Can you Buy Crypto with Citizens Bank
Yes, as a Citizens Bank account holder, you can invest in cryptocurrencies. However, you won't be able to do so directly through your online banking platform. Instead, you'll need to use a third-party digital asset exchange that is licensed and regulated by FinCEN and FINRA to trade in a regulatory-compliant manner. This will ensure that your investments are secure and protected by industry-standard regulations.
How to Buy Crypto and Bitcoin with Citizens Bank
The best way to buy Bitcoin and other cryptocurrencies with Citizens Bank is through a regulated broker that accepts instant USD transfers via ACH. With this method, Citizens Bank account holders can easily transfer funds at no cost to buy and sell crypto assets. We recommend eToro as the best exchange in the US to invest in a wide range of crypto assets at the lowest cost.
Here is a simple step-by-step guide to getting started:
- Visit eToro to sign up and verify your identity.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Select the amount of USD you want to deposit and your preferred deposit method (e.g Citizens Bank ACH Transfer or Debit/Credit Card).
- Complete the USD deposit and use the funds credited to your account to invest in cryptocurrencies.
What are the Fees?
Citizens Bank does not charge any fees for purchasing cryptocurrencies, but fees may apply when using a third-party platform to invest in digital assets. These fees may include trading fees, deposit fees, withdrawal fees, or a combination of these charges. It is critical to review all fees associated with each platform before investing.
For Citizens Bank customers, we recommend using the eToro platform, which offers competitive fees, free and fast ACH transfers, and accepts Citizens Bank accounts as a funding method.
Is Citizens Bank Crypto-Friendly?
Yes, Citizens Bank allows its customers to invest in cryptocurrencies through third-party exchanges that are regulated by FINCEN. This means that customers can use US-based exchanges that comply with federal laws and regulations aimed at preventing financial crimes like money laundering and fraud. By using a regulated exchange, Citizens Bank customers can feel confident that their cryptocurrency investments are secure and compliant with legal requirements.
About Citizens Bank
Citizens Bank is a regional bank with locations primarily in the Northeast and Mid-Atlantic regions of the United States. It was founded in 1828 as the High Street Bank in Providence, Rhode Island and has grown through mergers and acquisitions to become one of the largest retail banks in the country.
The bank offers a variety of financial services including checking and savings accounts, mortgages, credit cards, personal loans, investment options, and insurance products. Customers have given Citizens Bank mixed reviews, citing both positive experiences with customer service and frustration with fees and account requirements. Overall, Citizens Bank appears to offer competitive interest rates and convenient banking options for customers in its market areas.
Bottom Line
While Citizens Bank does not offer direct access to cryptocurrency trading, eToro is a trusted and cost-effective solution for customers looking to invest in digital assets. As a regulated broker that accepts instant USD transfers, eToro offers a convenient way for Citizens Bank account holders to buy and sell over 70 cryptocurrencies with industry-leading fees, making it an excellent choice for those looking to enter the crypto market.
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