Can you buy Bitcoins & other crypto at Banco do Brasil?
Unfortunately, it is not possible to buy Bitcoins & other crypto at Banco do Brasil directly. By following the steps in this article, you can still buy Bitcoin & other crypto without any problems.
How to buy crypto at Banco do Brasil?
Step 1: open an account with a crypto exchange
A crypto exchange is a party that allows retail investors to buy and sell Bitcoins and other crypto. In the overview below, you can immediately see at which parties you can trade crypto coins:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Banco do Brasil after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: verify account
After you have opened a (demo) account with your favourite crypto exchange, you still need to verify your account. You do this by uploading a copy of your passport and proof of your address. This helps the crypto exchange to verify that you really are who you say you are.
Step 3: depositing money with Banco do Brasil
The next step is to deposit money from Banco do Brasil to the crypto exchange. Make sure you copy the deposit details correctly: if you make a mistake, your money will not arrive. Furthermore, It is important that your bank account and your crypto exchange account are registered under the same name.
Step 4: buy crypto with Banco do Brasil
It can sometimes take several days for the money to arrive in your crypto exchange account. Once your money has arrived, you can immediately buy crypto with your Banco do Brasil funds.
To do so, click on the crypto asset you want to buy and enter the amount you would like to invest. You can then send the order directly to the exchange by pressing the buy button.
It is also possible to use a limit order: you then set a price at which you would like to buy the crypto.
Extra security with an external wallet
Crypto exchanges are not always reliable: in 2023, for example, FTX went bankrupt. The exchange was found to have used customers’ own funds for risky investments. In the end, customers ended up losing billions in deposits.
You can avoid this by taking control of your crypto assets. At Trust Wallet, you can create a digital wallet that allows you to store Bitcoins and other crypto. By using an external wallet, you are no longer dependent on the crypto exchange for storing your cryptocurrencies.
However, it is important to store your access code properly. If you lose the access codes, it is impossible to access your crypto assets. This is because with a wallet, your funds are stored on a decentralized blockchain, so there is no central party to help you with technical problems.
Crypto & Banco do Brasil
Like many other Brazilian banks, Banco do Brasil plans to embrace crypto. You can already find a comprehensive explanation of Bitcoin and other crypto on the bank‘s website. The bank has also recently introduced an investment fund (BB Multimercado Criptoactivos Full), which allows customers to invest in crypto. Such funds make crypto more accessible to retail investors, but often charge higher management fees.
In the future, Banco do Brasil even wants to enable crypto trading through its platform. At the time of writing, however, this is not yet an option. You can, however, invest in crypto by opening an account with a reliable crypto exchange: Banco do Brasil has no issues with this and does not block crypto investors’ bank accounts.
About Banco do Brasil
Banco do Brasil is a Brazilian bank controlled by the government: in fact, they own 50% of all shares. The bank is therefore one of the five state-owned banks in the country.
The bank’s history dates back to the year 1809. However, the first Brazilian bank went bankrupt, but the current Banco do Brasil was founded in 1851.
The bank has over 11,000 branches across 13 countries. The bank is most active in Brazil itself.
Can you buy Bitcoin at Banco do Brasil?
You can buy Bitcoin & other crypto from Banco do Brasil, but not directly from the bank itself. However, Banco do Brasil is positive about crypto and therefore does not mind if users invest at a crypto exchange themselves. At the top of this article, you can immediately see an overview of crypto exchanges you can use.