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Buy Bitcoins Guide

Here I describe step by step how you can buy Bitcoins safely through your checking account.

Buy Bitcoin guide

This blog is aimed at beginners who want to learn how to buy and sell Bitcoins safely through their checking account. Unfortunately, this is still quite complicated. In addition, I go into the tax aspects.

How to buy Bitcoin?

There are numerous ways to acquire Bitcoins. I know almost all of them, but here I will only describe the variant with which I have had the best experience. But this is so detailed that everyone is able to understand the procedure and minimize risks.
Step by step to bitcoin
Register with crypto exchange
Step 1: First of all, register for free with the cryto exchange 'Binance' by clicking on this text. Binance is the world's leading and one of the safest exchanges as it uses numerous security standards.
2-factor authentication
Step 2: To be on the safe side, you can also choose 2-factor authentication with Binance. To do this, you need the free Google Auth app, which you can download to your cell phone from the Apple or Google app store. The risk of a hacker logging in with your data is virtually eliminated with 2-factor authentication. Follow all the steps to verify your account and make sure that the registration is completed successfully.
Copy Bitcoin address
Step 3: Log in to Binance and click on "Deposit" in the menu on the left. You will now see your BTC address on the right. Click on the field "Copy address" and continue with step 4.
Register with bitcoin.de
Step 4: Binance allows you to buy Bitcoins via SEPA transfer or credit card. However, quite high fees are charged for this. For this reason alone, describe here how you can more cost-effectively deposit money from your checking account at Binance.
Register with the German payment service provider 'Bitcoin.de' by clicking on this text, and then log in. The2-factor authentication is mandatory. Complete all the steps to verify your account and log in.
Register with anycoin
Step 4: Binance allows you to buy Bitcoins using your credit card. However, quite high fees are charged for this. For this reason alone, I describe here how you can deposit money from your checking account at Binance more cheaply.
Register with the payment service provider 'Anycoin' by clicking on this text, and then log in. Again, be sure to additionally choose 2-factor authentication via the Google Auth app. Complete all the steps to verify your account and log in.
Buy Bitcoin
Step 5: Log in to anycoin. If you want to transfer from your checking account, select 'Buy' in the menu and then 'Bitcoin'. Now copy the Bitcoin address from Binance from step 4 (it is on the clipboard) into the 'Bitcoin address' field. ATTENTION: If this address is entered incorrectly, the amount of money will be lost. Therefore, check again thoroughly, especially if the first and last digit match. Enter the Euro amount in 'Amount' and choose SEPA transfer to transfer money from your checking account to AnyCoin's account (Phoenix Payments BV). After initial registration you will be on security level 1 and can only transfer 100 euros daily or 250 euros weekly. If you want to transfer up to 10.000 Euro daily, you have to climb further security levels. If you click on this text, you will learn more.
Transfer money
Schritt 6: Überweise nun über Dein Online-Banking den festgelegten Betrag mit dem von Anycoin vorgegebenen Verwendungszweck. ACHTUNG: Achte darauf, dass Du exakt diesen Betrag von dem registrierten Konto mit dem angegebenen Verwendungszweck überweist, sonst wird die Buchung eventuell nicht zugeordnet und nicht akzeptiert (selbst schon erlebt). Bestätige anschließend bei Anycoin, dass Du den Betrag überwiesen hast. Du kauft damit Bitcoin zu dem aktuellen Kurs. Die Bitcoins werden direkt an die von Dir angegebene Bitcoin-Adresse versendet und auf Deinem Binance-Konto angezeigt. Das kann jedoch einige Tage dauern, da die Überweisung erst bei Anycoin eingegangen sein muss.
Schritt 7: Du wirst per email informiert, sobald die Bitcoins auf Deinem Binance-Konto eingegangen sind.
Wallet
Schritt 8: Du kannst Deine Bitcoin beliebig lange bei Binance halten. Dort werden sie kostenfrei und relativ sicher aufbewahrt. Dennoch gelingt es Hackern (bei Börsen mit niedrigeren Sicherheitsstandards) immer wieder, Coins aus Konten zu entwenden. Um auch dieses Risiko zu minimieren, kannst Du die Bitcoin in eine Wallet transferieren. Es werden Paper Wallets, Software Wallets und Hardware Wallets unterschieden. Ich empfehle Dir die Software Wallet Trust, die ebenfalls zu Binance gehört. Diese installierst Du über den App Store von Apple oder Google direkt auf Deinem Mobiltelefon. Damit kannst Du Dein Guthaben verwalten. Das Guthaben wird auf der Blockchain sicher gespeichert. Adresse auf der Blockchain und den Key musst Du jedoch gut schützen. Über eine Recovery Phrase kannst Du Dein Guthaben problemlos wiederherstellen, sollte das Mobiltelefon gewechselt werden oder verloren gehen. Ich habe mein Risiko reduziert, indem ich einen Teil meiner Coins bei binance und einen Teil in der Trust Wallet verwalte.
Documenting
Step 9: Profits from Kypto sales must be taxed. You are obliged to declare this in your income tax return, otherwise you commit tax evasion. I am not a tax advisor and am not allowed to advise you on this. Therefore, clarify this with your tax advisor. For preservation of evidence, I recommend to create a complete documentation of purchases and sales. I have made good experiences with the free web-based tool CoinTracking. Register there and complete the registration. Again, use the 2-factor authentication.
Create key
Step 10: You can automatically import all transactions from Binance into CoinTracking. To do this, you must first create an API key at Binance. Log in to Binance and click on your initials to the left of the bell. Then click on 'API Settings' and create a new key. Choose only the 'Read only' permission.
Import
Step 11: To do this, log in to CoinTracking with your access data and select "Enter Coins" -> "Exchange Import (API)" -> "Binance" in the menu. Enter the key and your secret from step 10 from the Binance API page. The data will be retrieved daily (or manually) from Binance and you have the possibility to generate fiscal reports.
Hebel trading
Step 12: With Binance or Bybit you can also trade with a leverage of 1 to 100. But be careful: learn about leverage trading beforehand and trade only with a leverage of 1 to 3 in the beginning. If you click on this text, you can register with Bybit.