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How to Buy Crypto with United Bank in Pakistan

Last updated on November 12, 2023

Quick Summary: While United 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 Pakistan cryptocurrency exchanges to pick from, but we suggest using the Binance.

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.

United Bank Homepage

As mentioned in my quick summary, like most Pakistan banks, United 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.

There are a large number of cryptocurrency trading platforms that you can use to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using Binance 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 UBL

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

1. Pick a cryptocurrency exchange

As mentioned above, I’ll be using Binance 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 Binance

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 Binance 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 United Bank.

Buy Crypto With Binance

About United Bank

United Bank Limited (UBL) is an Pakistani commercial bank that is a subsidiary of the British business Bestway Group. It is located at Karachi, Pakistan. It is among the biggest banks in Pakistan. It is one of the largest banks in Pakistani private sector with more than 1,400 branches in Pakistan and 19 branches in foreign countries and a customer base that exceeds 4 million.

UBL has an asset base that is greater than $15 billion, a staff of nearly 13,233 and a diverse client base that spans a wide variety of industries and segments all over the world. UBL offers services in retail and wholesale banking via its branch network and presence in twelve countries across four continents. These include those in the UAE, Bahrain, Qatar, Yemen, UK, Switzerland, China, Oman, US, Tanzania, Iran and Pakistan.

In the year 2020, UBL was declared a domestic important for systemic reasons (D-SIB) as part of the State Bank of Pakistan.

Agha Hasan Abedi established the bank in the month of November 1958. under his direction it became the second-largest lender in Pakistan. In 1974 it was decided that the Government of Pakistan nationalized the bank. This resulted to Agha Hasan Abedi’s founding of his own Bank of Credit and Commerce International.

In 2002 in 2002, The Government of Pakistan sold 51 percent of the shares in the bank to a consortium comprising Abu Dhabi Group and Bestway. The bank also merged their operations in the UK and those owned by National Bank of Pakistan to create United National Bank Limited. United Bank owns 55% of the joint venture, while National Bank of Pakistan owns the remaining.

The government in June of 2014 disposed of the remaining 19.8 percent stake at the banks for $387 million ($310m including the form of foreign currency).

In November of 2018, UBL announced that it would be shutting the New York City branch due to the fact that it is financially insolvent to continue operating.