Over the past year, the crypto industry has soared into the mainstream, bringing prices with it. That leaves many people looking to cash out, but not quite sure how to proceed!
How to Sell Crypto in Germany
Germany was one of the first countries to recognize bitcoin as a financial instrument, which spearheaded crypto adoption in the country. Therefore, selling your Bitcoin in Germany shouldn’t be too much of a hassle.
However, the sea of available platforms makes it challenging to pick one. Don’t worry! This article highlights 8 of the top exchanges you can use to sell your cryptos in Germany.
Let’s dive right into it!
Buying Crypto With Cash
The only way to buy crypto with cash in Germany is through Bitcoin ATMs. These 25 machines are located all over the country and function quite like regular ATMs. However, Bitcoin ATMs attract high transaction fees, which is probably why they are not so common.
That said, if you would like to remain anonymous when buying your cryptos, Bitcoin ATMs are the way to go.
Crypto Taxes in Germany
Germany is one of the pioneering countries of crypto adoption and was among the first to pass crypto regulations. Germany’s financial regulator, BaFin, is responsible for enforcing crypto laws in the country. The financial authority classifies cryptocurrencies as financial assets, making them subject to income tax as opposed to capital gains tax.
Selling your cryptos in Germany is known as ‘private sale’, which comes with certain tax benefits. You will only have to pay tax if you sell your cryptos within the same year you bought them, after which they become tax-exempt. Further, profits from crypto sales are not taxed unless they surpass €600 per calendar year.
Staked crypto has a holding period of 10 years, during which you can generate tax-free profits from selling digital currencies.
CryptoWallet is an all-in-one crypto and banking solution. You can trade crypto on the platform, of course — BTC, ETH, LTC, XRP, and USDT are all available.
However, you can also spend crypto as real money with the crypto debit card.
You can earn passive income by signing up new users and earning a portion of the fees they pay.
You can open a new IBAN and pay your bills in crypto, and much more!
All funds are insured and protected by BitGo, a world leader in asset protection. Interested? Download the app and order your own crypto debit card here!
- Ease of use: CryptoWallet is very easy and straightforward to use. Everything is handled within the streamlined mobile app which comes with on-screen insctructions.
- Fees: Fees vary based on trading activity.
- Reputation: CryptoWallet has never been hacked or breached, and all funds are insured and protected by BitGo.
Pros (What We Like)
Cons (What We Don’t Like)
Wunderbit Trading is an automated crypto trading platform that has been operational since 2018 and comes with several innovative features. The platform’s services include access to some popular exchanges, including Binance, making it easier for anyone in Germany to sell their crypto or even buy some more.
The Wunderbit Team is continuously working to add more exchanges to the platform, which will ensure users have a variety to choose from.
- Ease of use: Wunderbit Trading is quite easy to use, thanks to its simplistic design. Everything is accessible from the dashboard and the platform offers sufficient information on the site’s features. Despite it being simply designed for novice traders, advanced traders could benefit a lot from the variety of available features.
- Fees: The platform offers four pricing packages, so users can choose one that suits the best. The free plan comes with the most basic features and is sufficient for beginner traders. The other plans have their features varying, with the Premium offering unlimited features. Users get a 10%, 15%, 30% discount when they pay for 3, 6, and 12 months, respectively.
- Reputation: Wunderbit is quite popular among its users, with many loving its innovative features. Users on TrustPilot mentioned the excellents services and its robust security.
If you’re worried about getting the right price for your cryptos, Swapzone might be the best solution for you. The platform is a cryptocurrency exchange aggregator that combines multiple assets and services to offer a one-stop solution for finding the best exchange deals.
- Ease of use: Swapzone offers a seamless experience for its users, thanks to the simple in-house exchange system. After searching through the system for the best rates, users can quickly exchange their cryptos without leaving the website.
- Fees: Swapzone doesn’t charge any fees. Users will only be subject to fees charged by the exchanges they are using to make the swaps.
