Bitcoin is the market leader among cryptocurrencies and since its launch in 2009 has grown incredibly in value. Above all, the decentralized nature of the cryptocurrency and the lifestyle associated with Bitcoin attracts many investors. We present you several ways to buy and store Bitcoin easily, quickly and safely. Before you look at the individual instructions for the different exchanges, you should ask yourself an important and central question.
But first you should check the current Bitcoin (BTC) price. You can check it on our Bitcoin price overview.
Guide: Choosing the best exchange or broker
Would you like to own and keep the Bitcoin by yourself and thus retain full control over your asset yourself or would you like a simpler solution and delegate the responsibility of administration to a broker? Then you also have the opportunity to invest in Bitcoin CFDs.
Here’s what you should keep in mind: The basic idea of Bitcoin is to create a financial system that operates without middlemen and in which there is no dependency on third parties. Accordingly, from our point of view it is basically desirable to own and manage cryptocurrencies such as Bitcoin itself, since only you have access to your asset via your private key. In the past, cryptocurrency exchanges have often been victims of hacker attacks, with large amounts of Bitcoin being stolen. Because of that, we believe it is safer to manage your Bitcoin yourself. However, it can be complicated for beginners to set up and use a desktop or hardware wallet.
Another special third solution is cryptocurrency CFDs. Very important to know with CFDs is, however, that you do not really have the cryptocurrency like Bitcoin, but only the certificate (CFD) on a rising (Long) or falling (Short) price. Because of this we would like to give you the following recommendation:
**= Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
Buy Bitcoin on eToro
Another reliable retailer to buy Bitcoin is, in our experience, eToro. The biggest advantage of this platform clearly lies in the existing deposit protection per customer up to a value of 20,000 euros. Furthermore, the user interface is available in German and is very simple and clearly arranged.
The first step is to go to the official website etoro.com (click!)*. Then click on the green button “Register now”. Afterwards a new window will open where you have to enter your first and last name, e-mail, password, telephone number and a user name.
Purchasing limits for Bitcoin at eToro
Once you have successfully completed these steps, you will automatically be logged into your account. Your current account is initially subject to so-called deposit limits, as you have not yet fully verified your identity. This means that the initial deposit limited to 2,000 euros. Below you will find an overview of all payment options that depend on your place of residence and their limits.
|Method of payment||Countries||Time of transfer||Maximum par transaction|
|Giropay, SOFORT||Germany||up to 1 working day||$30.000|
|Neteller||UK (Great Britain)||Immediately||$10.000|
|Skrill Limited UK||UK (Great Britain)||Immediately||$10.000|
|WebMoney||UK (Great Britain)||Immediately||$50.000|
|Virement bancaire||worldwide||Bank wire||Unlimited|
In order to use the full functionalities of eToro, you need to prove your identity and address, as well as a tax number. This process is necessary in connection with the strict rules of EU law and is already an integral part of the secure operation of the platforms on many other exchanges. Verification is completely free and can be done in a few simple steps. Click on the “Edit” button on your profile. There the necessary documents are listed, which must be submitted in order to activate the full range of functions.
Now you can deposit money. All you have to do is select “Deposit ” in the lower left corner and then enter your preferred payment method. Depending on the type of deposit (see table above), the credit will be either slightly faster or slower. Now you can go straight to acquiring Bitcoin.
Buy BTC at eToro
As already described in the introduction, eToro has the special feature that the platform is both a exchange and a broker. This means that both “real” Bitcoins and Bitcoin CFDs can be purchased.
Buy “real” Bitcoins
In addition to Bitcoin, eToro offers 14 other cryptocurrencies for trading. Click on “Trade Markets” and then on “Crypto” and then on Bitcoin. The following overview is relatively self-explanatory.
The letter ‘B’ stands for buy Bitcoin and ‘S’ for sell Bitcoin. Click on the “B” in the Bitcoin column. Then you only have to enter the amount of Bitcoin you want to buy. Then click on “Buy” and your transaction will be executed within a few seconds. Now you have already bought Bitcoin easily and quickly.
Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
Buy Bitcoin CFDs
Buying Bitcoin CFDs on eToro is very similar to buying “real” Bitcoin. However this is what you need to remember: When you open a new BUY position for a cryptocurrency without lever, you buy the cryptocurrency and no Bitcoin CFD. Your investment on eToro is then secured with the real asset. This means that eToro buys the cryptocurrency in your name and stores it in a separate account under your name.
To buy Bitcoin CFDs you must first click on “B” to buy Bitcoin. After that you will see the window you already know:
Here you set the amount of money you want to invest in this trade as usual. Then you have to adjust the leverage multiplier “X2”. For cryptocurrencies, eToro does not currently offer any higher leverage. You should then check your Stop Loss and Take Profit settings. A stop-loss limit is very important to limit the possible risk. Afterwards you can open the trade. This is executed immediately when the market is open.
Stop Loss means that you close a trade if the Bitcoin price is a fixed market price or an amount of money you can set. Take Profit determines when your trade is automatically closed when the profit of your trade reaches the amount you have chosen. It is also important to know that overnight fees (also called rollover fees) are charged by eToro. These will appear in the pop-up window before you place your order (see screenshot).
Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
The eToro Bitcoin Wallet
Since March 2019 eToro offers the possibility to manage single cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP) on a mobile wallet (an app). The app makes it possible to remove one’s own “real” Bitcoin from the stock exchange and send it to one’s own wallet.
The eToro Wallet is equipped with numerous functions that make it interesting to download the app. The eToro Wallet enables Bitcoins to be sent to other wallets, e.g. to other crypto exchanges or to hardware wallets. In addition, the app offers the following functions:
- exchange crypto-to-crypto
- payments in shops
- make deposits
The app is available at the Apple Store and the Google Play Store. Before you continue reading this guide, you should download the app first. If you have done this, to transfer your Bitcoins to the eToro Wallet, click on the “Portfolio” window and then on the “Settings“. Under “Invested” you then have the possibility to “transfer to a wallet“.
It is important to know that the transfer is only possible to the eToro wallet and no other wallet (e.g. Electrum or a hardware wallet). As already described, you can only do this from the Wallet app.
The transfer to the eToro Bitcoin Wallet may take up to one business day for the transfer to be processed by eToro. After that it may take some more time until the transaction is visible in the eToro Wallet, because the transaction still has to be processed in the Bitcoin blockchain. During this processing, the transaction appears as a “pending transfer” in your portfolio. It is also important to note that a transfer fee is charged twice – by eToro and a blockchain fee.
Minimum Deposits and Processing Fees
When trading on eToro, you need to be aware of the following:
- All trading accounts are in US dollars (and not euros). That’s why your deposit will be converted into US dollars immediately. This is done at the current exchange rate, but please note that there is a conversion fee.
- The minimum deposit for all deposits other than the first deposit must be at least USD 50. A minimum of 500 USD is required for deposits made by bank transfer.
- A withdrawal handling fee will be charged for withdrawals. You will see the respective withdrawal fee in the cashier area after you have entered the withdrawal amount. For payouts greater than 50 USD, this is 25 USD.
Is eToro safe and recommendable?
From our point of view, this question is very important because the management of private keys is delegated to a broker. The user gives the control over his own assets to a third party, here: eToro! This makes it all the more important that the broker is reputable and trustworthy.
This can be clearly affirmed with eToro. As a rule, customer deposits are always well secured when the respective broker is supervised by a regulatory authority. EToro is immediately controlled by supervisory authorities that are considered very accurate and strict:
- CySEC: As eToro has part of its registered office in Cyprus, the Cypriot CySEC is responsible for monitoring.
- FCA: As eToro has also established a subsidiary in the UK, FCA in the UK is also responsible for the control of eToro.
The broker also actively protects customer deposits by keeping them separate from the company’s assets. Even if the broker were to become insolvent, the customer’s money would not flow into the insolvency estate.
Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
Buy Bitcoin on Kriptomat
In contrast to the established broker eToro, Kriptomat is a comparatively young crypto exchange, but no less trustworthy. On Kripotmat you can buy over 30 cryptocurrencies directly via Euro, USD, etc. and also send them directly to an external wallet. It is important to know that trading is currently restricted to Europe, so investors from, for example, the USA are not allowed to use the platform.
