Can you buy crypto at SMBC (2023)?
Crypto is also incredibly popular in Japan: consequently, more and more people want to buy crypto with their bank account at Sumitomo Mitsui Financial Group. In this tutorial, you will read how to start buying & selling Bitcoin at SMBC right away.
How to buy crypto with Sumitomo Mitsui Financial Group?
Step 1: open an account with a crypto exchange
It is not possible to buy crypto from SMBC, you therefore need an account with a crypto exchange first. A crypto exchange is a company that facilitates the buying and selling of crypto for individuals. In the overview below, you can immediately see which crypto exchanges you can join:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with SMBC after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
With some crypto exchanges, you can try the options completely risk-free & hassle-free with a demo. I recommend this: that way, you’ll discover whether crypto investing is something for you.
Step 2: deposit money with SMBC
You can deposit money directly from your bank account at SMBC to your crypto exchange account. Kindly note that not all crypto exchanges accept Japanese Yen. Some crypto exchanges charge additional conversion fees for exchanging Japanese Yen to dollars.
Step 3: buy crypto with SMBC
Don’t just buy any crypto. Many private investors jump on the hype train only to lose a lot of money as a result. It is always advisable to compare different cryptocurrencies. Research what the main advantages and disadvantages of the different projects are. That way, you can invest in a project you trust.
Next, select the crypto within the platform you would like to buy. Then enter the amount you would like to invest and press buy to send the order directly to the crypto exchange. Congratulations, you have now made your first crypto investment!
Don’t forget to evaluate your crypto investments regularly. Do you think the investment no longer suits you? In that case, you can sell your crypto again without any problems and transfer the money back to your bank account at SMBC.
What is SMBC’s stance on crypto?
Like many other Japanese banks, SMBC is also open-minded when it comes to crypto. For instance, the bank plans to develop its own tokens and offer NFT services. These are positive signs for customers with an interest in crypto investing with SMBC.
I have not received any negative reports from customers at SMBC who wanted to carry out crypto transactions. Therefore, buying and selling Bitcoin with a crypto exchange is not a concern for customers at SMBC.
Why can it be interesting to invest in crypto?
Crypto and blockchain are still in their infancy. As with the development of the internet, you can see it causing many issues. A recent example is the collapse of the crypto exchange FTX, which gambled with customers’ assets.
Despite the problems, the adaptation of crypto is increasing, and you see more and more large companies and investors offering crypto. The technology behind crypto, the blockchain, is revolutionary.
By inves early, investors can benefit from these latest technological developments. However, never forget that crypto investments are risky, and you can lose a large part of your investment. Therefore, do plenty of research & invest only with money you can spare.
About Sumitomo Mitsui Financial Group
Sumitomo Mitsui Banking Corporation also known as SMBC Bank is a Japanese multinational banking company. SMBC is headquartered in Tokyo, but the bank operates globally. The bank caters to different types of customers: from individuals to large corporations.
SMBC is one of Japan’s largest banks and the world’s 12e largest bank. This is reflected in the huge amount of assets managed by the bank: over $2 trillion! With over 400 branches and 100,000 employees, SMBC is one of the most important companies in Japan.
The bank also operates under these names:
- SMBC Nikko Securities
- SMBC Trust Bank
- Sumitomo Mitsui DS Asset Management
- Sumitomo Mitsui Finance and Leasing
- Japan Research Institute (JRI)
Can you buy Bitcoin at SMBC?
Unfortunately, it is not possible to buy crypto at SMBC. However, the bank will let you link your bank account to a reliable crypto exchange. That way, you can still buy crypto with the funds in your bank account without any problems. At the beginning of this guide, you will read directly how to buy your first crypto at SBMC in 3 steps.