Best Bitcoin Wallets & Exchanges to Buy BTC

The Bitcoin price is still at a record high. Consequently, BTC is now not only on the agenda of well-known payment services such as PayPal, Visa or Mastercard, but also of more and more private users. In the course of the increasing BTC adoption, we at BitBucks show where you can buy Bitcoin, what to look out for and what differences distinguish the various providers.

March 10, 2021

Uncomplicated payment in everyday life is the key to Bitcoin adoption - we at BitBucks are convinced of that. But in order to pay with BTC at friends' houses, in retail stores or restaurants, users first have to be given the chance to buy Bitcoin. In the coming weeks, this will become possible via BitBucks: The functions of the iOS and Android apps will be expanded so that buying and selling Bitcoin can be handled directly in the app.

In line with the philosophy of our startup BitBucks - complete transparency towards the user - a comparison between BitBucks and other relevant trading platforms will help Bitcoin beginners to find their way into the world of digital currencies. By the way, a good overview of which fees are charged by which providers is available here from Blocktrainer.

With our market analysis on the topic of Bitcoin wallet or Bitcoin exchanges, we want to provide a holistic picture of the different services. Fees, functions, operation and more: Which Bitcoin wallet or Bitcoin exchange can convince when buying Bitcoin?

 

Coinbase - Exchange for Cryptocurrencies

The US company is also one of the oldest and largest trading platforms for cryptocurrencies. On this platform, users can exchange Bitcoin as well as other cryptocurrencies such as Litecoin or Ethereum against the official currencies US dollar, euro and the British pound. Coinbase has a large user base and offers crypto newbies, among others, a good opportunity to invest in Bitcoin easily and directly.

However, as simple as the principle of Coinbase may sound, there are often problems with the operation. Moreover, the support is only available in English. The fees for a purchase or sale of Bitcoin amount to 1.5 percent plus a one-time fee for a SWIFT transfer of 5 euros. Thus, for a purchase of BTC worth 200 euros, the fee would amount to 8 euros. In addition: The so-called spread, the possible difference between the lowest sell bid and the highest buy bid, is 0.5 percent. Coinbase is thus clearly geared towards investing in Bitcoin.

 
Bison App - Buy Bitcoin at the Börse Stuttgart 

In Germany, the Bison app is one of the best-known providers for buying and selling cryptocurrencies. The app for iOS and Android is subordinated to the Stuttgart stock exchange, convinces with an easy handling and allows to invest in Bitcoin, Litecoin, Ethereum and Co. within a few steps. After successful verification via Video-Ident, users can fund their Bison account - which is equivalent to a real bank account at Solaris Bank - via bank transfer for free. However, the app does not offer much more than exchanging crypto with real currencies - a payment function is not included, for example.
 
When buying or selling Bitcoin via Bison, however, the user has to reckon with a spread of 0.75 percent, which poses great risks with sometimes extreme exchange rate fluctuations. What does this mean in concrete terms? Currently, the value of a Bitcoin is around 47,000 euros. This means that when buying by Bison 1 Bitcoin must be purchased for 47,300 euros, but the sale brings in only 46,700 euros. If you buy 200 euros worth of Bitcoin, the effective fee is currently a little more than 1 euro. Another point of criticism : Transactions to other Bitcoin wallets, as well as shipments via blockchain to the Bison Wallet sometimes take several days. As a means of payment for cryptocurrencies, the Bison app is therefore rather unsuitable.
 

Bitwala - bank account for Bitcoin & Co.

In addition to the Bison app, Bitwala is also one of the German providers that enable the buying and selling of Bitcoin. The Berlin-based company offers users a regular checking account with all the usual functions (e.g. SEPA transfer), which is expanded to include an account for cryptocurrencies and a Mastercard (debit card). Although there are no account maintenance fees with Bitwala, a fee of 1 percent is charged for the purchase and sale of Bitcoin - which is carried out via a separate app. That would mean a fee of 2 euros for a purchase amount of 200 euros in BTC. This makes Bitwala one of the best providers in terms of trading fees.
 
