Discount Bank's official website confirms a 2% commission for purchases and sales through its app. Currency conversion fees may apply separately. The bank will also waive account management fees for the first six months after launch.
After the promotional period, a quarterly account management charge of 0.25% will apply. Proceeds from cryptocurrency sales will enter customers' accounts in USD. Customers may request conversion into Israeli shekels or another currency.
The platform will also allow customers to offset eligible cryptocurrency trading losses against gains from other investments for capital gains tax purposes. Discount Bank says its system will handle these offsets within the investment account, reducing the need for separate tax calculations.
Discount Group CEO Avi Levi said the launch would allow digital currency trading “without the need for complex, dedicated digital wallets.” He described it as an initial stage in developing the bank's digital currency operations.
