How to buy crypto (Bitcoin) at MUFG?
More and more people in Japan are wondering how to buy crypto with their bank account at MUFG. In this guide, you will discover how to buy Bitcoin with your bank account at Mitsubishi UFJ Financial.
How to buy crypto with Mitsubishi UFJ Financial?
Step 1: open an account with a crypto exchange
Despite MUFG being quite positive towards crypto & the blockchain, it is not yet possible to buy crypto from the bank. However, you can link your bank account to a reliable crypto exchange.
By doing so, you can invest in Bitcoin without any problems. Use the buttons in the table below to open an account with a crypto exchange:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with MUFG after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: deposit money with MUFG
Before you can start trading crypto, you must first verify your crypto account. You verify your crypto exchange account by uploading a copy of your passport and proof of your address. After your documents are checked and approved, you can deposit money from your bank account at MUFG.
Step 3: buy crypto with MUFG
Within the crypto platform, you can then select the crypto you want to buy. For this example, I am going to buy Bitcoin. Within the order screen, I need to enter at the following details:
- The amount I would like to invest
- Whether to buy or sell the crypto
It is also possible to use an order at many crypto exchanges:
- Limit order: open the crypto position only at a certain price.
- Stop loss: automatically closes your position at a certain loss.
- Limit order: automatically closes your position at a certain profit.
Remember to evaluate your crypto investments regularly. You can sell your crypto investment again at any time and have the funds returned to your bank account at MUFG.
What is MUFG’s crypto policy?
MUFG has long been excited about the potential of blockchain technology. In fact, the bank started several crypto projects back in 2017. The bank is part of the global blockchain consortium R3 and also collaborates with Coinbase. An example of a project the bank is working on through Kabu.com Securities Co. Is the cryptocurrency OOIRI. Employees with healthy habits would receive this crypto as a reward.
The bank is also developing its own stablecoin, which should see the light of day in 2023. The cryptocurrency would be linked one-to-one with the Japanese Yen, but is independent of the Japanese government’s projects.
MUFG is constantly reacting to changing circumstances: for instance, they are winding down certain projects while investing more in new ones. A project focusing on high volume, low transaction value crypto payments turned out to be unprofitable. The bank is now focusing more on large transactions carried out with crypto.
Despite all the bank’s blockchain projects, it is not yet possible for customers to buy Bitcoin. However, I wouldn’t be surprised if MUFG becomes Japan’s first bank to start offering crypto. Until then, you can fortunately link your bank account at MUFG to a reliable crypto exchange without any problems.
What is the Japanese government’s stance on crypto?
The Japanese government has an open attitude towards cryptocurrencies and sees it as an opportunity to strengthen the economy. In April 2017, crypto was formally recognized as an investment product in Japan, bringing them under the supervision of Japan’s financial regulator. This has led to an increase in the number of listed cryptocurrency exchanges in the country.
Although the Japanese government is open to cryptocurrencies, it remains alert to the potential risks, such as fraud and cybercrime. At least for crypto fanatics, the Japanese government’s stance is good news; after all, you can invest in Bitcoin without any issues!
How to safely buy crypto at MUFG?
- Choose a reliable crypto exchange. Unreliable crypto exchanges can steal your deposits and run off with your funds.
- Don’t tell anyone you are investing in crypto: that way you prevent being a target for hackers.
- Examine the crypto you want to invest in extensively. Some cryptocurrencies are unreliable and turn out to be pump-and-dump schemes.
- Pay adequate attention to the security of your crypto account and consider external wallets.
About Mitsubishi UFJ Financial
Mitsubishi UFJ Financial, also known as MUFG Bank, has been in existence since 2006. The bank was created by merging Bank of Tokyo & UFJ Bank. At the time of writing, MUFG Bank is the largest bank in Japan and the 4e bank in the world.
MUFG Bank is headquartered in Tokyo, but the bank operates over 700 more branches in Japan. The bank also operates outside of Japan and has more than 70 branches abroad.
With over $2 trillion in assets and more than 30,000 employees, MUFG Bank is one of the leading companies in Japan.
The bank is also known by the following names:
- UnionBanCal Corporation
- Senshu Ikeda Holdings
- com Securities Co.
- Bank of Ayudhya
- Bench Danamon
This guide works for any of these banks. Buying crypto at the various subsidiaries of this Japanese bank is fortunately never a problem.
Can you buy Bitcoin at MUFG?
You cannot buy crypto with MUFG at the time of writing. However, the bank is very keen on crypto and is developing its own trading platform. It is probably only a matter of time before you can buy crypto yourself using your bank account with MUFG.
Until then, fortunately, you can link your bank account to a crypto exchange without any problems. At the beginning of this article you can see the overview of the best crypto brokers!