The Mobile Bank N26 is launching its crypto function in Germany and four other European markets, previously the offer was only available in Austria. With “N26 Krypto” customers buy and sell cryptocurrencies directly in their account app. The Berliners are cooperating with Bitpanda for processing.

So far, customers of the smartphone bank N26 can transfer money, take out insurance and take out a small loan. The neobank is now announcing the expansion of its product range to include a crypto function. After the launch in Austria at the end of last year, “N26 Krypto” is also starting in Germany, Switzerland, Belgium, Portugal and Ireland and will be gradually made available to eligible customers over the coming weeks. The new crypto feature allows customers to trade almost 200 cryptocurrencies directly in the N26 app. The neobank works with the Viennese crypto trading platform Bitpanda, which handles trading and custody of the coins.

The crypto feature can be found in the N26 app in the ‘Trading’ section in the new ‘Finance’ tab. N26 customers do not have to create their own crypto wallet for the new feature. To open a position, all you have to do is choose a coin and the desired amount. The equivalent value of the trade is deducted directly from the bank balance and the coins appear immediately in the crypto portfolio. The same works the other way around: as soon as a position is closed, the funds are immediately available again on the main account. To make the process particularly easy, both transaction types can be carried out as drag-and-drop.

There is a 1.5 percent transaction fee for trading Bitcoin. For all other cryptocurrencies, a fee of 2.5 percent is due. N26 customers with a premium “Metal” membership pay a 1% transaction fee for bitcoins and 2% for other cryptocurrencies.

The Berlin neobank is also convinced of digital currencies in view of the current crypto crisis. Valentin Stalf, CEO and co-founder of N26, explains: “Despite the market fluctuations, cryptocurrencies remain a sought-after and attractive asset class for investors and a growing part of the financial system.” The new generation of investors looking for ways to grow their wealth often find their way into investing by trading cryptocurrencies.”

Since cryptocurrencies are a risky asset class, N26’s new offering has met with criticism. Consumer advocates, for example, complain that a simple user interface that enables convenient trading tempts you to gamble. Neobank counters: “N26 Krypto offers a user interface that is easy to understand. For maximum transparency, account balances and crypto portfolios are displayed side by side in the N26 app,” explains Gilles BianRosa, Chief Product Officer at N26. The purchase history and the development of the portfolio can also be viewed directly and in real time in the app. In addition, the smartphone bank makes a wide range of informative content available on its channels – including explanations of terms, basic knowledge and explanations of risk. “We believe that our informative content will help our clients to make the best informed decisions before investing,” says Gilles BianRosa.