Can I Buy Bitcoin with Consorsbank?

Yes, Consorsbank clients are able to purchase Bitcoin by transferring Euros to MiCA-licensed digital asset exchanges in Germany that comply with anti-money laundering (AML) standards under both BaFin supervision and the EU's MiCA framework. 

This approach provides compliant access to cryptocurrency markets while adhering to German and broader EU regulatory requirements.

How to Buy Crypto with Consorsbank

Consorsbank allows customers to trade cryptocurrencies by facilitating transfers to MiCA-regulated exchanges. Kraken is licensed as a Crypto Asset Service Provider under MiCA with the CBI (Registration No. C468360) and provides access to over 600 digital currencies. 

Investors can fund their Kraken accounts using SEPA transfers, Sofort, debit cards, or credit cards from Consorsbank. We tested this process using a standard SEPA transfer from a Consorsbank account. The transfer went through cleanly, with no blocks from the bank.

Start trading digital currencies with Consorsbank by following these steps:

1. Set Up an Account: Visit Kraken's official website, sign up, and complete the necessary ID verification with your German Personalausweis or Reisepass.
2. Deposit Funds: Go to the "Funding" section, select EUR and your preferred payment method, and initiate a transfer from your Consorsbank account.
3. Explore Cryptocurrencies: Browse the extensive selection of assets and choose the cryptocurrency you wish to purchase.
4. Make Your Purchase: Enter the investment amount, double-check the transaction details, and confirm to finalize your purchase.

Fees and Deposit Limits for Consorsbank Customers

If you are purchasing crypto through an exchange with Consorsbank, it is important to understand the costs on both sides. 

These generally cover Consorsbank transfer limits and fees, exchange deposit costs, and trading fees. For Consorsbank users, Kraken provides a competitive fee structure with no hidden charges on Euro deposits.

• Consorsbank Transfer Limits: The default Online-Tageslimit for transfers is €25,000 per day. Clients can increase this to €50,000 via online banking or the Consorsbank app.
• Deposits: SEPA transfers and Klarna (Sofort) from Consorsbank to Kraken are free. Card deposits carry a 3.75% fee on Kraken, so we would avoid using this unless speed is critical. For a €1,000 card deposit, that is €37.50 in fees before you even trade.
• Withdrawals: Euro withdrawals back to your Consorsbank account via SEPA are free on Kraken. Crypto withdrawals carry variable network fees depending on the token and blockchain congestion.
• Trading Fees: Kraken's Instant Buy interface charges roughly 1%. For better pricing, use Kraken Pro, where spot maker fees start at 0.25% and taker fees at 0.40%, both decreasing with higher 30-day volume.

Compared to other platforms like Bitpanda, which charges trading fees around 1.49% on its Broker interface, or Coinbase, where fees can exceed 2%, Kraken's structure is the most affordable for Consorsbank clients depositing Euros. 

There are no hidden fees for SEPA deposits on either the Consorsbank or Kraken side, making it a straightforward and affordable option.

Consorsbank's Crypto Policy

Consorsbank enables clients to invest in cryptocurrencies by facilitating fund transfers to exchanges regulated under the Markets in Crypto-Assets Regulation (MiCA) or by BaFin. The bank does not offer direct crypto trading or a crypto wallet within its own platform.

Since late 2024, the bank has introduced some crypto ETPs. You can currently find around 100 certificates covering over 15 cryptocurrencies in the Wertpapiersuche, with some products also available as Sparpläne. However, these remain certificates, not actual cryptocurrencies. 

You do not own Bitcoin when buying a Bitcoin ETP through Consorsbank. You hold a debt instrument that tracks the price, which means you carry both market risk and issuer risk, plus annual management fees that often run around 2%.

For anyone who wants to actually own crypto, send it to a wallet, or stake it, the only path from Consorsbank is to transfer Euros to an external exchange.

Best Alternative Exchanges for Consorsbank Customers

Consorsbank customers looking for alternatives to Kraken can consider the following MiCA-registered European exchanges:

About Consorsbank

Consorsbank, formerly Cortal Consors, is a German digital direct bank and a wholly-owned subsidiary of BNP Paribas S.A. Founded in 1994, it serves approximately 1.5 million clients in Germany. 

It offers a comprehensive suite of online financial services, including current accounts, savings plans, securities trading via its Wertpapierdepot, and consumer loans. 

Clients receive two complimentary debit cards, a V PAY and a Visa Debit card, with the option to request a Visa Card Gold for an annual fee. The Wertpapierdepot offers fee-free access to approximately 1,500 ETF Sparpläne and trading across 30+ global exchanges.

Final Thoughts

Consorsbank offers its clients a secure way to invest in cryptocurrencies by enabling transfers to MiCA-regulated crypto exchanges. 

Kraken operates under strict European regulatory standards, and the platform is available in German. By leveraging MiCA-compliant exchanges, Consorsbank ensures that its customers can invest in cryptocurrencies while adhering to German and EU financial regulations.