How to Buy Bitcoin at Sparkasse? - Is it possible to buy? 2021 Guide
Although the digital currencies are not directly on offer, there are one or two detours that enable resourceful traders to participate in the exciting trade with cryptocurrencies.
Buy Bitcoin at Sparkasse - What you should look out for
Buy Bitcoin with Sparkasse in three steps
The Sparkasse offers access to a wide range of trading services. For example, you could contact your investment advisor at the bank to search for specific certificates or buy Bitcoin shares via the Sparkasse's share deposit account.
However, the following way, which we would like to explain here in three steps, is much easier and offers the possibility of direct investment in Bitcoin and other cryptocurrencies. This is how you use your account at the Sparkasse to load funds at the exciting fintech eToro.
Step one: Registration
Follow the links on this page to get to eToro's homepage and registration form. First, you just need to create a username, enter your email address and choose a password.
However, you will also have to provide further information and explain to the company to what extent you are already familiar with trading divorced assets. In addition, you will have to verify your personal information by means of a photo ID.
Step two: Deposit
After the account has been created, you can either use the demo account to get to know the functions of the offer or you can jump straight into trading with real money. To do this, credit is first loaded onto the platform.
This is exactly where we use the trick of choosing a bank transfer to buy bitcoin via an account at the Sparkasse. If you use this deposit method, you will be redirected to the usual online banking of the Sparkasse.
If you don't want to wait that long, you can choose Sofortüberweisung, which is a quick form of transfer.
Theoretically, however, you can also use other transaction methods such as PayPal, Skrill, Neteller or credit cards.
Step three: Buy Bitcoin
We have almost made it. We have already loaded money onto the platform with our account at the Sparkasse in order to buy Bitcoin. Now we just have to navigate to the trading overview for BTC by entering "Bitcoin" in the search field of the trading platform.
In the trading window itself, one can then choose whether to buy the cryptocurrency directly or to execute a CFD trade by choosing leverage or taking a short position. However, such additional functions are only recommended for advanced traders, as they come with an increased risk.
Is it possible to buy Bitcoin at Sparkasse?
Buying Bitcoin at Sparkasse is not a no-brainer. We recommend following the instructions above to get real Bitcoin tokens. After all, there is hardly any other way to get the cryptocurrency into your own wallet.
Why is it currently not possible to buy Bitcoin directly from Sparkasse?
While researching this article, we noticed a few blog entries from the Sparkasse. These dealt with the topic of crypto and Bitcoin, sometimes extremely critically and with suspicion. The financial institutions primarily stand for security and not necessarily for risky investments.
Since digital currencies are in most cases unregulated assets, traditional banks such as the Sparkasse are currently still giving crypto offers a wide berth.
Will it be possible to buy Bitcoin at Sparkasse in the future?
The thought experiment seems quite attractive: you can use your online banking at the Sparkasse and buy Bitcoin from there. The hope probably depends first and foremost on official regulation.
The ball is in the court of the European Union, which is called upon to create guidelines that can give both banks and customers clarity about the legality of BTC trading.
However, it is not yet known if and when such regulation will come about. Without official confirmation, it is likely to take quite a while before the Sparkasse decides to allow regular Bitcoin purchases.
Alternative to buying Bitcoin at Sparkasse: Buy Bitcoin shares at Comdirect
We have already described the first trick with regard to Sparkasse and buying Bitcoin in our guide about eToro. However, if you are not interested in the cryptocurrency directly, you can also buy Bitcoin shares via the Sparkasse. A share deposit account can be found in the institute's offer as a matter of course.
Use our overview of the best Bitcoin shares to find out which stocks might be worthwhile.
Broker or exchange: where is the best place to buy Bitcoin as an alternative to a Sparkasse?
Especially beginners in Bitcoin trading often stumble over the question of where the difference between the offers on the internet actually lies. Often you hear about brokers, in other cases about exchanges that allow trading with BTC.
If you use the share deposit account of the Sparkasse, for example, you would be dealing with a broker.
Such a broker is, in a sense, a service provider that allows the customer access to the market. In this way, one can buy and sell various financial products. The advantage of brokers is that they are usually meticulously regulated. Like our test winner eToro, an EU licence comes into play, which speaks for the seriousness of the offer.
On exchanges, you become active as a participant in a large marketplace and trade cryptocurrencies with each other. It is important to note that unregulated offers are still common. This could cause problems for the user, especially in the event of a conflict.
Pros and cons for Bitcoin investments
How high are the fees when buying Bitcoin at our test winner eToro in comparison?
Buy Bitcoin with or without a wallet? eToro offers an integrated wallet.
As we have already explained on this page, you can buy Bitcoin shares via the Sparkasse. While this requires a share account, it does not require a crypto wallet. But what do you do if you actually want to buy the cryptocurrency yourself and then deposit it in the wallet?
Then you have to use a provider that has Bitcoin in its repertoire. This is exactly the case with eToro. The big advantage here is that you don't have to create a separate wallet. The digital wallet for BTC and other cryptocurrencies is already included in the offer.
So you download the corresponding app and can then access your cryptocurrencies with the regular eToro login data.
Buying Bitcoin at a Sparkasse - the Conclusion
The Sparkasse may not really be suitable for buying Bitcoins. But if you really want to use your account at the popular financial institution to buy cryptocurrencies, you can do so via Bitcoin shares or, even better, via eToro.
You simply create an account with eToro online, choose bank transfer as the payment method and can buy Bitcoin using a Sparkasse. In this way, you can participate in BTC trading despite the critical attitude of the financial institution towards cryptocurrencies.
Our recommendation: Buy cryptos with eToro
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Real cryptos or CFD trades
No. Since cryptocurrencies are still not clearly regulated in most cases, banks like Sparkasse avoid active participation in trading. However, you can top up your eToro account with a transfer from the Sparkasse to get cryptocurrencies.
Brokers see themselves as service providers that allow access to various financial products. As a rule, such offerings are regulated and often also offer more complex assets such as CFDs. With exchanges, the focus is on direct trading of the real tokens.
Even numerous experts do not agree on what the future holds for Bitcoin. That alone leads to great speculation around the cryptocurrency. The investment is and remains highly risky.
No. Sparkasse only has financial apps and share accounts. There is no crypto wallet and that is unlikely to change in the near future.