After Bitvavo's withdrawal: These crypto platforms are now mandatory!

After Bitvavo's withdrawal: These crypto platforms are now mandatory!

The crypto trading platform Bitvavo has announced that it will discontinue its services for the German market from July 31, 2024. This occurs in the context of regulatory changes affecting the company. Bitvavo, based in the Netherlands, allows the buying and selling of various cryptocurrencies such as Bitcoin, Ethereum and many altcoins. Users of the platform particularly appreciate the low trading fees and high security standards, including two-factor authentication and cold storage. However, users face challenges due to the lack of telephone customer service and data protection issues in the past.

Due to the impending closure, investors active in Germany must look for alternatives. There are many reasons for the change: from cost optimization to access to additional asset classes and diversification of the trading portfolio. In addition, many alternatives can also offer trading in classic securities such as stocks and ETFs.

Recommended alternatives to Bitvavo

One of the most prominent alternatives to Bitvavo is Bitpanda. It offers a wide range of asset classes, including cryptocurrencies, but also stocks, ETFs and precious metals. The platform is known for its user-friendliness and has both a web platform and a mobile app. Investors can trade with as little as 1 euro. Bitpanda is regulated by BaFin and the Austrian FMA and accepts various payment methods, including bank transfers and credit cards. However, it is important to note that proof of source of funds is required for amounts over 10,000 euros and demo accounts are not available.

The Crypto exchange Kraken also offers interesting options. Getting started with crypto trading starts from just $10, and the platform offers both a desktop version and a mobile app. Kraken places great emphasis on security and has a BaFin license, but works with DLT Finance. You should note that there are limited deposit methods and that no telephone customer service is offered.

Another example is Coinbase, which offers a wide selection of tradable cryptocurrencies and places a strong focus on security standards. The platform is also regulated by BaFin and offers various payment methods, although some popular e-wallets such as Neteller are not supported.

Further options in comparison

Other alternative platforms are Trade Republic and BSDEX. Trade Republic is characterized by fee-free custody account management and trading at transparent prices, but is restricted in Forex and CFD trading. BSDEX is a German crypto exchange that offers less than a dozen tradable coins and only accepts SEPA transfers.

The decision for an alternative to Bitvavo must be made taking into account individual investment goals and risk profiles. Many of the platforms mentioned are BaFin licensed, which offers users additional security.

Given the impending discontinuation of Bitvavo, users in Germany must now actively look for suitable alternatives in order to continue investing in the world of cryptocurrencies. The selection ranges from exchanges offering traditional securities to specialized crypto platforms.