How to buy crypto (Bitcoin) at ICBC?
Crypto coins are unprecedentedly popular in China! In this guide, I explain how to buy Bitcoin & other crypto by using your bank account at ICBC.
How to buy crypto with ICBC?
Step 1: open an account with a crypto exchange
ICBC does not offer crypto itself. You will therefore need to open an account with a reliable crypto exchange. In the overview below, you can immediately see which crypto exchanges you can join:
| Brokers | Information | Register |
|---|---|---|
 | Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with ICBC after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. |
For beginners, it might be wise to first try the possibilities for free with a demo. That way, you can immediately discover without risk whether investing in crypto suits you.
Step 2: deposit money with ICBC
You can directly deposit money using your bank account with ICBC to your favourite crypto exchange. However, your bank account must be in the same name as your account with the crypto exchange; otherwise the transaction will be declined.
Furthermore, be sure to pay attention to the extra transaction fees for transferring money with your credit card at ICBC.
Step 3: buy crypto with ICBC
It can sometimes be difficult to make a decision: you can invest in thousands of different cryptocurrencies these days. Most of these cryptocurrencies are called altcoins; these are all the cryptocurrencies that are not Bitcoin. Altcoins are even more volatile than Bitcoin, so you have to be careful.
When you are sure which crypto you want to invest in, you can open an order right away. Within the order screen, you then enter the amount you want to invest. You can also optionally use a stop loss, take profit and limit order.
After placing an order, you can track the position under open positions. You can sell your crypto at any time and have the funds transferred to your bank account at ICBC.
What is ICBC’s stance on crypto?
ICBC follows the line of the Chinese government, which has banned all crypto transactions. Therefore, as an ICBC customer, you cannot invest in cryptocurrencies directly. It is still possible to buy crypto via P2P or through a foreign crypto exchange, but the bank will not support this method. Therefore, keep in mind that investing in crypto in China is quite risky.
By opening an account with a foreign crypto exchange, you can still invest in crypto in numerous instances. Make sure to keep a close eye on the Chinese government’s policies, as they may crack down on crypto even more in the future.
As you can read here, ICBC was one of the last banks to close accounts associated with crypto exchanges and other crypto companies.
About ICBC
ICBC or in full Industrial and Commercial Bank of China Limited is a Chinese multinational bank. Originally founded in 1984, the bank is wholly state-owned. With over $4000 billion in assets, ICB is the largest bank in the world and ranks first in The Banker’s top 1000 World Banks.
Headquartered in Beijing, the bank was founded in 1984. With more than 400,000 employees and 150 million customers, ICBC is one of China’s most important and largest companies.
ICBC’s shares are listed on the Hong Kong and Shanghai stock exchanges. Its 2006 IPO was the largest in the world at the time.
ICBC is also increasingly active outside China. In 2008, the bank opened its first foreign branch in New York, and since then, it has also become increasingly active in the other continents.
The bank is not entirely without controversies: in 2005, for example, Chinese authorities arrested several board members who tried to steal over $900 million from the bank. In 2021, a senior banker at the company was sentenced to life in prison after a bribery scandal.
Can you buy Bitcoin from ICBC?
It is not possible to buy crypto straight from ICBC, but hopefully this will change in the future. Until then, you can fortunately trade Bitcoin & other crypto by linking your bank account to a reliable crypto exchange. Scroll up to discover which crypto exchanges you can use!