- Reputation: Swapzone has a 4.3 rating on TrustPilot. Most of the users were pleased with the platform’s features and the support from the team. However, two users complained that the platform had indicated different rates from those on the exchange’s site.
Blockfi is an excellent alternative to Swapzone, seeing as it also includes several exchanges for you to choose. However, you will need to sign up for an account before you can start trading, but that should only take a few minutes.
Besides selling your cryptos, you can use the platform to earn from your digital currencies. The Interest Account offers an APY of up to 7.5%, which starts accruing immediately after the deposit.
- Ease of use: Blockfi offers an intuitive interface, enhancing user experience on the platform. It comes with a mobile app for both Android and iOS users, so you can always trade on the go.
- Fees: Blockfi Interest Account (BIA) users are eligible for one free stablecoin withdrawal per month and one free crypto withdrawal. Subsequent withdrawals warrant the applicable fees listed on the website, which are unique to each currency. For example, BTC withdrawals cost 0.00075 BTC, while ethereum withdrawals cost 0.02 ETH. Further, the platform has put in place withdrawal limits per 7-day period for the different supported currencies.
- Reputation: Compared to the previous contenders on our list, Blockfi doesn’t seem to be doing so well with the users. It has a Trustpilot rating of 3.8, averaged from 217 reviews. Most of the recent ones are complaints about the slow withdrawal process. However, some of the positive reviews cite the excellent customer support and ease of use as their favorite features.
Coinbase is one of the world’s largest exchanges. The US-based platform supports over 50 cryptocurrencies, making it one of the best options for selling your cryptos in Germany. The exchange serves individual investors, businesses, and institutions through its custodial and exchange services.
Coinbase is the only crypto trading company listed on NASDAQ, after it went public in April 2021. The minimum deposit account is $2, which you will need before you can start buying and selling cryptos on the exchange.
- Ease of use: Coinbase’s user interface is straightforward, making it easy even for novice traders on the platform. The onboarding process takes only a ew minutes and the exchange offers educational material to help new users get acquainted with the platform and how to trade.
- Fees: Fees on the platform vary depending on the type of transaction and country or region. However, it is worth mentioning that the platform generally charges higher fees than others. Trading fees are calculated whenever you place an order and depend on several conditions, including market conditions, order size, and payment method.
- Reputation: Although Coinbase has a large user base of over 68 million verified users, the platform’s rating is quite low on review sites. On Trustpilot, the platform has a 1.6 star rating, with 78% of the 5527 reviewers giving it a ‘bad’ score.
CoinBundle incorporates a unique approach to crypto trading. Instead of dealing with individual crypto assets, the platform introduces bundles. This product features several crypto assets, so traders can easily build their portfolios with one click.
Joining the platform gives you a simple interface to make selling your cryptos much easier. You can then explore the platform’s other features, such as zero service fees and insurance with Kingdom Trust.
- Ease of use: This platform is one of the easiest to get around. Beginners who want to build their crypto portfolio don’t have to spend hours going through different assets. The platform bundles the assets so you can trade a bunch of them with one click. Users can, therefore, build their crypto portfolios without much hassle.
- Fees: CoinBundle charges no service fees for crypto transactions on the platform. However, when making deposits using credit or debit cards, you will incur a 3.5% transactional fee.
- Reputation: CoinBundle is quite popular among its users, thanks to the bundles feature. Most people love how easy it is to build a crypto portfolio using CoinBundle. The platform uses experts to assess clients’ needs and preferences to ensure they formulate the ideal bundle for each investor.
Enthusiasts who have been following the industry for quite some time will recognize this platform by its previous name; BitSquare. Users can quickly trade cryptocurrencies through the P2P network on the platform.
Bisq is a decentralized exchange that has no geo-restrictions and offers instant peer-to-peer exchange services. You don’t need to register for an account on the platform or complete KYC checks. The platform holds users’ deposits in multi-sig wallets to ensure their security.
