Investing in cryptocurrencies with a tracker: 10 questions and answers

At Keytrade Bank, you can now invest in crypto via the stock exchange. But how exactly does that work? And how does it differ from buying cryptocurrencies yourself?

In just a few years, the crypto market has grown from a niche field occupied solely by savvy early adopters to an asset class no investor – large or small – can ignore. The ten largest currencies together now represent more than 1.6 trillion dollars in value (situation on 11 June 2026, source).

In the past, you needed a separate wallet to buy, own and sell cryptocurrencies. Today, however, you can invest in Bitcoin, Ethereum and Solana via listed products - known as crypto trackers - directly from your trusted Belgian securities account.

1. What exactly is a crypto tracker or ETP?

ETP stands for Exchange Traded Product: a listed investment product. An ETP or tracker tracks the price of an underlying asset, in this case a cryptocurrency. If the price of a cryptocurrency rises, the tracker replicates this price increase as accurately as possible.

The same happens in the opposite direction. In other words, a crypto ETP, or tracker, is a product that mirrors the price of a cryptocurrency as closely as possible. Most crypto trackers in Europe are covered by the cryptocurrency itself. This means that the issuer (such as VanEck or WisdomTree) effectively buys the underlying cryptocurrency and stores it in so-called cold wallets: offline 'storage places’ that offer extra protection against hackers.

According to the latest figures (May 2026), around 140 billion dollars have been invested in crypto trackers worldwide to date (source). In Europe, crypto trackers are issued under strict guidelines and approved by financial regulators.

2. How does a tracker differ from buying crypto directly?

Anyone buying cryptocurrencies directly must have an account with a platform and a digital wallet. They are responsible for holding the currency. This requires some technical knowledge and entails security risks: if you lose access, you lose your cryptocurrencies.

With a crypto tracker, you can easily buy in via your existing securities account, as you would with a share or an ETF (a tracker linked to an index of shares or bonds). You don't need to create a wallet. The issuer will arrange this for you. There are also several other advantages:

Supervision and protection. Crypto trackers are supervised by financial regulators, thus providing an additional layer of protection. If something goes wrong, you have clearer legal remedies than with an unregulated, foreign crypto platform.

Simpler tax reporting All your transactions appear on your ordinary securities statement, just as they do for shares. You no longer have to keep track of countless transactions across different wallets and platforms for your tax return.

Everything in one place You manage your crypto from the same account as your other investments. No separate account, no separate app: your entire investment portfolio remains clearly organised in one place.

Good to know: with an ETP, you do not own the cryptocurrency itself. You hold a debt instrument that tracks its price. You cannot use your crypto to make payments or for applications such as staking (temporarily locking up your cryptocurrency to support the network in exchange for a reward). A crypto tracker serves purely as an investment.

3. Which cryptocurrencies can I track via an ETP?

The most common crypto-ETPs track Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalisation. But the range of options has expanded in recent years. Today, you can also find trackers on Solana and various other currencies.

Not every product is available from every broker or bank. Via Keytrade Bank, you can invest in the most common ones: Bitcoin, Ethereum and Solana.

4. Are crypto ETPs suitable for long-term investors or rather for traders?

Crypto ETPs may be suitable for both, but the nature of cryptocurrencies deserves extra attention. The crypto market generally fluctuates more than traditional asset classes, such as equities and bonds. In 2025, for example, Bitcoin experienced a maximum decline of around 32% from its annual peak (source). While this is less severe than in previous years, it remains a point of concern.

On the other hand, the volatility of Bitcoin - the largest currency in market capitalisation - has fallen significantly in recent years. In 2025, for example, the historical volatility of Bitcoin was 42%. This is lower than the volatility level of Nvidia and Tesla in the same year (source . If you regard crypto ETPs as a long-term investment, apply the same discipline as with other volatile assets: only invest money you don't need in the short term and be prepared for potentially sharp interim price fluctuations.

5. Does crypto fit into a diversified portfolio, and if so, how much?

This is a question that has been keeping the investment world busy trying to answer. BlackRock recommends a 1% to 2% allocation to Bitcoin within a traditional 60/40 equity and bond portfolio.

According to their analysis, a 2% position carries the same level of risk as an average share from the so-called Magnificent Seven .(source). Morgan Stanley suggests up to 3% to 4% for more aggressive investors and 0% for defensive investors (source), while Fidelity recommends a range of 2% to 5% (source).

The consensus is that a limited investment can improve the diversification of a portfolio, as crypto has a different risk-return dynamic than equities and bonds. But above 2% to 3%, the risk increases significantly. Anyone considering crypto would therefore be well advised to start modestly.

6. What about the fees?

Crypto ETPs charge an annual management fee. This varies greatly depending on the product and the issuer.

In Europe, a price war has broken out in recent years. The cheapest physically hedged Bitcoin ETPs charge an annual management fee of around 0.20% à 0.25%, similar to a classic stock tracker. At the other end of the spectrum, some products charge up to 1.50% per year (source). Multi-currency trackers are generally more expensive than single-currency trackers.

When making your choice, you should consider both the annual management fee and the tracking difference: the gap between the ETP's return and the actual price change of the underlying cryptocurrency. A low annual management fee does not automatically guarantee accurate tracking.

In addition to the annual management fee, you also pay the standard transaction fees when buying and selling.

7. What are the risks?

Investing in crypto trackers involves specific risks alongside those associated with any listed product.

The first and most obvious risk is volatility (see question 5). There is also the counterparty risk. With an ETP, you do not own the cryptocurrency itself, but a debt instrument from the issuer. If that issuer runs into financial difficulties, you are at risk. Most ETPs are physically hedged (the issuer effectively holds the cryptocurrency), which limits but does not eliminate that risk.

There are also operational risks. Cryptocurrencies are held in custody by specialised custodians. A hack or technical failure at such a custodian can have an impact on the value of the ETP.

8. How is a crypto ETP taxed in Belgium?

The tax on stock exchange transactions (TOB) is payable on all purchases and sales. Most crypto ETPs in Europe are legally structured as ETNs (exchange-traded notes). The TOB is 0.12% on ETNs not registered in Belgium.

Since 1 January 2026, a capital gains tax of 10% has applied to realised capital gains on financial assets, including crypto-assets. There is an annual exemption of €10,000 net capital gain. Please note: in the case of speculative trading, the 33% rate may apply. If in doubt, consult a tax adviser.

9. How do I get started with Keytrade Bank?

You need a securities account with Keytrade Bank. Don't have one yet? Then open one free of charge via keytradebank.be or in the Keytrade Bank app.

Then search on the platform for the crypto ETP in which you want to invest, using the name of the currency. You place an order in the same way as you would for a share or an ETF.

Before investing, be sure to read the key characteristics and risks of financial instruments and the KID (key information document) for the relevant product.

Investing in ETP's?

We'd like to offer you some inspiration below via a list of the most popular non-leveraged trackers per category on our platform. The choice out of our much wider offer remains, of course, entirely yours.

Discover it here