Summary: Novo Banco does not directly offer cryptocurrency and Bitcoin investing services through its internet banking platform. However, they do allow customers to transfer funds to a third-party exchange to buy and sell digital assets with Euros (EUR).
We recommend the Uphold platform for investors in Portugal because they offer fast and cheap deposits from Novo Banco to trade over 200 cryptocurrencies with low fees. They also offer crypto staking for over 20 assets with interest payments as high as 27.5% APY.
- Trade 200+ Cryptos with fast Euro (EUR) deposits from Portuguese Banks.
- Stake Crypto and earn up to 25% APY on your assets.
- Trade Crypto, Stocks, ETFs, Metals and more with 0 fees.
Can You Buy Crypto with Novo Banco?
Currently, Novo Banco does not provide its clients with the option to directly acquire Bitcoin or other digital currencies via their online banking platform. Nonetheless, Novo Banco has a progressive approach towards cryptocurrencies. As a result, customers can register with regulated crypto exchanges in Portugal and seamlessly transfer Euros (EUR) from their Novo Banco account.
How to Buy Bitcoin and Cryptowith Novo Banco
As mentioned above, the best way to buy and sell digital assets with Novo Banco is with the Uphold exchange. They offer instant deposits via bank transfer, debit card, credit card, Google Pay, Apple Pay and a variety of other methods. Their platform currently has over 200 cryptocurrencies listed and a wide variety of staking coins for investors to earn interest with.
You can get started in 4 simple steps from your Novo Banco account:
- Sign up to the Uphold platform and verify your identity.
- Connect your Novo Banco account to Uphold by selecting the 'Link a bank account' button on your dashboard.
- Deposit EUR via Bank Transfer, Debit Card or Credit Card from Novo Banco.
- Find the crypto you want to buy (over 200) and execute your trade.
Is Novo Banco Crypto-Friendly in Portugal?
Yes, Novo Banco is a crypto-friendly bank in Portugal. The bank allows customers to deposit and withdraw funds from their accounts into European Securities and Markets Authority (ESMA) licensed exchanges. Based on our review, Novo Banco has no banking policies that prohibit users from transacting in digital assets.
About Novo Banco
Novo Banco is a Portuguese bank that was created in August 2014 as a result of the resolution of Banco Espírito Santo (BES), which was one of the largest banks in Portugal. The Bank of Portugal, the country's central bank and regulatory authority, intervened to rescue BES due to its financial instability and potential risk to the Portuguese financial system.
Novo Banco was established as a "bridge bank" to take over the healthy assets and liabilities of BES, while the toxic assets remained in a "bad bank" called Banco Espírito Santo S.A. (BES "bad bank"). The aim was to maintain the stability of the Portuguese financial sector and protect depositors and clients of the failed BES.
Final Thoughts
In conclusion, while Novo Banco does not directly facilitate the purchase or sale of cryptocurrencies through its online banking system, it demonstrates a forward-looking approach to digital currencies. Clients can easily transfer funds to authorized third-party exchanges, such as Uphold, to invest in a wide variety of cryptocurrencies.
Uphold provides a user-friendly platform with quick deposits, low fees, and an extensive range of staking options for investors to earn interest. Novo Banco's crypto-friendly policies in Portugal further solidify its commitment to supporting the evolving digital assets market, enabling clients to confidently explore the world of cryptocurrencies.
Andrew Chen is a lead editor and auditor of content for Buy Bitcoin Bank, with a Masters of Computer Science and extensive knowledge in cryptocurrency and blockchain technology. He has helped ensure the accuracy and quality of the platform's educational resources for new and experienced investors in the crypto space.
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