Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Summary: GoBank does not allow direct cryptocurrency transactions through its online banking platform. However, GoBank customers can enter the cryptocurrency market by registering with exchanges regulated by FinCEN and using US Dollars transferred from their GoBank accounts to purchase digital currencies on their preferred platform.
After evaluating over 20 authorized and reliable platforms, we have identified eToro as the prime choice for GoBank users. As a reliable and FinCEN-regulated exchange, eToro offers fast and free USD transfers from online banking accounts or debit cards and grants access to a diverse range of crypto assets.
Can I Buy Crypto with GoBank?
You can invest in cryptocurrencies through GoBank by creating an account on a cryptocurrency exchange in the US that accepts deposits from GoBank. The bank does not facilitate direct crypto transactions, so choosing a platform that adheres to regulatory standards is key for ensuring security and consumer protection. We recommend using a digital asset exchange regulated by the Financial Crimes Enforcement Network (FinCEN) to maintain regulatory compliance.
How to Buy Bitcoin and Crypto with GoBank
The safest way to purchase cryptocurrencies using your GoBank account is via a regulated exchange like eToro. Known for its credibility, eToro lets investors efficiently deposit US Dollars (USD) from GoBank through various methods, including bank transfers, GoBank Cards, to trade an impressive selection of assets, including Bitcoin and Ethereum.
Follow this simple 4-step guide to begin:
- Register an account on eToro and finish the verification process.
- Click on the 'Deposit Funds' button, usually found at the bottom left of your screen.
- Select 'USD' as your currency and your preferred payment method, then start the transfer from GoBank.
- After the deposit is successfully made, utilize the search bar to locate and buy your preferred cryptocurrency.
What are the Fees?
The expenses involved in buying digital currencies through a GoBank account are contingent on the exchange you choose. Main costs can encompass deposit fees, withdrawal fees, spread percentages, and trading fees. We recommend eToro as a cost-effective option for GoBank users due to its low-fee USD deposits and reasonable trading charges. The primary cost when purchasing cryptocurrencies on eToro is a variable spread (approximately 1%), which is more favorable than other platforms like Coinbase, which charge fees above 2% per transaction.
Is GoBank Crypto-Friendly?
GoBank enables its customers to invest in Bitcoin, Ethereum, and other digital currencies via exchanges that comply with financial regulations. This approach allows clients to engage with exchanges that observe strict regulatory standards to prevent financial malpractice, like money laundering and fraud. Opting for an exchange regulated by the Financial Crimes Enforcement Network (FinCEN) enables GoBank customers to ensure their cryptocurrency investments are secure and comply with legal requirements.
To sum up, while GoBank does not support cryptocurrency transactions directly, it provides its customers with avenues to venture into the cryptocurrency market. By using regulated exchanges such as eToro, customers can effortlessly transfer USD from their GoBank accounts to invest in a diverse array of cryptocurrencies. eToro stands out with its intuitive interface, adherence to regulatory standards, competitive fees, and extensive asset offerings. Choosing a FinCEN-regulated exchange is essential to guarantee the security and legality of your investments.