In addition to the bank account, Bitwala also has a full-fledged Bitcoin wallet that allows sending and receiving Bitcoin via blockchain transactions. With the BitGo-powered wallet, which is multi-signature secured like BitBucks, the user has two of the three crypto keys, giving them full control over the wallet. For crypto novices, however, these details mean that they first l have to acquire the necessary basic knowledge about storing Bitcoins, which puts at least a slight damper on the user-friendliness of the service.
 

Binance - Bitcoin & Crypto as Investment

Binance is considered the world's largest trading platform for cryptocurrencies. Besides Bitcoin, other cryptos such as Ethereum, Ripple or the own Binance Coin can be bought and traded within the service. Unlike the competition, there is no fee for deposits via SEPA transfer (via credit card: 1.8%). Further fees only incurred when the "real" trade with the cryptocurrencies begins. 
 
If a user buys Bitcoin on Binance, a trading fee of 0.1 percent is due in addition to the network fee for blockchain transactions - which can currently be in the double-digit range. If one currently invests 200 euros in Bitcoin on Binance, the fees amount to just under 17 euros due to the high network costs. The trading fee, in turn, can only be reduced by means of a VIP status, which highly frequented investors can achieve. The acquired Bitcoin are stored in the Binance Trust Wallet and can be sent from there to any other Bitcoin wallet.
 

Bitcoin.de - Online Marketplace of the Fidor Bank

The third German provider for buying and selling cryptocurrencies is also the oldest: Bitcoin.de, as an online marketplace, is one of the most popular services in Germany when it comes to trading Bitcoin & Co. When registering, the user has the option of creating an account with Fidor Bank, which enables express trading. However, a mobile application for smartphones does not exist, which is why bitcoin.de falls behind the competition in terms of user-friendliness.
 
The use of the account and the associated Bitcoin.de wallet is free of charge. Fees only arise when trading cryptocurrencies, then they range between 0.8 (express trading) and 1.0 percent (SEPA transfers) per transaction and are shared by the buyer and seller. Here lies a special feature of Bitcoin.de: namely, only Bitcoin that are offered by other users can be purchased on the marketplace. Thus, buyers have to wait for a corresponding offer - for example, in the amount of 200 euros in BTC - before they can make an investment. In this case, the fee for the buyer is 1 euro.
 

BitPanda - Buying Bitcoin fast and simple

The Austrian provider BitPanda has been offering the purchase and sale of cryptocurrencies since 2014. BitPanda users have full control over their Bitcoin wallet and can determine the desired security level themselves. This high level of personal responsibility might deter crypto newbies in particular.
 
While the user-friendliness in custody is geared more towards experienced users, the service for trading Bitcoin shows itself to be extremely simple. On the fully automated platform, digital coins can be bought and sold quickly and easily. With the Bitcoin Wallet, the acquired coins can also be sent on the blockchain without any problems, but at high costs,.
 
The fees, which are not openly communicated by BitPanda, are critical. These are already included in the purchase price, which is why the Bitcoin exchange rates sometimes differ significantly from the competition. On average, the exchange rate can deviate by about two percent from the usual market price.

 

BRD Wallet - easy handling, high fees 

As a pure mobile wallet, BRD also offers the possibility to buy, sell and safely store Bitcoins. The BRD Wallet impresses with its ease of use and also offers the possibility to invest in the cryptocurrency Ethereum in addition to BTC. In addition, users can use the app to invite new users into the Bitcoin world by creating a paper wallet of any amount with BRD Wallet.
 
As a payment method, users can choose between Apple Pay or credit card in addition to the regular bank transfer via SEPA. If a user opts for the former, however, the fees are steep: for a purchase value of 200 euros in Bitcoin, users currently have to pay a fee of 16 euros (as of 10.03.2021) - including the network fee.

