How to Buy Crypto with mBank
Understand easy ways to buy crypto with mBank through secure transfers to regulated platforms approved by the KNF.
Summary: mBank does not offer direct digital currency transactions through its online banking services. However, clients can still access the crypto market by transferring funds to regulated exchanges supervised by the Polish Financial Supervision Authority (KNF).
For mBank customers looking to invest in crypto assets, eToro is a top option. It offers a seamless PLN and EUR deposit process. eToro boasts a broad portfolio of over 4,500 digital assets, stocks, commodities and ETFs with competitive fees.
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Can I Buy Crypto with mBank?
Yes, mBank enables customers to invest in cryptocurrencies like Bitcoin and Ethereum. It approves transfers to regulated digital asset exchanges in Poland, adhering to the Polish Financial Supervision Authority (KNF) financial regulations. mBank simplifies the buying process by enabling payments in Polish Zloty (PLN) or Euros through local transfers and debit cards, ensuring a seamless transaction experience.
How to Buy Crypto with mBank
mBank clients interested in cryptocurrencies muyst use a regulated investment platform that accepts deposits in PLN. A reputable option is eToro, known for its compliance with the Polish Financial Supervision Authority (KNF). It accepts deposits in Polish Zloty through bank transfers and card payments. Beyond crypto, eToro offers a diverse range of over 4,500 stocks, commodities and ETFs.
Here's how to start investing in crypto through mBank with eToro:
- Account Setup: Register on eToro and complete the necessary verification for a secure account.
- Funding Your Account: Access the 'Deposit' area on your dashboard, located on the lower left of the interface.
- Select Currency and Method: Choose 'PLN' as your currency and select a suitable method for transferring funds from mBank.
- Buying Cryptocurrency: Once your deposit is complete, use the search feature to find and invest in your preferred cryptocurrency.
What are the Fees?
mBank users considering Bitcoin and other cryptocurrency investments must be aware of the various fees involved. These include costs for deposits, withdrawals, and transaction fees, along with the spread, the difference in buying and selling prices.
For mBank users, eToro is the most affordable option, with free PLN deposits through SEPA transfers and a competitive fee structure. eToro's variable spread on crypto trades hovers around 1%, making it a cost-effective choice compared to platforms like Coinbase, which often have higher fees and spreads exceeding 2%.
Is mBank Crypto-Friendly?
Yes, mBank is crypto-friendly and enables customers to invest in digital assets through trusted exchanges, adhering to Poland's comprehensive regulatory framework. Cryptocurrency activities are closely monitored and supervised by national authorities, including the Polish Financial Supervision Authority and the Tax Administration Chamber.
Digital currencies are regulated in Poland with businesses in this sector required to follow stringent Anti-Money Laundering (AML) standards as outlined in the Polish AML Act. By integrating within a system that balances innovation with strict compliance and consumer protection, mBank offers a secure platform for engaging with digital currencies.
Bottom Line
In conclusion, mBank offers a secure way for clients to explore cryptocurrency investments, facilitating access to the market through regulated exchanges. While mBank does not directly offer crypto transactions, it enables seamless fund transfers to platforms like eToro, a recommended broker for mBank customers. eToro supports over 4,500 digital currencies, stocks, ETFs and commodities.
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