How to buy Bitcoin & other crypto at Swedbank?
Buying Bitcoin & other crypto with Swedbank has always been a challenge: in the past, the bank regularly blocked transactions to crypto exchanges. However, by following the steps in this article, you can still buy & sell popular crypto coins without any problems.
How to buy crypto with Swedbank?
Step 1: open an account with a crypto exchange
Swedbank does not plan to offer Bitcoin. Fortunately, however, you can connect your bank account at Swedbank to a reliable crypto exchange without any problems:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Swedbank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Swedbank sometimes blocks transactions to foreign crypto exchanges. However, if you open an account with a party like eToro where you can also buy shares, you can buy crypto without any issues.
Step 2: verify account
The Swedish government requires all financial institutions to verify the identity of their customers. By uploading a copy of your passport and by uploading a copy of your address, you can confirm your identity and verify your account.
Step 3: deposit money
After your account is verified, you can use your Swedbank to deposit money directly into the crypto exchange. Bank transfers are often cheaper, but credit card payments are faster.
Keep in mind that you regularly pay extra transaction fees when depositing foreign currencies. This is the case because when your bank account is in SEK and the crypto exchange is in EUR, your currency has to be exchanged first.
Step 4: select crypto
After the money arrives in your account, you can officially start investing. However, it is then important to select a crypto that suits you well. You can invest in the following cryptocurrencies:
- Bitcoin: the most popular & well-known cryptocurrency. Bitcoin is still by far the dominant cryptocurrency.
- Ethereum: after Bitcoin, Ethereum is the most popular cryptocurrency. This crypto allows you to create smart contracts.
- Altcoins: you can trade hundreds of different altcoins at crypto exchanges. Some of these crypto coins are so-called memecoins and have no real function.
Step 5: buy crypto with Swedbank
When you are sure which crypto you want to buy, you can place the order. To place an order, navigate within the trading platform to the cryptocurrency you would like to buy. In this example, I am buying some Bitcoin.
Within the order screen, you can enter the amount you would like to buy Bitcoin for. You can use a limit order: you then set the maximum price you are willing to pay. After you send the order to the crypto exchange, it may take a few seconds to minutes before it is actually executed.
It is also possible to use a stop loss or take profit: that way, you can automatically close your position at certain prices.
Step 6: sell crypto
The last step is optional; but if you like, you can also sell the cryptocurrency again. Selling cryptocurrencies works via the order screen. After you sell the crypto, you can transfer the amount directly to your Swedbank bank account.
How to safely buy Bitcoins from Swedbank?
- Research: spend enough time researching the crypto market! Don’t blindly invest in the crypto market.
- Secure: choose a strong password and apply 2FA to your account. This protects your crypto assets against hackers and thieves.
- Wallet: send your crypto coins to an external wallet. By doing so, you own the crypto coins 100% and won’t get into trouble if the exchange unexpectedly goes bankrupt.
- Secret: don’t tell everyone about your crypto investments. By keeping your investments secret, you prevent people from trying to hack you.
- Scams: an awful lot of Bitcoin and crypto scams exist. When something seems too good to be true, it is better to stay away.
About Swedbank & its stance on crypto
With 7.25 million customers, Swedbank is one of the largest banks in Sweden, Estonia, Latvia and Lithuania. With more than 250 branches, customers can easily reach the large bank.
Swedbank’s is not perfect when it comes to crypto investing. The bank regularly blocks accounts of users who invest in crypto with foreign parties. It is therefore important to choose a reliable party to invest in crypto, as Swedbank has strict crypto policies.
Can you buy Bitcoins at Swedbank?
It is not possible to buy Bitcoins at Swedbank. At the time of writing, Swedbank does not offer cryptocurrencies at all, leaving you to rely on other crypto exchanges.
It is essential to select a reliable crypto exchange: by doing so, you reduce the chances of Swedbank blocking your bank account. At the beginning of the article, you will find a clear overview of the best crypto exchanges you can use.