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How to Buy Crypto with First National Bank in South Africa

Last updated on November 12, 2023

Quick Summary: While First National Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of South Africa cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

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First National Bank Homepage

As mentioned in my quick summary, like most South Africa banks, First National Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto trading platform and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency trading platforms to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using eToro as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with FNB

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto trading platform

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with First National Bank.

Buy Crypto With eToro

About First National Bank

FNB is among the three main branches of the FirstRand Group, and the other two being Rand Merchant Bank and Wesbank. First National Bank maintains banking subsidiaries that it owns completely or in part which are located in Botswana, Mozambique, Namibia, South Africa, Eswatini, Tanzania, Zambia, Ghana, India, Lesotho and Guernsey. FNB continues to actively seeking growth plans within Angola in Angola and Nigeria.

FNB is considered to be the first bank established that is located within South Africa, and can be traced back as far as the Eastern Province Bank formed in Grahamstown in 1838. Presently, FNB trades as a subsidiary from FirstRand Bank Limited. If you look at the history of FNB two specific aspects make a mark.

The first one is a tale of survival . Different conditions within South Africa have posed many major challenges throughout their past, which FNB has met successfully. This record is an excellent foundation for future problems. The second story is one of people. Their history has been strongly influenced by the requirements of those they serve.

A significant event in the history of FNB took place in 1998, when the financial services that were owned by Rand Merchant Bank Holdings and Anglo American were merged to create FirstRand Limited. As a result, FNB was removed on the JSE on May 22, 1998, and was transformed into a wholly owned subsidiary of FirstRand that is listed on JSE on the 25th of May, 1998.

On June 30, 1999, The banking and financial interests of FirstRand officially merged into an entity that was formally renamed FirstRand Bank. FNB, WesBank and RMB are now trading as separate entities that are part of FirstRand Bank.