The most important thing first: How to get crypto currencies
There are basically two options for investing in digital means of payment: You can buy crypto currencies with conventional money. Depending on the exchange rate, you will then receive a certain amount of Bitcoins, Ethereum or Ripple for your Euros. The second possibility: You already own a crypto currency and exchange it for another one.
To start trading with digital means of payment, only crypto currency exchanges can be considered, which also offer the purchase with Euro or US Dollar. There you create a customer account. Depending on the provider, you then transfer money from your bank account to this account or connect it to your credit card.
In order to set up such a customer account, you first have to prove that you are actually the person specified in the case of reputable crypto-currency exchanges – as in the case of opening a bank account. You can do this with many providers, for example via a video chat, where you must show your identity card.
Then you can get started. Please note, however, that as with the real stock exchange, there is usually a fee for each trade. This usually depends on the amount of crypto currencies converted.
Coinbase: Convenient crypto currency exchange
Coinbase is an American trading platform for crypto currencies. But the marketplace is also very convenient for all users. There is a German language interface and you can trade crypto currencies in Euro. Proof of identity with German ID cards is also possible. Coinbase also offers a user-friendly app with which the smartphone can also be used for trading.
Disadvantage: In the past, there have often been technical problems due to high traffic.
Kraken: Wide selection of crypto currencies and low fees
Kraken has been one of the established crypto exchanges for years. On the platform you can trade with many different crypto currencies – including lesser known ones. The classics Bitcoin, Ripple, Ethereum, Monero and Litecoin are also available. You can also invest in virtual money in many currencies.
Disadvantage: The website is only available in English and there is no telephone support.
Poloniex: Crypto trade with high security standards
Poloniex is not suitable for entering the crypto business, as only crypto currencies are traded here. With Euro or Dollar you won’t get any further here. But there are some good reasons for this marketplace. On the one hand, the security standards are very high. On the other hand, Poloniex is one of the largest trading platforms for crypto currencies in the USA with many transactions. This makes it more likely that you will find cheap offers.
Disadvantage: To trade, you must already have a crypto currency.