Can I Buy Crypto with Bank of Cyprus?
Customers of the Bank of Cyprus now can explore the dynamic world of cryptocurrency by exchanging their Euros for various digital currencies through certified cryptocurrency trading platforms in Europe. The Bank of Cyprus supports the transfer of funds to sanctioned digital asset exchanges governed by the European Securities and Markets Authority (ESMA). We recommend choosing an exchange registered with the ESMA to ensure regulatory compliance.
How to Buy Crypto with Bank of Cyprus
As outlined above, the best route for Bank of Cyprus customers to acquire cryptocurrency is through a regulated broker like eToro. Bank of Cyprus account holders can deposit EUR onto eToro using various payment methods, including Bank Transfer, Credit Card, Debit Card, PayPal, Skrill, and Neteller.
Here's a simple guide to start your journey in crypto investment:
- Create a free account on eToro and undergo the required verification process.
- Select 'Deposit Funds', choose a method, and transfer EUR from Bank of Cyprus.
- Use the search bar to find your desired cryptocurrency, and select 'Trade'.
- Specify the amount of crypto you want to buy and click on 'Open Trade'.
Bank of Cyprus Cryptocurrency Policy
Although Bank of Cyprus doesn't directly handle digital currencies, it encourages its customers to delve into cryptocurrency through Cyprus Securities and Exchange Commission (CySEC) and ESMA-regulated brokers. The Bank of Cyprus collaborates with these CySEC-approved platforms to offer secure and compliant channels for trading and investing in a variety of digital assets, such as Bitcoin, Ethereum, and other notable cryptocurrencies. No clause in the Bank of Cyprus's policies restricts its customers from transferring money to and from these regulated cryptocurrency trading platforms.
Deposit and Trading Fees
Let's explore the typical expenses you may encounter when managing digital assets with the Bank of Cyprus:
- Deposit Charges: Unlike many crypto trading platforms offering zero-fee deposit options, the Bank of Cyprus might impose certain transaction charges. For instance, funding your account via a credit card could result in a fee, typically exceeding 2%.
- Trading Fees: A number of digital asset trading platforms, including Bank of Cyprus, implement a spread—a minor percentage subtracted from each transaction. The magnitude of this spread can vary depending on the particular digital asset and the platform, usually hovering around 1% on average.
Take note, fee frameworks can vary between platforms. We recommend reviewing the fee structures of your chosen crypto exchange and Bank of Cyprus before investing in a token.
The Bottom Line
In summary, Bank of Cyprus customers can securely explore the world of digital assets via ESMA-regulated platforms, with eToro standing out as the top choice due to its wide trading options, multiple asset classes, and user-friendly interface. As a global exchange, eToro can be used in 18 languages, including Greek, Turkish, and English, making it ideal for Bank of Cyprus clients.