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How to buy Bitcoin with Swish in 2022
This guide takes you through the process of buying Bitcoin with Swish. Read on to find the top brokers that accept Swish, learn how much it costs to use one, and follow our step-by-step guide to making your first purchase.
Can you buy BTC with Swish?
You can use Swish to buy Bitcoin with some trading platforms. Those with Swedish websites in particular often have an option to deposit money via Swish and you can find out which platforms have this feature available below.
Where can you buy Bitcoin using Swish?
The brokers below offer the option of funding your account with Swish and using that money to buy Bitcoin. You can sign up to any of these beginner-friendly platforms in just a few minutes by clicking the links below.
How to buy Bitcoin with Swish – a step-by-step guide
The guide below takes you through how to use Swish to make your first Bitcoin purchase. It’s a simple process, as each broker is designed to make it easy for new users and experienced ones alike.
- Create a Swish account. The first thing you need is an account with Swish. You need an account with a participating Swedish bank and a national ID number in order to use Swish, and you also need to connect it to your phone number.
- Find a broker and sign up. Look for a broker that accepts Swish, or you can choose from the table above. Setting up an account is simple enough, although be aware that most platforms require a form of ID as verification before you can start trading.
- Deposit money using your chosen payment method. To fund your account with Swish, you need to go to the ‘deposit’ section when you’re logged in. Then choose Swish as your payment method, decide how much to deposit, and make the payment.
- Search for the coin you want to buy. Now you have some money to play with, it’s time to buy some Bitcoin. Type its ticker symbol, BTC, into the search bar and then click through to the Bitcoin trading page where you can see the instant buy and sell price for the coin.
- Execute the trade. Enter the amount of Bitcoin you want to purchase at the current market rate and then execute the trade. Your new coins will show up in the open positions section of your account.
Top platforms that accept Swish
Below you can find three of the best places to buy BTC with Swish right now. While Swish is an established payment method in Sweden, using it to buy Bitcoin is relatively new. That means there are only a handful of brokers that accept Swish at the moment.
Use Swish with Avanza
Avanza is the largest broker platform in Sweden, which makes it a top place to invest in any financial asset, including cryptocurrencies. You can deposit money into your brokerage account with Swish and then buy Bitcoin via a CFD, which allows you to speculate on its price changes without ever owning any coins.
You can also invest by buying shares in an ETF, which is a fund that trades on a stock exchange just as a regular company would do. The ETF tracks the performance of an asset, sector, or industry (Bitcoin, in this example) by owning shares in companies that operate in the industry, or the assets themselves.
Use Swish with Safello
Safello is the best place to buy cryptocurrency in Sweden and it accepts payments in Swish. You can sign up and buy Bitcoin, along with other leading cryptocurrencies like Ethereum, Polkadot, Chainlink, and Polygon.
Sign up for Safello with your mobile bank ID, choose how much you want to buy, and then make the payment with Swish. The whole process should take a minute or two and is completely secure.
You can choose to store your new coins in a Safello account, or send them to a dedicated crypto wallet. The likes of Coolwallet and Trezor are easy to set up and start using to store cryptocurrency, which you can then manage through a web browser or dedicated app.
Use Swish with BTCSwe
BTCSwe is another Swedish trading platform that lets you buy BTC with Swedish Krona (SEK). It’s a very simple process, as you just have to go to the website, decide how much Bitcoin you want, and execute the trade. You can then use Swish to make the payment.
The only thing to note is that you need to have your own wallet to use BTCSwe. This is where your Bitcoin is sent to once you make the purchase, as BTCSwe doesn’t hold any funds itself and you don’t need to set up an account.
There are lots of wallets available and you can compare the best crypto wallets to pick the right one for you. However, Freewallet and Ledger Nano S are two of the best options available right now.
Should I use Swish to buy Bitcoin?
Swish is a great choice to buy Bitcoin if you’re based in Sweden. It’s one of the most popular ways to transfer money and makes for one of the simplest options to pay for cryptocurrency as well.
With Swish you can make purchases quickly, right from your mobile phone. It makes the process of adding money to your broker account simple and is a secure way to pay because it’s linked to your bank account.
The biggest drawback is the fact that few international brokers support Swish as a payment method at the moment. It’s extremely popular in Sweden and with Swedish trading platforms but less so for brokers based elsewhere. That means your choice over which platform to use might be limited.
What are the fees for buying BTC with Swish?
The fees vary depending on the platform but normally depositing money into your broker account is free. Where you might have to pay fees is as part of the trade where you buy or sell Bitcoin, as the broker is likely to charge a commission on the ‘spread’; the difference between the buy and sell price. This is often around 0.5-1%.
Why don’t more brokers or exchanges support Swish?
Swish is closely tied up with Swedish identity. You have to have a Swedish bank account in order to use it and the account is tied to your ID number. It’s far less popular outside of Sweden, so platforms based elsewhere rarely cater for payments made in this way, or have the required relationship with a Swedish bank themselves.
Alternative payment methods
It’s easy to find other ways to buy Bitcoin even if you can’t find a broker that accepts Swish. You can buy BTC with a debit card, via Google Pay, or with another payment provider like PayPal.
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