Buying bitcoin & other crypto at Standard Bank
Bitcoin is becoming a more standard investment, but despite this fact, it is not yet possible to buy crypto at Standard Bank. However, by following the steps in this short guide, you can still buy crypto using your bank account at Standard Bank.
How to buy crypto with Standard Bank?
Step 1: open an account with a crypto exchange
Standard Bank does not offer crypto services, but they do not block transactions to reliable crypto exchanges. In the overview below, you can immediately see which exchanges you can open an account with:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Standard bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: verify account & deposit money
Next, take the time to verify your account. You do this by clicking the link in your email and verifying your identity. After going through the required steps, you can directly deposit funds from your bank account at Standard Bank to the crypto exchange.
Step 3: buy crypto with Standard Bank
The dominant cryptocurrency is still Bitcoin: in this example, I will therefore use this cryptocurrency as an example. Within the order screen, you always enter the amount you want to invest. You can also use a take profit (this automatically takes your profits at a certain price) and set a stop loss (this automatically takes your losses at a certain price).
After you place an order, you can track the results in real time within your crypto account. You can sell your crypto in the same way and have the money transferred back to your bank account at Standard Bank.
What is Standard Bank’s crypto policy?
Standard Bank has not published a specific crypto policy. However, crypto has recently been regulated in South Africa, so it should not be a problem for investors to invest in crypto coins with reliable crypto exchanges. However, it is always important to select a reliable exchange. Banks are required to block transactions from suspicious parties to prevent money laundering.
I am personally quite curious to know when Standard Bank will start offering crypto services. After all, research shows that the people of South Africa are one of the continent’s largest crypto investors. A bank can obviously capitalise on this smartly by being the first to start offering crypto services.
About Standard Bank
Standard Bank is a major South African bank headquartered in Johannesburg. The bank was originally founded under the name The Standard Bank of South Africa with its origins being traced back to 1862.
Standard Bank has always been active in acquisitions and expansions. In 1992, for example, the bank bought the ANZ Grindlays Bank branches in eight different African countries.
Meanwhile, the bank also operates in Eswatini, Côte d’Ivoire, Malawi, Madagascar, Mozambique, Namibia, Tanzania, Uganda and Zimbabwe. With about $150 billion of assets under management, Standard Bank is a major player on the African continent.
Some tips when buying crypto with Standard Bank
- Exchange rate: Do you want to buy crypto with ZAR? Be aware that you often pay transaction fees for exchanging ZAR to dollars!
- Security: retail investors lose billions every year as hackers steal their crypto assets. Make sure you secure your account!
- Research: cryptocurrencies can be quite volatile and not all cryptocurrencies are good investments.
Can you buy Bitcoin at Standard Bank?
It is not yet possible to buy Bitcoin & other crypto at Standard Bank. I myself am keeping an eye on developments though: I can’t wait for Standard Bank to start offering crypto services. Until then, you can follow the steps in this guide to link your bank account to a reliable crypto exchange.