Buying bitcoin & other crypto at Rabobank
Bitcoin is certainly more popular than ever among young people. Are you also thinking about buying crypto with your bank account? By following the steps in this article, you can buy Bitcoin with your Rabobank account.
How to buy crypto at Rabobank?
Step 1: link Rabobank to crypto exchange
You cannot buy crypto directly from Rabobank. However, it is possible to link your Rabobank account to a reliable crypto exchange. In the overview below which crypto exchanges you can open an account with directly:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Rabobank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: verify account
Before you can invest in crypto, you must first verify your account. You can verify your crypto account by uploading a copy of your passport & proof of your address.
Step 3: deposit money from Rabobank account
After your account is verified, you can directly deposit funds to the crypto exchange from your Rabobank account. Please note that it may take a few days for the money to appear in your account.
Step 4: buy crypto with your Rabobank account
You can then immediately buy your favourite crypto by placing an order on the exchange. Select the crypto you want to buy and enter the amount you want to invest. You can optionally use a limit order: you can then enter the amount at which you want to open the order. With a market order, you buy Bitcoin directly at the prevailing price.
What are the risks of buying Bitcoin online?
Rabobank is deliberately choosing not to offer crypto to its customers yet. This is because, according to Rabobank, investing in crypto is very risky. As an investor, you face the following risks, among others:
- Money laundering: crypto can be used for criminal purposes. Bitcoins are more difficult to trace, making it difficult for banks to fulfil their duties.
- Pump and dump: small cryptocurrencies have low volume. Sometimes parties try to manipulate the price of a crypto: it can rise quickly only to fall sharply again. Retail investors who get in at the wrong time can lose a lot of money.
- Leverage: some providers allow you to invest in crypto with leverage. The risks are then even higher, which means you can lose a lot of money.
- Volatility: cryptocurrencies are highly volatile, which makes them risky investments.
- Bypassing sanctions: cryptos can be used by individuals and companies to circumvent sanctions.
As you can see, there are many risks involved in investing in cryptocurrencies. Therefore, ask yourself whether investing in crypto suits you.
What is Rabobank’s policy stance on crypto?
Rabobank is not against crypto: as an individual, you can therefore buy Bitcoin & Ethereum without any problems using a crypto exchange and your Rabobank account. An analysis by the bank reveals that they see Bitcoin more as an opportunity than a threat.
Rabobank thinks that because of the network effect, Bitcoin is likely to stay. However, they do not believe crypto will replace fiat altogether. Crypto and traditional money will likely continue to co-exist.
Rabobank or in full Coöperatieve Rabobank U.A. is a Dutch banking multinational headquartered in Utrecht. Internationally, the bank focuses mainly on food & agriculture. In the Netherlands, the bank is the second largest after ING Bank.
Rabobank was involved in a scandal in 2013 involving manipulation of LIBOR currency rates. The bank was fined $1 billion for the mistakes made at the time. Despite this scandal, the bank is still one of the top 25 safest banks in the world.
Can you buy Bitcoins at Rabobank?
It is not possible to buy Bitcoin & other crypto directly at Rabobank. However, by opening an account with a crypto exchange, you can still buy your favourite crypto without any problems. Keep the risks in mind when considering to invest in Bitcoin!
Over Alex Mostert
Already in 2015 I bought my first Bitcoins for roughly $300, only to sell them shortly after for $900. At the time I thought I benefited from the deal of the century, but I, of course, had no idea Bitcoin would become as popular as it is today. On this website, I want to teach everybody how to buy Bitcoin through their bank.