 

PayPal - Buying and selling Bitcoin

Last fall, the US payment service PayPal caused a real upswing in the price of BTC with its announcement that it would include Bitcoin in its corporate portfolio. Since the end of 2020, US citizens have been able to buy and sell Bitcoin with their PayPal account. In 2021, the European market is to follow, first Great Britain, later in the year also Germany.

The announcement of the payment service also focused on the 26 million merchants worldwide who will be able to accept Bitcoin as a means of payment in the future. However, PayPal still lacks a payment function that allows the purchased Bitcoins to be sent. In addition, transactions to other Bitcoin wallets cannot be carried out with the PayPal wallet, which means that BTC currently remains an immovable investment with PayPal.

PayPal charges a fee of 2.3 percent (4.60 euros for a purchase value of 200 euros) when buying and selling Bitcoin. If bitcoin payments to merchants are also enabled in the near future, they will have to pay 1.5 to 3 percent per transaction. These high fees are one of the reasons why PayPal has already been very unpopular with merchants, especially in Germany.

 

BitBucks - the perfect Bitcoin Wallet

Getting started with BitBucks' Bitcoin wallet is very straightforward and user-friendly. After registration via phone number and free verification via video, users can deposit already existing Bitcoin and then use it as a means of payment in sushi restaurants, kiosks or other retail stores. The storage as well as the payments are free of charge for the end user, only when withdrawing to another Bitcoin wallet a fee of 2 percent is due.  

The infrastructure of the Bitcoin wallet guarantees the user that the coins are safely stored and protected from external attacks. If the Bitcoin portfolio is to be expanded, this will be possible directly in BitBucks in the future. A fee of 1.5 percent is charged for the purchase and sale of Bitcoin, which means a fee of 3 euros for a purchase of Bitcoin worth 200 euros. Afterwards, the Bitcoins and Satoshis are available for free use. 

Unlike other providers, BitBucks focuses on the uncomplicated use of BTC in everyday life. Instant payments in cafés and restaurants, to friends or relatives are not associated with any costs; for the transfer, the recipient only needs a BitBucks account and a phone number. 

 

Philipp Peters
Written by

Philipp Peters

Philipp works as a Online Marketing Manager at BitBucks. He keeps track of the daily developments all around cryptocurrencies. For him, one thing is clear: The future belongs to Bitcoin. 

Where to buy Bitcoin?

Can I mis-type with my transaction?

No. Bitcoin addresses have a checksum of their own symbols. The chance of accidentally entering a false address with the correct checksum is virtually zero. It is much lower than, for example, with IBAN numbers.

Can bitcoin transactions be censored?

If you make the transaction yourself - no. Transactions are pseudonymised and processed by a network without distinction. As Bitcoin is a decentralised network, there is no central location with the power to prevent other nodes from carrying out and verifying transactions - as long as these are covered and valid according to the rules of the network. 

Do you need banks in order to use Bitcoin?

Yes and no. If you want to buy Bitcoin directly from, for example, the stock market, you will need a valid credit card or bank account. Another way to get bitcoin is by using custodial wallets like BitBucks. This is possible because Bitcoin is a monetary protocol for the Internet. You can use Bitcoin in the same way as you access a website. Access is enabled by wallet software, which is available in various models free of charge, or by direct connection to a node.

How can I store my private key?

Usually the Bitcoin wallet keeps your private keys private by storing them in an encrypted file. You can also print the private keys as "Cold Wallet" and separate them from the Internet. You should be aware that you are solely responsible for the security of the keys. If you lose them, you lose your bitcoins. Wallets such as BitBucks, which store keys for their customers, can offer inexperienced users additional protection against key loss.

How can I trace a transaction?

Bitcoin transactions are part of the blockchain and are therefore stored in every node of the network. “Blockexplorer” allows transactions to be traced using the BTC address or transaction ID. This is helpful in ascertaining that a transaction has actually occurred.

