How to buy crypto at Raiffeisen Bank within 3 steps?
Do you want to buy Bitcoins from Raiffeisen Bank? As with many other banks, this is not yet directly possible. However, by following the steps in this article, you can invest in the most popular crypto at Raiffeisen Bank without any problems.
How to buy crypto at Raiffeisen Bank?
Step 1: sign up to a crypto exchange
Buying crypto at Raiffeisen Bank has never been easier than today! All you need to buy crypto at Raiffeisen Bank is an account at a crypto exchange. In the overview below, you can immediately see at which exchanges you can trade crypto:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Raiffeisen Bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Step 2: preparing your account
Before you can trade with the crypto exchange, you need to go through a few more steps. An important first step is verifying your account. You do this by uploading a copy of your passport and answering some questions. With most crypto exchanges, your account is then verified & ready to go within a working day.
After your account is approved, you can deposit money with your Raiffeisen Bank to the crypto exchange account without any issues. It sometimes takes a few days before the money is visible in your account. Note that credit card payments are often pricier than regular bank transfers.
Step 3: buy crypto with Raiffeisen Bank
Now that money is in your account, you can start making your first crypto transaction. Especially for beginners, it can be difficult to choose which crypto to invest in. After all, there are hundreds of cryptocurrencies, all with their pluses and minuses. However, beware of so-called shitcoins; these are cryptocurrencies with no actual function & benefits.
When you are sure which crypto you want to invest in, you can select it. Within the trading platform, enter the amount you want to invest and then press the buy button. It can sometimes take several minutes for the order to be executed.
You may decide to send part of your crypto to an external wallet. When your crypto exchange goes bankrupt, you can sometimes lose your entire deposit. This happened to many people when the well-known crypto exchange FTX collapsed in 2022.
Safely investing in crypto at Raiffeisen Bank
- Strong password: pick a hard-to-guess password at Raiffeisen Bank, that way you keep hackers out.
- Secret: don’t tell anyone about your crypto investments, you never know if your neighbour can be trusted!
- Phishing: watch out for phishing emails from the Raiffeisen Bank and crypto exchange where you operate.
- Research: avoid falling for a pump & dump Sometimes parties try to ‘pump up’ the price of cryptocurrencies considerably.
What is Raiffeisen Bank
Before buying crypto from Raiffeisen Bank, you probably want to know what the bank is known for. In full, Raiffeisen Bank is also called Raiffeisen Zentralbank Österreich A.G. The bank operates mainly in Central and Eastern Europe, with branches in Ukraine, Hungary, the Czech Republic, Romania, Kosovo, Albania, Bulgaria, Serbia, Bosnia, Croatia and Switzerland, among others. The Russian branch under the name Raiffeisen Bank (Russia) was responsible for most of the profits, although this may be different after the war in Ukraine.
Within Austria, RNZ Group is number three when looking at its balance sheet total. The bank offers a wide range of banking services, but does not yet include crypto investments. Fortunately, the bank is not anti-crypto which means you can just invest in crypto with an exchange.
Can you buy Bitcoins at Raiffeisen Bank?
It is certainly possible to buy Bitcoins from Raiffeisen Bank. The bank does not offer Bitcoins and other crypto products itself, but you can easily link your account to a crypto exchange. However, it is important to choose a reliable & regulated exchange to prevent losing your money to scammers.