on bitcoin.de.
Once your order is completed, there are two options:
- You used a Fidor bank account and made an express trade: wait a minute, refresh the page and you will see the balance credited to your account (top right corner, the “Balance [+]” link). Congratulations, you have successfully bought cryptocurrency and can move on to the next tab, “Withdraw your coins”.
- You used your own bank account: you’ll have to send the amount you bought cryptocurrency for to your trade partner. Go check your email for the order confirmation mail. It contains all relevant data, such as name of the recipient, bank information such as IBAN and BIC, and the wire transfer’s purpose.
Open your bank’s online banking portal, create a new wire transfer and enter the details exactly as provided in the email, so the recipient knows that the money is from your order.
Now, go back to bitcoin.de, and navigate to your trade’s details (on the right, there is a yellow dropdown menu, “my Bitcoin.de -> my purchases”). Under “BUY -> Successful”, you can edit the topmost item and click the confirmation link saying that you sent the wire transfer.
Now, it usually takes between one and two days until the money arrived at the seller. He will then release the BTC and they will be credited to your account.
Either way, you have successfully bought cryptocurrency! Good job!
Withdrawing Coins To A Local Wallet Or To An Exchange
Check back later, this part is still in the process of writing. 🙂
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