Summary: Citizens Bank does not provide any options for purchasing or selling Cryptocurrencies. The only method available to Citizens Bank account holders is to transfer funds to a regulated and licensed digital asset exchange. Once funds have been transferred to a secure trading platform, users will have direct asses to Cryptocurrencies.
Our team conducted a comprehensive analysis of the leading trading platforms in the United States and determined that eToro is the most suitable option for Citizens Bank customers. eToro is a multi-asset exchange that offers free and instant USD deposits to Citizens Bank customers to buy and sell over 4000 assets, including Cryptocurrencies, stocks, and ETFs.
Best Crypto Exchange for Citizens Bank
- Free and instant US Dollar deposits for Citizens Bank customers.
- Trade 4000+ assets including Crypto, Stocks, Commodities and more.
- Licensed with FinCEN as a Money Services Business & is a member of FINRA.
Can I Buy Crypto with Citizens Bank?
Currently, Citizens Bank does not offer support for cryptocurrency trading or investment through its digital banking platforms, mobile application, or brick-and-mortar branches. If you're intrigued by the world of digital currencies, you should consider registering with a reliable cryptocurrency exchange regulated within America. This will permit you to transfer USD from your Citizens Bank account to buy, trade, and divest in cryptocurrencies under a controlled environment.
How to Buy Bitcoin and Crypto with Citizens Bank
The best way to buy Bitcoin or other Cryptocurrencies with a Citizens Bank account is by signing up to a FINRA-regulated exchange in the United States. As previously mentioned, the number one option is eToro, as it offers free USD deposits from Citizens Bank via several payment methods such as Bank Transfer, ACH, Credit/Debit Card, PayPal and more.
You can follow this step-by-step guide to buy Crypto with Citizens Bank:
- Create a free account on eToro and complete the onboarding process.
- Click 'Deposit Funds', pick a method and transfer USD from Citizens Bank.
- Open the search bar, type in Bitcoin (or any Crypto) and click 'Trade'.
- Enter the amount you want of USD you want to invest and tap 'Open Trade'.
Buying Crypto Fees
The eToro platform charges two fees to use its platform, a withdrawal and trading fee. Generally, most exchanges will charge for deposits, but eToro offers free and instant deposits. It charges a flat fee of $5 for withdrawals, but the minimum withdrawal amount is $30 and the maximum is $50,000. Trading fees vary depending on the asset being traded, but Crypto is a flat rate of 1%.
Citizens Bank Cryptocurrency Policy
Citizens Bank is a crypto-accommodating institution, providing its US-based clientele with the ability to deposit and withdraw US Dollars to and from regulated digital asset service platforms. Nonetheless, Citizens Bank mandates its customers to utilize platforms regulated by FINRA for conducting cryptocurrency transactions. We recommend steering clear of offshore and unregulated exchanges such as Binance, as involvement with such platforms could possibly lead to the freezing of your bank account.
About Citizens Bank
Citizens Bank is a regional bank headquartered in Providence, Rhode Island. Founded in 1828, it is one of the oldest and largest banks in the United States, with more than 1,000 branches across 11 states in the Northeast and Midwest regions. It is the 19th largest bank in the United States with over $130 billion in assets. Citizens Bank is a member of the FDIC and is an equal housing lender.
One of the unique features of Citizens Bank is its serious commitment to social responsibility and community engagement. It has established a number of programs and initiatives to support its local communities, including financial education programs, charitable giving, and volunteer opportunities for its employees.
In conclusion, while Citizens Bank doesn't support direct cryptocurrency transactions, it does accommodate transfers to regulated digital asset platforms, specifically endorsing exchanges like eToro. As a Citizens Bank account holder, you can seamlessly deposit USD into eToro and engage in cryptocurrency trading, benefiting from eToro's variety of assets and competitive fee structure.
Despite its crypto-friendliness, Citizens Bank urges customers to avoid unregulated exchanges to prevent potential account complications. Thus, for Citizens Bank users interested in cryptocurrencies, partnering with a FINRA-regulated platform such as eToro is the recommended and secure pathway to explore the digital currency world.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.