How to Buy Crypto with Synchrony Bank

Can I Buy Bitcoin with Synchrony Bank?

Yes, Synchrony Bank offers its clients opportunities to invest in cryptocurrency like Bitcoin. The bank aligns with Financial Crimes Enforcement Network (FinCEN) regulations, ensuring safe fund transfers to American digital asset exchanges. There are several deposit methods for transferring USD, from ACH bank transfers to debit cards, simplifying the sign up and purchasing process.

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How to Buy Crypto with Synchrony Bank

Buying cryptocurrencies through Synchrony Bank is easy when engaging with a regulated platform like Kraken. The exchange is compliant with FinCEN regulations and has a user base of 10 million. It enables easy USD deposits through bank transfers, credit cards, ACH and more. Kraken offers an expansive selection of more than 200 digital assets to trade and stake.

Here’s a short guide to purchasing crypto through Kraken using your Synchrony bank account:

1. Account Setup: Visit Kraken’s website and create a new account.
2. Synchrony Bank Deposit: Link your Synchrony Bank account to deposit USD.
3. Cryptocurrency Selection: Explore the extensive list of assets and locate your desired cryptocurrency.‍
4. Execute Trade: Decide your investment amount and finalize the transaction.

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What are the Fees?

Engaging in cryptocurrency transactions through Synchrony Bank involves understanding the associated fees charged on digital asset exchange. These fees usually include charges for deposits, trading, and withdrawals. The trading fees differ, often ranging from 0.1% to 0.5%.

For Synchrony Bank customers looking for an affordable platform, Kraken stands out. Its trading fees start at a low rate of just 0.16%, markedly more competitive than many peers, such as Coinbase, which typically charges over 2%. In addition, it offers free USD deposit through ACH transfers.

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Is Synchrony Bank Crypto-Friendly?

Yes, Synchrony Bank allows cryptocurrency transactions, adhering to U.S. financial regulations, including those set by the Financial Crimes Enforcement Network (FinCEN). Customers can use their bank accounts for buying and selling digital assets while ensuring compliance with anti-money laundering (AML) and know your customer (KYC) rules. This promotes secure and transparent transactions.

The bank’s compliance with these regulations makes it a dependable choice for those engaging in cryptocurrencies. The bank facilitates transactions through approved exchanges, enabling clients to seamlessly incorporate cryptocurrencies into their financial plans.

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About Synchrony Bank

Synchrony Bank is a leading online financial institution known for its competitive savings products and consumer finance solutions. Offering a range of branded products such as the Synchrony High Yield Savings account, Synchrony Money Market account, and various CDs, the bank provides customers with attractive interest rates and flexible terms. The bank also partners with numerous retailers to offer private label credit cards, enhancing its reputation for consumer-friendly financial services.

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Bottom Line

In summary, Synchrony Bank provides a compliant and secure approach for its customers to engage in cryptocurrency investments, adhering to FinCEN regulations. The bank simplifies the process of buying digital currencies by enabling smooth USD transactions to trusted exchanges like Kraken. With Kraken's extensive selection of over 200 cryptocurrencies, competitive fees, and added features like staking, it emerges as a favored option for Synchrony Bank clients looking to expand their digital asset portfolio.