Is it possible to buy Bitcoin & other crypto at Commerzbank?
Commerzbank is very supportive of crypto; therefore, by following the steps in this guide, you will be buying Bitcoins & Ethereum at Commerzbank in no time.
How to buy crypto at Commerzbank?
Step 1: open account at crypto exchange
Before you can invest in crypto at Commerzbank, you first need an account with a crypto exchange. You can use one of these crypto exchanges to trade in Bitcoins:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Commerzbank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Make sure you choose a reliable crypto exchange: that way, you prevent Commerzbank from freezing your assets.
Step 2: verify your account
At many crypto exchanges, you can already practice with a demo without verifying your account. However, before you can trade with real money, you must first verify your account. You do this by uploading a copy of your passport and proof of your address.
Step 3: deposit money from Commerzbank
After your account is approved, you can directly deposit funds from your Commerzbank account to the crypto exchange. Kindly note that it can sometimes take a few days for your transaction to be processed.
Step 4: buy crypto with Commerzbank
Next, decide which crypto you want to buy and select it within the crypto exchange. Enter the amount you would like to invest and press buy if you would like to send the order directly to the exchange.
You can also possibly use a limit order: you then set a price at which you would like to buy the crypto. When I place an order for Bitcoin at $10,000, I will only buy the Bitcoin when it becomes available for $10,000 or less.
With a stop loss or take profit, you can then automatically take your loss or profit at a certain value. If you are investing for the long term, these options are probably less relevant.
Step 5: evaluate and sell?
It is wise to regularly evaluate your crypto investments: that way, you can determine whether your investments still suit you. When this is not the case, you can decide to sell your crypto assets. This works exactly the same as buying crypto; in this case, you send a sell order via the crypto exchange. You can then transfer the money back to your bank account at Commerzbank.
Should you invest in crypto with Commerzbank?
Many people wonder whether crypto can be a good investment. Enthusiasts point out that blockchain technology is revolutionary and that scarcity ensures that the price can really only go up. After all, there will never be more than 21 million Bitcoins on the market.
However, there are also many sceptics who see Bitcoin and other crypto as a big pyramid scheme. This may be a bit short-sighted, but the fact is that the price of Bitcoin and other crypto comes about through the game of supply and demand. Cryptocurrencies are currently not very popular for making payments.
Whether buying & selling in crypto suits you should ultimately be up to you. In any case, it is important to do proper research: after all, many private investors lose money trading cryptocurrencies.
What is Commerzbank’s stance on crypto?
Specific customers of Commerzbank have recently been able to buy Bitcoin from the bank. In this way, the bank wants to prevent customers from falling for dubious crypto exchanges. BaFin, Germany’s regulator, is trying to encourage banks as much as possible to expand crypto offerings.
By 2022, the bank has therefore applied for a full licence, allowing them to offer many more crypto-related services. It is good news for Commerzbank customers that they are not anti-crypto: this means you can invest your assets with Commerzbank at a reliable crypto exchange without any problems.
Commerzbank is one of the largest German banks, headquartered in Frankfurt. The bank was founded in the year 1870 in Hamburg, making it one of the oldest banks in the world.
Today, the bank operates in more than 50 countries and serves over 13 million customers in Germany and 5 million customers in Central and Eastern Europe. 15% of the shares are owned by the German government, while the rest are freely tradable on the stock exchange.
Can you buy Bitcoin & other crypto at Commerzbank?
Commerzbank is one of the first major banks to experiment with offering crypto to customers. A selective group of customers can buy Bitcoin directly from Commerzbank. However, it will be a long time before the full range of crypto coins is available at Commerzbank. Luckily, you can invest in the most popular cryptocurrencies without any problems by linking your bank account to a crypto exchange.