How do I buy Bitcoin?

Generally from digital wallets or currency exchanges. These exist in virtually every country. These facilities will usually confirm the identity of their customers via video-based methods. You can then purchase Bitcoin via bank transfer or in some cases using other payment methods such as credit cards and PayPal for instance. After the purchase, users can store the acquired coins in their Bitcoin Wallet.


Many countries also have platforms for direct trade between private individuals which are quite popular. There are often vending machines from which you can buy Bitcoin. In addition to that you can also purchase credit vouchers in kiosks.


An alternative way to the purchase of Bitcoin is acceptance. For example by using BitBucks! You can accept Bitcoin as payment for goods or services that you provide. In some countries, employees or freelancers may be able to convert part of their salary or fee payments into Bitcoin.

How do I pay with Bitcoin?

It's simple: copy the recipient's address into a field within your Bitcoin Wallet, enter the amount, and click "Send". In most BTC wallets, you can specify the amount in your local currency, so no conversion is required. Payment requests or the payment protocol are often used. They already include the amount and can either be activated by clicking or by copying them into the send field. Mobile wallets are able to scan transaction requests, so you only have to confirm the transaction. Bitcoin Wallets such as BitBucks even allow you pay with BTC by scanning the recipients QR-Code.

Isn't the Bitcoin price too volatile and therefore a risk for me as a merchant? 

If you sell your Bitcoin on the same day at the end-of-day price, the volatility of the Bitcoin price hardly plays a role for you as a merchant. In addition, due to the pending halving and the deflationary character of Bitcoin, the price is expected to stabilize over time anyway.

What are payment URIs and the payment protocol?

A payment URI is a request for payment that many wallets can generate. URIs define a target address, an amount and may include a notification for the sender such as the order number. These can be scanned like a QR code or copied into the send field of a wallet. One click on the payment URI opens the wallet with the pre-formulated transaction.
The payment service provider BitPay uses the payment protocol. This enables BitPay to set fees for a transaction and transfer this amount to the miner itself. In this way, BitPay can increase the success rate of its payments. This payment method is used in the same way as the URI: you can scan it in, click the link or copy it into a wallet. In any case, not all wallets support the payment protocol.

What are transaction fees?

A Bitcoin transaction attracts a fee which is paid to the miner. Under normal circumstances fees amount between one and five cents. However during peak times these may increase noticeably to values of 50 cents or even one euro. If you pay too little in fees, you will have to wait longer for confirmation of your transaction. Most wallets select the appropriate fees. Wallets like BitBucks, in which transactions can also be internally calculated, can save you fees and accelerate confirmation of your transactions.

What is a Bitcoin wallet?

A Bitcoin wallet is software you can use to administer your bitcoins. There are many wallets for all common computer systems. You can choose between local and online wallets. A local wallet gives greater independence and privacy, while an online wallet can offer more convenience. 

What is a Blockchain transaction?

With a transaction, you transfer Bitcoin from your Bitcoin wallet to another party. This transaction or payment will be signed off with your private key and forwarded to the node in the Bitcoin network. This is propagated across the whole network until it reaches a miner, which can confirm the transaction. 

What is a confirmation?

As soon as the miner puts your transaction into a block and then attaches it to the blockchain, the transaction is “confirmed”. This means that it is an official part of the blockchain and can no longer be countermanded. “Confirmation” corresponds to the two-week buyer protection period with PayPal or the settlement period with credit cards, which can take months. With Bitcoin, the confirmation period usually lasts 5-10 minutes. 

Where can I make payments with Bitcoin?

In theory, everywhere there is Internet. All you need is a Bitcoin Wallet such as BitBucks. Unlike national currencies, however, there is no obligation to accept Bitcoin as legal tender and so individual merchants may choose to accept it or not. At any rate, there are shops and stores in almost every country in the world that accept payments in Bitcoin, as well as numerous international online providers. Many merchants are also willing to accept BTC on request.

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