Summary: Credit Suisse Group AG, a banking institution now owned by the former rival UBS bank, does not offer customers the chance to buy cryptocurrencies on its own platforms. Instead, its clients can link their accounts with a third-party crypto-trading platform such as eToro and buy crypto with Credit Suisse that way.
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Can you buy crypto with Credit Suisse?
You can buy crypto with Credit Suisse, but you will need to use a third-party brokerage or crypto exchange. We highly recommend going with a trustworthy platform that is well-regulated and licensed in your local area, supports your coins of interest, and also enables funds transfer in the payment methods supported by Credit Suisse, which include wire transfers, ACH (US), credit/debit card, and more.
How to buy crypto with Credit Suisse?
The best way to buy crypto with Credit Suisse, such as Bitcoin (BTC), Ethereum (ETH), or any other cryptocurrency, is through a trusted crypto exchange or broker like eToro.
eToro is a widely trusted digital asset platform with over 80 cryptocurrencies and offers unique features such as “Copy Trading,” which enables users to copy top-performing crypto traders.
Other features eToro offers its users are:
- Commission-free stock and ETF trading;
- Over 2,000 stocks from 17 different exchanges;
- Fractional shares;
- User-friendly platform.
How to buy crypto with Credit Suisse: Step-by-Step
You can get started in minutes with four simple steps using eToro as an example:
- Step 1: Create an account on the eToro platform;
- Step 2: Deposit fiat currency (USD, EUR, CHF, etc.) from your Credit Suisse Bank account or card;
- Step 3: Connect your Credit Suisse Bank account or payment card (debit or credit card) to eToro from within the funding section;
- Step 4: Once you have successfully made the deposit, navigate to the crypto marketplace, locate your cryptocurrency of interest, and buy it. The assets will be deposited into your eToro wallet.
Disclaimer: Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
About Credit Suisse
Credit Suisse AG is a global financial services and investment bank based in Zurich, Switzerland. It was established in 1856 to finance the construction of Switzerland’s railway system. However, over the last century, the bank has grown and expanded its offering beyond project financing.
It has slowly shifted its mission to encompass both retail and institutional financing, offering services such as:
- Private banking: Personal bank accounts, savings, credit and debit cards, and financing solutions, including mortgages;
- Institutional banking: Corporate accounts, payment processing, cash management, and financing solutions;
- Wealth planning and management: A product for ultra-high net worth individuals (UHNWI) who needs personalized investing solutions, wealth consulting, and strategic advisory;
- Asset management: The bank helps its clients manage various assets, including equities, real estate, fixed income such as bonds, commodities, and quantitative and credit investments;
- Investment banking: Clients get access to advisory services related to M&A, divestitures, and takeover defense strategies, as well as debt and equity offerings.
What happened to Credit Suisse?
Multiple issues and scandals have led to significant reputational damage and the collapse of Credit Suisse in March 2023. In 2020, Credit Suisse was fined $77 million by Swiss authorities for failing to combat money laundering properly. In 2021, the bank experienced a significant loss connected to the failure of Archegos Capital Management.
Topping off the scandals, in March 2023, Credit Suisse collapsed and was bought in a $3.3 billion deal by a rival, leading Swiss bank, UBS. The 2023 banking crisis has shown weaknesses in the traditional financial system, making many think about the potential upsides of crypto and decentralized finance (DeFi).
Credit Suisse’s crypto policy
Credit Suisse does not offer a crypto investment platform across all locations in which it maintains operations. However, Credit Suisse’s crypto policy does support digital currencies and is among the few banks actively championing for widespread adoption of blockchain technology and cryptocurrency investments. It has shown its pro-crypto stance in more ways than one over the last several years, and here are some of these:
- Blockchain-based development: Credit Suisse, through its asset management arm, joined forces with Clearstream, the Luxembourg Stock Exchange, and Natixis Investment Managers to launch FundsDLT in March 2020. FundsDLT (distributed ledger technology) is a blockchain-based tech platform for the investment fund industry;
- Hosting crypto-related discussions: on March 18th, 2021, the bank hosted its annual Credit Suisse Cash Day event, which brings together participants within the financial industry sector to discuss pertinent issues affecting the finance industry. In this eighth edition of the Cash Day, Credit Suisse brought together leading experts to discuss the risks, challenges, and opportunities for crypto banking in Switzerland;
- Blockchain-related strategic partnerships: In February 2023, Credit Suisse announced a strategic partnership with Taurus, a FINMA-regulated digital asset infrastructure provider for financial institutions in Europe. Through this partnership, Credit Suisse aims to become a trusted partner for private, corporate, and institutional clients in the digital asset space.
How to buy crypto safely
Cryptocurrencies are becoming increasingly popular by the day, which means that more investors are looking to take part in this growing asset class. However, like investing in the traditional securities marketplace, paying attention to the risks and pitfalls to avoid or mitigate to ensure that you reduce or avoid losses is crucial.
Here are a few pointers to get you going in the right direction when it comes to safely investing in cryptocurrencies:
- Use a trustworthy brokerage or exchange platform. The first stage to investing in crypto is to choose an exchange where you will buy your favorite asset. We recommend going with renowned platforms, such as eToro;
- Learn about digital assets and blockchain (the technology that underpins them). It is crucial to invest the time and learn everything you can about cryptocurrencies;
- Invest in cold storage devices. Cold wallets are devices that store your cryptocurrency private keys offline, and they include hardware, paper, and steel wallets;
- Operate within the legal framework. Most countries have some form of a legal framework that deals with cryptocurrency investments, including how to handle taxes. It is your responsibility to ensure that you abide by these laws, file taxes and avoid using crypto to launder money;
- Secure your hot wallets. If you intend to be an active crypto investor, you will probably be buying, selling, and swapping between various assets. In this case, you will need to use a hot wallet, which is a software-based crypto wallet that is connected to the internet at all times. To ensure your assets are secure, always use 2-factor authentication (2FA), avoid public wireless networks, and avoid using shared devices;
- Use safe payment methods. Depending on how you choose to buy your crypto, you might have access to more or fewer payment channels, some of which might not be the safest. For instance, physical meetups might expose an investor to theft, robbery, or even grievous danger. To avoid that, choose safe electronic payment methods such as PayPal (NASDAQ: PYPL), mobile money, and wire transfers.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs about how to buy crypto with Credit Suisse
How to buy crypto with Credit Suisse?
You can buy crypto with Credit Suisse by connecting your account with that of a regulated third-party crypto investment platform. This way ensures that you safeguard your investment and deal with platforms licensed to operate in your local area.
Does Credit Suisse allow cryptocurrency?
Credit Suisse is among the leading proponents for the adoption of cryptocurrencies and their underlying tech, the blockchain. It might not offer its clients a platform to buy or sell Bitcoin, but it is championing wider adoption among its clientele and the general public.
What crypto exchanges does Credit Suisse allow?
You can use your Credit Suisse bank account with a regulated and licensed crypto brokerage or exchange to buy your favorite cryptocurrency. Since the bank operates in several countries, it is important that each investor considers their local legal environment and select only platforms licensed to operate in those jurisdictions.
What is Credit Suisse’s crypto policy?
Credit Suisse’s crypto policy has demonstrated to be open toward cryptocurrencies and the blockchain technology that underpins them. The bank has made strategic moves to position itself as a leader among its peers when it comes to the adoption of blockchain technology and cryptocurrencies.
Is Credit Suisse crypto-friendly?
Credit Suisse is a crypto-friendly bank allowing its customers to transact with other licensed and regulated platforms to invest in digital assets. Additionally, it has also taken a more proactive role in adopting this nascent technology.
