Summary: Spanish investors can engage in digital asset trading by moving their funds to cryptocurrency exchanges that comply with the Bank of Spain regulations. Bizum itself doesn't provide a direct feature for buying crypto, but it enables users to send their money to digital currency exchanges that are regulated.

After an exhaustive review of various platforms, we find that eToro is the most fitting option for Bizum users. It offers over 3,000 digital assets, stocks, ETFs, indices, and commodities, all available for trading at competitive fees. Beyond just enabling the buying and selling of coins, eToro also brings unique features to the table, such as its copy trading services and a demo account.

Table of Contents

Can I Buy Bitcoin with Bizum?

Certainly, Bizum users can purchase and trade a variety of digital currencies, like Bitcoin or Arbitrum, through credible crypto investment platforms in Spain. It's crucial to choose an exchange that is regulated by the Bank of Spain to ensure compliance with the law and safety of your financial resources. After you've deposited your Euros, you can convert them for digital assets, including Ethereum and Cardano.

How to Buy Crypto with Bizum

For Bizum clients looking to dive into digital assets, we recommend using a secure exchange. Our research points to eToro as the top choice, given its compliance with Bank of Spain regulations and its extensive range of over 3,000 assets that can be traded with low fees. The platform accepts Euro deposits through multiple channels, such as bank or SEPA transfers, PayPal, Skrill, Neteller, and credit or debit cards.

To kickstart your journey into digital asset investing, follow these simple steps:

  1. Create Account: Register for an eToro account and complete the necessary identity verification steps. 
  2. Choose Currency: Go to "Deposit Funds" and select "EUR" as your preferred currency. 
  3. Start Transfer: Use a payment method that works for you and initiate a transfer from your Bizum account. 
  4. Finalize Purchase: Use the search function to locate the digital asset you're interested in and complete your purchase.
How to Buy Crypto with Bizum.
How to Buy Crypto with Bizum.

Bizum Cryptocurrency Policy

Bizum is committed to advancing financial innovation, while strictly adhering to relevant Spanish laws. The service enables its users to participate in digital asset investments through exchanges approved by the Bank of Spain. For your trading activities, we recommend looking into eToro, a platform regulated by multiple European authorities, including the Bank of Spain and the CySEC. Their main office is situated at 4 Profiti Ilia Street, Germasogeia, Limassol, Cyprus.

Digital Asset Investing Fees

Before entering the cryptocurrency world, it's essential to understand the various fees that may come into play when using an exchange. Here's an outline of the most common costs you might encounter during trading: 

  • Transaction Fees: Platforms like eToro typically charge a reasonable fee, usually around 1%, for each buy or sell transaction involving a digital asset. 
  • Deposit Fees: The cost of funding your account can differ based on the payment method you choose. Bank and SEPA transfers are generally free, while credit or debit cards might have fees upwards of 2%. 
  • Withdrawal Expenses: The fee for taking out your assets depends on the particular cryptocurrency. Many platforms set a standard fee of 0.0005 BTC for Bitcoin withdrawals. 

eToro, regulated by European authorities and backed by local institutions, offers a broad spectrum of digital currencies at competitive prices, making it a reliable choice for Bizum users.

What is Bizum?

Bizum is a mobile payment platform based in Spain that allows users to send and receive money instantly between bank accounts, using only their mobile phone number. Launched in 2016, it is a joint venture of several Spanish banks, designed to facilitate quick and easy money transfers between individuals, pay for purchases in physical and online stores, and settle small debts between friends or family.

The main advantage of Bizum is its simplicity and speed; transactions are done in real time, and the platform is integrated into the banking apps of the participating banks, so users don't need to install a separate app. It has been widely accepted and has seen strong growth in Spain. However, its international expansion or adoption may have changed since then.

Bizum: Home Page.
Bizum: Home Page.

Final Thoughts

To sum up, Bizum allows clients to transfer their funds to digital asset exchanges overseen by the Bank of Spain. We recommend eToro for its extensive asset offerings, competitive fees, and adherence to European and Spanish regulations, making it a secure, compliant and affordable option. As a global trading platform, it can be used in English, Spanish and 30 other languages.