- Ease of use: We’ll admit that Bisq isn’t the easiest platform to use. Beginner traders might have a challenging time getting around Bisq and placing trades. Advanced traders are better suited to use Bisq’s features.
- Fees: Bisq users pay the same trading fee of 0.01 , regardless of whether they are makers or takers. The platform also charges 0.0009 BTC in mining fees. Also, ensure you have a security deposit of 0.1 BTC in your account.
- Reputation: The platform has a 4.2 rating on Trustpilot. Many of the complaints came from users who found it challenging to navigate the user interface. On the flip side, users were impressed with the prompt customer service.
Crex24 is a crypto exchange that was founded in 2017. It comes with some unique features to make crypto trading accessible to everyone, including both advanced and beginner traders.
On Crex24.com you can do more than just sell your cryptos. InvestBox, one of the platform’s features, allows the exchange’s users to promote digital currencies. The faucets can also come in handy if you’re looking to obtain some cryptos. The platform also hosts trading contests, where you can win a variety of crypto prices.
- Ease of use: The platform offers several analyzing features so that it’s easier to make the right decisions. The exchange also comes with a versatile mobile app. Thanks to this app, you can place trades from just about anywhere and access most of the features you need.
- Fees: Crex24 charges low transaction fees so that users get to enjoy the thrill of trading. Deposit and withdrawal fees vary depending on the currency and payment method used. However Crex24 includes a ‘fees’ page on the site, so you can consider several options before taking a specific action.
- Reputation: Crex24’s latest reviews on TrustPilot aren’t positive and the exchange has an overall rating of 1.9 stars. Most of the complaints circulated around missing funds, so you might want to delve deeper before entrusting them with your cryptos.
Coinsbit is an award-winning exchange established in 2018. The exchange has about 73 active markets and supports a decent collection of altcoins, besides BTC and the more popular cryptos altcoins like ETH.
You can sell your crypto either through the P2P platform or the OTC platform. The Coinsbit Store is also another excellent feature that lets you shop online and pay for your goods in crypto. The Staking Pool is also worth checking out, especially if you are out to build your crypto earnings.
- Ease of use: The platform isn’t the easiest to use and new users may have a bit of a challenge figuring out how everything works. The limited educational materials also make the learning curve a bit steeper.
- Fees: Trading fees are set at 0.2%. However, deposit and withdrawal fees vary depending on the currency. Further, the exchange sets withdrawal limits on the different account types. You can find information regarding the fees and withdrawal limits here.
- Reputation: Coinsbit has an average rating on most review sites, with a 3.6 score on Trustpilot. Despite several people raising concerns over the delayed withdrawals, Coinsbit hasn’t responded to these on any platform. These actions raise questions on the company’s transparency, especially because there isn’t much information on its founders and workers.
Is crypto trading legal in Germany?
Yes. Citizens and legal entities in Germany can trade cryptocurrencies through a Ba-Fin licensed exchange, a Bitcoin ATM, or a custodian.
Do I need a license to sell cryptocurrency?
If you’re using an exchange, you only need to comply with the platform’s requirements. However, operating a Bitcoin ATM machine requires a license.
How can I invest in Bitcoin in Germany?
There are different ways to invest in bitcoin. You can either HODL in a crypto wallet, trade BTC on trading platforms or exchanges that offer ways to earn from crypto, such as staking and lending. You only need to ensure all platforms are Ba-Fin licensed and regulated.
Try out the CryptoWallet exchange to purchase bitcoin with the best deals around the country.
Is Bitcoin ATM available in Germany?
Yes. There are several Bitcoin ATM machines in the country, with Düsseldorf boasting of the highest number; 10.
How do I sell my cryptocurrency for cash?
You can get cash for your cryptocurrencies by selling them on a P2P exchange. Check the available payment methods so you can find a platform that you like.