Hi All
I'm new to the forum although have been lurking for a while! Hoping to start my crypto investment journey this year.
As part of my investigations into starting up, I've discovered my bank (which I don't want to leave) has banned its customers from using credit cards for crypto exchange and broker transactions. On further investigation it seems debit card transactions are also increasingly being blocked. Some customers have had their accounts closed which I obviously want to avoid, especially if this then affects things like credit ratings.
This got me thinking and I'd be grateful if those more knowledgeable than me could answer my questions below
1. Brokers such as eToro trade in more than crypto e.g. stocks, currencies. So if I transferred money directly from my bank to a company such as eToro which isn't exclusively crypto, is this likely to be flagged as a banned company from my banks perspective, or is my transaction likely to go through without any queries? Also, if eToro is then transferring funds back into my bank account, is this likely to be queried? I'm wondering if my bank has the right (I think they probably do?) to ask what I'll be using eToro for and/or what the incoming eToro funds were generated from. If that question was posed to me, I wouldn't want to misinform them by saying 'oh it was trading in stocks' when in reality it came from trading in crypto.
2. To avoid this, am I better to use something like PayPal for my crypto transactions?
3. If you're comfortable sharing this information, what method do you use for your outgoing and incoming crypto transactions?
Thanks all
I'm guessing you are from Nigeria? Anyways you should go back to binance exchange, it's what people from Nigeria are using presently, yea binance exchange have p2p escrowed set up for people like yourself, you get transfer from another nigerian like yourself and you send coins to them, binance exchange will be the middle man I'm new to the forum although have been lurking for a while! Hoping to start my crypto investment journey this year.
As part of my investigations into starting up, I've discovered my bank (which I don't want to leave) has banned its customers from using credit cards for crypto exchange and broker transactions. On further investigation it seems debit card transactions are also increasingly being blocked. Some customers have had their accounts closed which I obviously want to avoid, especially if this then affects things like credit ratings.
This got me thinking and I'd be grateful if those more knowledgeable than me could answer my questions below
1. Brokers such as eToro trade in more than crypto e.g. stocks, currencies. So if I transferred money directly from my bank to a company such as eToro which isn't exclusively crypto, is this likely to be flagged as a banned company from my banks perspective, or is my transaction likely to go through without any queries? Also, if eToro is then transferring funds back into my bank account, is this likely to be queried? I'm wondering if my bank has the right (I think they probably do?) to ask what I'll be using eToro for and/or what the incoming eToro funds were generated from. If that question was posed to me, I wouldn't want to misinform them by saying 'oh it was trading in stocks' when in reality it came from trading in crypto.
2. To avoid this, am I better to use something like PayPal for my crypto transactions?
3. If you're comfortable sharing this information, what method do you use for your outgoing and incoming crypto transactions?
Thanks all