The focus is on an easy to use and modern user interface that allows anyone to buy and trade cryptocurrencies. Therefore Kriptomat is our top recommendation, especially for beginners! As far as seriousness is concerned, Kriptomat can convince with two licenses from the Estonian government.
Furthermore, there is another unbeatable advantage of Kriptomat: the fees. In contrast to other exchanges and brokers, Kriptomat does not charge a price premium. Your purchase price corresponds to the spot price of Bitcoin. Kriptomat only charges a nominal fee for each transaction. The calculated fees are always displayed transparently during the creation of the buy order. The deposit fees look like the following:
|SEPA (Euro to crypto)||1.45%||1,45 EUR|
|SEPA sell (crypto to Euro)||1,45%||1,45 EUR|
|Credit card >100 EUR||3,65 %|
|Credit card <100 EUR||variable|
Set up a Bitcoin account on Kriptomat
First of all, you should know that Kriptomat adheres very closely to the legal requirements of the European Union and therefore requires a complete verification of your identity. In order to buy Bitcoin on Kriptomat, you first need to create an account. To do so, go to the official website kriptomat.io* and click on the orange “Register” button. This will open a pop-up window where you have to enter your first and last name, an email address and a password for the exchange.
Kriptomat will then send you an e-mail with a confirmation link. By clicking on the link you verify your account. As soon as you have done this, you can log in to your Kriptomat account with the access data you have just entered. However, at this point you are not yet finished with the registration.
Before you can buy Bitcoin and use further features of the exchange, you have to enter and verify your phone number. Kriptomat will send you an SMS containing a verification code that you have to enter on the website. However, the registration process is not yet complete. Due to the strict EU guidelines, you still have to reveal your full identity. To start the process, simply click on the corresponding prompt (see screenshot).
A new pop-up will then open in which you must first enter your address (street, house number, city, country). You will also need to upload a photo or scan of your passport or ID card. Kriptomat provides an elegant and fast solution for this. You can easily continue the registration process on your smartphone. Just click on the link and Kriptomat will send you an SMS with a link to continue the process.
You can then take a photo of your ID (front and back) with your smartphone and upload it immediately. The same applies to the final step. To verify your identity, Kriptomat would like a selfie from you. You can allow Kriptomat to access your camera from your smartphone and take a selfie of you directly.
If you want to buy cryptocurrencies via SEPA bank transfer, it is also necessary to add a bank account to your Kriptomat account in the last step. You can then deposit money via SEPA and then use your “credit” to buy Bitcoin and other crypto currencies. If you use Neteller, Skrill or your credit card, this is not necessary. Once you have completed the registration process described above, the following purchase limits are available to you. There is no distinction between different verification levels, as on other crypto exchanges, because you have already completed the full verification.
|Daily deposit and withdrawal via SEPA||25,000.00 EUR|
|Monthly deposit and withdrawal via SEPA||200,000.00 EUR|
|Deposit and withdrawal in cryptocurrencies||no limit|
|Daily limit for other payment methods||500.00 EUR|
|Monthly limit for other payment methods||5,000.00 EUR|
Buy Bitcoin on Kriptomat
Buying Bitcoin on Kriptomat is very simple and intuitive. First go to the tab “Buy/Sell” (step 1) and then select the tab “Buy” (step 2). In the now visible area below you can select Bitcoin to buy it.
You can then choose from four different payment methods (step 3). While you need to add a bank account to your Kriptomat account to make a deposit via “Eur”, i.e. SEPA bank transfer, the other three options (credit card, Neteller, Skrill) allow you to purchase immediately without having to enter any further data.
In the fourth step (see screenshot) you only have to enter your purchase amount for Bitcoin (BTC). After you click on “Buy Bitcoin” you will see the transaction fees for the order. To finalize the purchase, you must click “Confirm transaction”.
