How to Buy Crypto with Openbank

Can I Buy Bitcoin with Openbank?

‍Yes, purchasing Bitcoin with Openbank is possible by using a crypto trading platform. The bank facilitates transfers to crypto exchanges in Spain that are licensed as Virtual Asset Service Providers (VASP) by the Bank of Spain. Investors can easily fund their accounts with Euros using various payment methods like bank transfers and card deposits.

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How to Buy Crypto with Openbank

‍Openbank clients interested in digital currencies must use exchanges that hold a VASP license. Uphold complies with Spanish regulations and offers access to over 250 cryptocurrencies for trading and staking. Users can deposit Euros into their accounts through bank transfers, SEPA, IBAN, Google Pay, Apple Pay, or cards.

Follow this short guide to purchasing crypto with Openbank via Uphold:

1. Create Account: Visit the Uphold website, sign up for a new account, and complete the required verification process.
2. Deposit Money: Select your preferred deposit method and transfer Euros from your Openbank account.
3. Explore Cryptocurrencies: Browse the wide selection of available digital assets and choose the token you want to buy.
4. Complete Your Purchase: Enter the desired investment amount, review the transaction details, and confirm your trade.

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What are the Fees?

For those new to buying cryptocurrency, understanding the associated costs is important. This can include deposit, withdrawal, and trading fees, which vary for every investment platform.

Openbank clients should consider Uphold because it doesn't charge commission fees on trades. That said, it does apply a spread, typically around 1%, when exchanging Euros for Bitcoin. Most platforms like Coinbase charge trading fees that can go beyond 2%.

To make sure you're getting the best deal, always review the platform's fee structure in advance. This way, you can maximize the value of your investment and avoid unexpected costs.

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Openbank Cryptocurrency Policy

Openbank allows transfers to crypto platforms that hold a Virtual Asset Service Providers (VASP) from the Bank of Spain. These exchanges comply with rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) standards to meet regulatory requirements.

The bank is also gearing up for the forthcoming implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), which will establish a unified regulatory structure for cryptocurrencies across Europe.

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About Openbank

‍Openbank, a digital bank under the Santander Group, offers a wide range of financial services designed to meet the needs of modern customers. It provides online banking services, including savings accounts, investments, and loans, all accessible from a single mobile app or website.

The platform has several products like Open Current Account, Open Payroll Account, and Open Young Account, providing unique online banking experiences, including efficient savings and investment options.

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Bottom Line

Openbank users can purchase cryptocurrency by transferring Euros to licensed exchanges like Uphold. Uphold offers access to over 250 digital assets for trading and staking, supports instant EUR deposits, and is available in both Spanish and English.

It's important to carefully review fee structures on any exchange to ensure you're getting the most value for your transactions.