Can you buy crypto at SpareBank 1? Bitcoin tutorial
SpareBank does not offer crypto products itself at the time of writing. However, by linking your bank account to a reliable crypto exchange, you can still buy Bitcoin. In this guide, I explain how to do this!
How to buy crypto with SpareBank?
Step 1: open an account with a crypto exchange
You need an account with a crypto exchange to buy crypto with your savings at SpareBank 1. Use the buttons in the overview below to open an account with a reliable crypto exchange:
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Step 2: depositing money with SpareBank
After you open your account, you still need to verify it. You verify your account by uploading a copy of your passport and proof of address. After your documents are approved, you can deposit money from your SpareBank account to your account with the crypto exchange.
Step 3: buy crypto with SpareBank
After the money arrives, you can immediately buy your favourite crypto. Select the crypto you want to buy and enter the amount you would like to invest. It is even possible to invest with small amounts at many crypto exchanges. By pressing buy, you send the order directly to the crypto exchange.
After you placed the order, it may take a few minutes for it to be executed. You can then sell your crypto at any time and transfer the money back to your bank account at SpareBank.
Step 4: securing your account
Take enough time to secure your account after buying your first crypto. In any case, make sure you choose a strong password and enable 2FA: that way, you will prevent hackers from stealing your funds.
It may also be wise to send your crypto funds to an external wallet. An external wallet is 100% decentralized, which means that the crypto exchange does not have access to your funds.
What is SpareBank’s stance on crypto?
SpareBank is an open bank; therefore, customers can decide where to spend their money. You can therefore buy your favourite crypto at SpareBank without any problems. If you invest large amounts, it can sometimes take a while for the transaction to be approved. This is because, within Europe, transactions above €10,000 have to be verified.
SpareBank is a Norwegian externally owned savings bank; there are currently 123 different savings banks in Norway.
All banks collectively fall under SpareBank1 and the bank’s assets make it Norway’s second-largest bank. The bank has a total of more than 350 branches and 6,000 employees. Examples of banks that fall under SpareBank 1 are SpareBank 1 Hallingdal, Gudbrandsdal and Telemark.
Can you buy Bitcoin from SpareBank?
You can buy Bitcoin with SpareBank, but not directly from the bank itself. SpareBank is crypto-friendly, which means you can link your bank account to a reliable crypto exchange without any issues. However, remember to do enough research on the crypto you are investing in; that way, you will avoid losing money investing in scam crypto coins.