Cryptocurrencies have arrived with German investors. According to a recent study by the European Central Bank, 9 percent of households in Germany are invested in Bitcoin & Co. International and regional providers compete for shoppers’ attention. Trade Republic, BSDEX and Justtrade offer cryptocurrency trading through financial service providers based in Germany. The company eToro, founded in Tel Aviv, attracts new customers, among other things, with a copy trading function. In comparison, which crypto app offers the widest selection, lowest fees, and best convenience? eToro, Trade Republic, Justtrade and BSDEX in one crypto app comparison!
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Crypto App Comparison: Criteria
A crypto app is not just a crypto app. Each program has a different focus. COMPUTER BILD compared Trade Republic, eToro, Justtrade and BSDEX according to these criteria, among others:
- Understandability: How accessible is the app?
- Number of cryptocurrencies: What coins does the app offer?
- Deposit/withdrawal options: How do you fund your account and withdraw money?
- Fees: In addition to the spreads associated with each crypto app, some providers charge additional fees for each order – but not all.
- Wallet transfer: Can purchased crypto assets be transferred to an external wallet?
Crypto App Comparison: Justtrade
Founded in the banking metropolis of Frankfurt am Main, Justtrade is currently one of the cheapest providers for trading cryptocurrencies. An advantage: apart from spreads, there are no transaction or marketplace costs. The spread describes the difference between the purchase and sale price. In addition, the minimum order volume is low at 50 euros. Crypto assets cannot currently be purchased using a savings plan, but Justtrade offers ETF savings schemes that track the price of cryptocurrencies via an index. Justtrade does not charge a custody fee, but credit on the clearing account bears interest at -0.5 percent per year. You transfer money to the clearing account by bank transfer.
Investors can currently buy and sell 21 cryptocurrencies on Justtrade. In addition to Bitcoin and Ethereum, some altcoins such as Polygon, Solana and Ripple are also available. Hamburg-based Sutor Bank, which handles the trades on behalf of the crypto app, acts as a trading partner. A transfer to an external crypto wallet is therefore not possible. The crypto app itself scores with a clean user interface that newcomers can quickly find their way around.
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Crypto App Comparison: BSDEX
BSDEX is a crypto app from Boerse Stuttgart. In addition to Bitcoin and Ethereum, investors can currently buy Litecoin, Ripple (XRP) and Bitcoin Cash there. The order fees during market opening hours are 0.20 percent, but at least 0.01 euros. Outside these times, 0.35 percent will be charged. There is no minimum order quantity, so it is also possible to invest small amounts with BSDEX crypto app. Another advantage: Investors can easily transfer purchased cryptocurrencies to an external wallet. This incurs network-specific fees, which are relatively high for Bitcoin and other coins. Payments can be made by bank transfer. The BSDEX app offers a modern interface reminiscent of popular banking apps.
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Crypto App Comparison: eToro
With more than 60 tradable crypto assets, social trading crypto app eToro offers the largest selection in the crypto app comparison. A unique selling point: the copy function, with which other traders’ strategies can be automatically replicated. eToro also offers the option to make deposits via PayPal. eToro does not charge any fees on deposits, but there is a $5 withdrawal fee. In general, eToro maintains the clearing accounts in US dollars, so there are fees when converting from euros.
The app is not aimed at complete newcomers to the crypto market. Available for iOS and Android in addition to a web interface, the crypto app is clearly designed even for novice traders. Until recently, eToro did not charge its own order fees, but recently the provider charged a fee of 1 percent of the order volume for each trade – plus the standard market spread. Although eToro is not a German provider, the storage of cryptocurrencies is handled by a German GmbH.
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Crypto investments are managed by eToro (Europe) Ltd. offered and the custody is performed by eToro Germany GmbH. Your capital is at risk.
Crypto App Comparison: Trade Republic
Trade Republic is a German trading app that is now also available via a web interface. At Trade Republic, investors can trade a wide range of around 50 cryptocurrencies in addition to securities. Trade Republic has become known for its transparent fee structure, which also applies to cryptocurrency trading. There is only a fixed third party fee of 1 euro per buying and selling a position. Account management, deposits and withdrawals are free, a transfer of cryptocurrencies to an external wallet is not possible. There is no fixed minimum order volume, but depending on the crypto value, there may be an exchange-specific trading minimum, as Trade Republic works with various partners to provide a wide range of cryptos. In addition, traders can create crypto savings plans and invest fixed amounts in Bitcoin & Co. at constant intervals.
In the crypto app comparison, Trade Republic offers the simplest user interface. After opening the app, the user only expects a search field and portfolio overview. This focus helps investors who have not previously had contact with fintech apps quickly find their way around after a short familiarization period.
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Cryptocurrencies like bitcoin are stored in wallets – virtual wallets for cryptocurrencies – and can be sent from there to other wallet owners. However, with some crypto apps, there is no option to send purchased coins to an external wallet. In the COMPUTER BILD comparison, only eToro and BSDEX offer this option.
Which crypto app should you deposit with PayPal?
Many investors find a crypto app with PayPal convenient, but currently only eToro offers the ability to top up the account via PayPal. One reason for this is that PayPal has long been fundamentally skeptical of cryptocurrency trading as a platform. The payment service provider is now working on its own crypto integration, which has not yet been introduced in Germany.
Is there a no registration crypto app?
Anonymous, decentralized, secure? At least for investors, there is no way to use a crypto app without registering. In Germany and the EU, providers are required to check their customers when they register. After registering with the crypto app, the provider asks you to identify yourself using the PostIdent or VideoIdent procedure with your ID card and camera.
Crypto apps from Germany
Trade Republic, Justtrade and BSDEX are based in Germany. To enable crypto trading, Justtrade works with Sutor Bank, where Bankhaus von der Heydt takes care of the custody. At Trade Republic, Bit-Go GmbH is responsible for custody, while BSDEX handles custody through its own subsidiary.
Due to the cooperation with German partner banks, deposits into the clearing account are subject to the statutory deposit guarantee of up to EUR 100,000. However, the deposit protection does not apply to the cryptocurrencies themselves, because they have not been legally treated as stocks and other wealth-generating items, but as works of art. eToro is an international provider but offers a crypto app in German and also has the custody of crypto assets from German investors handled by a domestic GmbH.
Crypto App Comparison: Conclusion
Each crypto app offers investors a number of advantages and disadvantages. If you want to copy the strategy of other investors, you cannot avoid eToro. The fees are relatively high at 1 percent. As an offering from the Stuttgart stock exchange, BSDEX has an excellent reputation and can score with average fees and no restrictions on order volume. On the other hand, the selection of tradable cryptoassets is still small. Trade Republic offers more choices with almost 50 cryptocurrencies. However, due to the third-party fee of 1 euro, the provider is expensive for small amounts. The cheapest is Justtrade, which does not charge order fees for trading cryptocurrencies. All providers can score points with the interface: both beginners and advanced users get along well with all crypto apps in comparison.
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