🔥 Open a Bitcoin account guide 2023: Bitcoin account test & comparison
It looks like there will only be one trend in the financial world in 2023: cryptocurrencies. Here above all the Bitcoin. Because after the mother of all cryptocurrencies was able to cross the US $ 2020 hurdle in mid-December 20.000, things went steeply uphill - even to over US $ 41.500!
So it is no surprise that more and more smaller savers and investors are becoming interested in cryptocurrency. But what should you watch out for when you want to buy Bitcoin?
Open Bitcoin Account Instructions 2023: Create an account in four steps
The main thing is to open an account so that you can then even have access to the crypto market. You could also say you need a Bitcoin account. In this case it is advisable to act through an online broker.
1. Select a suitable Bitcoin account and create an account
One way of getting access to the crypto market is eToro. It is one of the largest and most popular platforms, which has become known primarily for being able to make profits in the course of "social trading". It should be noted that registration is possible without any problems; Simply fill out the required fields in the registration form, and you can deposit money and buy Bitcoin.
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2. Top up your Bitcoin account
It should be noted that there are different deposit methods. Due to the fact that - for example with eToro - there are many payment methods available, the preferred method will certainly be there so that you can then make a deposit.
3. Buy bitcoin
If the amount is available in the online broker's account, it is then possible to invest directly in the crypto market.
What is a Bitcoin account?
A Bitcoin account is access to the crypto market. An online broker opens the doors here, so to speak, in order to be able to buy coins of various crypto currencies. It should be noted, however, that there are a few differences here that should not be overlooked.
Not every broker offers the option to buy coins. In many cases it is about price speculation. That means, you “bet” on how the course will develop. So you can also bet that the Bitcoin will "crash". However, such speculations are very risky, as the crypto market is very volatile - Bitcoin in particular can often cause (nasty) surprises here.
If it is possible to actually purchase coins, you will then need a wallet - i.e. the digital wallet to store the coins. Some online brokers, such as eToro, offer a wallet. With other online brokers, an external wallet must be used so that the purchased coins can be stored.
Best Bitcoin accounts in comparison 2023: What is the best Bitcoin account in our test
There are many providers, but there are also a few "black sheep" or online brokers who charge high fees, are "too expensive", so to speak, or sometimes do not have the appropriate offer to be called attractive.
The fact is: Only when you have been able to clarify what is personally important to you, i.e. which requirements the online broker must meet, is it advisable to make a comparison.
The following online brokers or providers of so-called Bitcoin accounts should be examined in more detail with each comparison.
eToro
The online broker is one of the best-known and most popular providers on the market. This is probably also due to the marketing strategy: eToro makes the claim that it is very possible that you can make very high profits without prior knowledge and without knowledge. How is that possible? Through "social trading". Because here the trader can "copy" strategies like decisions of other traders. But that is no guarantee that you will always end up on the profit side - even experienced traders who make a living speculating can be wrong.
eToro offers the services in over 20 languages. At the moment, eToro is used by more than 2 million people. This is probably also due to the very attractive and fair fee model. Because eToro waives custody fees and does not prescribe any clearing account fees (so-called administration fees). Furthermore, the online broker waives dividend and order fees. It should be noted that there is an inactivity fee that is due if the user does not set any more activities or has not logged into his eToro account for more than 12 months. The inactivity fee is 10 euros.
It should also be noted that the eToro platform only works with US dollars. However, the endowment is made in euros. This causes a fee of 0,5 percent if you apply for an immediate transfer or bank transfer. Because here there is a conversion from US dollars to euros. If the trader opts for the credit card, a foreign exchange commission is due. This is 1,5 percent. A fee is also charged when using PayPal - 0,5 percent. The payout fee is also 5 US dollars - no matter which payout method you choose or how high the payout amount is.
In conclusion, it can be said that eToro offers the opportunity to buy Bitcoin on relatively cheap terms. The fee model is clear; the platform can very well be classified as user-friendly. This means that even beginners who have never had anything to do with such a platform will probably not face any challenges.
Regarding security: The online broker eToro is regulated by the Cyprus Securities and Exchange Commission (CySEC for short); eToro is also subject to the supervision of the Financial Conduct Authority (short: FCA, the British supervisory authority) and the Australian Securities and Investments Commission (short: ASIC, the Australian supervisory authority) and must also comply with the provisions of the Financial Instruments Directive (short: MiFID ) adhere to.
Plus500
Plus500 was founded in 2008 and is therefore one of the older providers. The broker's headquarters are in Israel. Plus500 is a broker that provides the opportunity to speculate with indices, currencies, commodities, as well as with stock values and crypto currencies - this is all about CFD trading.
Plus500 offers trading via a total of three trading platforms. Two trading platforms even originate from the broker's pen. Note that there is a maximum leverage that is 1 in 30. The minimum deposit is particularly appealing for beginners - Plus500 only requires a deposit of 100 euros. A very fair amount, which - and a look at the online brokers in the industry proves this - is below the average deposit. Because the online brokers usually charge 250 euros.
If you want to top up your Plus500 account, you can either make a bank transfer here, use the credit card or transfer the money via other channels - for example with PayPal, Skrill or Giropay.
Regarding security: Plus500 is regulated by the British supervisory or regulatory authority FCA - there is no evidence that the online broker is pursuing fraudulent or dubious activities.
