3D·

Crypto beginner asks for help in choosing a broker and general tips

I haven't cared about crypto for a long time - but now I've reached the point where I'm looking into it a bit. I've already read one or two things @stefan_21 in his posts. But what would come into question for me would "only" be an investment in $BTC (+0.39%) . Preferably with a monthly savings plan.

As it's all new, I don't want to overdo it at the start and am starting small with €10 a month or €10 every two weeks (I'm not sure how much yet). I also did a bit of research online about providers. In the end, the offer from "Bitvavo powered by Hyphe" appealed to me the most (the main reason for my decision was by far the lowest fees of 0.25% for purchases and that savings plans are also possible). However, I probably haven't seen all the brokers and the experts can certainly comment on whether the provider is good for beginners or whether there are better alternatives. It would also be good to know which is better. A transfer to my own wallet is not on my agenda for the time being. I prefer to keep it with the provider for now.

I'm curious to see what else the more experienced among you can give me as tips/help and what I should look out for. I'm grateful for any help as an absolute beginner in this field.

20 Comments

Stefan21@stefan_21

Greetings :)
Glad to hear it - you're definitely not doing anything wrong with a Bitcoin savings plan.
My savings plan is now with Strike. This is a Bitcoin Only provider that offers fee-free savings plans after 1 week. Previously, it was with 21Bitcoin from Austria - they work together with VR Bank Bayern Mitte and you also have a German reference account there. The savings plans there cost 0.79% in fees, which is absolutely fine. I was and am very satisfied with both and can recommend both providers accordingly.

But there should be nothing wrong with Bitvavo either. I think you just have to try it out and see how you get on :)

You don't need your own wallet for the amounts. I always recommend this from around €1000 or an amount that would be painful to lose. However, it makes sense to play around with the technology a little to get a feel for it. Experience has shown that people understand how Bitcoin works more easily and more quickly if they send a few transactions back and forth themselves. But one thing at a time, I would say :)

•

𓆙@MedusaFi

@stefan_21 hey:) i often see your comments when it comes to bitcoin. can i write to you on instagram or similar? i have a few questions about the ledger. LG!

••

Stefan21@stefan_21

@MedusaFi Hi :) I don't actually use Instagram. For the sake of simplicity, you can just write to me under my pinned post in my profile. That's meant for that.
Grüße✌️

••

Ikey@Ikigai

I've also been with Bitvavo since April with a weekly savings plan on Bitcoin and I'm very satisfied! The money is in the reference account at Bitvavo in no time at all and I also find the app very clear.

•

Kai@Dividenden-Sammler

@Ikigai thanks to you, I'm starting to get the feeling that it sounds pretty good from what I've been able to find out about Bitvavo by Hyphe. Even if Strike by @stefan_21 doesn't sound bad either and with the fees it should apparently be completely free as far as the savings plan is concerned. Do I understand correctly @Stefan21 that the first savings plan costs me the normal fees and then becomes free due to what? What bothers me a little, to be honest, is that it's a foreign company and everything is only in English.

•

Ikey@Ikigai

@Dividenden-Sammler Bitvavo by hyphe is also BaFin-regulated, which I think makes sense at the moment!

••

Stefan21@stefan_21

@Dividenden-Sammler Exactly, this is an originally American company from Chicago that then "emigrated" to El Salvador. I've been following the founder, Jack Mallers, at conferences for years - he's a really cool guy. He says himself that he no longer has a single dollar and only lives on Bitcoin😂 In interviews, he can always be seen in a huge walk-in closet that is completely empty. He's also always wearing exactly the same thing😂
So there you have it.
About the fees: Yes exactly, you pay the fees once with the savings plan and then no more. Years ago, Mallers promised that he would make it possible to buy Bitcoin free of charge. Now the savings plan is free of charge and for one-off purchases you pay staggered fees depending on the size. I think it starts at 1.29% up to a volume of €250 per month. And then the fees go down in stages.

Exactly, everything is in English and the Bitcoin Lightning network is also integrated as well as Bitrefill where you could buy with your Bitcoin right away.
As an "experienced Bitcoiner", I'm thrilled with the app - but I understand that it might seem a bit confusing and complicated when you're just starting out :)
In my opinion, you're definitely not doing anything wrong with Bitvavo.

•

Stefan21@stefan_21

@Dividenden-Sammler this is Mallers in his office😆:
https://x.com/BitcoinNewsCom/status/1749841485485494329?t=vBA1l5MerD4ypGbDABMV-A&s=19

••

Kai@Dividenden-Sammler

@stefan_21 Yes, I'll register with Bitvavo tomorrow. After all, there's a bonus of €20 on top for the first deposit.

What's it like if you want to switch later? Is it possible to transfer bitcoins in a similar way to shares and ETFs (I hope that if so, not only whole coins can be transferred but also shares)?

•

Stefan21@stefan_21

@Dividenden-Sammler Sure, you can then simply send the Bitcoin from Bitvavo to another provider or your own wallet. Think of it like a bank transfer.
You say "Deposit" to the other provider and receive a deposit address. Then you go to Bitvavo, click on "Send" and enter this address there, done :) It would be exactly the same if you had your own hardware wallet. It may sound very complicated, but when you try it out you realize how easy it is and then you lose your fear of contact.
In principle, you can send any amount from 1 Satoshi, i.e. one hundred millionth of a Bitcoin.
Love Grüße✌️

•

Kai@Dividenden-Sammler

@stefan_21 Thanks a lot. I think that if I have any questions in the future, I know where I can get help 😌. At the moment, it's important to me that the fees are low and that the whole thing is understandable for beginners. So Bitvavo for now, although Strike sounds good too, of course, but I think you need to be a bit more familiar with it. I might then switch to it later.

•

Stefan21@stefan_21

@Dividenden-Sammler Of course, you can always contact me if you have any questions - I'm happy to help.

••

MrSchnitzel2000@MrSchnitzel00

Coinbase or bitpanda are also recommended by many ;)

••

Kai@Dividenden-Sammler

@MrSchnitzel00 I also looked at bitpanda as I was familiar with them. What spoke against it for me were the significantly higher fees (I tend to find them among the expensive exchanges) and also the fact that they are based in Austria (I've had bad experiences with investments in the Alpine republic).
Coinbase wasn't exactly cheap in terms of fees either.
What would speak in favor of the two that would justify the additional costs of the fees?

••

user5ca946a11b6a4278@user5ca946a11b6a4278

Bitvavo! 0.25% fees and you can also send them.
And importantly, but you already know that, only buy Bitcoin. Everything else is shitcoins.

••

Kai@Dividenden-Sammler

@user5ca946a11b6a4278 Thanks for the info. Are you also with Bitvavo? I would be interested to know whether the savings plan there is also bi-weekly (beginning/end of the month and in the middle of the month or, if necessary, 2 monthly savings plans can be invested on the respective dates. And yes, if I do crypto then only Bitcoin - I'm a complete beginner in the field and then the top dog among all the coins is enough.

••

Mathias R.@Mathias_Rr

@Dividenden-Sammler goes
I also have only good experiences with Bitavo also to send ledger is here mega favorable from the fees

•

user5ca946a11b6a4278@user5ca946a11b6a4278

@Dividenden-Sammler
Just had a look. You can set up the savings plan weekly, every two weeks and monthly.

•

bull_investor_vkmhk@bull_investor_vkmhk

If then $TRX. Seems to be the most stable.

••

Kai@Dividenden-Sammler

@user5ca946a11b6a4278 great thanks to you. That's what I wanted to hear :-)

••