How to buy Bitcoins & other crypto at ABN AMRO?
Want to buy Bitcoin, Ethereum or other crypto at ABN AMRO? You can! Follow the steps in this article to invest in Bitcoin with your ABN AMRO account.
How to buy crypto at ABN AMRO?
Step 1: open an account with a crypto exchange
It is not possible to buy crypto directly from ABN AMRO. However, by linking your ABN AMRO account to a crypto exchange, you can invest in Bitcoin without any problems. The overview below shows you directly which exchanges you can join:
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It is advisable to do your own research to find out which exchange suits you. Personally, I invest in crypto at reliable exchanges with low transaction costs. Some crypto exchanges charge higher transaction fees, which can lower your returns.
Step 2: verify account & deposit money from ABN AMRO
Before you can invest in crypto, you must first verify your account. Verifying an account is easy: all you need to do is upload a copy of your passport and proof of your address.
After your account is verified, you can immediately deposit money into your crypto account using your ABN AMRO account. Please note that it may take a few days for the money to appear in your crypto account.
Step 3: Buying bitcoin with ABN AMRO
Once your crypto account is verified, you can immediately buy Bitcoin & other crypto. To do so, navigate within the platform to the cryptocurrency you want to buy and enter the amount you want to invest. Then press the buy button to send the order directly to the exchange.
Besides Bitcoin, you can invest in hundreds of other crypto currencies at crypto exchanges. Always do good research on the crypto you want to buy; not all cryptos projects have a good plan for the future. Within a project’s white paper, you can read what the developers are planning to do.
How does blockchain work?
If you want to buy crypto, you are probably curious about what makes Bitcoin unique. What is unique about Bitcoin is the blockchain, which is the technology behind cryptocurrencies.
According to ABN AMRO, blockchain can boost trust in a system. This is because with blockchain, data is stored on thousands of different computers. This makes it much harder for one person to manipulate a transaction, for example.
When you send Bitcoin to another user, this transaction is updated on thousands of systems. The blockchain therefore allows for completely decentralised banking.
What is ABN AMRO’s stance on crypto?
ABN AMRO is not anti-crypto: as an investor, you can therefore link your account to a reliable crypto exchange without any problems. However, it is advisable to choose a reliable & registered party: that way, you reduce the chances of your bank account being blocked.
It will be some time before ABN AMRO will offer buying & selling Bitcoin itself. This is because, according to the bank, Bitcoin is not suitable as a means of payment. This is because price stability is important for this and the high volatility makes this impossible. However, the bank does stress that Bitcoin can be advantageous for international transactions: namely, via the blockchain, transactions can be carried out much faster and cheaper.
ABN AMRO further stresses that Bitcoin is also far from ideal as an investment. The high volatility makes Bitcoin & other crypto currencies very risky investments. Moreover, it is difficult to determine the value of a Bitcoin as there is no underlying economic value. In any case, from the ABN AMRO’s analysis, it is clear that the bank is not yet eager to offer crypto to its customers.
About ABN AMRO
ABN AMRO is the third largest bank in the Netherlands, headquartered in Amsterdam. The bank was created by merging Algemene Banj Nederland and Amsterdamsche and Rotterdamsche Bank in 1991.
During the 2008 economic crisis, the bank found itself in difficult waters. The Dutch government nationalised the bank and only since 2015 have its shares been tradable again.
Can you buy Bitcoin at ABN AMRO?
It is not possible to buy Bitcoin directly from ABN AMRO. However, by following the steps in this article, you can invest in crypto with your account at ABN AMRO without any problems. ABN AMRO currently has no plans to offer crypto investments to its customers.