How to buy crypto with Santander Bank: here’s how to do it!
Santander Bank is not a big fan of crypto; therefore, the bank is making it increasingly difficult for users to invest in crypto. However, with the steps in this article, you can still buy Bitcoin, Ethereum & other crypto without any problems!
How to buy crypto with Santander Bank?
Step 1: opening an account with an exchange
You first need an account with a crypto exchange. In Santander Bank’s case, you can only invest in crypto with parties that are not exclusively crypto exchanges. By opening an account with a broker that offers both stocks & crypto you are in a solid position. In the overview below, you can immediately compare the most popular crypto exchanges in the UK:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Santander after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: activate your account
With some providers, you can try crypto trading without risk with a demo. When you are ready, you can activate your account to trade with real money.
With reliable providers, you will have to fully activate the account first. You do this by uploading a copy of your passport. Often, you will also have to answer some questions about your investment goals and your asset position.
Step 3: depositing money with Santander Bank
You can then deposit money into your account from your Santander Bank account. Enter the amount you want to deposit and copy the correct account number from the exchange. Kindly note that it may take some time before the money is visible in your account.
Moreover, keep in mind that Santander Bank blocks payments to many crypto exchanges. Therefore, open an account with an exchange where you can also invest in stocks and other investment products.
Step 4: buy crypto with Santander Bank
Within the platform, navigate to the specific crypto you want to buy and enter the amount you wish to invest. You can optionally use a limit order; the position will then only be opened when the crypto reaches a specific price.
Step 5: securing your investment
You can choose to send your crypto to an external wallet: by doing so you avoid losing your crypto assets in case of bankruptcy.
Step 6: sell your crypto
When you are ready, you can sell the crypto again and have the money transferred to your Santander Bank account. It often takes a few days for the money to arrive in your account. Santander does not block withdrawals from crypto exchanges, so this step should never be a problem.
What crypto should you buy at Santander Bank?
There is no clear answer to this question; in fact, which crypto is best to buy depends very much on your personal situation. If you prefer to invest in the most popular and stable crypto, you can choose between Bitcoin or Ethereum, for example.
However, many users choose to buy lesser-known altcoins with their Santander Bank account. This is obviously riskier; altcoins have a lower market capitalization which typically makes them even more volatile than Bitcoin. On top of this, many altcoins are scams and end up with no value.
Regardless, it is vital to conduct enough research; that way, you will discover whether investing in crypto suits you.
What is Santander Bank’s stance on crypto?
After FTX’s bankruptcy, Santander seems to want to better protect its customers. From 2023, they will therefore block all deposits on crypto exchanges. Therefore, if you want to invest at a crypto exchange, you will have to open an account at another bank. Fortunately, there are parties that have not yet been blocked by Santander Bank. These are brokers that offer shares in addition to crypto.
Given Santander Bank’s current position on crypto, I don’t think the bank will make it possible to buy Bitcoin any time soon. Of course, I will continue to keep a close eye on the situation.
What is Santander Bank?
Santander Bank N.A. is a large US bank that is also very active internationally. With nearly $60 billion in deposits and more than 600 branches, it is a serious player. Moreover, Santander Bank is also very active in the UK, South America and Spain.
The bank was formerly known as Sovereign Bank, but the name was permanently changed in 2013.
Can you buy Bitcoin with Santander Bank?
It is not possible to buy Bitcoin from Santander Bank. Due to the bank’s negative attitude towards crypto, I don’t think this will happen anytime soon either. Nevertheless, by opening an account at a reliable exchange, you can still buy Bitcoin with your account at Santander Bank without any problems. You can read how to do this directly at the beginning of this article.