How to Buy Crypto with FNB Bank
As outlined above, the best way to buy Bitcoin and crypto asset with an FNB Bank account is through a regulated exchange that accepts South African residents. These platforms will allow you to transfer South African Rand (ZAR) from your FNB eWallet or account to their exchange to buy, sell, trade and stake cryptocurrencies.
Here is a simple guide to getting started with our top pick, Bybit:
- Sign Up: Create a free account on Bybit.
- Deposit Funds: Click 'Buy Crypto', then 'One-Click Buy' and select 'ZAR' as your currency.
- Find Token: Pick a method and the cryptocurrency you want to invest in.
- Buy Crypto: Input the amount you want to purchase and tap 'Buy with ZAR' to complete your transaction.
What is FNB's Crypto Policy?
FNB is a crypto-friendly bank in South Africa. They allow their customers to freely deposit and withdraw funds to and from Financial Sector Conduct Authority (FSCA) regulated digital asset exchanges in the country. However, they do not support buying, selling or investing in cryptocurrencies directly through their bank accounts.
What are the Fees?
The fees for buying crypto with FNB Bank or FNB eWallet will depend on the exchange you choose. Bybit does not charge any additional fees for ZAR deposits, but other exchanges may require a fee to cover transaction costs. We recommend Bybit compared to other platforms due to having no deposit fees and having the lowest trading fees at 0.1%.
In conclusion, buying cryptocurrencies with your FNB Bank or FNB eWallet account in South Africa can be made possible by finding a licensed and regulated crypto exchange. Bybit is a recommended platform that offers instant and free ZAR deposits to trade over 400 cryptocurrencies with low fees. FNB Bank is a crypto-friendly bank in South Africa, but they do not support buying, selling, or investing in cryptocurrencies directly through their bank accounts.