Summary
Consorsbank allows its customers in Germany to buy cryptocurrencies. However, similar to other banking services, to buy crypto with Consorsbank, you need to rely on crypto exchanges as Consorsbank does not currently offer direct crypto services. It is essential to select a centralized exchange that complies with the regulations set by BaFin. Crypto exchanges, like BYDFi, are an excellent option for Consorsbank customers to consider when buying crypto.
Can I Buy Bitcoin with Consorsbank?
Yes, you can buy Bitcoin with your Consorsbank account, but not directly through their services. Consorsbank allows you to fund accounts on BaFin-regulated crypto exchanges using your credit or debit card. However, it’s crucial to ensure the exchange complies with BaFin regulations to ensure security and transparency. Popular choices like BYDFi and Binance are excellent options for Consorsbank customers looking to buy Bitcoin or other cryptocurrencies.
How to Buy Crypto with Consorsbank on BYDFi
BYDFi is a great choice for Consorsbank customers, supporting SEPA transfers and allowing EUR fiat deposits. Established in 2019 and headquartered in Singapore, BYDFi has over 4 million users and offers spot and futures trading options with the potential for up to 200x leverage, with no KYC requirements. The exchange offers competitive fees, including 0% maker and 0.10% taker fees for spot trading, and new users can also receive a bonus of up to $300. With reliable customer support, BYDFi is an excellent option for Consorsbank customers looking to buy crypto.
Why choose BYDFi?
Here is how you can buy crypto with Consorsbank on Binance
Buy Crypto with ConsorsBank
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1Open your browser and visit the BYDFi website. Make sure to register with your email to complete the signup process.
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2On the homepage, locate the Buy Crypto button in the toolbar, then click on it and select Buy Crypto from the dropdown menu.
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3You will be redirected to BYDFi's on-ramp solution. In the Spend field, choose EUR as your fiat currency and enter the amount you wish to spend.
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4In the Receive field, select the cryptocurrency you want to buy.
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5Click on Purchase using EUR to move to the next page, where you can choose from various third-party payment platforms for checkout.
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6Review your transaction details and click the Proceed to Transaction button to complete your purchase.
Alternatives to BYDFi
If you’re looking for alternatives to BYDFi, here are some great options to consider for buying crypto with Consorsbank using other exchanges:
Binance
Binance, established in 2017 and headquartered in the Cayman Islands, is a top choice for German users looking to buy crypto with Consorsbank via SEPA transfers. It offers over 414 cryptocurrencies, 352 futures contracts, and additional features like staking, launchpads, and a Web3 wallet. While KYC is required, its advanced offerings make it a reliable and secure exchange.
BloFin
Blofin is a high-leverage crypto exchange (up to 150x) with no KYC, making it a solid option for Consorsbank users in Germany seeking EUR Fiat deposits. It supports various payment methods like credit/debit cards, Google Pay, and Apple Pay. Founded in 2019 and based in the Cayman Islands, Blofin offers 24/7 customer support via live chat and email.
What are the Fees?
Consorsbank doesn’t charge any fees if you use SEPA transfers to fund your exchange account—SEPA transfers are completely free. However, if you’re using your Consorsbank debit or credit card on exchanges like BYDFi, fees may apply. This is because exchanges often rely on third-party payment processors like VISA or Google Pay, which can incur additional costs.
Consorsbank Cryptocurrency Policy
Consorsbank takes a cautious approach to cryptocurrency, offering limited services primarily through indirect means. While the bank does not support direct trading of digital assets, it facilitates crypto investments by allowing clients to transfer funds to BaFin-regulated exchanges. This ensures strict compliance with AML and KYC requirements.
In July 2021, Consorsbank expanded its offerings by introducing cryptocurrency certificates as part of its savings plans. These certificates enable clients to gain exposure to Bitcoin and Ethereum without directly owning the assets, as the certificates track their performance.
Bottomline
Consorsbank allows users in Germany to buy crypto indirectly by transferring funds to BaFin-regulated exchanges like BYDFi, Binance, and BloFin. While it doesn’t directly support crypto transactions, the bank ensures compliance with regulatory standards, offering a secure method for crypto investments.
FAQs
1. Can I use Consorsbank to directly trade cryptocurrencies?
No, Consorsbank does not offer direct cryptocurrency trading services. However, it allows you to fund accounts on BaFin-regulated exchanges to buy and sell cryptocurrencies.
2. Does Consorsbank charge fees for SEPA transfers to crypto exchanges?
No, SEPA transfers from Consorsbank to crypto exchanges are typically free. However, the receiving exchange might apply deposit or processing fees.
3. Are cryptocurrency certificates offered by Consorsbank the same as owning crypto?
No, cryptocurrency certificates offered by Consorsbank allow you to gain exposure to the price movements of assets like Bitcoin or Ethereum without directly owning them.
4. What are BaFin-regulated crypto exchanges, and why are they important?
BaFin-regulated exchanges comply with Germany’s strict financial laws, ensuring higher security, transparency, and compliance with AML/KYC standards. Examples include Binance and Bitpanda.
5. Can I use my Consorsbank credit card for crypto purchases on BYDFi?
Yes, Consorsbank credit cards can be used for crypto purchases on BYDFi. However, additional fees may apply due to third-party payment processors like VISA or Mastercard.
