Bitcoin.de is an online peer to peer marketplace for bitcoin.
It is not a traditional “exchange” like others. In here, The exchange works by allowing you to lodge funds to your account and then matching you with a corresponding seller.
Bitcoin.de is partners with Fidor Bank.
Because of having some important features, they are famous in the market nowadays. Some of them are given below.
- Ease of use
The site is easy to use, but if you are used to a “normal” exchange it might take some getting used to.
After your account has been verified you can search the buy and sell offers.
You can search according to price, a location of the buyer or seller as well as their rating.
Each user gets ratings for their business on the site.
After agreeing to buy bitcoins you will need to transfer the money via SEPA or wire bank transfer directly to the user. Then when the funds have arrived the other user releases the coins.
It is known what company is behind bitcoin.de and they have partnered together with the Fidor bank in order to operate in Germany with a German “Baffin” license which is quite well known to all. So the company can be trusted.
You must be verified to use the site, for the security issues.
Verification requires a bank account. The ‘anonymous step’ must be filled in in order to continue.
Although some users have complained about security, there have been no known hacks on the site.
There is a 2FA that you have to set up in order to have an account. If you don’t follow the necessary orders and something bad happens to your account, the company won’t take any responsibility.
- Day Trading
The site is not made for day trading, you could agree to buy or sell several times in a day, but the transactions might be open until the next day. Transactions are not instant.
It is clear now that Bitcoin.de is advantageous to some users in the online marketplace.
The easy operating processes, high-security level, trusted by others because of its license are the important merits of Bitcoin.de. Some unavoidable demerits are also there, like, they don’t allow traditional transaction processes (day Trading) or Altcoins and people might find some features of the system anonymous. But the fact is nobody can ignore the usefulness of the system.