Can I Buy Cryptocurrencies with OTP Bank?
Unfortunately, no. OTP Bank does not currently offer any products or services that enable its customers to buy cryptocurrencies or store and custody of them with the bank. This is because their online banking infrastructure does not currently support or facilitate digital asset transactions.
That said, OTP Bank does not have an outright ban on Crypto activity and do allow its customers to withdraw money from their account into regulated digital asset trading platforms.
How to Buy Crypto with OTP Bank Online
The best way to buy Cryptocurrencies like Bitcoin and Ethereum with OTP Bank is with the eToro exchange. They offer fast and cheap Euro (EUR) deposits from OTP to trade over 80 cryptocurrencies and 7,000+ stocks, ETFs, commodities and much more. Their platform is licensed by the European Securities and Markets Authority, as well as CySEC.
You can get started in minutes from OTP Bank with this simple guide:
- Create an account: Sign up to the eToro platform and verify your identity.
- Fund your account: Select the 'Deposit Funds' button on the bottom of your screen to deposit funds from an OTP Bank transfer.
- Find Crypto: Once the funds hit your account, find the Crypto you want to buy on the eToro platform with their 'Discover' tab.
- Execute your trade: Input the fiat amount you want to buy and execute your trade.
OTP Bank Crypto Policy
OTP Bank has a clear and concise policy when it comes to cryptocurrencies. First and foremost, the bank does not allow its clients to use credit cards to purchase cryptocurrencies. That said, they do allow customers to use bank transfers to fund licensed cryptocurrency exchanges that are based in Europe.
In addition, OTP Bank will not provide banking services to any business that is involved in cryptocurrency mining, trading, or initial coin offerings (ICOs). This is in line with the bank's risk management policy. Cryptocurrencies are a relatively new asset class and their regulation is still evolving. As such, OTP Bank's policy on cryptocurrencies may change in the future as more clarity is provided by Hungarian regulators.
About OTP Bank
OTP Bank is one of the leading banks in Hungary with a long history dating back to 1867. The bank provides a wide range of banking and financial services to retail, SME and corporate customers through its network of over 500 branches and 2,000 ATMs.
In addition to traditional banking products and services, OTP Bank also offers a wide range of investment products and services, including stock brokerage, wealth management and private banking. The bank also has a strong presence in the Hungarian insurance market with its subsidiary, OTP Garancia.
OTP Bank is a member of the OTP Group, one of the largest financial services groups in Central and Eastern Europe with over 16 million customers and over 30,000 employees. The group has a strong presence in Hungary, Romania, Bulgaria, Serbia, Montenegro, Croatia, Slovakia, Czech Republic, Albania and Georgia.