Buy bitcoin & other crypto at ICICI Bank (2023)
Do you want to buy crypto using your bank account with ICICI Bank? In that case, you have come to the right place! Follow the 3 steps in this article to buy Bitcoin directly with your bank account at ICICI Bank.
How to buy crypto with ICICI Bank?
Step 1: open an account with a crypto exchange
ICICI Bank does not offer crypto itself: you therefore need an account with a reliable crypto exchange. In the overview below, you can immediately see an overview of the crypto exchanges you can link to your bank account at ICICI Bank:
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Opening an account often only takes a few minutes: all you have to do is choose a username & password!
Step 2: deposit money with ICICI Bank
You can deposit money directly from your ICICI Bank account to your crypto exchange account. With most crypto exchanges, you don’t pay any extra fees for transferring money. If you use a credit card, however, you often pay one or two per cent extra.
Before you can start trading crypto, you also need to verify your account. You verify your account by uploading a copy of your passport and address. It sometimes takes several working days for your documents to be verified.
Step 3: buy crypto with ICICI Bank
Next, select the crypto you want to buy using your bank account with ICICI Bank. You can choose from hundreds of different crypto coins. All crypto coins except Bitcoin are called altcoins. It is important to conduct good research on lesser-known cryptocurrencies: as not all developers are equally reliable.
When you are sure which crypto you would like to buy, you can select it within the crypto exchange. Then enter the amount you want to invest. You can decide to use a limit order; this way, you only open the position at a certain price. Press buy to send the crypto order to the crypto exchange.
You can then sell your crypto again at any time and transfer the money to your bank account at ICICI Bank. Some investors decide to invest for the long term, while others mainly daytrade.
What is ICICI Bank’s stance on crypto?
ICICI Bank has varying crypto policies. They are interested in blockchain and are developing a blockchain-based network for remittances & trade finance with Emirates NBD.
At the same time, the bank is warning about crypto transactions and asking users to stop trading. The decentralized nature of crypto makes it difficult for a bank to completely stop crypto investments. A bank can make things difficult for you: therefore choose a reliable crypto exchange to reduce the chances of blocking your bank account.
What is the blockchain?
ICICI Bank has published a clear infographic on blockchain. Here, they explain the blockchain & its benefits.
The blockchain is a shared database in which transactions are tracked. The blockchain can therefore be compared to a spreadsheet, where there is no longer a need for a third party to approve transactions.
Blockchain therefore comes with several advantages:
- Decentralization: no single entity has complete control over the network.
- Trust: all transactions are tracked transparently, giving stakeholders a high degree of confidence,
- Security: transactions cannot easily be manipulated, improving security.
Each transaction goes through several steps:
- The transaction is initiated
- The transaction is set up in a block
- This block is shared across the network
- Network approves transaction
- The non-reversible block is added to the chain
- The transaction is approved
About ICICI Bank
ICICI Bank is an Indian private bank headquartered in Mumbai. The bank is a major player with over 5,000 branches and 15,000 ATMs. The bank is also big internationally and operates in 17 countries including America, Singapore, Hong Kong, China, South Africa and Indonesia
The bank was founded in 1955 and has made several acquisitions since its inception. The bank offers various banking services: these include online payments, savings accounts, loans, credit cards and insurance.
The bank is also known by ICI Lombard, ICICI Securities, ICICI Bank Canada, ICICI Bank UK PLC and ICICI Bank US. You can use this guide with all ICI Bank brand names to buy crypto.
Can you buy Bitcoin from ICICI Bank?
Despite the negative attitude towards crypto at ICICI Bank, you can still buy Bitcoin by linking your bank account to a reliable crypto exchange. In this article, you will read directly what steps you can take to buy crypto with ICICI Bank. At the beginning of this article, you will read directly how to buy Bitcoin from this party.