How to Buy Bitcoin or Crypto with Chime Bank
Buying Bitcoin, Ethereum, and other cryptocurrencies with Chime Bank is simple. You simply need to create an eToro account, then fund it with USD from your Chime Bank account via Bank Transfer, Credit Card, Debit Card or Skrill. Once your funds are on the exchange you will have access to all the top tokens. You can follow these simple steps to get started:
- Create an Account: Fill in your details on eToro, verify your email address and complete KYC (identity verification).
- Make a Deposit: Select ‘Deposit Funds’ and choose how you want to send money from your Chime Bank account.
- Find Token: Use the search bar to find your token of choice and click ‘Trade’.
- Buy Bitcoin: Input the amount of USD you want to invest and click ‘Open Trade’.
Crypto Trading & Investing Fees
Cryptocurrency investing has proven to be a goldmine of fortune over the years. This is why many exchanges charge unbelievably high fees for different types of transactions. These fees may seem meager individually, but when you sum up how much money you fork out in fees to withdraw, deposit and trade, you will realize how exorbitant they are.
However, on eToro, you pay minimal fees as the exchange doesn’t charge any fees to deposit USD or crypto to its platform, and withdrawals are capped at $5 per transaction. The only additional cost is a fixed 1% fee on all crypto trades. That’s a bargain when you compare it with other exchanges that charge up to 4 sets of fees just to purchase a token.
Does Chime Bank Support Cryptocurrency?
Although Chime Bank does not offer crypto trading on its platform, it has taken its time to educate its customers with a beginner’s guide to cryptocurrency investment in a move that suggests a pro-Crypto posture.
Add that to the fact that it allows account holders to transfer USD to exchanges like eToro, and we can agree they do not have any problems with customers buying, investing, and selling crypto assets. Furthemore, there have been zero reports of users funds being frozen or halted when transferring to a SEC & FINRA-regulated exchange like eToro.
About Chime Bank
Chime Bank is a mobile banking app and Visa debit card provider. Founded in 2013, Chime offers online banking services with no monthly fees, overdraft fees, or minimum balance requirements. In addition to traditional banking features such as direct deposit and bill pay, Chime also offers a Savings Account feature that automatically sets aside 10% of every purchase made with the Chime debit card.
Chime has recently announced their policy on cryptocurrency transactions, stating that they currently do not support buying or selling of cryptocurrencies through the Chime app or with the Chime Visa debit card. However, those who have cryptocurrency balances in external wallets will still be able to use their Chime Visa debit card for purchases at merchants that accept cryptocurrency.