Can I Buy Cryptocurrencies with Swedbank?
Unfortunately, no. Swedbank does not offer any cryptocurrency products or services for its customers to buy, sell or custody their coins with the bank. This is because their online banking platform and Swedbank Pay do not have the necessary infrastructure to support digital asset trading and wallets.
However, Swedbank account holders can deposit EUR from their bank account into a European Securities and Markets Authority (ESMA) regulated crypto broker to invest in digital assets.
How to Buy Crypto or Bitcoin with Swedbank
The best way to buy cryptocurrencies in Sweden with a Swedbank account is with a regulated trading platform like Uphold. They offer the fastest and cheapest deposits for Swedbank account holders to trade over 220 different digital assets which include popular new tokens like Solana, Avalanche, Shiba Inu, Optimism and Binance Coin.
You can get started in minutes from your Swedbank account with this simple 4-step guide:
- Create an account: Sign up to the Uphold exchange with your email and complete the verification process.
- Connect Bank account: Connect your Swedbank Bank account or Swedbank Pay account to Uphold by selecting the fiat currency you want to deposit on your dashboard.
- Fund your account: You can then select the 'connect bank' button to link your Swedbank Bank account to the platform and deposit fiat (e.g SEK)
- Execute your trade: Find the cryptocurrency you want to purchase and execute your trade.
What are Swedbank's Crypto Policies?
Swedbank is crypto-friendly and does not freeze customer accounts or ban users from investing in digital assets. That said, they have not announced any plans to support cryptocurrencies natively through their suite of banking products. This lack of support may be because cryptocurrencies are still considered a high-risk investment by many traditional financial institutions. For example, the Swedish Financial Supervisory Authority (FSA) has warned customers about the risks associated with buying, selling, and holding digital assets.
What's more, the Swedish Riksbank (Sweden's Central Bank) is also researching the possibility of launching a Central Bank Digital Currency (CBDC) but has not made any decisions regarding whether or not they will issue one in the future.
Swedbank is a Swedish bank that was founded in 1820 and offers a full range of banking products and services to its personal, corporate, and institutional clients. They have over 7 million customers and operate in Sweden, Estonia, Latvia, and Lithuania.
Swedbank is one of the 'big four' banks in Sweden along with Nordea, SEB, and Handelsbanken. The bank is headquartered in Stockholm and has over 16,000 employees. In 2019, Swedbank reported a net income of $3.4 billion and their total assets were valued at $272 billion.
To summarize, Swedbank does not currently offer any cryptocurrency products or services for its customers to buy, sell, or trade digital assets. However, Swedbank account holders can deposit EUR into a licensed and regulated broker, such as Uphold, to invest in the cryptocurrency market. Uphold offers a fast and cheap option for Swedbank customers to trade over 220 different cryptocurrencies and other assets.
Swedbank's crypto policies are friendly, and they do not freeze customer accounts or ban users from investing in digital assets. Despite this, they have not announced any plans to support cryptocurrencies natively through their banking products.