How to buy crypto (Bitcoin & Ethereum) at GoBank?
Do you have an account with GoBank and want to invest in crypto? You can! It’s just not possible to buy Bitcoin & Ethereum directly from GoBank. However, by following the steps in this guide, you will buy your first crypto with your GoBank account within a few days.
How to buy crypto at GoBank?
Step 1: choose a reliable crypto exchange
You need an account with a crypto exchange to invest in crypto at GoBank. Wondering which brokers you can join? In the overview below, you can see a list of my favourite exchanges:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with GoBank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: activate your account & deposit money
To open an account, all you need to do initially is leave a username and password. Then, many providers allow you to try out the options completely free & risk-free with a demo. However, if you want to invest in crypto with real money, you need to verify your account first.
Verifying your account is often easy: all you need to do is upload a copy of your ID and proof of your address. It is also important that your GoBank account and crypto account are in the same name. After your account is approved, you can immediately deposit money into your crypto account. Keep in mind that it can take up to 10 working days for the money to actually appear in your account.
Step 3: Buy Bitcoin & other crypto at GoBank
Now that you have opened an account with a crypto exchange, you can send an order directly to the exchange. To do this, log in to your account and navigate to the crypto asset you want to invest in. Then press the buy button and enter the amount you want to buy the crypto in question for. Bitcoin is divisible, allowing you to invest for as little as €10.
After you send the order, it may take some time before you see it again. After all, for every buy order, a seller must also be found. However, the crypto market is quite liquid, so this shouldn’t take long.
How much does investing in crypto cost?
When you use your GoBank account and a crypto exchange, you may face different fees. Exactly how much you pay will ultimately depend on the choices you make. Fees can significantly reduce your return on crypto investments, so it is important to compare different crypto exchanges carefully.
At least pay attention to the following costs:
- GoBank fees: note the fees you pay for holding an account with GoBank.
- Spread: when you buy crypto, there is often a difference between the buying and selling price.
- Commission: many crypto exchanges charge a commission on every transaction. This commission can be very low: 0.1% or less!
- Costs of depositing/withdrawing money: you sometimes pay transaction fees for depositing money into your account. Especially if you use a credit card, these fees can add up considerably.
Personally, I am very positive about GoBank. Anyone who lives in America and has a Social Security number can open an account with the bank. You can use GoBank with the mobile application and your balances are protected through the FDIC up to an amount of $250,000.
GoBank is part of the Green Dot Corporation whose headquarters can be found in Pasadena, California. Due to the innovative nature of GoBank, I would not be surprised if it becomes possible to invest in crypto at this bank in the future.
Can you buy Bitcoin at GoBank?
At the time of writing, it is not yet possible to buy Bitcoin or other crypto currencies directly from GoBank. However, by opening an account at a crypto exchange, you can invest in crypto via your account at GoBank without any problems. GoBank has never blocked transactions of users who want to invest in crypto, which is a good sign.
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.