Summary: Openbank currently does not enable direct cryptocurrency transactions via its online banking interface. However, its customers can choose to participate in the digital currency market via officially recognized exchanges, leveraging Euros (EUR) moved from their Openbank accounts to buy cryptocurrencies on a platform that suits their preferences.
After careful evaluation of more than 20 verified exchanges, eToro has emerged as the leading choice for Openbank clients. This renowned exchange allows for swift, cost-effective EUR transfers from Openbank accounts, and it provides access to a wide range of more than 3,000 digital currencies, stocks, ETFs, and other diverse investment opportunities.
Can You Buy Crypto with Openbank?
Yes, it's possible to buy digital currencies using your Openbank account or card. To purchase Bitcoin or other cryptocurrencies, you must set up an account on a crypto exchange in Spain that allows for Openbank deposits. In doing so, it's of utmost importance to select an exchange that follows the regulations established by the National Securities Market Commission (CNMV) of Spain or a comparable European regulatory body like the CySEC.
How to Buy Bitcoin and Crypto with Openbank
To securely invest in digital assets via your Openbank account, we recommend using a well-regulated exchange such as eToro. Noted for its reliability, eToro allows users to swiftly deposit Euros (EUR) from Openbank using several options, like bank transfers (SEPA), Openbank Cards, debit cards, and credit cards, to trade over 3,000 assets.
Here's how to begin in four easy steps:
- Sign up for an eToro account and go through the verification procedure.
- Click on the 'Deposit Funds' option, usually located at the bottom left of your screen.
- Choose 'EUR' and your preferred payment method, then move funds from Openbank.
- Use the search function to locate and buy your chosen digital currency.
Is Openbank Crypto-Friendly?
Openbank indeed facilitates its customers' engagement with Bitcoin, Ethereum, stablecoins, and other digital currencies through exchanges authorized by Spain's National Securities Market Commission (CNMV), the Bank of Spain or the Cyprus Securities and Exchange Commission (CySEC).
This approach guarantees customers interact with platforms that respect both national and European guidelines intended to curb financial malpractices, including money laundering and fraudulent activities. By opting for a regulated exchange, Openbank clients can rest assured that their cryptocurrency investments remain safe and adhere to legal protocols.
What are the Trading Fees?
The costs related to buying Bitcoin and other digital currencies using an Openbank account depend on the chosen cryptocurrency exchange. Significant expenses can include deposit fees, withdrawal fees, spread percentages, and trading fees.
We recommend eToro as a budget-friendly option for Openbank clients, given its low-fee Euro deposits and nominal commission trading. The primary expense when purchasing cryptocurrencies on eToro is a 1% spread, which is notably competitive compared to other platforms like Coinbase, which levies fees of over 2% per transaction.
In conclusion, Openbank, with its compatibility with compliant cryptocurrency exchanges, enables its clients to securely delve into the world of digital currencies like Bitcoin and Ethereum. By opting for regulated platforms such as eToro, Openbank users can leverage several convenient deposit options and benefit from competitive trading fees.
This ultimately offers a safe, cost-effective, and straightforward method for investing in cryptocurrency, in alignment with Spanish and European financial regulations. Whether you are a novice oran experienced investor, Openbank bridges the gap between traditional banking and the burgeoning digital asset landscape.