Can I Buy Bitcoin with Consorsbank?

Consorsbank users interested in Bitcoin can buy the asset by transferring Euros to crypto exchanges in Germany regulated by the Federal Financial Supervisory Authority (BaFin). These platforms adhere to stringent anti-money laundering (AML) regulations, providing a secure method for accessing digital asset markets.

How to Buy Crypto with Consorsbank

‍Consorsbank allows customers to trade cryptocurrencies by allowing transfers to BaFin-regulated exchanges. eToro is regulated in Europe and provides access to over 6,000 digital currencies alongside traditional financial instruments. Investors can fund their eToro accounts using SEPA transfers, Sofort, debit cards, or credit cards.

Start trading digital currencies with Consorsbank by following these steps:

1. Set Up an Account: Visit eToro’s official website, sign up, and complete the necessary ID verification to activate your account.
2. Deposit Funds: Go to the "Deposit" section, select your preferred payment method and initiate a transfer from your Consorsbank account to load your wallet.
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.

What are the Fees?

If you plan to buy cryptocurrency using your Consorsbank account through eToro, here’s an overview of the platform's fee structure:

1. Deposits: Euro deposits are automatically converted into USD on eToro, with a 0.5% currency conversion fee applied.
2. Withdrawals: A flat $5 fee applies to withdrawals in USD. For withdrawals in Euros, an additional 0.5% currency conversion fee will be charged to convert USD back into Euros.
3. Trading Fees: eToro charges a 1% trading fee for every cryptocurrency transaction. This fee is included in the spread, which is the difference between the buying and selling prices of the asset.
4. Inactivity Fee: A $10 monthly inactivity fee is imposed after 12 months of no account activity. This fee can be avoided by simply logging into your account occasionally. Closing your account does not incur any additional charges.

Compared to other platforms like Bitpanda, which charges trading fees exceeding 2%, eToro is a more affordable choice.

Consorsbank Cryptocurrency Policy

Consorsbank enables clients to invest in cryptocurrencies by facilitating fund transfers to exchanges regulated by the Federal Financial Supervisory Authority (BaFin). This approach ensures compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

In July 2021, Consorsbank expanded its investment offerings by introducing cryptocurrency certificates into its savings plan portfolio. This addition allows investors to incorporate digital assets like Bitcoin and Ethereum into their portfolios through a regulated framework.

While Consorsbank supports digital asset investments via these certificates, it does not currently offer direct cryptocurrency trading within its own platform. Clients interested in trading digital assets must use external BaFin-regulated crypto exchanges.

About Consorsbank

Consorsbank, a digital direct bank under BNP Paribas, serves approximately 1.5 million clients in Germany, offering a comprehensive suite of online financial services, including current accounts, savings plans, securities trading, and 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, which provides credit and additional benefits such as worldwide free ATM withdrawals, mobile phone and travel insurance.

Bottom Line

Consorsbank offers its clients a safe way to invest in cryptocurrencies by enabling transfers to BaFin-regulated exchanges. eToro operates under strict European regulatory standards and the platform can be used in German.

By leveraging BaFin-compliant exchanges, Consorsbank ensures that its customers can invest in cryptocurrencies while adhering to German and EU financial regulations.