How to Buy Crypto with DBS Bank
Summary: While DBS Bank doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party crypto exchange.
There are plenty of crypto exchanges to choose from, we recommend using eToro as the exchange to work with.
They have most of the popular cryptocurrencies available, are easy to work with, and have fantastic support!
Buy Crypto with eToro
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As mentioned above, just like most banks, DBS Bank doesn’t offer cryptocurrency trading directly, as setting up a crypto trading platform is quite complex and comes with regulations and extra requirements for the banks.
There are many crypto exchanges that you can use for buying bitcoin and other cryptocurrencies.
Once signed up to an exchange (we’ll be using eToro for our example as it’s a widely trusted and global exchange), you can simply transfer funds from your bank account to the exchange, and trade it for crypto.
Table of Contents
How to buy crypto or bitcoin with DBS Bank
There are only 4 steps involved, let’s get started!
1. Choose a cryptocurrency trading platform
As mentioned above, we’ll be using eToro for this guide as they are a widely used exchange and have over 50 cryptocurrencies to choose from. They also have a few really neat features like “Copy Trading”, which enables users to copy the trades of popular investors on the platform.
You can, of course, use any trusted crypto exchange for this, the steps will be very similar for most exchanges.
Let’s get started!
2. Sign up with the trading platform
The first thing to do is to sign up with the platform.
Once you’ve completed the initial sign up process, you’ll have to go through a quick verification process (also known as KYC).
3. Funding your account
Next up is funding your account. When it comes to depositing money to your eToro account, you have the option to use a bank transfer, PayPal, credit/debit card, and more.
4. Buy cryptocurrency
Finally, just go to the eToro Markets section, find the cryptocurrency you would like, and buy it.
And that’s it, it’s all pretty straightforward, now you know how to buy bitcoin or most other cryptocurrencies with DBS Bank.
About DBS Bank
DBS Bank Limited is a multinational bank and financial services company based in Singapore's Marina Bay District. The bank used to be known as The Development Bank of Singapore Limited. The name "DBS" was taken from it, but the current abbreviated title was adopted 21 July 2003 in order to better reflect its global role. It is part of the "Big Three" banks located in Singapore.
The Singapore Exchange listed the bank as the Singapore Bank. It was established by the Government of Singapore to take over industrial financing activities of the Economic Development Board. It has more than 150 branches across the country today. DBS, the largest bank in Southeast Asia in assets and one of the most important banks in Asia, has assets in excess of US$501billion (S$650billion) as at 31 December 2019. DBS also holds market-dominant position in consumer banking and treasury markets, asset management and securities brokerage, asset management and equity and debt fund-raising in all regions, except Singapore.
Temasek Holdings is Singapore's second largest sovereign wealth fund and the controlling shareholder of DBS. Temasek holds 29% of DBS shares as of 31 March 2018. Due to its solid capital position, the bank has been awarded "AA-"and "Aa1" credit ratings from Standard & Poor's as well as Moody's. They are among the best in Asia-Pacific. The bank also earned the Global Finance's "Safest Bank in Asia” accolade for six consecutive year, 2009-2015. Euromoney also named DBS the Best Digital Bank in the World for 2016. DBS was the first bank to simultaneously hold the three most prestigious global best banks honours, from Euromoney, Global Finance, and The Banker.
DBS is the first bank in Southeast Asia that has been included on the Dow Jones Sustainability Asia-Pacific Index since October 2018. DBS was among the first Singapore companies to be recognized for their gender equality efforts, along with City Developments Limited, in the 2018 Bloomberg L.P. Gender-Equality Index. The bank operates in 17 markets and has over 300 branches. There are also more than 1,250 ATMs located in 50 other cities.
The government established the bank on 16 July 1968 to take over industrial financing activities of the Economic Development Board. Its primary purpose was to lend and finance the manufacturing and processing sectors and to assist in the establishment and upgrading of existing industries in Singapore.
In 1960, the government invited an UN industrial survey mission to Singapore to evaluate the country's economic situation and develop a program for industrialization. It was proposed to establish a bank for development and an economic body that would finance and manage the industrial estates. In July 1968, the bank was formed and started operations in September that year.
DBS Bank has branches in Australia, China Hong Kong, India and Indonesia.
DBS Bank launched mBanking on 15 April 2010 to customers of both POSB and DBS Bank. Customers can view their credit and banking accounts, transfer funds, and pay bills using their mobile phones.
DBS Bank's mBanking guarantee will protect customers. If there are unauthorised transactions, the bank will reimburse you. There were 839,000 mBanking customers in Singapore as of 2013.