Can I Buy Bitcoin or Crypto using Fineco Bank?
Fineco Bank, although not providing a direct method to buy cryptocurrencies like Bitcoin, does offer its clients the flexibility to use their accounts for fund transfers to trustworthy cryptocurrency exchanges in Italy. These platforms act as secure digital currency investment gateways, offering an assured and regulated space for these ventures.
How to Buy Crypto with Fineco Bank
Fineco Bank customers can invest in cryptocurrencies like Bitcoin and Ethereum by using an ESMA-regulated digital asset exchange. The best option in Italy is the eToro platform, as it offers instant EUR deposits via multiple payment methods like bank transfer, SEPA, debit and credit cards, Skrill, Neteller, and PayPal.
Follow these steps to buy crypto using a Fineco Bank account:
- Open a free account on eToro and complete the verification process.
- Click 'Deposit Funds', select a method, and send funds from Fineco Bank.
- Use the search bar to find your desired token and tap 'Trade'.
- Input the amount you want to purchase and tap 'Open Trade'.
Fineco Bank Cryptocurrency Policy
Fineco Bank acknowledges the potential impact of cryptocurrencies on the global financial landscape and maintains a cautiously optimistic stance on digital assets. To that end, Fineco Bank allows its customers to invest in cryptocurrencies via platforms regulated by the European Securities and Markets Authority (ESMA) and the Organismo Agenti e Mediatori (OAM) in Italy. They may freeze or block deposits if customers are found trying to transfer assets to unregulated and off-shore brokers like Bybit.
Deposit and Trading Fees
If you're venturing into cryptocurrencies through Fineco Bank, it's essential to keep these potential costs in mind:
- Deposit Charges: Most cryptocurrency trading platforms don't levy charges for deposits; however, Fineco Bank might impose transfer fees. It's crucial to confirm these details with your bank. Generally, deposits made using a Fineco Bank Credit Card may attract a fee exceeding 2%.
- Transaction Fees: Cryptocurrency platforms usually impose a spread—a fraction of each transaction. The spread fluctuates depending on the cryptocurrency and platform, but it usually hovers around 1%. There may be additional charges for maintaining positions overnight or during weekends.
Bear in mind, fee structures can vary from one platform to another. Always verify the latest fee details with your trading platform and Fineco Bank to avoid unexpected costs.
The Bottom Line
In conclusion, Fineco Bank customers in Italy interested in buying and selling cryptocurrencies should use an ESMA-registered digital asset exchange. After examining numerous top trading platforms, we determined that eToro is the best option due to its competitively low fees, wide range of assets, user-friendly platform, Italian-language support, and unique features such as copy trading and crypto staking.