Santander’s online banking arm, Openbank, is letting customers in Germany buy, sell, and hold cryptocurrencies directly through their accounts. This is a big deal, bringing crypto trading into the mainstream.
What Cryptos Can You Trade?
Initially, you can trade Bitcoin, Ethereum, Litecoin, Polygon, and Cardano. Santander plans to add more cryptos later.
How Does it Work?
The service is built right into Openbank’s investment platform, so no need to use a separate crypto exchange. You manage everything from the same app you use for your regular banking.
Costs and Fees
Each trade costs 1.49%, with a minimum of €1 per transaction. However, there are no fees for holding your crypto in your Openbank account. This is good for buy-and-hold investors, but heavy traders might find the fees higher than on dedicated crypto exchanges.
Rollout and Future Plans
Openbank launched the service in Germany, with Spain following shortly after, and other EU countries later this year. Santander plans to add more cryptocurrencies and potentially offer crypto-to-crypto trading in the future. For now, it’s focused on fiat-to-crypto trades.
Safety and Regulations
The service complies with EU crypto regulations (MiCA). Expect the usual identity checks and anti-money-laundering procedures.
The Big Picture
This move makes crypto more accessible to everyday people. While it’s convenient for casual investors, serious crypto traders might still prefer specialized exchanges for lower fees and a wider selection of coins. It will be interesting to see how Santander’s approach evolves over time, especially regarding pricing, supported coins, and expansion across the EU.