Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Summary: The best way to invest in cryptocurrencies with a Fifth Third account is with a FinCEN-licensed crypto broker in the United States. With this method, you can transfer funds via ACH or debit card/credit card from your 53 Bank account to the exchange to buy and sell crypto assets.
Based on our analysis of over 20 platforms, we recommend eToro because they are regulated and offer instant deposits from Fifth Third Bank to trade the widest variety of cryptocurrencies. They are significantly cheaper than alternatives like Coinbase, who are often criticized for their high fees.
Can I Buy Crypto with Fifth Third Bank?
Fifth Third Bank customers have the ability to purchase Bitcoin and other cryptocurrencies using their bank account or Fifth Third Bank credit card, albeit indirectly. The process involves utilizing a U.S. crypto exchange that is registered with FinCEN, which supports ACH transfers and deposits from Fifth Third Bank accounts. Please keep in mind that Fifth Third Bank does not directly facilitate cryptocurrency transactions. This is why it is recommended to choose an exchange that aligns with regulatory standards.
How to Buy Bitcoin and Crypto with Fifth Third
As mentioned above, the easiest way to invest in cryptocurrencies with a Fifth Third Bank account is with a regulated crypto-broker in the United States. Based on our research, the best exchange for Fifth Third bank account holders is eToro because it supports fast and free USD deposit methods via ACH Bank Transfer, Debit Card, Credit Card and more.
Follow our simple guide to buy digital currencies directly from your Fifth Third account:
- 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 Fifth Third 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?
The expenses linked to buying Bitcoin and other digital currencies using a Fifth Third Bank account are contingent on the specific exchange chosen. Primary charges to bear in mind encompass deposit fees, withdrawal fees, spread percentages, and transaction fees.
We suggest eToro as an affordable choice for Fifth Third Bank customers, as it offers free USD deposits and low-fee trading. The principal cost when acquiring cryptocurrencies on eToro is a 1% spread, which is more competitive compared to other platforms like Binance or Coinbase, where fees can exceed 2%.
Is Fifth Third Crypto-Friendly?
Fifth Third Bank encourages its customers to venture into the digital currency space, exploring notable cryptocurrencies such as Bitcoin, Ethereum, and Solana. This is possible through partnerships with crypto exchanges that operate in line with the guidelines issued by regulatory bodies like the U.S. Financial Crimes Enforcement Network (FinCEN). The bank facilitates USD deposits through various methods including ACH transfers, debit cards, and credit cards on these platforms.
By opting for a compliant exchange, clients of Fifth Third Bank can rest easy knowing that their investments in the crypto market are secure and conform to both U.S. and international financial norms. This proactive stance helps customers engage with the cryptocurrency ecosystem, while still adhering to the essential legal frameworks.
In closing, Fifth Third Bank offers its customers a reliable avenue to venture into the vibrant cryptocurrency market, albeit indirectly through partnerships with compliant crypto exchanges. For those looking to make seamless transactions from their Fifth Third Bank accounts, opting for a FinCEN-licensed broker like eToro is a prudent choice, offering an array of digital assets at competitive rates. Not only does eToro provide instant USD deposits without any fees, but it also maintains a favorable spread rate, making it a more affordable alternative compared to other platforms in the marke