Kraken and Binance rated best crypto platforms in Germany
The top 3 platforms for investing in cryptocurrency in Germany are Kraken, Binance and German provider Bison, according to the Munich Institute for Asset Growth (IVA). The market for crypto investing continues to grow, but there are large quality differences between brokers, the research shows.
The Munich Institute tested 18 crypto providers in total on behalf of German business magazine Capital. Direct as well as indirect investing platforms were included, ranging from direct crypto assets to derivatives such as Exchange Traded Commodities (ETC) and Exchange Traded Products (ETP). The researchers looked at the platform’s costs, offer, service and security.
Binance in 3rd place since registration
Overall, eight out of 18 platforms received a 5-star rating. Most of the top rated providers offer direct crypto investing. To illustrate: as much as half of direct investment platforms get a high rating compared to one third of indirect investing platforms.
Originally Binance was rated in 6th place.
Kraken comes in at number one with 81.6 out of 100 points, followed closely by the largest crypto exchange Binance with 81.5 points. This may seem surprising, as Binance has received numerous warnings from regulators about a lack of registration. That is why originally the exchange was rated in sixth place.
However, earlier this month Binance was greenlit to operate in France as well as Italy. Moreover, the platform scores many points for its huge offer of 600 cryptocoins at low costs. The third best rated crypto platform is German broker Bison scoring 81 points. Although the platform only offers seven cryptocurrencies, the security is high and costs are low.
Comdirect best indirect investment platform
While direct investment platforms offer a larger variety of products, according to the report, indirect brokers score better in terms of safety. This is because regulations are more strict for these investments. In contrast, the differences in cost and service are much lower.
Indirect crypto investing mitigates some of the risks.
For indirect crypto investing such as ETPs, German bank Comdirect scores highest with 78.7 points. The provider mostly rates better for its service and large offer. Investing in crypto through derivative ETCs and ETPs is considered popular, as it mitigates some of the high risks.
‘These platforms can be used with a clear conscience’
Currently there are hundreds of crypto platforms across the world and more than 200 million people trading in cryptocurrency, Capital writes. As the market continues to grow, more platforms enter the market.
More than 200 million people trade in crypto.
The platforms included in this research all meet a minimum level of security, according to IVA. In other words, as Maximilian Stauner from the Munich institute says: they ‘can be used with a clear conscience’.