IQ Option
The online broker IQ Option offers traders more than 250 basic values. The area of stocks is particularly extensive. Here the trader can even buy papers from Borussia Dortmund or from the Italian series champion Juventus Turin. The area of forex trading is just as large. Because IQ Option provides more than 100 currency pairs here. Particularly interesting for traders who not only like to work with majors, but also speculate with the development of so-called exotics. Of course, you can also speculate with cryptocurrencies via IQ Option.
Furthermore, the fact that IQ Option offers an account for small investors, but also provides an account for professionals, is particularly interesting. Please note the negative credit protection on the retail investor account. This means that it is not possible for the trader to lose more money than he actually has in the trading account. In addition, the deposits are covered - keyword: deposit protection fund. IQ Option offers traders a maximum leverage of 1 in 30. The professional trader can work with a leverage of 1 in 500.
Regarding security: The online broker IQ Option is regulated by the CySEC; that is, here too there is no evidence that the broker is fraudulent or dubious.
Libertex
If you want to offer trading with leverage, you will definitely come across the CFD and stock broker Libertex. A maximum leverage of 1 to 30 is offered for private customers. A standard area for the industry.
The free demo account may also be a plus. That means, even before you invest your savings, you can try out the various functions - completely safely - and sometimes find out for yourself whether the chosen strategy will bring the desired success.
Libertex also impresses with many “underlying” assets. There are CFDs on stocks, indices, metals and of course cryptocurrencies. Particularly attractive for crypto fans, because Libertex provides more than 40 CFDs - you are sure to find your favorite cryptocurrency here.
There is also little to no criticism of the fee model: Of course, fees are incurred in the course of CFD trading so that the financing of the business can take place at all, but here it should be mentioned that the broker takes a big step towards the trader and here one has created a very fair cost structure.
Regarding security: There is no evidence that this is a fraudulent provider - Libertex is regulated by the CySEC.
79,1% of retail investor accounts lose money when trading CFDs with this provider.
XTB
XTB, also known as X-Trade-Brokers, may be one of the best-known providers in German-speaking countries. This is primarily due to the branch of the online broker: XTB is based in Germany. And due to the fact that social trading is offered here, XTB, so to speak, appeals to almost the same traders who are also interested in eToro.
There are three accounts - Basic, Standard and Pro - but they differ very little from one another: The maximum leverage is always 1 in 200; there are various additional services and training courses. So if you want to recognize a difference, you have to go into detail. There are differences between the individual accounts, especially when it comes to the spreads. The basic account has fixed spreads, the standard account works with variable spreads. The pro account offers the possibility to work with the original market spreads. However, it should be noted that there are monthly fixed fees - the base is formed by the lot biggest.
With regard to security: The online broker XTB is regulated by the Federal Financial Supervisory Authority - in short: BaFin; this is the German regulatory and supervisory authority.
Finding the Right Crypto Account: What Should You Look For?
The overview presented above should be a help when it comes to finding the right provider for you. It is important that the following points are taken into account when comparing:
Seriousness of the provider
Here, eToro may primarily convince: Because the online broker is controlled or regulated by several supervisory authorities; Above all, there are hardly any negative reviews that could possibly lead to the conclusion that this is a less recommendable provider.
Experience reports are always helpful, especially if you are unsure whether or not the online broker should be trusted. If there are predominantly negative reviews on the Internet, it is better to keep your hands off the provider. Sometimes, of course, test reports from independent platforms also help, in order to be able to find out whether it is a reputable provider or not.
Tip: Always pay attention to the regulation - if the broker is not regulated, you should decide against him.
Bitcoin account customer support
If questions arise or if you have difficulties, you would of course want help - but that is only available if there are also competent employees who are available to provide support. As a rule, almost all online brokers offer contact via email or phone; in some cases there is also live chat.
Ease of use and UX of the Bitcoin account
It is important to find your way around the platform. If the platform seems overloaded or there is a possibility that you will not find the functions you need in the first place, it is probably better to opt for another platform. Therefore you should always use the demo version in advance, if available, in order to be able to find out for yourself whether it is a recommendable provider or not.
Bitcoin account fees comparison
In the end, of course, the fees are also decisive. Because the fees gnaw at the profits. It is important that a transparent fee model is followed so that there are no nasty surprises in the end.
Can you create a Bitcoin account anonymously?
No. Due to the fact that you have to register in order to open an account, it is not possible to keep the Bitcoin account anonymously.
Open a Bitcoin account Conclusion: This is the best way to set up a Bitcoin account.
It is important that you answer the question yourself in advance what is important to you. Only then will the following comparison, which should definitely be carried out, provide information about which provider will then be shortlisted in order to be able to work with Bitcoin. We at Bitcoin-News.one like to recommend eToro, as this broker is very good for both beginners and advanced investors and the fees are very cheap compared to other brokers.
Frequently asked Questions:
The online broker must be regulated. Only with the help of the regulation can you be sure that you are not dealing with a fraudulent provider - because in order to get a license from the supervisory authority (CySEC = Cyprus, BaFin = Germany, FCA = Great Britain), various requirements must be met.
Due to the fact that Bitcoin is the oldest and best-known crypto currency, it can be assumed that Bitcoin is offered by almost every online broker. However, it is important to take a look at the offer in advance in order not to be disappointed in the end if the crypto currency you are looking for is actually not offered.
Depending on the provider, opening an account can take a few minutes, but it can also take a few days if the provider prescribes the PostIdent procedure to verify the trader's identity.
A Bitcoin account is access to the crypto market. An online broker opens the doors here, so to speak, in order to be able to buy coins of various crypto currencies. It should be noted, however, that there are a few differences here that should not be overlooked.