Summary: Danske Bank doesn’t offer customers a chance to buy cryptocurrencies on its platforms. Instead, it provides for funds transfers to regulated crypto brokers or exchanges to purchase digital assets like Bitcoin (BTC) and Ethereum (ETH).
In short, if you have a Danske Bank account and would like to buy your favorite cryptocurrency, you will need to sign up with a third-party platform like eToro, transfer funds then make the purchase.
Can you buy crypto with Danske Bank?
It is possible to buy crypto with Danske Bank, but you will need to use a third-party brokerage or crypto exchange. Danske does not have a platform to buy, sell, hold, or trade digital assets, and therefore, if one wants to invest in this asset class, one will have to use a third party that supports the cryptocurrency of interest.
How to buy crypto with Danske Bank?
The best way to buy Bitcoin (BTC), Ethereum (ETH), or any other cryptocurrency with your Danske Bank account is to use a regulated broker. It is important that one uses a licensed and registered broker in their local jurisdiction to mitigate against several risks inherent in using unregulated platforms.
One of the leading brokers and exchanges that one can use to buy crypto with Danske Bank is eToro. It supports more than seventy different digital assets and offers a host of features ideal for crypto investors, including copy trading, staking, holding, and actively trading.
How to buy crypto with Danske Bank: Step-by-Step
You can get started in minutes with four simple steps:
- Step 1: Create an account on eToro and complete your verification (personal or company);
- Step 2: Enter the fiat amount you want to deposit on the eToro platform;
- Step 3: Connect your Danske Bank account to deposit your selected fiat currency;
- Step 4: Finally, head over to the crypto marketplace, locate the cryptocurrency of interest, then purchase it.
About Danske Bank
Danske Bank A/S is a Danish multinational financial services and insurance company that was established in October of 1871 as Den Danske Landmandsbank. The bank underwent a rebrand in 2000 and adopted its current name.
Over its 150+ years, Danske Bank has been serving both retail and corporate clients in various fields, including agriculture, industrialization, and technology, while expanding its footprint. Currently, you can find one of its branches across Sweden, Finland, Norway, Northern Ireland, and its home country, Denmark.
The bank also maintains strategic offices in Ireland, the US, the UK, Poland, and India.
Customers have access to the following services:
- Personal banking – banking, mortgages, loans, asset financing, savings, current accounts, insurance, and credit cards;
- Corporate banking – investment banking services, business loans, current and savings accounts, foreign exchange (forex), asset and trade financing, and debit cards;
- Private banking – personalized services for the rich and high network individuals (HNIs), including wealth and asset management.
The bank is also involved in multiple CSR (corporate social responsibility) initiatives and supports projects that aim to solve challenges in education, social sustainability, and climate change.
Danske Bank’s crypto policy
Danske Bank has opted to avoid handling cryptocurrencies and supporting any crypto trading activities on its platforms. Additionally, it advises its clients to maintain a cautious approach when it comes to investing in Bitcoin or any of the altcoins.
In an article published on Danske’s insights blog on June 18th, 2021, the bank outlines four reasons why it chooses to approach crypto cautiously. These are:
- Partial regulation of the sector;
- Lack of effective transparency to curb money laundering;
- Opaqueness in cryptocurrency pricing and extreme market volatility;
- The use of mining by some blockchain networks, such as Bitcoin, which contributes towards unsustainable social development.
Due to these main reasons, the bank noted that it “generally advise[s] against investing in [digital assets],” adding that it “cannot currently offer investment advice on cryptocurrencies or financial instruments based on [them].”
Note
How to buy crypto safely
Cryptocurrencies are becoming more accessible to the masses as they gain in popularity. However, their popularity has also attracted the wrong crowd looking to scam investors. Here’s a little guide on how one can protect themselves while buying their favorite cryptocurrency:
- Research the cryptocurrency you want to buy – Make sure you understand different types of crypto, how they work, and what the risks are;
- Research the platform you prefer to use to buy it – stick to licensed and regulated platforms, especially those that are regulated to operate in your local jurisdiction;
- Learn to self custody your assets – taking full responsibility of your crypto assets is the safest way to protect them once you acquire them;
- Protect your online accounts – if you opt to store your fiat or crypto on an exchange, ensure that you implement safe account practices such as using strong passwords, enabling 2-factor authentication (2FA), and avoiding using public devices to access your assets;
- Monitor your investments – always track your portfolio, especially if you are holding your assets online on an exchange.
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 Danske Bank
How to buy crypto with Danske Bank?
You can buy crypto with Danske Bank by depositing funds in a licensed third-party cryptocurrency brokerage and exchange platform.
Does Danske Bank allow cryptocurrency?
Danske Bank does not support the purchase or trading of cryptocurrencies, however, its customers can still invest in the nascent asset class through licensed and regulated third-party platforms.
What crypto exchanges does Danske Bank allow?
Danske Bank allows funds to transfer to and from platforms that conform with the EU’s legislation on Markets in Crypto Assets (MiCA).
What is Danske Bank’s crypto policy?
Generally, the bank advises its clients against investing in digital assets. However, since the market has attracted a lot of interest, the bank has previously noted that they should approach investments in this field cautiously.
Is Danske Bank crypto-friendly?
Danske Bank is not looking to stop the mass adoption of cryptocurrencies. However, it does maintain a cautious outlook, even advising its clients to avoid investing in digital assets.
