Can I buy Crypto with FNB?
The FNB online banking platform does not offer any services to trade cryptocurrencies and other assets through their web application or directly at a bank branch. CEO Jacques Collier has stated that FNB may offer crypto sometime in the future should customer demand remain high throughout the bear market.
For digital asset investors looking to buy cryptocurrencies from their First National Bankaccount, you will need to sign up to a regulated exchange in South Africa to deposit South African Rand (ZAR) and start trading.
How to buy Cryptocurrency with FNB Online
The easiest way to buy crypto with FNB is through the Bybit trading platform. They offer over 600 cryptocurrencies, crypto staking, an NFT Marketplace, and much more that are accessible for users in South Africa. Their platform offers fast and cheap ZAR deposits from FNB accounts and low trading fees starting at 0.1%.
You can get started with this simple guide:
- Create an account: Sign up to the Bybit platform and verify your account in South Africa.
- Deposit ZAR: Select 'Buy Crypto' and 'Express' then click 'ZAR' to deposit fiat from your FNB online banking account.
- Login to FNB: Login to your FNB account and send ZAR to the unique deposit details provided to you by Bybit.
- Execute your trade: Once the account is funded, you can then finalize your trade and start using the Bybit platform.
FNB is a division of FirstRand Bank Limited, which is a South African financial services group. Headquartered in Johannesburg, They provide a range of banking products and services to retail, business, and corporate customers through its four main channels: FNB Online, FNB Cellphone Banking, FNB Connect, and FNB Branch Network.
First National Bank traces its origins back to the launch of the first bank in South Africa in 1838, making it one of the country's oldest banks. Over the years, the bank has undergone several name changes and mergers, culminating in its current form as part of FirstRand Bank Limited.
They are licensed as a “locally-controlled bank” by the Reserve Bank of South Africa. This means that it is subject to the same prudential regulation as other South African banks. In terms of this regulation, FNB is required to maintain a minimum capital adequacy ratio of 10%, which is in line with the Basel III global banking standards.
FNB also has a “ BBB+” long-term and “A2” short-term issuer credit ratings from the international rating agency Moody's. These ratings indicate that FNB is a stable and financially sound bank.