Crypto Banks
How to Buy Crypto with Bancolombia

How to Buy Crypto with Bancolombia

Fact Checked
February 13, 2023
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Summary: Bancolombia doesn't offer direct access to Cryptocurrencies through its banking platform or physical branches. To buy Crypto in Colombia, you will need to send COP from Bancocolombia to a secure digital asset exchange that is specifically designed to facilitate the buying and selling of Cryptocurrency.

We recommend using the Bybit exchange as it offers free and instant COP deposits to Bancolombia customers and has the lowest trading (buy/sell) fees in the industry, starting from 0.1%. Additionally, it is a feature-rich platform that offers a wide variety of products and services like trading, staking, lending, borrowing, an NFT marketplace, and more.

Table of Contents

Best Crypto Exchange for Bancolombia Users

Platform Highlights

  • Free and instant Colombian Peso (COP) deposits for Bancolombia customers.
  • Trade 400+ Cryptocurrencies with fees starting from a low 0.1%.
  • Non-KYC exchange with proof-of-reserves that show customer funds are backed 1:1.
Bybit - Bancolombia
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Audited Proof of Reserves
Audited Proof of Reserves

Can I buy Cryptocurrencies on Bancolombia online?

As previously stated, it is not possible to buy, sell or store Cryptocurrencies on Bancolombia, as it does not have any products or services which enable its customers to trade the asset class. If you want to buy Crypto with Bancolombia, you will need to open a free account with a secure digital asset exchange.

The reason we suggest using Bybit is that it's a Non-KYC exchange which means you do not need to verify your identity in order to use it, making the entire sign-up process simple and quick. Bybit can also be used in over 30 languages including Spanish and offers 24/7 Spanish-speaking customer support. If you want to learn more about this exchange, visit our detailed Bybit Review.

How to buy Crypto with Bancolombia

The best way to buy Bitcoin, Ethereum, and other Cryptocurrencies with a Bancolombia account is with Bybit. Bancolombia customers can deposit COP to Bybit via a variety of payment methods which includes Bancolombia S.A direct deposit.

You can get started in minutes with this quick and simple guide:

  1. Create a free account on Bybit with your email address (ID verification is not required).
  2. Click 'Deposit Funds' and pick one of the payment methods.
  3. Select COP as your fiat currency and find the Cryptocurrency you want to purchase.
  4. Input the amount of COP you want to invest in the token and click 'Buy'.
How to buy Crypto with Bancolombia.
How to buy Crypto with Bancolombia.

Bancolombia Cryptocurrency Policy

Bancolombia has not released an official statement on its Cryptocurrency stance. However, the bank's website includes a section on virtual currencies that mentions Bitcoin, Ethereum, and other digital assets. The section advises customers to be aware of the risks associated with investing in digital currencies. Bancolombia also highlights that Cryptocurrencies are not legal tender in Colombia.

In saying that, the bank does allow its customers to deposit and withdraw funds from secure centralized digital asset exchanges like Bybit in order to invest in the asset class. There is currently nothing stated in Bancolombia's policies that would prohibit its users from trading Cryptocurrencies with the funds in their accounts or cards.

About Bancolombia

Bancolombia is a financial institution based in Colombia. It was founded in 1968 and offers a wide range of banking products and services to its customers, including savings accounts, checking accounts, loans, credit cards, and investment products. The bank has over 4,000 branches across Colombia and also has operations in Panama, El Salvador, Puerto Rico, and the United States. It is one of the largest banks in Colombia.

The bank's focus on customer service and providing a wide range of banking products has made it a popular choice for Colombians looking for a reliable financial institution. Bancolombia has won numerous awards for its customer service, including the prestigious "Best Bank in Colombia" award from Euromoney magazine.


Final Thoughts

Although Bancolombia does not directly offer Cryptocurrencies it does allow its customers to deposit and withdraw funds from secure digital asset exchanges like Bybit. This allows Colombians to buy Bitcoin, Ethereum, and other Cryptocurrencies with their Bancolombia accounts or cards. Additionally, Bybit offers one of the lowest trading fees in the industry as well as free and instant COP deposits for Bancolombia customers.

Sara White

I fell into crypto during the 2017 mania and have been around ever-since. I now write, research and publish my own reports on the digital asset ecosystem.

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