Kriptomat will then confirm the purchase and redirect you to your “My Wallet” section. Within a few seconds your purchase amount will be displayed here. A good summary of the purchase process is also provided in the following video tutorial:
Buy Bitcoin on Litebit
Guide: Buy Bitcoin quickly and easily on litebit.eu
The Bitcoin exchange Litebit.eu is an established broker based in the Netherlands. We have been a customer of this exchange for several years and are very satisfied with the service and the security standards.
The first step is to open an account. Therefore you have to visit the litebit.eu website (click!)* and register. To register, simply click on the “Create Account” button.
As you will carry out Fiat money transactions on your account, Litebit is legally obliged to request in advance some data necessary for the Know Your Customer process (to implement the European Union directive on anti-money laundering and anti-terror financing laws). These are so far self-explanatory.
When you have completed all the details, click on “Create account“. You will then receive an e-mail. This e-mail contains a code with which you must confirm your e-mail address.
In the next step, Litebit will ask you for your phone number and then verify it. If you click “next step” Litebit will send you a text message to the given phone number. This text message contains a unique code. You have to enter this again on the website to verify your phone number.
Finally, you have to choose a security measure. The standard security of LiteBit accounts is the SMS 2-factor-authentication. However, the exchange also offers the option of securing the account with the Google Authenticator.
Afterwards you will land again on the website of Litebit. Now you can log in to your account. Click on “Log in” and log in with your previously entered data.
Purchasing limits for Bitcoin at Litebit.eu
Litebit has different verification levels and associated limits on how much you can trade daily, weekly or monthly. Through the complete registration described above, you already meet the requirements for “Tier 1”. This allows you to trade 350 Euro per day, 1.050 Euro per week and 4.200 Euro per month. In order to increase these limits, you must unlock additional Tiers. The following table shows an overview of the verification levels and the respective maximum:
Depending on the payment method, the maximum amounts also differ once again:
|Unverified||Tier 1||Tier 2||Tier 3|
|iDeal||0.00 €||350.00 €||500.00 €||20,000.00 €|
|SEPA||0.00 €||250.00 €||500.00 €||35,000.00 €|
|Credits||0.00 €||350.00 €||500.00 €||10,000.00 €|
|Sofort||0.00 €||100.00 €||500.00 €||1,000.00 €|
|GiroPay||0.00 €||100.00 €||500.00 €||1,000.00 €|
|Bancontact||0.00 €||350.00 €||500.00 €||10,000.00 €|
For the first level (Tier 1) you have to enter your phone number so that you can receive a confirmation code and enter it on the website.
Level 2 is the address verification. For level 2 you have to scan the front and back of your identity card and upload it to Litebit.eu. Besides, you’ll have to prove your place of residence. This is possible, for example, via an electricity or mobile phone bill as evidence.
Level 3 is ID verification. For this last step, a Litebit employee will contact you via Skype in a video call so that you can confirm your identity with your identity card. In the last level, you can trade cryptocurrencies up to a limit of €500,000 per month.
It’s that simple: Buy Bitcoin
The actual purchase of Bitcoin on Litebit is very easy to complete. Simply click on the “Buy” tab in the navigation bar and then select Bitcoin.
You can now select the amount of Bitcoins you want to buy. If you prefer to enter a Euro amount, use the field on the right or the suggested amounts below. The “Receive Address” is your Bitcoin Wallet address to which your Bitcoin units are to be sent. If you are using an external wallet, enter the receiving address of the wallet in this field. If you want to use the wallet of Litebit, click on “Use Litebit Wallet” (red framed in the picture). Litebit then automatically fills the field with your Litebit Bitcoin Wallet address.
Litebit’s wallet is safe in any case as long as you have activated SMS or 2-factor authentication via Google Authenticator and change your password regularly. However, Exchanges and Brokers have been hacked in the past and large amounts stolen from Bitcoins. As a better alternative we recommend a desktop or a hardware wallet, like the Ledger Nano S or the Trezor Hardware Wallet. In the next steps we will explain how to install the Electrum Desktop Wallet.
If you have chosen the Litebit Wallet, you only have to choose the payment method that suits you best. We recommend “SEPABankwire” because the fees are very low. If you choose this method, you will transfer the corresponding amount in euros to Litebit’s bank account. It usually only takes 24 hours for Litebit to receive the transaction and send the Bitcoins to your wallet.
