Summary: Standard Chartered Bank does not directly provide cryptocurrency trading services through its banking interface. Clients interested in purchasing and trading tokens like Bitcoin and Ethereum must use licensed digital asset exchanges. The bank allows its users to transfer funds to secure crypto platforms in compliance with South African and international financial regulations.
After conducting a thorough analysis of various trading platforms, our research revealed Bybit as the optimal choice for Standard Chartered Bank customers. The exchange facilitates complimentary ZAR deposits, enabling users to engage in buying, selling, and trading over 1,000 tokens on spot and derivatives markets. It also provides features such as staking, lending, and borrowing.
- Instant deposits from Standard Chartered accounts with 61 different fiat currencies.
- Buy, sell and trade 1000+ cryptocurrencies for low fees via spot, futures & options trading.
- Audited proof-of-reserves that show customer funds are backed 1:1.
Can I Buy Bitcoin with Standard Chartered Bank?
Yes, Standard Chartered Bank allows its clients to swap British Pounds and South African Rands for Bitcoin and other digital currencies. This is possible through certified digital asset exchanges in South Africa. We recommend dealing exclusively with platforms that strictly adhere to these two countries' monetary standards. Note that the bank only acts as an intermediary by approving transactions to external platforms without directly providing cryptocurrency trading services.
How to Buy Crypto with Standard Chartered Bank
If you're considering investing in digital currencies through Standard Chartered Bank, we recommend utilising a renowned, regulated exchange like Bybit. This platform, overseen by South African and British financial authorities, allows instant and free ZAR deposits from your bank account. Deposits can be made through debit and credit cards, bank transfers, PayPal, Apple Pay, and Google Pay.
Start investing in digital assets by following these four steps:
- Create Account: Initiate your journey by registering for a free account on Bybit.
- Fund Your Account: Tap ‘Buy Crypto’ and pick one of the available deposit options.
- Pick Fiat Currency: Select ZAR and choose a payment method to transfer funds from ABSA Bank.
- Finalise Purchase: Find your preferred token, input your desired investment amount, and click ‘Buy.’
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Standard Chartered Bank Cryptocurrency Policy
In its commitment to embrace emerging financial trends while safeguarding customer interests, Standard Chartered Bank has adopted a progressive stance on digital currencies. To facilitate this, it permits its clients to use exchanges that are regulated by the Financial Sector Conduct Authority (FSCA). A prime example of such a platform is Bybit. Abiding by local and international financial guidelines, the platform offers transparent proof-of-reserves, with all assets backed on a 1:1 ratio.
Digital Asset Investing Fees
For anyone interested in buying and trading tokens, understanding the associated costs is of utmost importance. Below are the common fees that clients may encounter when using a crypto asset exchange:
- Deposit Fees: Charges for moving funds into your investment account differ based on the payment method, with bank transfers generally being the most affordable option.
- Transaction Costs: Most platforms charge about 1% per transaction, which includes buying and selling a token.
- Withdrawal Expenses: The cost of withdrawing assets varies; for instance, Bitcoin withdrawals are approximately 0.0005 BTC on most exchanges.
Standard Chartered Bank account holders have the advantage of accessing a range of digital currencies through Bybit. We laud this platform for its competitive investment fees and free ZAR deposits.
What is Standard Chartered Bank?
Standard Chartered, founded in 1969 and headquartered in London, UK, was formed through the merger of the Standard Bank of British South Africa and the Chartered Bank of India, Australia, and China. By leveraging collaborations and latest technological solutions, the bank endeavours to broaden the accessibility of its financial services. It maintains a presence in over 60 countries, including South Africa.
Standard Chartered offers a wide range of financial services, which include retail banking for everyday financial needs, corporate and institutional banking for business and governmental solutions, along with wealth management and private banking for personalised financial planning. The bank is publicly traded on the London and Hong Kong stock exchanges and plays a significant role in the FTSE 100 Index.
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Final Thoughts
To summarise, Standard Chartered Bank allows its customers to explore cryptocurrencies by partnering with approved platforms such as Bybit. The exchange accepts instant ZAR and GBP deposits and offers unique features, including crypto loans, NFT marketplace, demo account, staking, and derivatives trading. Adhering to all relevant South African financial rules, it guarantees a secure environment for digital asset investment.
I fell into crypto during the 2017 mania and have been around ever-since. I now write, research and publish my own reports on the digital asset ecosystem.
