Buying bitcoin with (crypto) ING Bank: this is the best alternative!
Did you know that it is possible to buy Bitcoins with ING Bank? The bank does not offer cryptocurrencies itself, but by opening an account with a reliable crypto exchange, you can still invest in crypto without any problems.
How to buy crypto at ING Bank?
Step 1: open an account with a crypto exchange
Since it is not possible to buy crypto yourself at ING Bank, you first need an account at a reliable crypto exchange. In the overview below, you can immediately see which popular crypto exchanges you can join:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with ING bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: verify your account
After you open an account, you must first verify it. You normally do this by uploading a copy of your passport & proof of your residential address. You also often have to answer some questions about your financial situation and your experience with crypto.
Step 3: depositing money with ING Bank
The next step is to deposit money from your ING Bank account to the crypto exchange. It is important that your account at the crypto exchange and your bank account are in the same name. Depending on the crypto exchange, it may take a few days for the money to appear in your account.
Step 4: buy crypto with ING Bank
You now have everything you need to buy crypto with your ING bank account. Within the trading platform, navigate to the crypto you want to buy. Here, you can choose from the following options:
- Amount: how much do you want to invest in the crypto in question?
- Limit order: you can use a limit order. You then buy the crypto only at a set price.
- Stop loss / take profit: with these orders, you automatically take your loss or profit at a certain price.
Once you are satisfied with your order, you can push the buy button to place it. It can sometimes take a few seconds to minutes for your crypto order to be processed.
Step 5: sell your crypto
It is advisable to evaluate your crypto investments regularly. When you think it is time to sell your crypto investment, you can do so by placing a sell order. You can then have the money paid out back into your ING Bank account.
How to buy Bitcoin securely with ING Bank?
Security is very important when investing in crypto. Hundreds of scams exist and scammers regularly steal millions of euros in crypto assets. By taking the following precautions, you can avoid problems as much as possible:
- Reliable exchange: only trade with reliable exchanges. There are ‘fake’ exchanges that steal your deposits.
- Password: choose a strong password and enable 2FA to better protect your account.
- External wallet: after you buy crypto, you can send it to an external wallet. That way, you reduce the risk of loss when an exchange collapses.
- Research: carefully read the white paper of new altcoins. That way, you will avoid falling for a pump & dump schemes.
How much will crypto be worth in the future?
When you buy crypto, you probably do so to make a profit. There are investors who believe that Bitcoin will be worth more than a million dollars in the future. After all, Bitcoin is scarce (there will never be more than 21 million).
However, the number of sceptics is also large. ING Bank itself, for example, does not believe that Bitcoin is a good investment. It is therefore important to be careful: only invest with money in crypto that you can lose. That way, you avoid a crypto drama in the end!
What does ING bank think about crypto?
ING Bank is sceptical about Bitcoin, but is clearly positive about blockchain. Together with other banks, ING Bank is developing Pyctor. Pyctor is a custody & post-trade infrastructure for crypto assets. The Pyctor network should improve the security of preserved digital assets. In addition, ING is also working on anti-money laundering techniques such as the TRP (Travel Rule Protocol).
However, ING bank does not believe in digital assets as an investment. According to the bank, there is no fundamental value behind crypto, so the price only goes up and down due to emotions of investors. The ING bank therefore tries to warn customers as much as possible about the dangers of crypto investments.
Fortunately, ING bank is not entirely anti-crypto. Although they warn customers about the dangers, you can open an account with a crypto exchange without any problems. ING does not block bank accounts for transactions to crypto exchanges, so you can invest in Bitcoin and other crypto with peace of mind.
Buying crypto at ING bank: only from a reliable exchange
- Registration: you can easily check the registration/licence of a crypto exchange.
- Reliability: has the crypto exchange been around for a long time? You can check out Trust Pilot to read user reviews.
- Ease of use & speed: can you send crypto buy and sell orders quickly?
- Supply: can you trade many cryptocurrencies at the crypto exchange?
About ING bank
The ING group is a Dutch banking multinational headquartered in Amsterdam. It operates in various banking branches and with assets of over $1 trillion it is one of the largest banks in the world.
ING has well over 50 million customers across 40 countries. The bank is also included in the Euro Stoxx 50 market index, which makes it one of the largest companies in Europe. The orange lion in ING bank’s logo refers to the company’s origins; orange is, in fact, the colour of the Netherlands.
Can you buy Bitcoin at ING bank?
It is not possible to buy Bitcoins and other crypto directly from ING bank. The bank is also not expected to introduce this option soon, as they don’t believe in crypto as an investment. Rather, the bank warns retail investors about the dangers of crypto because of its high volatility. However, if it suits you, you can buy crypto with your ING account without any problems by opening an account with a reliable crypto exchange.