How to buy crypto (Bitcoin) with Sberbank?
It is not possible to buy crypto with Sberbank, luckily you can link your bank account to a reliable crypto exchange. In this article, you will find out how to invest in Bitcoin with Sberbank.
How to buy crypto with Sberbank?
Step 1: open an account with a crypto exchange
Since it is not possible to buy crypto at Sberbank, you need an account at a reliable crypto exchange:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Sberbank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
With most crypto exchanges, you can try out the possibilities for free with a demo. I recommend this to all novice investors reading this article; since it allows you to try out different trading strategies risk-free.
Step 2: deposit money with Sberbank
Before you can deposit money with Sberbank to the crypto exchange, you often need to verify your crypto account first. You verify your crypto account by:
- Uploading a copy of your passport
- Uploading proof of address
- Answering a questionnaire about your financial situation
After your account is verified, you can transfer funds from your Sberbank bank account to the crypto exchange. It can sometimes take a few working days for the funds to show up in your account.
Step 3: buy crypto with Sberbank
You can invest in Bitcoin, Ethereum & dozens of other cryptocurrencies at crypto exchanges. Select the crypto coin you want to buy and enter the amount you would like to invest. You can then choose which type of order you wish to place:
- Limit order: open the investment position at a certain price.
- Stop loss: closes the investment position at a certain loss.
- Take profit: close the investment position at a certain profit.
Once you have done all that, you can send it directly to the exchange by pressing the buy button. It may then take a few seconds to minutes for the crypto to show up in your account.
What is Sberbank’s crypto policy?
Russia’s Sberbank is positive about crypto. Customers of the bank can exchange crypto for fiat at Sberbank. The bank is very open-minded, as it is even possible to sell NFTs and have them converted to fiat at Sberbank.
Initially, the bank was very sceptical about crypto, but this attitude has changed. For example, the bank now allows companies to conduct large crypto transactions. The Russian government is regulating the crypto market and is allowing more and more banks and companies to enable crypto trading.
The options are more limited at Sberbank than at popular crypto exchanges. Therefore, if you want to actively trade or buy lesser-known crypto coins, a crypto exchange may still be the way to go.
Sberbank is the largest bank Of Russia and largely state-owned. Its headquarters are in Moscow, but the bank also operates in several European countries. The bank currently manages one-third of all banking assets in the country, making Sberbank an important company in Russia. At the time of writing, Sberbank is the 51e bank in the world, making it a major player on the global stage.
The bank lost much of its value in 2022 due to the war in Ukraine. The various sanctions make it difficult for the bank to carry out its activities. For instance, Sberbank had to close its UAE branch in 2023.
What is Bitcoin?
Before buying Bitcoin from Sberbank, it is essential to understand what Bitcoin is. Bitcoin is a decentralized currency that runs on the blockchain. The blockchain is a system where millions of computers keep track of transactions. This makes it almost impossible to cheat and fool the system.
When you make a payment, it is immediately processed on all copies of the blockchain spread across systems in the network. These systems are also called nodes. This makes Bitcoin completely independent of governments & corporations.
Can you buy Bitcoin from Sberbank?
It is possible to exchange crypto to fiat at Sberbank: this makes the bank one of the most crypto-friendly parties in the world! In addition, it is also possible to link your Sberbank bank account to a reliable crypto exchange. This gives you direct access to the global crypto markets, and you can trade hundreds of different crypto coins.
Remember to do plenty of research: that way, you will avoid losing money on a bad investment.