How to Buy Bitcoin with Synchrony Bank

Synchrony Bank users can buy Bitcoin and other digital assets through U.S. crypto exchanges registered with the Financial Crimes Enforcement Network (FinCEN). These platforms allow clients to deposit USD from Synchrony bank accounts and cards.

One trusted option is Kraken, a FinCEN-registered Money Services Business, offering access to over 320 cryptocurrencies, instant USD deposits, staking features, and a user base of over 30 million.

Here’s how to get started:

1. Sign Up: Visit Kraken’s website and create an account. Complete the identity verification (KYC) process by providing a valid ID.
2. Deposit Funds: Once your account is verified, go to “Funding,” and transfer USD using ACH bank transfer or a card linked to your Synchrony account.
3. Pick Your Crypto: Browse the selection of cryptocurrencies and select the asset you want to buy.
4. Make the Purchase: Enter the investment amount, review the transaction details, and confirm the trade.

Synchrony Bank Cryptocurrency Policy

Synchrony Bank does not provide direct cryptocurrency services but allows customers to transfer funds to regulated crypto exchanges. These platforms must be registered as Money Services Businesses (MSBs) with FinCEN.

While Synchrony is crypto-friendly, customers should review the bank’s policies and FAQs to confirm there are no restrictions on transfers to or from platforms.

Alternative Crypto Exchanges for Synchrony Bank

For investors seeking alternative cryptocurrency exchanges in the USA that are registered with FinCEN and adhere to U.S. regulations, here are some reliable options:

• Coinbase: A NASDAQ-listed platform with 250+ cryptocurrencies, ideal for beginners but with high fees starting at 1.5%.
• Uphold: A mobile-friendly platform offering 350+ assets, including crypto, gold, and silver, with competitive 1% fees.
• Gemini: A New York-based exchange known for top-tier security and institutional-grade features like OTC trading.

What are the Fees?

If you’re planning to purchase cryptocurrency using your Synchrony Bank account through Kraken, here’s a detailed overview of the fees you can expect on the platform:

• Deposits: It allows ACH and Fedwire transfers in USD free of charge, making it easy to fund your account without additional costs.
• Withdrawals: Cryptocurrency withdrawal fees vary based on the specific asset and are determined by blockchain network conditions.
• Trading Fees: Kraken charges competitive fees starting at 0.16% for spot trades and 0.02%-0.05% for futures trading.

This platform allows users to invest in digital assets with minimal fees and free USD deposits.

About Synchrony Bank

Synchrony Bank, an online bank and part of Synchrony Financial, specializes in FDIC-insured savings products like high-yield savings accounts, CDs, and money market accounts. As of 2023, Synchrony Financial managed $117.5 billion in total assets.

The bank is known for competitive interest rates and a user-friendly mobile app and platform, making it a reliable option for personal banking needs.

Bottom Line

Synchrony Bank enables secure USD transfers to regulated exchanges like Kraken, Coinbase, and Gemini, making it a practical choice for cryptocurrency investments. 

While it doesn’t offer direct crypto services, its support for FinCEN-registered platforms ensures compliance and ease of use.