Can I buy Crypto with Saxo Bank?
No, you technically cannot buy Crypto on the Saxo Bank platform. Their brokerage only offers 15 crypto ETNs (exchange-traded notes), which are contracts that track the price of the underlying coin. This means that investors cannot withdraw coins bought on Saxo Bank into a personal wallet, or alternative platform to earn yield.
How to buy Crypto with a Saxo Bank Alternative
If you want to buy Crypto and hold it in a personal wallet, we recommend using eToro. They are a globally regulated multi-asset brokerage that offers over 70 different coins to buy, sell and stake to earn interest. You can also buy stocks, ETFs, commodities, currencies and more on eToro for low fees.
To get started, follow this simple 4 step guide:
- Create an account: Sign up to the eToro platform and verify your identity (personal or company).
- Fund your account: Select the 'Deposit Funds' button on the bottom of your screen to deposit USD, EUR, GBP, or AUD via Saxo bank transfer, Bank Wire Debit Card or Credit Card.
- 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 amount you want to buy and execute your trade.
Saxo Bank Bitcoin ETFs
If you are looking to invest in Bitcoin only with a retirement account through Saxo Bank, you can buy one of the Bitcoin ETFs listed on their platform. Saxo Bank offers top Crypto and Bitcoin ETFs which include the Grayscale Bitcoin Fund (GBTC), Grayscale Ethereum Trust (ETHE) and the Purpose Bitcoin USD ETF (BTCC).
About Saxo Bank
Saxo Bank is a Danish investment bank founded in 1992. They are headquartered in Copenhagen and have offices in 25 countries. They offer over 35,000 different instruments for trade including forex, stocks, CFDs, options, and futures via their online platform and mobile app SaxoTraderGO. Crypto assets are also available for trade but only through the form of ETFs (exchange-traded funds) and ETNs (exchange-traded notes).
The company has offices in 25 countries and is headquartered in Copenhagen. Saxo Bank is regulated by several financial authorities, including the Danish Financial Supervisory Authority, the Financial Conduct Authority (FCA) in the UK and the Monetary Authority of Singapore (MAS).
Saxo Bank has been consistently ranked as a leading online broker by numerous financial publications. In 2020, it was named Best Retail FX Platform at the Finance Magnates Awards and Best MT5 Broker at the Online Personal Wealth Awards. Saxo Bank has also been awarded a 5-star rating by Canstar in both 2019 and 2020.
What is an ETF?
An ETF is an exchange-traded fund which means it can be bought and sold on a stock exchange like a regular stock. Unlike a regular stock, an ETF tracks the performance of an underlying asset or index. For example, the GBTC ETF tracks the price of Bitcoin.
What is an ETN?
An ETN is an exchange-traded note, which is similar to an ETF but with a few key differences. An ETN is a debt security that tracks the performance of an underlying asset, such as a cryptocurrency. Unlike an ETF, an ETN is not traded on a stock exchange but instead through OTC (over-the-counter) markets. This means that there is usually less liquidity for ETNs. Another key difference is that investors do not actually own the underlying asset when they invest in an ETN.