How to buy crypto (Bitcoin) with Luminor Bank?
Do you want to buy crypto with your Luminor Bank card? In this article, I discuss how you can invest in Bitcoin & other crypto without any hassle using your bank account with Luminor Bank.
How to buy crypto with Luminor Bank?
Step 1: open an account with a crypto exchange
An important first step for buying crypto at Luminor Bank, is to open an account at a crypto exchange. This is because it is not possible to buy Bitcoin, Ethereum or other crypto directly from Luminor Bank. The overview below shows you directly which exchanges you can join:
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Step 2: verify your account
Before you can invest in crypto at Luminor Bank, you need to verify your account. You verify your account by uploading a copy of your passport and proof of your address. Depending on the crypto exchange, it can sometimes take a while for your account to be fully activated.
After your account is verified, you can deposit money directly from your Luminor Bank account. It sometimes takes a few working days for the money to arrive in your crypto account.
Step 3: buy crypto with Luminor Bank
Now navigate within the crypto platform to the cryptocurrency you want to buy. This could be Bitcoin or Ethereum, for example, but there are hundreds of other altcoins out there.
Within the order screen, you then enter the amount you would like to invest. When you are satisfied with the order, you can send it directly to the crypto exchange. Bear in mind that it can sometimes take a few minutes for the order to be executed.
After your crypto is purchased, you can sell it again at any time. By regularly evaluating whether the crypto investment still suits you, you avoid problems. After you sold the crypto, you can immediately transfer the money back to your bank account at Luminor Bank.
Is Bitcoin an investment?
Many people wonder whether Bitcoin is a good investment. Some banks, meanwhile, believe that Bitcoin is not an investment at all. This is because Bitcoin’s value is determined by speculation; Bitcoin itself has no direct underlying value.
Bitcoin proponents point to the fact that there will never be beyond 21 million Bitcoin. If Bitcoin remains in demand, the price can then really only go up.
However, Bitcoin and other crypto are still hugely volatile and no doubt different from most investments. It is therefore important to invest in crypto only with money you can spare.
What is Luminor Bank’s stance on crypto?
Luminor Bank has no anti-crypto policy. You can therefore buy Bitcoin & other crypto with your bank account at Luminor Bank without any problems. Do choose a reliable exchange: that way, you reduce the chances of your bank account being temporarily blocked.
About Luminor Bank
You can find Luminor Bank’s headquarters in Tallinn, which is the capital of Estonia. The bank is the fourth-largest bank within the Baltic States with a 16% market share.
Luminor bank currently manages more than €15 billion in assets and employs more than 3,000 people. The bank is owned by Blackstone, Nordea and DNB.
Can you buy Bitcoin from Luminor Bank?
You cannot buy Bitcoin & other crypto directly from Luminor Bank at the time of writing. If you are still keen to invest in crypto, you can use a crypto exchange. At the beginning of this article, I explain in detail how you can invest in crypto with an exchange.