Can I Buy Bitcoin with Navy Federal?

Yes, as a Navy Federal Credit Union member, you can buy Bitcoin, Ethereum and other cryptocurrencies by using regulated crypto trading platforms in the United States. While the union doesn't offer direct investment of digital assets, it allows you to transfer funds to exchanges that comply with Financial Crimes Enforcement Network (FinCEN) regulations.

How to Buy Crypto with Navy Federal Credit Union

‍Navy Federal Credit Union members can purchase cryptocurrencies by using a regulated crypto exchange. Kraken is regulated by FinCEN and registered as a Money Services Business (No. 31000270997766). It supports 280 cryptocurrencies for both spot and futures trading with up to 5x leverage. Users can deposit USD through ACH transfers, debit cards and credit cards.

Navy Federal members can buy crypto on Kraken by following these steps:

1. Create Account: Visit the Kraken website and sign up using your email address. Complete the identity verification process to comply with KYC regulations.
2. Connect Account: Send funds from your Navy Federal Credit Union account using an ACH transfer, wire transfer, or your debit card.
3. Select Asset: Once your funds are available, browse through the variety of digital assets offered on Kraken.‍
4. Execute Trade: Choose the cryptocurrency you wish to buy, enter the desired amount in USD, review the transaction details, and confirm your purchase.

What are the Fees?

Understanding the fees of converting US Dollars to crypto through an exchange is essential to avoid unexpected costs. These fees usually apply to deposits, trades, and withdrawals, with most platforms charging between 1% to 2% for trading. 

Kraken is a great option as its trading fees starting as low as 0.16%. It also supports free USD deposits from Navy Federal through several payment methods, including ACH transfers and card payments.

Is Navy Federal Crypto-Friendly? 

Yes, Navy Federal Credit Union supports USD transfers to exchanges that comply with Financial Crimes Enforcement Network (FinCEN) regulations. While Navy Federal does not offer direct crypto trading services, it allows members to securely transfer funds to regulated platforms, making it possible to invest in digital assets. 

The bank is committed to providing modern financial services and helps its members navigate the evolving landscape of digital currencies. Although you can't buy crypto directly through Navy Federal, members can confidently invest in digital currencies via trusted exchanges that adhere to Anti-Money Laundering (AML) and Know Your Customer (KYC) standards.

About Navy Federal Credit Union

Navy Federal Credit Union, the world’s largest credit union, serves over 12 million members, including military personnel, veterans, and their families. Established in 1933, it offers a variety of financial products like the CashRewards Credit Card and More Rewards American Express® Card, as well as competitive mortgage rates, personal loans, and checking and savings accounts.

Bottom Line

In conclusion, while Navy Federal Credit Union does not directly offer crypto trading, it allows members to invest in digital assets through FinCEN-regulated exchanges. We recommend using the Kraken exchange as it provides free USD deposits, low fees, diverse digital currency selection, multiple trading types and staking services.