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How to Buy Crypto with Openbank

How to Buy Crypto with Openbank

Alysha Jane
Fact Checked
Sep 5, 2022

Summary: Openbank is a large banking institution, based in Spain with over 2 million customers. Unfortunately Openbank account holders cannot invest in cryptocurrencies directly through the banking platform. However, there are safe, alternative ways to investing in cryptocurrencies with an Openbank account.

Simply transfer your funds from Openbank account to a secure online broker. We recommend using the eToro Europe platform, it's a multi-asset investing platform with six asset classes including crypto, stocks, ETFs, indices, commodities and currencies. eToro Europe is regulated and licensed by the Cyprus Securities & Exchange Commission (CySEC) under license number 109/10.

Table of Contents

Platform Highlights

  • Fast and cheap Euro (EUR) deposits from Openbank.
  • 80+ Cryptos and over 8,000 Stocks, ETFs & Commodities.
  • Zero trading fees on all available assets on the platform.

What is Openbank?

Openbank is a Spanish banking institution that was founded in 1995 and is headquartered in Madrid, Spain. The bank has a strong focus on digital banking, and offers a mobile app and online banking platform for customers to use. Openbank also has a large network of branches and ATMs across Spain with over 2 million customers.

Openbank platform.
Openbank platform.

How to buy Bitcoin & Crypto with Openbank

The best way to invest in cryptocurrencies like Bitcoin with an Openbank account in Spain is through eToro. Users can transfer funds to eToro from Openbank via bank transfer, credit/debit card, PayPal, Skrill & Neteller. Follow the below steps to buy Bitcoin with an Openbank account.

  1. Create an account on eToro and complete the verification process.
  2. Click 'Deposit Funds', pick a method and send money from your Openbank account.
  3. Type in 'Bitcoin' into the search bar and select 'Trade'.
  4. Input the amount you wish to invest and tap 'Open Trade'.
How to buy Bitcoin & Crypto with Openbank.
How to buy Bitcoin & Crypto with Openbank.

What are the fees involved in buying crypto?

When you use the eToro platform, there are zero fees to deposit funds from Openbank. There is however, a $5 withdrawal fee on every withdrawal you make. Additionally, there is a flat 1% fee on all cryptocurrency trades including buys or sells. There are no additional fees you need to pay on the eToro platform to purchase cryptocurrencies.

Openbank Cryptocurrency Policy

Openbank does not have an official cryptocurrency policy, but has nothing stated in its terms or conditions that would prohibit its users from investing in digital assets. Additionally, Openbank is a digital bank and has announced its plans to integrate blockchain technology into its platform. So it is considered a 'crypto-friendly' bank and often make positive comments in relation to crypto.

Alysha Jane

I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.

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