Summary: Nordea Bank, or simply Nordea, does not have a crypto investment solution, and its customers cannot buy, sell, or trade digital currencies on its platform. Instead, Nordea crypto users can connect their bank account to a third-party crypto trading alternative like eToro and buy digital currencies such as Bitcoin (BTC) and Ethereum (ETH) there.
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Can you buy crypto with Nordea Bank?
Despite not having a crypto investment platform, buying digital assets with Nordea through a third-party platform is still possible. If you hold a Nordea account, the bank allows you to make transfers to and from regulated crypto brokerages and exchanges, and this enables its customers to still invest in digital assets.
How to buy crypto with Nordea Bank?
There are several ways to buy crypto with Nordea, but the best and safest route is through a popular broker like eToro.
With eToro, you can access a trusted multi-asset investing platform supporting over 80 cryptocurrencies, including Bitcoin and Ethereum. There are also several other features, such as “Copy trading” (where users copy the trades of top-performing traders), a staking service, a custom watchlist, as well as advanced charting and technical analysis tools.
How to buy crypto with Nordea Bank: Step-by-Step
You can get started in minutes with four simple steps using eToro:
- Step 1: Create an account on the eToro platform and complete your identity verification (personal or company);
- Step 2: Navigate to the funding section, and initiate a new transaction to deposit fiat currency (SEK, EUR, DKK, NOK, etc.) from your Nordea account or card;
- Step 3: Connect your Nordea account or payment card (debit or credit card) to eToro from within the funding section. Then initiate the transaction;
- Step 4: Navigate to eToro’s asset marketplace, locate the crypto you want to buy, and purchase it.
Disclaimer: Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
About Nordea Bank
Nordea is a European multinational financial services company based in Northern Europe and headquartered in Helsinki, Finland. It currently serves over 12 million customers across four main markets: Finland, Sweden, Norway, and Denmark. The bank maintains more than 1,400 branches in this region, operating over 5,000 ATMs and employing 12,000+ workers.
The bank groups its customers into three categories, which are:
- Personal or retail clients – private banking, with access to current, savings accounts, loans, mortgages, wealth management, etc.;
- Small and medium-sized businesses – customers in this category get access to, among others services, cash management, trade financing, asset management, and asset financing;
- Corporates and institutions – this category gets to enjoy services such as corporate financing, foreign exchange (forex), trade financing, liquidity management, investment banking, and transaction banking, among others.
Nordea Bank crypto policy
Nordea is yet to provide an official policy on how it handles cryptocurrency, but it has previously made some controversial moves against the nascent industry. In 2019, for instance, the bank’s Denmark subsidiary was accused of overstretching its management limits by prohibiting its employees from privately investing in cryptocurrencies.
In 2018, Nordea Bank showed slight support toward blockchain and crypto, publishing an article on the possibilities of the underlying technology as an opportunity to create new value-adding banking services on blockchain.
However, more recently, the bank’s Head of Emerging Technologies, Ville Sointu, was quoted in an internal interview cautioning investors about investing in or trading cryptocurrencies. In the interview published in a September 2021 edition of the bank’s ‘Nordea On My Mind’ report, Sointu advises potential crypto investors to “do [their] due diligence with extreme prejudice.”
Despite a negative stance towards crypto investments and talk that Nordea bans crypto, the bank does not prohibit funds transfer to regulated digital asset investment platforms.
How to buy crypto safely
The pointers below will help crypto investors avoid common investment pitfalls and safely buy their favorite digital asset.
- Learn about cryptocurrencies – it is important to research, read investing and cryptocurrency guides to understand what digital assets are, how they exist, and where they derive their value, among other things. This knowledge will be crucial in deciding which crypto to buy over another;
- Invest with licensed and regulated crypto investment platforms – many investors in crypto have lost their investment to cryptocurrency rug pulls and other kinds of scams because most of these new platforms are not regulated;
- Safeguard online accounts – once you create an online account with a trustworthy company, take the extra steps to safeguard your account using a strong password and 2-factor authentication (2FA). However, the safest way to store your assets is to use an offline self-custody cryptocurrency wallet such as a hardware, steel, or paper wallet;
- Use safe payment methods – there are several ways to pay for your cryptocurrency, but some are safer than others. Opt to pay for crypto through online channels such as bank transfers over offline alternatives such as cash exchanges during meetups.
- Invest only funds you can afford to lose – the cryptocurrency market is volatile, which means there is a chance to make outsized gains or lose your entire investment. Therefore only invest in crypto with funds you are comfortable losing.
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 Nordea Bank
How to buy crypto with Nordea Bank?
You can buy crypto with Nordea by depositing funds in a licensed third-party trading platform that offers cryptocurrencies.
How to buy Bitcoin with Nordea Bank?
Nordea Bank customers can’t buy Bitcoin directly on the bank’s platform; however, Nordea crypto users can use their bank account to transfer funds to reputable crypto exchanges and online investment brokers that sell Bitcoin, such as eToro.
Does Nordea Bank allow cryptocurrency?
It is possible to invest in cryptocurrency with Nordia despite their cynical stance towards the nascent asset class. To do so, an investor must send their funds to a third-party crypto investment platform.
What crypto exchanges does Nordea Bank allow?
Nordia allows its customers to send and receive funds from licensed and regulated crypto brokerages and exchanges.
What is Nordea Bank’s crypto policy?
Nordia does not have an official crypto policy, but it has demonstrated in the past that it eschews investments in this asset class to the extent of prohibiting its employees from making private investments.
Is Nordea Bank crypto-friendly?
Nordea customers can send and receive funds to and from crypto exchanges with their accounts even though the bank’s unofficial stance on digital asset investments is negative.
