How to buy crypto (Bitcoin) at Nordea Bank? – Tutorial
Are you planning on buying crypto with your bank account at Nordea Bank? Follow the steps in this tutorial & buy Bitcoin right away with your bank account at Nordea Bank .
How to buy crypto at Nordea Bank?
Step 1: sign up with a crypto exchange
Nordea Bank does not offer crypto trading to customers. You therefore need an account with a reliable crypto exchange before you can buy crypto with Nordea Bank:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Nordea bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
With some crypto exchanges, you can test the possibilities completely risk-free with a free demo. This is definitely a great feature; as it allows you to discover whether crypto trading suits you.
Step 2: depositing money from Nordea Bank
Strict rules apply within Europe, and this isn’t any different for crypto exchanges. As such, you need to verify your account before you can start investing.
You verify your account by uploading a copy of your passport and proof of address. After your documents are approved, you can deposit money directly from your Nordea Bank account.
Step 3: buy crypto at Nordea Bank
Before buying crypto, you need to make some considerations:
- Which crypto: You can invest in hundreds of different crypto coins. Altcoins are riskier, but also offer higher potential returns.
- When: active traders try to get in at the right time. Long-term investors, on the contrary, hold crypto for as long as possible, which makes timing less important.
- The amount: how much funds do you want to invest in crypto? With dollar cost averaging, you buy small amounts every week or month.
- Selling: are you trying to time the market, or do you just want to hold the crypto for as long as possible?
Once you have a clear strategy in place, you can buy your first crypto using your bank account with Nordea Bank. To buy crypto, open the order screen and enter the amount you want to invest. Then press the buy button to send the order directly to the crypto exchange.
It is always wise to regularly evaluate your crypto investments. Does the crypto investment no longer suit you? In that case, you can sell it and deposit the money into your Nordea Bank bank account.
How does Nordea Bank feel about crypto?
Nordea Bank is not super enthusiastic about crypto. The bank sees crypto more as a boom of speculation than an investment. They indicate that most companies are taking a wait-and-see attitude and are not yet offering crypto payments. Consequently, the bank has banned employees from owning crypto as they believe it could lead to fraud within the bank.
Despite the rather negative attitude, customers of Nordea Bank can simply transfer money to a crypto exchange. Therefore, you can invest in crypto with your bank account at Nordea Bank without any major problems.
About Nordea Bank
Nordea Bank Abp is commonly referred to as Nordea and is currently based in Helsinki. The bank was created by merging several Finnish, Swedish, Danish, and Norwegian banks between 1997 and 2001. The name is clearly a reference to the words Nordic and Idea and is the largest market within the region with more than 9 million customers.
Nordea Bank’s history goes back much further, to 1820 under the name Sparekassen for Kjobenhavn og Omegn in Denmark. Meanwhile, with more than 28,000 employees and over €500 billion in assets, the bank is a major player both locally and globally.
Safely buy crypto with Nordea Bank
Risk and crypto go hand in hand: it is therefore important to take sufficient precautions when investing in crypto at Nordea Bank. It is essential to spend enough time securing your account. For example, choose a strong password and apply 2FA to make it harder for hackers to steal your funds.
In addition, extensively research the crypto you want to invest in. There are many dodgy crypto developers who put cryptocurrencies on the market which hold no real value. They artificially raise the price of these cryptos only to dump it again, this is also called a pump and dump.
Can you buy Bitcoin at Nordea Bank?
You cannot buy Bitcoin directly from Nordea Bank, as the bank does not offer crypto investments. However, you can open Bitcoin by linking your crypto exchange to your bank account at Nordea Bank. It may be wise to then send your crypto to an external wallet.