Can you buy crypto at SBI Bank? Bitcoin tutorial
Do you want to buy crypto using your bank account with State Bank of India? Follow the steps in this guide & buy Bitcoin directly with your bank account at SBI!
How to buy crypto with State Bank of India?
Step 1: open an account with a crypto exchange
It is not possible to buy crypto using your bank account with SBI. What you can do, is link your bank account to a reliable crypto exchange. Open an account with a crypto exchange to start buying and selling crypto right away:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with SBI bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: deposit money with SBI bank
Before you can deposit money, you must first verify your crypto account. You verify your account by uploading a copy of your passport and proof of address. After your documents are processed, you can directly deposit money using your bank account with State Bank of India.
Step 3: buy crypto with State Bank of India
Before buying crypto, you need to select which crypto you are interested in. You can choose from hundreds of different cryptocurrencies, all of which have their features and development team. Start by reading through the white paper; in it, developers explain their ambitions with the crypto coin.
When you are sure which crypto you want to buy, you can select it directly within the crypto exchange. Within the order screen, enter the amount you would like to invest and press buy to place the order. You can also optionally set a take profit or stop loss: you then automatically close the position at a certain profit or loss.
Make sure to regularly evaluate whether your crypto investment still suits you. If you are not confident about the future of the crypto project, you can immediately sell your crypto again. You can then transfer the money back to your bank account with SBI.
What is SBI Bank’s crypto policy?
The State Bank of India allows crypto investments, but does not yet offer crypto products itself. You can invest in crypto using your bank account with SBI, by linking your bank account to a reliable exchange. Research the crypto exchange you want to use: not all companies are equally reliable. The regulation of crypto exchanges worldwide is still minimal.
About State Bank of India
State Bank of India (SBI) is an Indian multinational bank headquartered in Mumbai. The bank is in the top 50 largest banks in the world with over $650 billion in assets under management and 250,000 employees. The bank is the sixth-largest employer in India, which makes it a major player in the country.
The bank’s history dates back to 1806 with the establishment of the Bank of Calcutta through the Imperial Bank of India. This long history makes SBI Bank the oldest bank in India.
You can buy SBI’s shares on the London Stock Exchange under SBID and on the NSE under SBIN.
State Bank of India manages 24,000 branches in India and still derives most of its profits here. The bank also operates internationally with 191 branches across 36 countries. For instance, the bank operates under the names SBI Bangladesh, SBI Bahrain, SBI Botswana, SBI Canada Bank, SBI China and SBI Sri Lankra.
Can you buy Bitcoin from State Bank of India?
You can buy Bitcoin & other crypto using your bank account with SBI Bank. However, you have to go through some extra steps since SBI does not offer crypto itself. At the beginning of this article, you can see right away how to link your bank account to a reliable crypto exchange.
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.