How to Buy Crypto with Wise
Learn how Wise Bank facilitates secure crypto investments through indirect transactions with regulated exchanges.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Summary: Wise, previously known as TransferWise, doesn't support direct cryptocurrency transactions on its platforms. However, users utilizing Wise can transition smoothly into the crypto sector by moving Euros (EUR) or another currency to a reputable and compliant exchange, adhering to policies outlined by the Financial Conduct Authority (FCA) and notable European regulators.
Our analysis highlights eToro as the best option for customers using Wise to fund their crypto investments. Aligning with the stringent standards set by leading European authorities, eToro serves as a reliable hub for hassle-free multi-currency transfers from Wise. Once registered on the eToro platform, investors can trade a diverse portfolio of over 3,000 financial assets, including cryptocurrencies, stocks, ETFs, and more.
Can You Buy Crypto with Wise?
Yes, Wise offers its clients the chance to invest in Bitcoin and other digital currencies using their accounts or Wise Card's. Customers interested in buying Bitcoin, Ethereum, or altcoins, they are required to set up an account on a digital currency platform that accepts Wise Bank for Euro (EUR) or other currency deposits. It is of utmost importance to choose a platform that operates under the supervision of the Financial Conduct Authority (FCA) or a comparable European financial regulatory institution.
How to Buy Bitcoin and Crypto with Wise Bank
The safest and simplest way to purchase cryptocurrencies using a Wise Bank account is through a regulated broker. This enables investors to securely deposit any fiat currency from their Wise bank account via bank transfer, Wise Card and other options. Based on our analysis, we recommend eToro due to its compatibility with Wise Bank, adherence to regulations, and competitive fee structure for over 3,000 assets.
Here is a simple 4 step guide to investing with your Wise account:
- Visit eToro to sign up and verify your identity.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Select your fiat currency and your payment method (e.g Bank Transfer) and complete your transfer from Wise Bank.
- Complete the deposit and use the funds credited to your account to invest in crypto.
What are the Fees?
The charges associated with transferring funds from a Wise Bank account to a cryptocurrency exchange can fluctuate based on the exchange selected. Bank transfers from a Wise Personal or Business account to a globally operating exchange, typically carry no cost, but trading fees may vary. Platforms like eToro maintain a 1% spread on trades, whereas other popular options like Kraken and Coinbase impose a 1% fee alongside a 1% spread.
It's significant to underscore that deposits to exchanges using a Wise Bank Debit Card will bear a fee of 2.49%. This is a result of the card issuer (Mastercard) levying a static fee for all credit card transactions, encompassing those related to cryptocurrency transfers or deposits.
Is Wise Crypto-Friendly?
Yes, Wise maintains a facilitative stance towards its users' engagement in the crypto sector, assisting in transactions with platforms that are acknowledged and supervised by authoritative organizations like the Financial Conduct Authority (FCA) in the UK and other significant regulatory agencies throughout Europe. This approach ensures that individuals using Wise can securely transfer Euros or other currencies to these approved platforms, aligning with preventive strategies to curb financial wrongdoing.
As a result, users of Wise can venture into the cryptocurrency market with assurance, knowing that their investments are protected and adhere to current legal frameworks. Moreover, Wise's forward-thinking position creates a supportive atmosphere where both newcomers and experienced investors can flourish, further enhancing their digital asset portfolios.
About Wise
Wise, formerly known as TransferWise, is an innovative financial technology company with a global presence. Founded in 2010 and headquartered in London, Wise revolutionized the traditional banking sector by offering a cost-effective and transparent method of sending money abroad. Wise is publicly listed on the London Stock Exchange under the ticker symbol "WISE".
The bank provides various services, such as multi-currency accounts, international money transfers, debit cards, and business accounts. These offerings enable customers to send, receive, and manage money in multiple currencies with minimal fees and real exchange rates, significantly reducing the costs compared to traditional banking systems.
Bottom Line
In conclusion, Wise, formerly TransferWise, facilitates a secure foray into the cryptocurrency market, even without supporting direct crypto transactions on its platform. By enabling users to effortlessly transfer Euros or other currencies to reputable exchanges like eToro, it paves a trustworthy path for individuals eager to explore the financial potential of cryptocurrencies.
By adhering to the guidelines established by the Financial Conduct Authority and other European regulators, Wise ensures a safe and compliant space for both newcomers and seasoned investors to expand their digital asset portfolios. This collaboration symbolizes a significant stride in fostering a reliable and user-friendly atmosphere in the cryptocurrency investment landscape.
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