How to Buy Crypto or Bitcoin with Citizens Bank
The best way to buy Bitcoin and other cryptocurrencies with Citizens Bank is through Uphold. Uphold supports multiple deposit methods from Citizen Bank account holders including Bank Transfer, Credit Card, Debit Card or Skrill. Follow the below guide to buy Bitcoin with a Citizens Bank account or credit/debit card.
- Create Free Account: Sign up to Uphold and complete your identity verification.
- Fund Account: Connect your Citizens Bank account to complete a bank transfer via Plaid or ACH.
- Find Token: Head to the search bar, type in ‘Bitcoin’, then click ‘Trade’.
- Buy Bitcoin: Input the amount of USD you want to invest and tap ‘Open Trade’.
Is Citizens Bank Crypto-Friendly?
Citizens Bank does not currently support the buying, selling, or holding of digital assets. This stance aligns with guidance from regulatory bodies like the Federal Reserve and Office of the Comptroller of Currency.
However, the bank will continue to monitor developments in this evolving space and may revisit their policy in the future. In the meantime, customers interested in participating in cryptocurrency markets can do so through SEC-regulated third-party exchanges like Uphold.
What are the risks of investing in Cryptocurrencies?
When it comes to buying cryptocurrencies, there are a few key risks to be aware of. Firstly, the prices of these digital assets can be incredibly volatile. This means that the value can rapidly rise or fall at any given moment, leading to potential losses for investors.
Additionally, since the market is not regulated by a central authority, there is a higher chance for fraudulent activity and scams. It is important to thoroughly research and vet any platform or individual before making a purchase. There is also the lack of consumer protections for those who have their funds stolen or lost due to hacking or technical issues.
In saying that, one major pro is the potential for high returns on investment. As with any investment, there is always a risk involved but some investors have seen significant gains in their investments in cryptocurrencies. Additionally, transactions using cryptocurrencies can often have lower fees and can be completed more quickly compared to traditional methods of payment.
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.