Summary: Wise Bank does not currently offer direct cryptocurrency investments through its digital banking platform. For customers interested in digital assets, a separate and regulated exchange is recommended. Users can start investing by transferring currencies like British Pounds (GBP) or Euros (EUR) from their Wise accounts to these platforms.
Our review highlights eToro as a leading choice for this purpose. Regulated by the FCA, eToro ensures a secure and compliant trading environment. It boasts a broad array of assets, including over 3,000 cryptocurrencies, various stocks, and ETFs, all with competitive fees. The platform supports deposits in more than 30 currencies, aligning well with the diverse needs of Wise's global customer base.
- Financial Conduct Authority (FCA) regulated broker with over 30 million users.
- Buy, sell and trade over 3,000 Cryptocurrencies, Stocks, ETFs and more.
- Wise deposit methods include Bank Transfer, Debit Card, SEPA, Credit Card and more.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Can I Buy Bitcoin with Wise?
Yes, Wise (formerly Transferwise) allows users to send currencies such as USD, GBP and EUR from their accounts to authorized cryptocurrency exchanges. However, Wise does not directly support Bitcoin purchases. To buy or trade Bitcoin, users must deposit funds into a regulated exchange. It's important to note that for secure digital currency transactions, using a third-party exchange compliant with financial regulations, like the UK's Financial Conduct Authority (FCA), is necessary.
How to Buy Crypto with Wise
Buying cryptocurrencies like Bitcoin and Ethereum through your Wise account can be straightforward and secure, especially when using a regulated broker. Our recommendation is eToro, renowned for its compliance with top-tier regulators. eToro offers an extensive range of over 3,000 assets, including cryptocurrencies, stocks, ETFs, and more. They facilitate swift deposits in over 20 currencies from Wise accounts, with industry-competitive fees.
Follow this easy guide to get started:
- Account Setup: Register an account on eToro and complete the necessary identity verification.
- Choose Currency: In your eToro dashboard, select the fiat currency you prefer for transferring funds from Wise.
- Link Wise Account: Use the 'link bank' option to connect your Wise account, adhering to the instructions provided.
- Invest in Cryptocurrency: Once your eToro account is funded, explore and select the cryptocurrency you wish to invest in, and proceed with the purchase.
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Wise Cryptocurrency Policy
Wise demonstrates a forward-thinking approach in digital asset interactions, providing a smooth pathway for its users to engage with cryptocurrencies. While direct cryptocurrency purchases are not a feature of Wise, the service facilitates easy fund transfers to trusted platforms for crypto transactions. eToro stands out among these, being regulated by the Financial Conduct Authority (FCA) in the UK, along with CySEC, ASIC, and other top-tier regulators.
By opting for a fully regulated service like eToro, Wise customers gain access to a diverse portfolio of over 3,000 digital assets, stocks, ETFs, and other investment options. eToro's advantageous fee structure and its capability to manage various fiat currencies offer Wise users a practical and financially efficient solution for engaging in digital asset investments globally.
Digital Asset Investing Fees
For Wise users interested in investing in digital assets, understanding the associated fees is essential. Here are the key types of fees to consider:
- Trade Spreads: This is the cost incurred when buying or selling digital assets. eToro, for instance, typically charges around 1% for crypto trades, which is quite competitive compared to platforms like Coinbase, where fees can exceed 2%.
- Deposit Fees: Transferring money from Wise to your investment account might involve fees. Bank transfers generally offer the most cost-effective method. Alternatively, using a debit or credit card could incur fees over 2%.
- Withdrawal Fees: The cost of withdrawing your funds varies by the digital asset. For Bitcoin withdrawals, a common fee on many platforms is 0.0005 BTC.
Taking these fees into account is crucial for informed decision-making and efficient trading in the digital currency landscape. This knowledge helps in strategizing investments and executing trades effectively.
About Wise
Wise, initially established as TransferWise in 2011 in the UK, is a notable fintech firm specializing in cost-effective and transparent international money transfers. It serves individuals and businesses with a multi-currency account feature, supporting transactions in over 160 countries across 40 currencies.
Known for its user-friendly platform, Wise offers competitive exchange rates and a commitment to financial transparency. The company provides secure, rapid transfer options, low fees, and a versatile account and card system, catering to a broad customer base.
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Final Thoughts
In conclusion, while Wise Bank does not directly support cryptocurrency investments, it enables seamless fund transfers to regulated exchanges for digital asset trading. We recommend eToro, a platform compliant with the FCA and other regulators, offering a secure environment for cryptocurrency transactions. With its vast array of over 3,000 digital assets, competitive fee structure, and support for multiple currencies, eToro is an ideal choice for Wise users looking to explore the cryptocurrency market.
I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.
