Crypto exchange
A crypto exchange (Kryptobörse) is a platform where you can buy, sell and swap cryptocurrencies.
Types:
• Centralised exchanges (CEX): Coinbase, Kraken, Binance, Bitpanda – easy to use, regulated, but: your coins are held by the exchange
• Decentralised exchanges (DEX): Uniswap, PancakeSwap – no registration, you keep control, but: more complex, no customer support
Recommended for people in Germany:
• Bitpanda: Austrian, BaFin-regulated, automatic tax report
• Bison (Börse Stuttgart): German app, BaFin-regulated, simple
• Trade Republic: now also offers crypto, with automatic tax report
Important for tax: crypto purchases and sales must be declared in your tax return. Gains with a holding period under 1 year: taxable. Over 1 year: tax-free in Germany! An exchange with an automatic tax report saves a huge amount of effort.
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