Can I Buy Bitcoin with LCL Banque?

Yes, LCL Banque clients can invest in Bitcoin using regulated French crypto exchanges registered as Digital Asset Service Providers (DASPs) with the French Financial Markets Authority (AMF). Investors can transfer euros (EUR) to licensed platforms that comply with strict anti-money laundering (AML) regulations. 

How to Buy Crypto with LCL Banque

‍Although LCL Banque does not provide direct access to crypto investments, clients can buy digital assets through regulated exchanges such as Kraken. The exchange supports deposits in euros through SEPA, bank transfers, Apple Pay, Google Pay, and credit or debit cards. Following the transfer, users can access over 290 cryptocurrencies for spot and futures trading.

Here’s a simple guide to buying crypto with your LCL Banque account:

1. Create an Account: Visit Kraken’s official site and sign up for a new account. Complete the KYC verification process by providing a valid ID to activate your account.
2. Deposit Funds: Once your account is set up, navigate to the “Funding” section. Select your deposit method to send euros from your LCL Banque account.
3. Choose Your Cryptocurrency: With funds in your account, explore the available assets and select the cryptocurrency you want to purchase.
4. Execute Trade: Enter the amount you’d like to buy, review the transaction details for accuracy, and confirm the trade to complete your purchase.

What are the Fees?

When buying cryptocurrency with LCL Banque through an exchange, it’s essential to understand the associated fees. This typically involves costs for deposits, withdrawals, and trading.

For LCL Banque customers, Kraken is affordable, as it allows free euro deposits through SEPA transfer. Its trading fees are competitive, beginning at 0.16% for spot trades, whereas some exchanges like Coinbase charge upwards of 2% for trading fees.

Keep in mind that withdrawal fees vary by token, as they depend on network transaction costs that fluctuate. Reviewing these fees before making a transaction helps you manage expenses and budget better.

LCL Banque Cryptocurrency Policy

LCL Banque does not support direct cryptocurrency purchases within its banking platform. This means clients cannot buy, hold, or trade digital assets like Bitcoin or Ethereum directly through the bank. However, it allows euro transfers to reputable digital asset exchanges that comply with French Financial Markets Authority (AMF) and hold a Digital Asset Service Provider (DASP) license.

The PACTE Act of 2019 has established a clear regulatory framework for DASPs and ICOs, ensuring a secure environment for cryptocurrency activities. LCL Banque regularly publishes informational blogs about digital assets and Web3 to educate its clients on the emerging asset class.

About LCL

LCL Banque is a French retail and commercial bank serving millions with a comprehensive range of banking, insurance, and financial services. Established in 1863 as Crédit Lyonnais, it now operates under the Le Crédit Lyonnais brand after merging with Crédit Agricole in 2003.

The bank offers extensive personal banking options, including checking accounts, loans, savings, and investment solutions. Its products include LCL Essentiel and LCL Access.

Bottom Line

LCL users in France who want to buy crypto can use regulated exchanges like Kraken. This platform provides access to over 290 digital assets, enabling spot trading and futures trading. Kraken also allows euro deposits and provides staking services, where users can earn up to 28% APY.

For a secure experience, LCL Banque clients should rely on reputable exchanges, be aware of any associated transaction fees, and familiarize themselves with LCL Banque’s policies on crypto-related transfers.