How to Buy Crypto with GoBank

Can I Buy Bitcoin with GoBank?

Yes, GoBank customers can buy cryptocurrencies like Bitcoin through digital asset exchanges in the United States. While the bank does not directly offer crypto services, it supports transfers that comply with Financial Crimes Enforcement Network (FinCEN) regulations, ensuring secure and compliant trading. Users can deposit US Dollars through ACH bank transfers or debit cards, simplifying the investing process for GoBank account holders.

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How to Buy Crypto with GoBank

‍GoBank makes it easy for customers to invest in digital currencies by facilitating transfers to regulated exchanges. The top platform for this purpose is Kraken, which is based in San Francisco and complies with FinCEN guidelines. It offers multiple payment methods for USD deposits and provides access to over 200 cryptocurrencies at competitive rates.

Follow these steps to buy crypto with your GoBank account:

1. Create an Account: Visit the Kraken website and sign up for a new account using your email address.
2. Connect Your Bank: Initiate a transfer from your GoBank account. You can do this via ACH transfer or by using your debit card.
3. Choose Asset: Once your funds are available, explore the extensive range of digital currencies offered on Kraken. With over 200 tokens to choose from, you can select the ones that align with your investment goals.
4. Execute the Transaction: After selecting your desired cryptocurrency, enter the amount of USD you wish to invest. Review the transaction details and confirm your purchase.

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What are the Fees?

Using an exchange to convert USD to digital assets involves specific costs that GoBank customers should be aware of. These include fees for depositing funds, executing trades, and withdrawing money. The trading fees depend on the platform and typically range from 0.1% to 1%.

For GoBank users, Kraken is the best option due to its competitive fee structure with trading fees starting from 0.16%, which is much lower than other platforms like Coinbase, where fees can exceed 2%. Additionally, Kraken offers free USD deposits through ACH transfers, making it an affordable choice for GoBank account holders.

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Is GoBank Crypto-Friendly? 

Yes, GoBank is considered crypto-friendly and approves transfers to exchanges registered with the Financial Crimes Enforcement Network (FinCEN). The bank facilitates these transactions while adhering to FinCEN's strict regulations governing platforms. Additionally, it provides resources and information to help users stay updated on blockchain and cryptocurrency trends.

By permitting USD transfers through approved investment platforms, GoBank offers its customers a secure way to participate in the crypto market. The bank is committed to integrating these modern investment options within its broader financial services, ensuring that clients can explore digital currency investments confidently.

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About GoBank

GoBank is a modern mobile banking service designed for users seeking a convenient and flexible financial solution. It offers features such as the GoBank Checking Account, which includes early direct deposit, a large network of fee-free ATMs, and mobile check deposits. As a subsidiary of Green Dot Corporation, the bank combines modern banking conveniences with robust security measures, providing a user-friendly banking solution.

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Bottom Line

In conclusion, GoBank enables secure transfers to FinCEN-regulated exchanges like Kraken. Although the bank does not directly offer crypto trading, users can easily deposit US Dollars through ACH transfers or debit cards to access over 200 digital currencies with competitive fees. This allows users to confidently explore and invest in the crypto market while benefiting from the bank's robust financial services and support.