Buy Bitcoin on Coinmama
Create and verify an account
Coinmama offers you the possibility to buy Bitcoin very easy and fast with Euro!
Once you have created your account, you will receive an email containing a confirmation link that you must use to activate your account. Therefore click on the activation link in your mail, which you will receive immediately after opening your account. Also check the spam folder of your mailbox.
Once you have activated your account, you will be taken back to Coinmama.com and can now log into your account. Click on “Log in to your account” or on “Log In” at the top right of the navigation bar. Enter your access data and log in.
On Coinmama it is also necessary to verify your identity, so you will be asked to confirm your identity next. First you have to complete your personal data with your home address, telephone number and your date of birth.
You will then need to upload a copy of your front and back of your passport, driver’s license or passport. Furthermore you have to make a selfie, on which you hold up a sheet of paper, on which the current date and the name Coinmama can be clearly seen.
Once you have done this, you can click on the blue button in the bottom right corner of “Send for Approval”. Afterwards it usually takes 24 hours until your documents are verified and you can then buy Bitcoin directly. Your daily trading volume will then be 15,000 US dollars.
Good to know before buying Bitcoin
At Coinmama you can currently buy Bitcoin and other cryptocurrencies using the following payment methods:
- by credit card
- with debit card
- by bank transfer
Since there is no “central bank” that controls the Bitcoin price, each website has the possibility to set its own Bitcoin price. The Bitcoin price of Coinmama is that set by Coinmama and includes a fee of 5.90 percent. For an overview of the current market price we recommend our price overview for all cryptocurrencies.
In addition, the following additional fees may apply:
- When purchasing Bitcoin by credit card/debit card, the payment processor charges an additional 5.00% fee.
- There is no processing fee when purchasing by bank transfer (SEPA). For SWIFT transfers, however, an additional processing fee of GBP 20 will be charged for orders under USD 1,000. There is no charge for orders over 1,000 USD.
The following information is also good to know:
- Deposits are accepted in all major currencies, i.e. you can pay with your local currency. However, prices are always displayed in USD or EUR.
- he sale of Bitcoin and other cryptocurrencies has been a new feature on Coinmama since June 2019 and now possible!
- The minimum amount (the minimum) for a purchase of Bitcoin is 60 USD (or the equivalent in EUR).
Buy Bitcoin on Binance
Binance is one of the world’s largest and most popular stock exchanges, which is not only very secure, but also particularly user-friendly. Until recently (May 2019) it was not possible to buy Bitcoin with Euro (or US Dollar) on Binance. This has changed. Now you have the possibility to buy Bitcoin by credit card or to trade Bitcoin. We’ll show you both possibilities!
But first you have to register on Binance. To do this, click on this link (Binance.com) and register*. Unlike many other exchanges, you can verify your identity with Binance, but this is not mandatory. The limits per day are 2 Bitcoin, which corresponds to an approximate value of almost 14,000 euros at present. You can therefore use all functions of Binance without verification. Nevertheless, it is highly recommended to submit the necessary documents to reach a higher limit of 100 BTC.
Buy Bitcoin with credit card
The menu item for buying Bitcoin on Binance via credit card can be found in the upper menu under “Medium” and “Buy with Credit Card”. Then you will see the following site:
It is important to know that Binance uses the third-party provider “Simplex” to process the purchase.
The purchase process is then relatively self-explanatory. In the following we have written a short summary of the individual steps:
- Choose BTC (usually already selected) and the currency you want to pay in (Euro or USD)
- Fill in the fields with the personal data.
- Verify your email and phone number with a code.
- Go back to the website and click “Next”.
- Enter your credit card information.
- Upload your documents to verify your identity (front and back of your passport).
Before and after the purchase there are some things to keep in mind:
- The given Bitcoin amount is based on the current price and is not final, but will be calculated later! However, if the rate changes by more than +/-2.5%, you will be asked to reconfirm the transaction by email from Simplex.
- Once the payment is complete, you can check your payment status and deposit history on Simplex.
