How to buy crypto or Bitcoin at HSBC (2023)?
It is not possible to buy Bitcoin & Ethereum directly from HSBC. However, by signing up with a reliable crypto exchange, you can buy crypto indirectly from HSBC.
How to buy crypto at HSBC?
Step 1: open an account with a crypto exchange
HSBC monitors transactions to crypto exchanges very strictly. It is therefore important to open an account with a reliable crypto exchange:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with HSBC after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Table 2: verifying your account
Reliable crypto exchanges always ask you to confirm your identity & address by uploading a proof. That way, the crypto exchange can check that you are not using the account for illegal purposes.
Step 3: deposit money
After your account is opened, you can deposit funds directly from your HSBC account. Please note that it may take some time for your transaction to be processed.
Step 4: select crypto
Next, select a crypto you want to invest in. You can use your HSBC to invest in Bitcoin or Ethereum, for example. Many retail investors are also interested in altcoins such as Dogecoin: these types of coins have a higher risk, but also a higher potential return.
Step 5: invest in crypto with HSBC
Now that your crypto account is all ready, you can make a transaction. Open the order screen within your crypto exchange and enter the amount you want to buy Bitcoin or another crypto currency for. Then press the buy button to send the transaction directly to the exchange. You will normally see the crypto returned to your account within seconds.
What is HSBC’s stance on crypto?
HSBC is perhaps the least enthusiastic bank worldwide when it comes to crypto. It is therefore extra important to choose a reliable exchange: an intermediate exchange like eToro, for instance, is less likely to cause problems. If you use an offshore exchange, HSBC may (temporarily) block your account.
HSBC has publicly spoken out against cryptocurrencies. HSBC’s CEO indicated that he does not believe crypto suits consumers because of its high volatility. In HSBC’s view, crypto is an asset class rather than a currency. This is therefore the reason why HSBC also does not plan to offer stablecoins to the bank’s customers.
HSBC is a fan of Central bank digital currencies or also known as CBDCs, though. Several countries and agencies are working on their own cryptocurrencies based on the blockchain. The European Central Bank, for example, has been developing a digital euro since 2017. What is unique about CBDCs, however, is that there is a central party controlling the crypto.
The unique selling point of cryptos is precisely their decentralised nature. Many people buy crypto because they do not trust their governments or Central Banks. Whether CBDCs will become popular among the same audience therefore remains to be seen.
Increase your chances of success with crypto
- Research: don’t just buy random crypto coins; before you know it, you’ll lose all your money to a scammer.
- Spread: spread your crypto investments across different crypto currencies and times (dollar cost averaging).
- Control: by sending your crypto to an external wallet, you avoid losing crypto when an exchange goes bankrupt.
- Security: choose strong passwords to keep out hackers.
- Patience: Bitcoin is very volatile, only the patient investor can get good results from crypto investments.
HBSC is one of the largest banks worldwide; it is headquartered in Hong Kong but operates in more than 75 different countries. With 60 million customers, HSBC is therefore a major player in the banking sector.
HSBC’s reputation was not always good: in 2012, the bank had to pay a fine of a whopping $1.9 billion for laundering $881 million for criminal cartels. In that sense, it is comical that HSBC is against crypto, since crypto makes it easier for them to carry out criminal activities.
Headquartered in New York, HSBC Bank USA has 159 branches in America. HSBC is also a major bank in the UK, making it very well known in the Western world as well.
Can you buy Bitcoin at HSBC?
You cannot buy Bitcoin at HSBC and this will not be possible in the future either. This is because the bank is very anti Bitcoin, so you will have to open an account with a crypto exchange. At the top of this article, you can immediately see which parties you can go to trade crypto.
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.