Trading in cryptocurrencies is considered to be highly risky due to extreme price fluctuations. Nevertheless, many are interested in it and are looking for cheap dealers. A current analysis by “Finanztest” shows where to find what you are looking for.
Buying cryptocurrencies has become easier than ever. “Finanztest” analyzed five popular trading platforms: Bison, BSDEX, Coindex, Justtrade and Trade Republic. However, “Finanztest” advises against investing in Bitcoin and other cryptocurrencies. Extreme price slumps up to total loss are possible.
Apart from that, not all dealers where you can buy and sell Bitcoin and Co are reputable. This poses additional risks, especially for newcomers to this form of investment, reports “Finanztest” (11/2022). The magazine only examined trading platforms that have a license to store cryptocurrencies from the Federal Financial Supervisory Authority.
The result: The so-called cryptos can be traded most cheaply with the provider Justtrade. The total costs for transactions and deposit here are 0.3 percent. At BSDEX, the costs are slightly higher at 0.41 percent. The advantage of this provider: The digital coins can be transferred from the provider’s collective account to your own digital wallet. “Finanztest” thinks it’s safer. The dealers Bison and Coindex also offer this option, but charge slightly more fees than BSDEX at 0.75 percent and 0.5 percent respectively.
“Finanztest” generally advises against investing in cryptocurrencies. The form of investment is high risk. For example, from its peak in November 2021, bitcoin has fallen 70 percent over the course of 2022.
There is fascinating technology behind cryptocurrencies, but real “value” is impossible to calculate. Investors must hope that someone will pay them more money for their coins at a later date than they paid themselves. Why that person should do this is unclear. You can be lucky or unlucky.