- The Simplex fee is 3.5% per transaction or USD 10, whichever is higher.
- The daily limit is 20,000 USD per user. The monthly limit is 50,000 USD per user.
- The minimum amount (the minimum) for a transaction is currently USD 50.
How to trade Bitcoin on Binance
If you already have Ether (ETH), Binance Coin (BNB), Ripple (XRP) or Tether (USDT), you can deposit them with Binance and exchange them for Bitcoin (BTC). We will show you exemplary how you can exchange Ethereum (ETH) for Bitcoin.
If you own Ether (ETH) on another stock exchange or wallet, you can send it directly to the wallet address of Binance. If you don’t have ether yet, you can buy it on Litebit. During the purchase process, simply enter the Ether Wallet address of Binance so that Litebit can transfer the Ether to Binance immediately after the transaction has been successfully completed.
If you are logged in, you must click on “Funds” in the navigation bar and then on “Deposit“. To find out your Ethereum Wallet address, click in the search box and enter ETH and select Ethereum.
In the following field you will be shown an ETH deposit address. You have to enter this in the field “Receiving Address” on Litebit in the purchase process, if you want to buy Ether on Litebit and then trade it against Bitcoin.
Once the ethers have arrived on Binance, there are only two small steps left to acquire Bitcoin on Binance. Next to the Binance logo in the top left-hand corner, there is the menu item “Exchange” and below it “Basic“. Select this menu item. Afterwards you come to the following site:
In the search field (next to the red arrow (2.)) enter “ETH” for Ethereum and click on BTC/ETH (step 3). The display below the price chart then changes. Now you see the following view (below the price chart):
First you have to decide what kind of purchase you want to make. You can choose between “Limit“, “Market” and “Stop-Limit“.
A limit order is an order placed in the order book at a limit price you specify. This means that the trade will only be executed when the market price reaches your limit price. If the market price does not reach the price you set, the limit order remains open. You can delete them at any time. A “limit” order should therefore always be used when you are not in a hurry to buy or sell or want to achieve a certain price.
In contrast, a “market” order is executed immediately at the current market price. Accordingly, the “market” order is particularly suitable for beginners (see arrow number 4) and investors who want to sell or buy quickly.
Since you want to sell your Ethereum and get Bitcoin for it, you have to use the right field “Sell ETH”. In the column “Amount” you enter how much Ethereum you want to exchange for Bitcoin. The “Price” column indicates the current Bitcoin price for ether. In the last column “Total” you can see how much BTC you will receive for your purchase. Once you have entered everything, you can click on “Sell ETH“.
Normally within a few seconds you will see the Bitcoin units on your Binance Wallet. As with Litebit we recommend to transfer the Bitcoin to an external wallet – either a desktop wallet like the one from Electrum or even better to a hardware wallet from Ledger or Trezor. You increase the security of your Bitcoin greatly, as Binance has already been the victim of a Bitcoin hack in May 2019 (during which 7,000 BTC were stolen).
Buy Bitcoin at bitcoin.de
Bitcoin.de is a German provider where you can buy Bitcoin. To register on bitcoin.de, click on this link (click!) which will take you directly to the registration page.
There you have to enter a username, your e-mail and your password. You must also agree to the terms of the platform. If you have successfully completed this, click on Register. You will then receive an email with an activation link that you have to click to activate your account.
Limits on Bitcoin.de
We recommend that you verify your identity immediately, otherwise you will have a trading limit of 2,500 Euros per year and a maximum of 1,000 Euros per transaction. The identity procedure is quickly completed. Simply click on the “Initiate Identification Procedure” button. The confirmation of your data usually does not take longer than 24 hours. Then you can start right away and buy Bitcoins. Of course you can continue without identification, but you will be subject to the restrictions mentioned above.
To increase the security of your account, we also recommend enabling 2-factor authentication. This effectively protects you against hacker attacks and fishing emails.
The buying process at bitcoin.de
To buy Bitcoin, click on the “Marketplace” tab. Afterwards the page “Buy” is important. In order to buy your Bitcoin immediately (express trading), it is necessary that you have created an account with the Fidor Bank. If you buy Bitcoin now, your account will immediately be debited with the corresponding amount and the Bitcoin will immediately be credited to your wallet.
