Crytocurrencies seem to be a bit like electric mobility: Slowly but surely, they are working their way toward the center of society. We show you which apps make it easier to get started
When the price of Bitcoin fell to just under 43,000 US dollars at the end of last year, it was an almost dramatic drop in value compared to the cryptocurrency’s peak of almost 69,000 dollars just a few weeks earlier. However, this did not mean the end of all crypto dreams. On the contrary, none other than the experts at Goldman Sachs, one of the world’s leading US investment banking firms, believe that Bitcoin could soon rival gold as an investment.
“Coin Update “, an online portal that has been dealing with everything related to cryptocurrencies for several years and provides useful guides for beginners as well as advanced users, has tested seven apps for the mobile purchase of Bitcoin and Co. All are available for Apple’s iOS and Google’s Android. The test winner is “eToro”, followed by “Plus+500” and “Capital.com” in second and third place, the other four apps are “Bison”, “bitpanda”, “Binance” and “coinbase”.
Test winner of the apps for cryptocurrencies: “eToro”
“eToro” (etoro.com), founded in Tel Aviv in 2007, is an international broker that has offered a crypto wallet for Android and iOS since 2018. They also founded “Gooddollar” in November 2018 to research how blockchain technology can at least alleviate global wealth inequality through a universal basic income. “Coin Update ” also praises the “beginner-friendliness” of the “eToro” app in particular, as “all major deposit options are available, and users can shop for real cryptocurrencies.” In addition, the fees are not excessive, he added.
Second place goes to “Plus500” (plus500.com), which is also based in Israel. The app’s unique selling point is that it is available not only for iOS and Android, but also for Windows smartphones. In addition, as with eToro, there is deposit protection for users.
Third place in the best apps for buying cryptocurrencies goes to “Capital.com” (capital.com). The company promotes its app as having won several awards and accolades. “Coinupdate” points out that the company has a license from CySEC and thus has to adhere to European guidelines. CySEC (Cyprus Securities and Exchange Commission) is the financial regulator of Cyprus. When Cyprus became an EU member state in 2004, all of CySEC’s regulations, processes and operations had to comply with the European financial harmonization law MiFID. In addition, CySec was the first regulatory authority ever to recognize binary options as financial instruments.
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Made in Germany – the “Bison” app
Auf dem vierten Rang landet bei “Coin Update ” die “Bison”-App (bisonapp.com). Die gilt als “Made in Germany”, da der Anbieter ein Tochterunternehmen der Börse Stuttgart GmbH ist. “Bison” hat damit eine Lizenz der Bundesaufsicht für Finanzen (BaFin). Dieses Gütesiegel bestätigt auch die “Freie Presse”, die der App bescheinigt, nicht nur mit Anfängerfreundlichkeit zu werben, sondern tatsächlich auch anfängerfreundlich zu sein. “Bei Bison handelt es sich um eine Krypto Trading App, die von Seiten der in Stuttgart betriebenen Sowa Labs GmbH betrieben wird, einem Tochterunternehmen der Börse Stuttgart”, so das Blatt. Die über Bison gekauften Coins werden dann durch die blocknox GmbH verwaltet, ebenfalls eine Tochter der Börse Stuttgart.” Und auch die EUWAX AG als Handelspartner gehört zur Börse Stuttgart. Das Fazit der “FP”: “Bei “Bison” handelt es sich tatsächlich um ein “Made in Germany”-Produkt.
About on par with “Bison” is the app from “Bitpanda” (bitpanda.com), a crypto exchange from Austria. According to “Coin Update ,” it is characterized by “a very clear structure and a user-friendly interface.” However, the fees are higher than other apps for buying cryptocurrency, it said.
High fees at “Coinbase
Fees are also too expensive for “Binance” (binance.com), one of the largest crypto exchanges in the world, which comes in at number six. The interface is also not particularly clear for newcomers and can cause confusion during the first purchase, according to “Coinupdate,” which also criticizes the fact that there is only one deposit option.
The taillight is “Coinbase” (coinbase.com). This San Francisco-based cryptocurrency platform suffers from the fact that the app support is only available in English and the fees here are also far too high in comparison. Moreover, it lacks a license from BaFin and thus regulation in Germany. However, “Coinbase” is said to be working on obtaining this license.
The savings banks also want to get in on the action
According to research by the online portal “Finance Forward”, even the German savings banks are said to be considering entering crypto. The “Magazine for the New Financial World” cooperated with the business magazine “Capital” and found out that the German financial institutions, are considering the launch of an in-house crypto wallet, a digital repository for cryptocurrencies.
Should it actually come to pass, the savings banks of all people, generally more traditionally oriented, could help Bitcoin achieve a breakthrough on the German financial market. “The enormous momentum that the savings banks know how to unleash was demonstrated last August when they were the only financial institution in Germany to date to link the Girocard with Apple Pay,” according to Finance Forward. Within just a few days, more than 500,000 users had activated the function, and just a few weeks later Apple proudly reported that 1.5 million Sparkasse customers were already using Apple Pay. However, if things go similarly for cryptocurrencies in the future, dealing with Bitcoin, Ethereum or Binance Coin would probably be terra incognita for many of these customers for the time being.
- Coin Update
- Finance Forward