Open a Bitcoin account in 2022 - it's that easy! 

bitcoin logoWith a high of over 63.000 US dollars, Bitcoin rose to a new high in 2021, which underscores the importance of digital currencies as safe and sustainable investments has consolidated again. Many people therefore want to get in now and benefit.

The question arises, how and where to open a bitcoin account should. In our Bitcoin account test we show how beginners can open a Bitcoin account within just a few minutes.

 

67% of retail investor accounts lose money when trading CFDs from this provider.

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    Why do you need a Bitcoin account?

    Many potential investors are wondering why they even need a Bitcoin account. Here you should first of all bear in mind that Bitcoins only exist digitally. In order to be able to store, send and receive bitcoins, it is therefore a so-called Bitcoin Wallet essential.

    The challenge is to choose the right Bitcoin account to get the coins safe and user-friendly at the same time to keep. For this purpose, we present two of the most widely used methods in the following section: a hardware wallet and a hot wallet via a broker service.

     

    Possibilities to create a Bitcoin account

    Open a Bitcoin accountThe right Bitcoin account: In 2022 there will be countless forms of Bitcoin wallets, which initially causes confusion for beginners: Wallets are not just wallets. There is quite different typeshow bitcoins can be stored, with each type of wallet having its own advantages and disadvantages.

    In order to make getting started as easy as possible, we present two of the most popular solutions. While a hardware wallet is especially suitable for those users who want to keep large amounts safe, a Bitcoin account is ideal through an online broker the easiest way to safely store bitcoins or other digital currencies.

    1. Hardware Wallet: A hardware wallet is a physical device in which the coins are stored. As a so-called cold wallet, hardware wallets are not connected to the Internet, which makes hacker attacks impossible. Hardware wallets are therefore particularly suitable for those investors who want to keep large amounts safe for a longer period of time.
    2. broker wallet: Online brokers have long since jumped on the crypto train and offer their customers a variety of storage options for their digital treasures. Here, our test winner eToro stands out from the crowd. In addition to the brokerage service, eToro offers its own free Bitcoin wallet in which other common cryptocurrencies can be stored. If you feel like registering with the test winner, you shouldn't wait, but try out the advantages of the eToro Bitcoin Wallet immediately, free of charge and without obligation!

     

    Bitcoin account provider: It's that easy to register for a free Bitcoin account

    1st place: eToro Bitcoin account

    Step 1: registration

    Create a Bitcoin account with the test winner: Register with eToro works quickly and smoothly and can usually be completed within a few minutes. Suffice it to say a few Basic data on the start page of the provider or alternatively download the apps for iOS or Android.

    eToro registration

    Step 2: deposit

    After the identification process, it is possible to make a deposit into the eToro trading account. For this purpose, users have a Range of payment options to disposal. These include credit cards, bank transfers, instant banking, Skrill, Neteller and even PayPal. Depending on which payment method you choose, it can take a certain amount of time for the money to go into the account.

    eToro deposit methods

    Step 3: buy bitcoin

    Once the money has been credited to the trading account, investors can start buying cryptocurrencies. To do this, you can easily find the currency you want, e.g. Bitcoin, using the search bar. Then you just have to select the desired trade amount and click on "Open a trade“Clicked.

    Buy eToro Bitcoin

    Many investors simply store their cryptocurrencies in the integrated wallet from eTorowithout creating a separate wallet. Here the coins can be stored flexibly, securely and for a long time.

    67% of retail investor accounts lose money when trading CFDs from this provider.

    2nd place: Plus500 Bitcoin account

    Step 1: registration

    Plus500 is also an online broker that, unlike eToro, does not have real Bitcoins, but only CFDs can be bought. If this is enough, just like with eToro, you can register in just a few minutes. Customers can use the Plus500 Web Trader as well as the iPhone / iPad, Android and Windows apps for this purpose.

    Plus500 registration

    Step 2: deposit

    The payment methods at Plus500 are plentiful. Here users can choose between VISA and Mastercard, PayPal, bank transfer, Skrill, iDeal, giropay and a number of other payment options. In order to actually be able to transfer the money, Plus500 also uses a Customer verification carried out.

    Plus500 deposit

    Step 3: buy bitcoin

    As soon as the money has been received in the trading account, you can Bitcoin CFDs to be bought. Since these are derivatives, leverage can even be applied to further increase the potential for returns. However, Bitcoin CFDs cannot be used as a means of payment and do not have to be stored in a wallet.

    To buy Bitcoin CFD, all you have to do is search for the cryptocurrency using the search field at the top of the screen. With a click on it, the trading mask opens, in which you can select the desired amount and the leverage. With a click on "Buy“The deal is concluded.

    Buy Plus500 Bitcoin

    3rd place: Coinbase Bitcoin account

    Step 1: registration

    While eToro and Plus500 are online brokers, Coinbase is one Crypto exchange, on which all common crypto currencies can be bought in addition to bitcoins. To register on the platform, you will be asked for your name, e-mail address and a corresponding password and mobile phone number. The email address and telephone number must then be confirmed.

