How to buy bitcoin and other cryptocurrencies

This is what awaits you in this article

We have already introduced you to the Boerse Stuttgart Digital Exchange (BSDEX), the first regulated trading venue for cryptocurrencies. In this article, you will learn step-by-step instructions on how to buy cryptocurrencies on BSDEX using Bitcoin as an example and whether you need your own wallet. You can currently buy Bitcoin, Ethereum, Litecoin, Ripple XRP or Bitcoin Cash via BSDEX, some of which are among the largest cryptocurrencies.

Registration and verification

Before you can buy the first Bitcoins or Ethereum, you must log in with your personal data and confirm your identity. It’s pretty easy. We will show you what steps are needed for this.

Enter data and start verifying your data

Before you can start trading on BSDEX, click on this link and then click on “Open Account Now”. This process only takes a few minutes.

Then enter the entry mask for registration, in which you must enter your first name, your last name, your e-mail address and a desired password and accept the general terms and conditions and the data protection declaration. Then click on “Register”.

You will now see that a confirmation link has been sent to your email address. Open your e-mail inbox and confirm your registration by clicking on the received link. You can then log in to BSDEX with your email address and password.

Before you can use the full functionality of BSDEX, you must verify yourself according to the know-your-customer principle. This step is also completely digital and only takes a few minutes. To do this, click on “Confirm Identity”.

The actual registration begins in the next entry mask, as various personal data and your address information are requested. Fill in all fields and accept the different terms of use for BSDEX. Finally, click “Start Video-Ident” to start the Video-Ident procedure. The entire video verification is performed by the service provider IDnow. Important: You must have a webcam and have your identity card or passport ready. If you do not have a webcam, you can alternatively perform the video verification using an app with your Android or iOS smartphone.

After deciding on verification via the web browser or via the smartphone, the video identification starts with an IDnow employee. He checks on the screen whether the data you have entered matches the information on your identity card or passport. This ensures that no other person can open a user account with your data. After a few minutes you’ve done it! After successful verification, BSDEX is now available to you with all its features.

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How to fund your BSDEX account

You can only buy cryptocurrencies with a previously paid balance. Payment by PayPal or credit card is not possible. Depositing Euros into your BSDEX account is free of charge and only possible via a SEPA transfer. There are currently no other deposit options. You can deposit a maximum of 20,000 EUR per. day and a total of 200,000 EUR per. calendar month.

Once logged in to BSDEX, you are on the Home screen. In the “Credit” section. Click on “Deposit” to start the deposit process.

In the next window you will see the bank details to which you need to transfer the desired euro amount from your bank account. This banking information is stored in your name at Solarisbank. The account from which you last made a deposit to the specified bank details is automatically saved as a reference account. This means that BSDEX credit can only be paid to this account.

As soon as your transfer has arrived at BSDEX, you will see your deposited euro balance in the “Balance” area. This may take a few business days. In our test, we transferred the money on a Friday and the amount was already credited to the account on Monday.

Buy bitcoin on BSDEX and get it credited directly – that’s how it works!

To be able to buy bitcoin through BSDEX with a direct credit, you must first scroll down to the “Market Watch” section of the website. Now you can click on “Buy” next to Bitcoin. This purchase order is a so-called market order, as the purchase is executed immediately.

Now the input mask opens where you need to enter the euro amount for which you want to buy Bitcoin. Alternatively, you can also choose what percentage of your euro credit is to be used for the purchase. The purchase is already possible from 0.01 euros. Once you have decided on an amount, the number of Bitcoins you will receive in return will be automatically displayed. Then click Review Purchase Order.

BSDEX will now create an overview of the purchase order for you in a new window. In addition to your chosen euro amount, the current Bitcoin market price and the accrued transaction fees will be displayed. The transaction fees for a direct purchase of cryptocurrencies, with immediate credit (market order), are 0.35 percent of the transaction volume. Note: For small orders, BSDEX always rounds up the fees. Once you have verified your purchase order, confirm it by clicking “Place Purchase Order”.

Congratulations! The purchase is complete and you have purchased your first bitcoin inventory! Click “To Portfolio” to complete the process.

If you now scroll down to “Wallet” on the home page, you will get an overview of your wallets and see the bitcoin credit on your bitcoin wallet.

Optional: Buy bitcoins on BSDEX like a pro with a limit and save fees at the same time

In addition to the simple purchase, BSDEX also offers you trading with limits. This means that you can choose the Bitcoin market price at which you would like to buy shares. Your purchase order is usually not executed directly, but is only served when another market participant is willing to sell for the limit you have specified. If your order is not executed immediately, you pay a lower transaction fee of 0.20 percent of the transaction volume.

To start trading with a limit, click Trade on the left side of the screen.

Now the professional trade view opens. Do not be alarmed: The user interface looks more complicated than it is. Click Restrict to the right to start a border purchase.

You now need to enter how many bitcoins you want to buy and at what bitcoin market price. When setting the price limit, it is best to use the values ​​you can see on the left of the order book as a guide. This allows you to provide a realistic value that a trade can occur in the near future.

Under your entries you will see an overview of the order including the fees incurred. Note: In the fee list, BSDEX uses 0.35 percent of transaction volume as a basis, even if you only pay 0.20 percent for a limited order. The reason for this is that in rare cases your limit order could be executed directly and the higher fee would be charged.

Confirm your purchase order now by clicking on “Place purchase order”.

You can now check below the form whether your purchase order is still in the order book or whether it has already been executed. Even if your order has only been in the order book for a few seconds, you pay the lower transaction costs. If your order has been executed, you can see the fees paid again by clicking on the order.

You can see that despite the initially shown fee of 0.02 EUR, only 0.01 EUR was charged.

Save cryptocurrencies with BSDEX or transfer them to another wallet

Your cryptocurrencies are stored securely on BSDEX by blocknox GmbH, a German company. In addition, some of the crypto assets are insured. Therefore, it is not necessary for you to transfer your purchased cryptocurrencies to another wallet. If you still want to take over the storage of the cryptocurrencies yourself, you can make a transfer to another wallet by clicking on “Pay out”. This process is free for you.

Enter in the input mask that opens how many Bitcoins to send and to which address the transfer should take place. Then confirm the transfer with “Next”.

You will now receive a confirmation code via SMS on your mobile phone number that you entered during the registration and confirmation process. With this code you approve the desired transfer. Then click “Recall”.

BSDEX guide

The order has been received and is being processed. After several working days, you will see the transferred crypto values ​​on your other wallet.

If you are currently dealing with the topic of cryptocurrencies, then NFT could also be of interest to you. An extremely large increase in value is sometimes predicted for the digital deeds, although the risk of experiencing a flop is just as great. We explain where you can even buy NFT. You will also discover with us how to buy your first NFT on the Opensea marketplace and what to consider.

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