How to buy crypto (Bitcoin) at Bancolombia?
Bancolombia is one of the most crypto-friendly banks in LATAM. In this article, you will read how to buy Bitcoin & other cryptocurrencies at Bancolombia.
How to buy crypto at Bancolombia?
Step 1: open an account with a crypto exchange
Before you can buy crypto using your bank account with Bancolombia, you first need an account with a crypto exchange. Although Bancolombia is experimenting with offering crypto for its customers, presently you can’t buy crypto directly from them yet. However, by linking one of the following crypto exchanges to your account, you can still invest in crypto without any problems:
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Step 2: verify account & deposit money
Before you can deposit money from your Bancolombia account, you must first verify your account. You verify your account by uploading a copy of your passport and proof of address. After the documents have been processed by the crypto exchange, you can deposit money directly from your Bancolombia account. Please note that it may take several working days for the transaction to be fully processed.
Step 3: buy crypto with Bancolombia
You can now buy your favourite cryptocurrency directly with your bank account at Bancolombia. Most of Bancolombia’s customers choose Bitcoin, but you can also choose to invest in hundreds of other altcoins. Always read the white paper carefully, though: in it, you can read the developer’s plans. After all, there are many cryptocurrencies that eventually become worthless.
When you know which crypto you want to buy, you can select it directly within the trading platform. Enter the amount you would like to invest and press the buy button to send the order directly to the crypto platform.
When you would like to sell your crypto again, you can submit a sell order. You can then have the money transferred directly to your bank account at Bancolombia.
What is Bancolombia’s stance on crypto?
Bancolombia is one of the most innovative banks when it comes to crypto. At the end of 2022, the bank even started offering crypto to some users. The bank is working with the government and several popular cryptocurrency companies to offer crypto trading to everyone soon.
Therefore, you do not need not fear that Bancolombia will block your crypto transactions. It may take some time, but in the future, all customers will even be able to buy Bitcoin directly with their bank account at Bancolombia.
Smart crypto investors always consider the security of their crypto investments. By choosing a strong password and applying 2FA, you reduce the chances of hackers stealing the funds in your crypto account. Moreover, it may be wise to send crypto to an external wallet. By doing so, you avoid losing your crypto funds when the exchange goes bankrupt.
Bancolombia is a financial services company that offers its products in Colombia, Panama, El Salvador and Puerto Rico, among others. The bank has more than 1,000 branches and was founded in 1929. In 1995, Bancolombia became the first bank to become tradable on the New York Stock Exchange.
Can you buy Bitcoin at Bancolombia?
A small group of users can already buy Bitcoin & other crypto from Bancolombia. In fact, the bank is working on a pilot and plans to offer crypto to its customers in the future in cooperation with crypto exchanges. It is not yet clear whether customers of the bank can also send their crypto to a private wallet.
At the time of writing, customers of the bank cannot yet buy Bitcoin & other crypto at Bancolombia. By following the steps in this article, you can still invest in your favourite cryptocurrency at Bancolombia without any problems. Just be careful and keep the risks in mind when you start investing in crypto.