This step-by-step guide will provide you with the process to buy crypto with Danske Bank account. We will offer options through regulated third-party platforms, explain limitations, and detail what is needed to complete crypto purchases smoothly.
Summary
Buying cryptocurrencies directly through Danske Bank is not offered, as most banks do not provide this service currently. Instead, individuals typically use specialized cryptocurrency exchanges or platforms to buy digital assets. This guide focuses on managing crypto investments alongside traditional Danske Bank services by providing insight into external platforms for purchasing cryptocurrencies.
We recommend using the regulated exchange eToro, which supports over 70 cryptocurrencies.
Step-by-Step on How to Buy Crypto with Danske Bank
Step 1: Register an Account on eToro
Visit eToro.com and click “Join Now” to create your account. Complete the signup process by verifying your identity. eToro accepts most countries worldwide and is a recommended platform based on market research.
Step 2: Complete Identity Verification
Comply with eToro’s KYC (Know Your Customer) requirements for identity verification. Note that the verification process may take 1-2 days for approval.
Step 3: Link Danske Bank Account to eToro
Once logged into your eToro account, select “Deposit Funds” and choose “Bank Transfer”. Search for and select “Danske Bank” from the list of banks. Enter your Danske Bank login credentials to securely connect accounts.
Step 4: Deposit Funds
Deposit EUR funds from your connected Danske Bank account into your eToro account. There are no deposit fees and the minimum is $50 (or equivalent currency).
Step 5: Purchase Cryptocurrency
Navigate to eToro’s crypto marketplace containing over 70 digital assets. Search for your desired coin, select “Trade”, enter investment amount in EUR, and click “Open Trade” to purchase. Cryptos are held in an eToro wallet.
Though every exchange might differ in their verification process, once this is done, the purchase process of cryptocurrencies is approximately the same.
Danske Bank’s Crypto Policy
While Danske Bank advises caution around crypto investments, they allow funds transfers to/from regulated crypto exchanges and do not block crypto purchases made with their credit cards. However, Danske Bank does not provide direct onboarding, trading, or custody of cryptocurrencies currently.
Does Danske Bank Work With Crypto?
No, Danske Bank does not directly work with cryptocurrencies at this time. As the crypto market evolves, policies may change so customers can call ahead to check for updated crypto services if unsure.
What If Danske Bank is Not Crypto Friendly?
Since Danske Bank does not directly offer crypto trading, an intermediary bank account may need to be set up before following this guide’s steps. Banks often restrict crypto due to age policies, security regulations, or abroad transfer rules.
Two solutions include:
Open an Account at a Crypto Friendly Bank
Research banks with clearer crypto policies and open an account dedicated for crypto investing. Popular options are Revolut, Wirex, and Change. Once set up, continue with Step 1 above.
Use a Danske Bank Compatible Money Transfer Service
Companies like Wise offer money transfers compatible with Danske Bank that can then be deposited to platforms like eToro to buy crypto. Complete the transfer, then pick up at Step 1 of this guide.
Conclusion
The key steps to buying crypto with Danske Bank involve setting up an account on a regulated crypto platform, connecting your Danske Bank account to transfer EUR funds, and then exchanging the EUR for digital assets. Although Danske Bank currently does not directly offer crypto trading or custody, users can invest through secure third-party exchanges using Danske Bank accounts and money transfer services. We encourage researching assets and platforms thoroughly first for informed crypto investing.
FAQs
How do I buy crypto with Danske Bank?
You can buy crypto with Danske Bank by opening an account with a third-party cryptocurrency platform like eToro, connecting your Danske Bank account to transfer EUR funds, and exchanging the EUR for digital assets on eToro’s crypto exchange.
Does Danske Bank restrict buying crypto?
No, Danske Bank allows funds transfers to and from regulated crypto exchanges and does not block crypto purchases made via credit cards. However, they do not provide direct onboarding or trading of cryptocurrencies.
What regulations apply when buying crypto with Danske Bank?
You must use a regulated, licensed platform that follows KYC and anti-money laundering procedures when buying crypto. Danske Bank applies standard investment regulations so crypto transactions are treated the same as other assets.
Is it safe to buy crypto using my Danske Bank account?
Yes, it is safe if you use reputable licensed platforms that enable security features like 2-factor authentication. Also self-custody assets once purchased instead of leaving them on an exchange account if holding long-term. Take responsibility for safe account management.
