How to Buy Crypto with Wise

Can I Invest in Crypto with Wise? 

Wise does not enable direct cryptocurrency transactions on its platform. However, Wise customers can transfer money to legally compliant and regulated crypto exchanges within their local jurisdictions, such as the USA, UK or Europe, ensuring a secure transaction environment.

Wise users should also be aware that the platform does not have built-in crypto wallet functionality. To manage their crypto investments, individuals should seek out well-established exchanges that adhere to local regulatory standards, ensuring the safety and compliance of their transactions.

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How to Buy Crypto with Wise

Wise users need to locate a licensed crypto exchange in their area that accepts deposits from Wise for crypto asset investments. Renowned platforms like eToro, which enable fiat currency deposits from Wise, offer trading in over 4,500 assets, including cryptocurrencies, stocks, ETFs, and Bitcoin ETFs. eToro operates across over 100 countries and is trusted by over 30 million investors globally.

Follow these steps to start trading on eToro:

1. Visit the eToro platform and set up your account by completing identity verification.
2. Navigate to 'Deposit Funds,' select a preferred payment method, and transfer funds from Wise.
3. Use the search tool on eToro to find the cryptocurrency you wish to invest in and select 'Trade.'
4. Enter your desired investment amount and complete your purchase by clicking 'Open Trade.'

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Does Wise Block Crypto Transactions?

No, Wise does not block transfers to authorized cryptocurrency trading platforms, allowing its users to participate in the digital currency market. This policy reflects Wise's commitment to expanding and diversifying its financial services for customers. Wise advises its users to engage with platforms compliant with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. 

Depending on the user's location, these platforms should be regulated by local authorities such as the Financial Conduct Authority (FCA) in the United Kingdom, AUSTRAC in Australia, or equivalent bodies in other jurisdictions. This recommendation highlights Wise's focus on ensuring secure transactions while enabling customers access to the digital asset market.

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Digital Asset Investing Fees

Entering the digital currency market requires a clear understanding of the fee structure on the platform you are investing with. For users proceeding with our recommend exchange, here’s a quick look at eToro’s pricing:

• Funding Fees: Loading funds into your eToro account can attract some fees, though eToro attempts to limit these charges. While converting to eToro’s base currency incurs a 1.5% to 3% fee, deposits in USD bypass these fees.
• Withdrawal Charges: eToro sets a $5 fee for withdrawing fiat funds, reflecting the transaction's cost. Crypto withdrawals incur variable fees based on the network's status.
• Trading Overheads: eToro applies a standard 1% trading fee and a spread on crypto transactions, indicating the cost difference between buying and selling prices. This spread varies by cryptocurrency and is a key consideration for traders.

eToro’s tiered membership system benefits regular traders with perks such as lower fees and personalised account support.

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Closing Thoughts

In conclusion, while Wise does not support direct crypto transactions, it facilitates seamless transfers to regulated crypto exchanges. This enables Wise users to safely engage in the cryptocurrency market by using platforms like eToro, which supports over 4,500 financial assets and adheres to rigorous regulatory standards globally. 

Wise users are encouraged to use exchanges that comply with local KYC and AML directives, ensuring security and compliance.