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Cryptocurrencies - a guide for beginners

The crypto exchange

As soon as you have decided on a type of wallet, you have to choose one or several crypto exchanges on which you want to trade. Just as there are a multitude of different cryptocurrencies, there are also a large number of trading venues. When choosing an exchange, pay attention to the number of cryptocurrencies offered (e.g. more specific cryptocurrencies are usually only available on a few exchanges, whereas Bitcoin is available on most exchanges), the user-friendliness, the security standards (2-factor authentication is mandatory here !) and the fee structure.

In addition, the various trading venues can also be divided into crypto-to-fiat exchanges and crypto-to-crypto exchanges. A crypto-to-fiat exchange is a trading platform where you can change "classic" currencies such as the euro (Fiat) into selected crypto currencies (usually the "top 10" cryptos are offered here). Well-known crypto-to-fiat options are e.g. Coinbase or bitcoin.de. Thanks to the partnership between Fidor Bank and bitcoin.de, Fidor customers can also enjoy express trading. You can find more information on Bitcoin.de.

Crypto-to-crypto exchanges, on the other hand, are trading venues where you can only exchange crypto currencies for other crypto currencies. Here you can also get “more specific” cryptocurrencies. Well-known exchanges are e.g. Binance, Kraken or Bitfinex. So if you want to invest euros in a more specialized cryptocurrency, this trade takes place in practice on two platforms. First you exchange your Euros on a crypto-to-fiat exchange for one of the "main cryptos" (e.g. Bitcoin) before you send these bitcoins to a crypto-to-crypto exchange to send your desired crypto currency act.