What is Banka Citadele
Citadele is a leading bank in Latvia, offering a range of banking services to both personal and business clients. The bank was founded in 2010 as a result of the privatisation and restructuring of Parex Banka, one of the largest banks in the Baltics at the time.
The bank has expanded rapidly, with branches and subsidiaries now operating in multiple countries including Estonia, Lithuania, Austria, Czech Republic, and Russia. In 2018, Citadele was named the best retail bank in Latvia by international financial magazine Global Finance.
Although Citadele does offer traditional banking products such as deposits, loans, and card services, it doesn't support any investing features. That is why its customers will need to use a secure cryptocurrency exchange in order to invest in digital assets. eToro is the most secure platform in Europe and is regulated by CySEC. To learn about eToro, visit our eToro Review.
How to Buy Bitcoin and Crypto with Citadele
If you want to buy cryptocurrencies like Bitcoin with Citadele, the best way is through eToro Europe. Citadele customers can deposit funds to eToro via Bank Transfer, Credit/Debit Card, PayPal, Neteller, Skrill, Rapid Transfer and Trustly. Follow the below guide to buy Bitcoin with Citadele.
- Open Account: Sign Up to eToro and complete the onboarding process.
- Deposit Money: Click 'Deposit Funds, select a method and send funds from Citadele.
- Find Token: Head to the search bar, type in the asset you want to buy and tap 'Trade'.
- Buy Asset: Input the amount you would like to invest and click the 'Open Trade' button.
Are the fees high to invest in cryptocurrencies?
Typically, there are three transactions you will need to pay for when using a cryptocurrency exchange, to deposit funds to the platform, to withdraw funds from the platform and to execute a trade on the platform. However, eToro doesn't charge any fees to deposit to their exchange and there is a small $5 fee for every withdrawal.
The only fee you need to take into consideration on eToro is their trading (buy/sell) fee which is 1% of your total transaction price. You will need to pay this any time you buy or sell a cryptocurrency. There are no additional hidden or accounting fees that are charged on eToro, hence why it's one of the most popular platforms globally.
Is Citadele Crypto-Friendly?
Citadele does not currently allow for any type of cryptocurrency transactions or exchanges on its online platform. However, that may change in the future as the world continues to move towards digital currencies. Citadele has shown interest in blockchain technology and its potential uses in the financial industry.
In 2017, Citadele joined the international blockchain consortium R3 and has participated in various projects utilising blockchain technology. While Citadele may not offer crypto services at the moment, it appears that they are keeping an open mind and exploring the potential benefits of cryptocurrencies and blockchain technology.
As such, it is possible that we may see Citadele allowing for cryptocurrency transactions in the future. However, Citadele users are more than welcome to invest in digital assets through a secure, CySEC-regulated platform like eToro. There is nothing stated in the banks policies that would prohibit its users from doing so.