How to buy crypto (Bitcoin) at Danske Bank?
Buying Bitcoin & other crypto with your bank account at Danske Bank is 100% possible. Follow the 3 steps in this article to make your first crypto investment now.
How to buy crypto with Danske Bank?
Step 1: open an account with a crypto exchange
It is not possible to buy crypto directly from Danske Bank. However, by linking your bank account to a crypto exchange, you can still invest in Bitcoin without any problems. The overview below shows you which crypto exchanges you can use:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Danske bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
You can try the options at most crypto exchanges completely risk-free with a demo. A demo simulates the crypto market, and you can thus try out different trading strategies to see what works best for you.
Step 2: deposit money with Danske Bank
Before you can deposit money to the crypto exchange with your bank account at Danske Bank, you must first verify your account. You verify your account by uploading a copy of your passport and proof of address. Reviewing these documents often takes a few working days.
After your account is verified, you can deposit funds on the crypto exchange by using your bank account with Danske Bank or by using your Danske Bank credit card. Keep in mind that deposits with a credit card are typically pricier: I therefore advise against this option.
Step 3: buy crypto with Danske Bank
It can sometimes take several working days for the money to arrive in your crypto account. After the money arrives, you can immediately select the crypto you want to invest in. Within the order screen, you enter the amount you would like to invest and press the buy button. It then takes a few seconds or minutes for the order to be executed.
It may then be wise to move your crypto to an external wallet. When you store crypto on the exchange itself, you risk losing your cryptocurrency holdings if the exchange goes bankrupt. With an external wallet, you are 100% in control.
What is Danske Bank’s crypto policy?
Danske Bank’s crypto policy is fairly positive: they directly state that they do not block transactions to crypto exchanges. You can therefore buy Bitcoin with your bank account at Danske Bank without any problems.
The bank further states that it does not plan to offer crypto to its customers. The bank gives the following reasons for this approach:
- Lack of transparency: the bank finds it difficult to stop money laundering when customers would trade crypto.
- Regulation: crypto transactions are not always supervised, giving you limited protection as a customer.
- Pricing: crypto’s prices fluctuate widely. This lack of transparency makes crypto investments risky.
- Energy: performing some crypto transactions take a lot of computing power, which is not good for the environment.
About Danske Bank
Danske Bank is a large Danish banking multinational headquartered in Copenhagen. The bank is the largest in Denmark and one of the largest in Northern Europe. At the time of writing, the bank has 5 million retail customers, which earns it a spot in the Fortune Global 500 list.
The bank operates in Denmark, Norway, Sweden, Finland, and Ireland. Following the 2019 money-laundering scandal in Estonia, the bank no longer operates in the Baltic States and Russia.
Can you buy Bitcoin at Danske Bank?
You cannot invest in Bitcoin & other crypto directly with your bank account at Danske Bank. The bank has already stated that they do not plan to offer crypto investments. The bank believes that crypto investments are too risky for its retail customers. If you still want to invest in crypto with Danske Bank, you can fortunately link your bank account to a crypto exchange.