Can I Buy Bitcoin with Remitly? 

Yes, you can buy Bitcoin using Remitly on cryptocurrency exchanges in the U.S. that accept deposits in US Dollars (USD). While most regional banks don't directly offer crypto investments, they do allow Remitly transfers to regulated investment platforms that comply with Financial Crimes Enforcement Network (FinCEN) guidelines. 

How to Buy Crypto with Remitly

‍Buying cryptocurrencies like Bitcoin and Ethereum with Remitly is simple on regulated digital currency exchanges. Kraken is regulated by FinCEN under MSB Registration No. 31000270997766 and supports Remitly for USD deposits. This allows users to access to over 280 cryptocurrencies to trade and stake with high yields of up to 32% APY.

To purchase crypto with Remitly on Kraken, follow these steps:

1. Create an Account: Go to Kraken's website and sign up using your email address. Complete the necessary verification steps to comply with regulatory requirements. 
2. Deposit Funds: Use Remitly to transfer funds from your bank account to your Kraken account. 
3. Choose Asset: Once your funds are available, explore the selection of digital currencies. ‍
4. Execute the Transaction: Select the crypto you want to buy, specify the amount in USD, review the transaction details, and confirm your purchase to finalize the process.

What are the Fees?

When buying digital assets with USD through an exchange, it's crucial to consider the associated fees, such as those for deposits, trades, and withdrawals. These fees can vary depending on the platform, typically ranging from 0.1% to 1%.

For those using Remitly, Kraken is an excellent choice because of its competitive fee structure. The trading fees start at just 0.16%, significantly lower than platforms like Coinbase, where fees can exceed 2%. There are also no fees to deposit USD via Remitly, helping further minimize costs.

Is Remitly Crypto-Friendly? 

Yes, Remitly is crypto-friendly and provides a convenient way for users to fund their accounts on digital asset exchanges. To ensure regulatory compliance, it’s essential to choose a platform that adheres to Financial Crimes Enforcement Network (FinCEN) regulations.

However, users should be aware of their bank’s specific policies regarding Remitly transactions for crypto trading, as these policies may change. While Remitly facilitates easy transfers to regulated exchanges, not all banks may permit digital currency purchases, so it's important to verify this with your bank.

About Remitly

Remitly is a digital service for international money transfers, offering quick and secure ways to send money to over 100 countries. Key products include Remitly Express for fast transfers and Remitly Economy for lower fees. The platform provides competitive exchange rates, transparent pricing, and a delivery promise to ensure timely transfers.

Bottom Line

In conclusion, Remitly users can buy cryptocurrency on regulated exchanges like Kraken. With no deposit fees and competitive trading costs, Kraken provides a user-friendly way to access a wide range of 280 digital assets to trade on spot and futures markets. In addition to trading, it provides an NFT marketplace, a demo account and multiple staking options.