Can I Buy Bitcoin with Volksbank?

Volksbank customers looking to purchase Bitcoin can invest in the emerging asset class by using BaFin-regulated cryptocurrency exchanges in Germany. Finding an investment platform that complies with strict anti-money laundering (AML) regulations is important for compliance and security purposes.

How to Buy Crypto with Volksbank 

Volksbank enables clients to invest in cryptocurrencies by facilitating transfers to BaFin-regulated exchanges like eToro, a licensed multi-asset trading platform. It provides access to over 6,000 assets, including 100+ cryptos and other financial instruments. Users can fund their eToro accounts using SEPA transfers, Sofort, PayPal and debit or credit cards.

Follow these steps to start trading digital currencies with Volksbank:

1. Create an Account: Visit eToro’s official website and register for an account. Complete the required identity verification process to activate your account securely.
2. Deposit Funds: Head to the “Deposit” section, choose your preferred payment method and transfer funds directly from your Volksbank account.
3. Explore Cryptocurrency: Browse the wide range of available assets and select the token you want to invest in.
4. Execute Trade: Input the desired investment amount, review your transaction details carefully, and confirm the purchase.

What are the Fees?

‍If you're considering purchasing cryptocurrency using your Volksbank account through eToro, here’s a breakdown of the fees you might encounter on the platform:

• Deposits: Deposits in Euros are converted to USD on eToro, and a 0.5% currency conversion fee applies.
• Withdrawals: A flat $5 fee is charged for USD withdrawals. For withdrawals in Euros, an additional 0.5% currency conversion fee is applied to convert USD back into Euros.
• Trading Fees: eToro includes a 1% trading fee in the spread for every cryptocurrency transaction. The spread represents the difference between the buying and selling prices.
• Inactivity Fee: After 12 months of inactivity, a $10 monthly fee applies. This fee can be avoided simply by logging in occasionally. There are no additional fees for account closure.

When compared to other platforms like Bitpanda, which often charges trading fees exceeding 2%, eToro is a competitive option for Volksbank users.

Volksbank Cryptocurrency Policy

Volksbank facilitates cryptocurrency investments by enabling clients to transfer funds to exchanges regulated by the Federal Financial Supervisory Authority (BaFin). This ensures adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

In July 2022, Volksbank Bayern Mitte, a regional branch of Volksbank, introduced Bitcoin ATMs in its Ingolstadt branch, allowing customers to purchase Bitcoin directly. This initiative marked a significant step in integrating digital assets into traditional banking services.

While certain Volksbank branches have begun offering access to digital currencies through ATMs, the bank does not currently provide direct cryptocurrency trading within its platform. Clients interested in trading digital assets are advised to use BaFin-regulated crypto exchanges.

About Volksbank

Volksbank is a cooperative banking group in Austria and Germany, comprising eight regional banks and a specialized institution for healthcare professionals, collectively serving millions of customers.

The group's central entity, VOLKSBANK WIEN AG, is the 14th largest bank in Austria, with a market share of 1.49%. Volksbank offers a comprehensive range of financial services, including savings accounts, investment products, insurance and financing options. 

Bottom Line

Volksbank customers can invest in cryptocurrencies by transferring funds to BaFin-regulated exchanges. Platforms like eToro, operating under stringent European regulatory standards, are accessible to Volksbank customers and facilitate EUR deposits through local payment methods.

By partnering with BaFin-compliant exchanges, Volksbank ensures that its clients can engage in cryptocurrency investments while adhering to Germany’s financial regulations and EU-wide compliance standards.