Buy Crypto with Citizens Bank
In this guide, we show US residents the easiest way to buy Bitcoin and other cryptos with Citizens Bank. Begin trading now with free and instant USD deposits.
Summary: Citizens Bank customers who are interested in investing in Bitcoin and other cryptocurrencies won't be able to do so directly through their online banking platform. Instead, they will need to sign up for a licensed digital asset exchange in the USA that is compliant with FINRA and FinCEN regulations.
For those looking for a reliable and cost-effective option, we recommend eToro. As a trusted broker with over 10 million investors, eToro offers the ability to make instant USD deposits from your Citizens Bank account to trade over 70 cryptocurrencies with industry-leading fees. This makes eToro a great alternative to more expensive retail exchanges like Coinbase.
Can you Buy Crypto with Citizens Bank?
Yes, you can buy cryptocurrencies using a Citizens Bank account or Credit Card, though not directly. You need to use a US-based, FinCEN-registered, and FINRA-certified exchange that accepts ACH transfers from Citizens Bank. Several platforms also allow deposits via Citizens Cards. Citizens Bank doesn't provide cryptocurrency trading services directly, hence the need for a compliant exchange. Using a regulated US exchange ensures transaction safety and consumer protection.
How to Buy Bitcoin with Citizens Bank
The safest and most straightforward method to buy cryptocurrencies using a Citizens Bank account involves a regulated third-party exchange. This approach allows investors to securely deposit USD from their Citizens Bank account via ACH bank transfer, Citizens Credit or Debit Card, among other methods. For a quick start, we recommend eToro due to their compatibility with Citizens Bank, adherence to regulations, and competitive fees.
Here's a simplified step-by-step guide to buying crypto with a Citizens Bank account on their platform:
- 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.
Bottom Line
In conclusion, Citizens Bank accommodates crypto transactions, albeit indirectly, through regulated US-based exchanges. Customers can utilize their Citizens Bank accounts or Credit Cards to fund such transactions, ensuring safety and compliance with legal requirements. A platform like eToro is recommended due to its compatibility with Citizens Bank, competitive fees, and regulatory compliance.
Though Citizens Bank doesn't impose fees for cryptocurrency purchases, users should consider potential charges from third-party platforms. As a Citizens Bank customer, you can confidently venture into the cryptocurrency market, provided you use a regulated and compliant exchange.
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