DekaBank, the securities provider for Germany's Sparkassen savings banks, has started offering crypto trading to customers of participating banks. Each trade costs €0.99 plus a DekaBank spread, and Deka holds the private keys, so customers cannot send coins directly to self-custody wallets.
DekaBank launched crypto trading on Oct. 19, letting adult customers of participating Sparkassen buy Bitcoin through the Sparkasse app after they open a Deka crypto account. The service, called "Krypto – powered by Deka," also offers Ethereum, Solana, XRP and Polygon's POL.
Customers need a current account at a participating Sparkasse and open the crypto account through the app's "Anlegen," or investing, section. As checked on Oct. 20, Deka's list names five participating banks: Frankfurter Sparkasse, Sparkasse Rottal-Inn, Niederrheinische Sparkasse RheinLippe, Taunus Sparkasse and Sparkasse Karlsruhe.
Each Sparkasse decides on its own
Each Sparkasse decides independently whether to offer the service, and Deka says the rollout will proceed in stages over the coming months. However, Deka's announcement and bank directory give no figures for opened crypto accounts or trading customers, so the scale of actual use is unclear.
Fees and transfer limits
Deka's pricing sheet sets a €0.99 charge per purchase or sale, with no minimum order size and a €250,000 maximum per transaction. The trading quote also includes a DekaBank spread added to a market reference price. The sheet does not give a numerical spread rate, so the order fee alone does not establish the full trading cost.
Deka keeps the private keys on customers' behalf in a shared, or omnibus, wallet. Outbound delivery is allowed only to addresses at specified crypto-asset service providers, so customers cannot make direct transfers to their own self-custody wallets. Deka lists custody and permitted outbound delivery as free.
Deka's whitelist names Crypto Finance (Deutschland) GmbH, Tangany GmbH, Börse Stuttgart Digital Custody GmbH and Bullish Europe GmbH. A separate table sets the Bitcoin delivery minimum at 0.0001 BTC.
Deka also warns of possible total loss and says crypto holdings are outside statutory bank-deposit protection.
Source: CryptoSlate
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