    Coinbase registration

    Step 2: verification

    Although Coinbase is not a regulated online broker, investors still need to go through one Identification process. For this purpose, users can scan their ID card, passport or driver's license via webcam or app.

    Coinbase verification

    Step 3: buy bitcoin

    After the verification process has been successfully completed, users can deposit money into the Coinbase account and buy real bitcoins or other currencies.

    Coinbase Bitcoin web wallet

     

    Open a Bitcoin Account: Tips and Recommendations

    Everyone who wants to open a Bitcoin account should think about their own needs and goals in advance in order to make the right decision for a Bitcoin account. In the first step the question should be asked, why you want to invest in bitcoins.

    • If only you participate in the growth in value CFDs may be the right choice, as offered by our test winner eToro or Plus500.
    • Who against Bitcoins as a means of payment want to use, should opt for real coins. Providers like eToro offer their customers a free demo account in which trading in crypto currencies or other securities can be tested for free and risk-free based on real market conditions. A demo account thus offers the perfect introduction to trading in cryptocurrencies.
    • Who against invest a lot of money should opt for a hardware wallet instead. Even if hardware wallets are certainly not among the most user-friendly wallets, the security standards are still the highest here. Investors should inquire about the right solution from providers such as Trezor or Ledger.

    Open a bitcoin account

    Is a Bitcoin account safe and anonymous?

    Attentive readers will have already recognized that online brokers offer the best entry point for beginners to benefit from the increase in the value of Bitcoin without overwhelming the user. The Bitcoin accounts from eToro and Plus500 provide an intuitive menu that is aimed at the needs of beginners.

    The question arises whether online brokers like eToro and Plus500 also provide the necessary security. And here we can reassure you: Both eToro and Plus500 will be regulated by the Cyprus Securities and Exchange Commission (CySEC), which means that the providers are under the supervision of an EU tax authority. Among other things, this protects customers from a negative balance and obliges the operator to keep customer and company funds separately.

    Is a Bitcoin account anonymous? Due to the regulations, customers have to carry out an identification process with online brokers, which means that customers are not anonymous. This could put off some crypto supporters, as anonymity is an important part of decentralized currencies, but it is at least partially canceled out by the regulations.

     

    67% of retail investor accounts lose money when trading CFDs from this provider.

     

    Bitcoin account fees: what does it cost to open a Bitcoin account?

    Before opening an account, it is of course important to read the fine print in order to hidden costs to detect. Account management or withdrawal costs would reduce the return that customers expect from Bitcoin, depending on the amount of the fees.

    If you open an account with our test winner eToro, you don't have to expect any hidden costs. The opening and account management are for example completely freeso there are no monthly fees.

     

    Bitcoin account advantages and disadvantages

    Advantages

    • Bitcoins can be easily stored, received and sent
    • High security through backup options (such as recovery seed)
    • Quite a few experts assume a further increase in the value of Bitcoin
    • Most wallets or Bitcoin accounts are completely free
    • Multi currency wallets can store several different coins at the same time

    Disadvantages

    • Beginners are often overwhelmed when it comes to choosing a suitable account
    • Bitcoins require at least a basic technical understanding
    • The user interface of many providers is anything but user-friendly

     

    Bitcoin account experiences: easy, safe and fast!

    Admittedly, the world of cryptocurrencies is not always easy to understand. If you want to invest successfully in Bitcoin, you shouldn't just Knowledge of digital currencies, but also about the various investment options and wallets in order to be able to make well-founded decisions.

    Fortunately, eToro does some of the work for users by offering all services from a single source. Regardless of whether this is real coins, CFDs or other investments trades - the online broker can convince with a rich offer that is not available anywhere else in this form.

    eToro logoInstead of just keeping the coins on the platform, customers can also choose to use a free eToro wallet in order to combine all the advantages of a wallet with the service of the trading platform. At eToro, customers get a one-stop service that makes getting started a lot easier, especially for beginners.

     

    67% of retail investor accounts lose money when trading CFDs from this provider.

     

    FAQ for the Bitcoin account test

    Do I always need my own Bitcoin account or wallet?

    In principle, cryptocurrencies can be stored on the respective trading platform. However, long-term investors should definitely keep their coins in a wallet.

    Where can I buy cryptocurrencies?

    Cryptocurrencies can be bought on Bitcoin exchanges such as Coinbase or from online brokers such as Plus500 or our test winner eToro.

    When is the best time to invest in cryptocurrencies?

    Many experts assume that cryptocurrencies will continue to increase in the future. Therefore, now is the best time to invest in cryptocurrencies.

    About Kevin Seeberger

    Kevin Seeberger is a graduate economist with a focus on e-commerce & marketing. He takes care of various topics related to computer security, cryptocurrencies and reviews.