German Bitcoin Sellers Face Delays, Fees, and Tax Complexity
Selling Bitcoin in Germany can be done quickly, but the process often takes days before the euros land in your current account. Understanding the order of events and the fees associated with each step can save you time, money, and even taxes on your gain.
The procedure involves four steps: transferring the coins to a trading venue, exchanging them for euros, withdrawing the funds to your bank account, and documenting the transaction history and fee statement. It's essential to know that the sale itself triggers tax purposes, not when the money arrives in your account.
There are several routes to sell Bitcoin, including order book exchanges, brokers, ATMs, and private sales. Each route has its pros and cons, with fees ranging from a few tenths of a percent to mark-ups that can be several times higher than online routes.