How to Buy Crypto with Synchrony Bank

How to Buy Crypto with Synchrony Bank

Learn to buy crypto with Synchrony Bank, facilitating straightforward USD transactions to major exchanges and unlocking crypto trading.

Summary: Synchrony Bank, while not directly offering cryptocurrency trading services, provides its customers with efficient tools to participate in the cryptocurrency market. Clients can safely transfer U.S. Dollars (USD) from their Synchrony Bank accounts to regulated and compliant cryptocurrency exchanges.

Kraken, a leading exchange that adheres to FinCEN regulatory standards, stands out as a preferred option for Synchrony Bank users. It offers a user-friendly interface, efficient USD deposit processes, a wide variety of over 200 cryptocurrencies, staking services, and a competitive fee structure.

Top Crypto Platform for Synchrony Bank
4.9 out of 5.0 by Datawallet
Kraken is the top choice for Synchrony Bank users because it's fully FinCEN-compliant, offers instant, free USD transfers, and provides a wide range of over 200 digital assets with competitive fees.
FinCEN, FCA, FINTRAC, ASIC and more.
Available Assets
200+ Cryptocurrencies to Trade and Stake (Spot and Margin markets).
Deposit Methods
ACH Transfer, FedWire, Plaid, credit card, debit card and more.

Kraken is a regulated U.S. entity with FinCEN registration and a Special Purpose Depository Institution charter in Wyoming for digital asset-related services.

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Can I Buy Crypto with Synchrony Bank?

Yes, Synchrony Bank offers its clients opportunities to invest in cryptocurrency, including well-known assets such as Bitcoin and Ethereum. Upholding strict legal compliance, the bank aligns with Financial Crimes Enforcement Network (FinCEN) regulations, ensuring safe fund transfers to U.S.-based crypto exchanges. Synchrony Bank provides various transaction methods, all in U.S. Dollars (USD), from ACH bank transfers to debit cards, simplifying digital currency purchases.

How to Buy Crypto with Synchrony Bank

Acquiring cryptocurrencies through Synchrony Bank is streamlined and secure, particularly when engaging with a regulated platform like Kraken. Kraken's global recognition stems from its compliance with FinCEN regulations and a strong user base exceeding 10 million. It enables easy USD deposits from Synchrony accounts. Kraken offers an expansive selection of more than 200 cryptocurrency assets. This includes not only competitive fees but also features like crypto staking, which can enhance your cryptocurrency investment journey.

Here’s a step-by-step guide to purchasing crypto through Kraken using your bank account:

  1. Account Setup: Visit Kraken’s website and create a new account.
  2. Synchrony Bank Deposit: Link your Synchrony Bank account for swift and convenient USD transfers.
  3. Cryptocurrency Selection: Explore Kraken's vast array of over 200 cryptocurrencies.
  4. Finalize Your Investment: Decide your investment amount, select the cryptocurrency you wish to buy, and finalize the transaction.

What are the Fees?

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

For Synchrony Bank customers looking for cost-efficient solutions, Kraken stands out. Kraken's 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, Kraken offers free USD deposit methods, including ACH transfers, which are particularly advantageous for investors in the United States.

Is Synchrony Bank Crypto-Friendly?

Synchrony Bank adopts a progressive stance on cryptocurrency, aligning its operations with the regulatory frameworks established by prominent U.S. financial institutions, including the Financial Crimes Enforcement Network (FinCEN). The bank permits its clients to conduct cryptocurrency transactions through their accounts, strictly adhering to the comprehensive regulations of FinCEN that govern digital asset activities.

This approach positions Synchrony as a reliable platform for its customers to confidently engage with the dynamic world of cryptocurrencies, ensuring adherence to U.S. financial regulations. By enabling transactions through regulated and sanctioned channels, Synchrony Bank offers a secure pathway for its clients to participate in the digital asset market, effectively incorporating these contemporary investment options into their financial planning.

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.

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