How to Buy Crypto with Wise

Summary: Wise, previously TransferWise, doesn't handle cryptocurrency transactions itself. Instead, it supports sending well-known currencies such as USD, EUR, and GBP to regulated cryptocurrency exchanges. These exchanges meet the strict guidelines set by top-level regulators, including the Financial Conduct Authority (FCA).

For those using Wise and looking for a trustworthy platform for crypto investments, eToro stands out. It follows global regulations closely, making it easy for Wise users to make quick deposits. eToro offers a wide range of more than 4,500 assets, covering cryptocurrencies, stocks, and ETFs, making it a good fit for different investment plans.

Can I Buy Crypto with Wise?

Yes, Wise offers a pathway for purchasing cryptocurrencies, not by directly providing the service, but by facilitating safe and secure transfers to regulated cryptocurrency exchanges. Through Wise, you can any currency like USD, EUR, and GBP to your account on a crypto exchange, where you can buy, sell, and hold popular digital assets such as Bitcoin, Ethereum, Solana, Dogecoin and others.

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How to Buy Crypto with Wise

For Wise account holders eyeing cryptocurrency investments, eToro presents a reliable solution. This trading platform, regulated globally and operational in over 100 countries, seamlessly accepts transfers from Wise, including via bank and debit cards. Its catalog boasts over 4,500 assets, encompassing a broad range of cryptocurrencies, stocks, and Bitcoin ETFs, meeting a wide range of investment needs.

To initiate your cryptocurrency investment journey on eToro with Wise, follow these streamlined steps:

1. Account Activation: Register and verify your account on eToro.
2. Account Funding: Proceed to the 'Deposit' area within eToro’s platform, typically located in the lower-left corner, to start the funding process.
3. Selection of Currency and Payment Method: Select your desired deposit currency (EUR, USD, etc.) and a Wise-linked payment method.
4. Cryptocurrency Investment: After funding, utilize eToro’s search functionality to locate and invest in your chosen cryptocurrency or Bitcoin ETFs.

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What are the Fees?

If you're thinking about buying Bitcoin or other cryptocurrencies with Wise, it's important to know about the fees you might face. These can include costs for adding and taking out money, charges for each transaction, and changing spreads on the prices.

For those using Wise, eToro stands out as an affordable option for getting into cryptocurrencies. It works with many different currencies, offering a good fit for Wise users from various places. eToro is appealing for its fees, charging a 1% variable spread on cryptocurrency trades. This is notably lower than what you might find on other platforms, such as Coinbase, where the spread fees can be over 2%.

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Is Wise a Crypto-Friendly Bank?

Yes, Wise is friendly towards cryptocurrencies. It offers a straightforward way for its customers to get involved in buying cryptocurrencies like Bitcoin by making transfers to regulated trading platforms. Wise works with cryptocurrency services that follow the strict financial rules of the areas they operate in.

Wise makes sure its users deal with platforms that stick to high financial safety standards, both in their own countries and worldwide. It works closely with official financial regulators like the Financial Conduct Authority (FCA) in the UK and the Financial Crimes Enforcement Network (FinCEN) in the US. This commitment to following the rules greatly reduces the chance of financial crimes such as money laundering and fraud.

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Bottom Line

To sum it up, while Wise, previously known as TransferWise, doesn't directly deal in cryptocurrencies, it paves a solid path for those interested in the crypto market. It enables the transfer of traditional currencies like USD, EUR, and GBP to regulated exchanges, ensuring a secure and compliant investment route. eToro, recognized for its adherence to global regulatory standards, stands as a prime choice for Wise users diving into crypto investments.