Summary: The Saxo Bank platform currently only offers cryptocurrency ETFs and ETNs. This means that investors are not buying the underlying coins and they cannot withdraw them onto a personal wallet, which poses some serious risks for investors.
If you are looking for a secure alternative that offers multiple asset classes including cryptos in Europe, we recommend Uphold. Their platform offers insant and cheap fiat deposits from Saxo Bank to buy & sell over 250 cryptos with zero fees and tight spreads.
Best Saxo Bank Crypto Alternative
Platform Highlights
- Trade over 220 Cryptos with fast and cheap EUR deposits from any European Bank.
- Regulated and Licensed by the Financial Conduct Authority (FCA), FinCEN and has audited Proof-of-Reserves for customer funds.
- Offers multiple asset classes including Crypto (and crypto staking), Stocks, ETFs, Metals and more.
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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.
We recommend using an altenative crypto exchange in Europe that is regulated by the European Securities and Markets Authority (ESMA) and offers services tailord for digital assets.
How to Buy Bitcoin and Crypto with Saxo Bank
If you're planning to buy digital currencies using a Saxo Bank online banking account, a regulated exchange platform such as Uphold is a recommended solution. It supports quick and fee-free deposits in Euro (EUR) from Saxo Bank, enabling you to in buy and sell over 250 crypto assets at highly competitive rates without any fees.
To get started, follow this simple 4 step guide:
- Sign Up: Create an account on Uphold and complete your verification (personal or company).
- Connect Account: Connect your Saxo Bank or European Bank account to Uphold to deposit Euros (EUR).
- Deposit Funds: After selecting "My banks" you can select the amount of EUR to deposit and complete the transfer.
- Buy Crypto: The final step is to find the cryptocurrency you want to buy and execute your trade.
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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).
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Final Thoughts
In summary, Saxo Bank's platform doesn't offer direct cryptocurrency purchase but allows investing via ETNs and ETFs. For a more secure and diverse crypto investment experience in Europe, Uphold is recommended. It's ESMA-regulated, provides a wide variety of digital and traditional assets, and ensures safety with audited proof-of-reserves.
Uphold's simple onboarding process enables easy trading directly from your Saxo or any other European bank account. While Saxo Bank caters to Bitcoin ETF investors, Uphold offers broader and more flexible access to the digital asset market.
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Author
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