If you have not set up a Fidor bank, the purchase of Bitcoins works as follows: You choose a suitable offer, how much Bitcoin you want to buy. It is recommended to trade with fully identified users. You can recognize them by the green symbol.
When you have found a perfect offer, click on Buy. You will then be taken to the bottom, where you will find further instructions. You must transfer the corresponding amount to the seller’s bank account. Usually it takes about 48 hours until the seller has received the corresponding amount in Euro and transfers the Bitcoins to you.
Once you have transferred the amount and the seller has received it, the Bitcoin will be credited to your account. You can leave the bitcoins on your web wallet at bitcoin.de, but for security reasons it is better to store them on a desktop wallet or a hardware wallet like the Ledger Nano S or Trezor.
If you want to send the Bitcoins to an external wallet you have to click on “my Bitcoin.de” and then on deposits / withdrawals. Then select BTC at the top and click “Payout”. Fill in all required fields, how much you want to withdraw and enter a receiving address. The receiving address is the Bitcoin address of your Electrum Wallet or Ledger as described above. To withdraw your Bitcoins you have to enter your password again.
When all this is done, you can click on “Withdraw” and the Bitcoin will usually be transferred to your wallet within a few minutes.
Best Bitcoin wallet: Electrum
When using a desktop wallet, we have had very good experiences with the Bitcoin Electrum Wallet. We will show you briefly how to download and use it. First you have to go to the official site and download the wallet (click!). If you click on the link you will get to the website where you can download the wallet. Scroll down a bit and then click on the button “Download Electrum“.
Now you will land on a page where you have to choose the appropriate wallet for your operating system. If you are using Windows, you will need to download the Wallet version for Windows. For example, if you are a Windows user, click on “Windows Installer” (see picture: red arrow). If you want the app for Android, you need to select this installer accordingly:
When the file is downloaded, click on the setup file. Select a directory where the wallet should be installed and click on “Install”. The installation should not take longer than 2 minutes. When the installation is complete, click “Close”.
Congratulation: the wallet is installed. Now you start the Bitcoin Eletrum Wallet by double-clicking the Electrum icon on the desktop. First, the software will ask you how you want to connect to a server. As a beginner, we recommend that you select “Auto connect” at this point.
The Electrum software will then detect that you have not yet created a wallet. At this point you simply have to click “Continue” and can give the wallet another name if necessary. Then you have the possibility to set up different types of wallets. If you feel that setting up the wallet till now is difficult , we recommend that you choose the “Standard wallet” at this point at the beginning. The wallet in the standard version is completely free of charge and works very well.
Otherwise, it is safer to create a “Wallet with two-factor authentication“. You’ll need a smartphone and the Google Authenticator app, which you can find on the App Store and Google Playstore. If you want to use the wallet with two-factor authentication, it also costs some money. You must decide for yourself whether you want to invest that money or not. We can just recommend you to do it because it increases the safety of your wallet by a lot.
If you have now clicked on “Next”, a new seed must be generated. The seed also depends on the address form. We recommend the “Segwit” setting, as this is the most common address form compared to the old format. Then you’ll see your seed. This is a bunch of 12 words, which is your key to the wallet if you lose your password or your computer breaks down. Therefore it is extremely important that you note down the seed somewhere safe, preferably on a piece of paper which you keep safe.
In the next step you will be asked to enter the seed again. If you have also done so successfully, Electrum will ask you to create password. The longer, the better. Also remember to use numbers and special characters. You will use the password every time you open the wallet. Therefore also keep the password safe.
Now you are ready for the actual user interface of the Electrum Wallet. The “Receiving Address” you had to enter at Litebit can be found in the upper right corner under the column “Receive“. You have to copy this address and enter it at Litebit, or another Bitcoin exchange, as “Receiving Address”. Once you have entered the receiving address of the Bitcoin Electrum Wallet, all you have to do is select a payment method for Litebit and then click “buy”. In general the transaction should be credited to your wallet within 24 hours.>> Buy Bitcoin on Litebit* <<
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