How to buy crypto (Bitcoin) at ABSA Bank?
In Tanzania, more and more people are buying Bitcoin & other cryptocurrencies. By following the steps in this article, you too can start investing in your favourite crypto using your bank account at ABSA Bank.
How to buy crypto at ABSA Bank?
Step 1: open an account with a crypto exchange
ABSA Bank does not offer crypto services, but you can link your bank account to a crypto exchange without complications. The overview below shows you directly which crypto exchanges you can join:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with ABSA bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
I always advise investors to spend enough time securing their crypto account. Moreover, it may be wise to send your crypto to an external wallet: that way, your crypto exchange cannot use your funds for risky investments as happened with the FTX exchange.
Step 2: deposit money with ABSA Bank
You can deposit money directly from your bank account at ABSA Bank to your crypto exchange account. Keep in mind that your bank account must be in the same name as the crypto account. Also, some degree of patience is important, as processing the transaction sometimes takes several days.
Step 3: buy crypto with ABSA Bank
You now have everything you need to make your first crypto transaction! Within the trading platform, navigate to the crypto you want to buy: this can be Bitcoin or one of many other altcoins.
Next, enter the amount you would like to invest and press buy to send the order to the crypto exchange. The exchange will then look for a seller and in no time, you will see your chosen crypto appear in your account. You can then sell your crypto again at any time and transfer the money back to your bank account at ABSA Bank.
What is ABSA Bank’s stance on crypto?
ABSA Bank has no anti-crypto policy at the time of writing. Therefore, if you want to use your bank account at ABSA Bank to buy Bitcoin, you won’t run into any problems. It is wise to pick a reliable crypto exchange: that way, you avoid the bank marking your transactions as suspicious and temporarily blocking your bank account.
What are cryptocurrencies?
ABSA Bank itself clearly explains how they see the future of crypto. The bank describes digital currency as anything stored on the internet that can hold value. They also rightly point out that digital currency is often not yet legal money and not under government supervision.
These are therefore modern challenges: governments are thinking hard about what to do with these new cryptocurrencies. For example, more and more central banks consider launching a CBDC (a Central Bank Digital Currency).
The bank rightly points out that digital currencies can improve the efficiency of international payments. At the same time, there are also risks; for example, digital currencies can easily be used for money laundering. In collaboration with WEF, ABSA has therefore released a report entitled Digital Currencies and Anti-Money Laundering Risks.
The bank is clearly curious about crypto. I would therefore not be surprised if ABSA would be one of the first banks in Africa to start offering crypto services.
About ABSA Bank
Absa bank is a banking conglomerate headquartered in South Africa. However, the bank operates in several African countries, for example Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia.
The bank’s history goes back to the year 1991 by merging United Bank and Allied Bank. Barclays Bank bought a majority stake in the bank in 2005, making it now a majority owner of the bank. However, the bank reduced this stake back to around 15%.
With over 60,000 employees, ABSA Bank is a key driver of economic development in many African countries. The bank operates across countries under the following brand names:
- Absa Bank Botswana
- Absa Bank Ghana
- Absa Bank Kenya
- Absa Bank Mauritius
- Absa Bank Seychelles
- Absa Bank Uganda
- Absa Bank Uganda
- Absa Bank Zambia
- Absa Bank Tanzania
Of course, you can use the steps in this article at any Absa Bank branch to buy and sell cryptocurrencies.
Can you buy Bitcoin from ABSA Bank?
You can buy crypto from ABSA Bank, but this is not easy. This is because ABSA Bank itself does not yet offer crypto investment options such as Bitcoin & Ethereum. However, by following the steps in this article, you can invest in crypto without any problems. Scroll up to find the list of my favourite crypto exchanges.