Key Takeaway: Fifth Third Bank (53 Bank) does not directly offer any products or services which enables its customers to buy or sell cryptocurrencies through their online banking platform. This means that 53 customers will need to deposit US Dollar (USD) from their bank account into a regulated exchange.
If you are looking to get started quickly, we recommend the eToro platform because they are a licensed exchange that offers fast USD deposits from Fifth Third Bank to trade and stake cryptocurrencies.
- Fast and Cheap US Dollar deposits from US Banks and ACH Transfer.
- Trade over 70 Cryptocurrencies on a trusted and regulated platform.
- Low and variable trading fees with tight spreads.
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
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Can I buy Crypto with 53 Bank?
Fifth Third Bank (53 Bank) does not directly offer cryptocurrency trading services for customers through the online banking platform. They also do not provide any crypto custodial services for retail or institutional investors, which means you cannot store your coins with their FDIC insured accounts.
That said, Fifth Third does allow its customers to deposit and withdraw US Dollars (USD) from licensed digital asset trading platforms, if they want to invest in the asset class.
How to buy Crypto with Fifth Third online
The best way to buy Crypto through a Fifth Third Bank account is with the eToro multi-asset trading brokerage. They offer cryptocurrencies and free USD deposits from Fifth Third account holders.
You can follow the simple guide below to get started:
- Sign up to eToro and verify your identity and submit KYC information
- Select 'Deposit Funds' and 'Bank Transfer' for USD to get transfer details
- Deposit USD from your Fifth Third Bank account into eToro
- Find the crypto you want to buy and select 'Trade'
- Execute your order and you've bought Crypto!
Is Fifth Third Bank Crypto Friendly?
Fifth Third Bank does not prohibit their customers from investing in Bitcoin, cryptocurrencies or other aspects of the rapidly growing meta-economy. This means you can safely deposit USD into licensed crypto exchanges to trade any available asset.
About Fifth Third Bank (53 Bank)
Fifth Third Bank (53 Bank) is one of the largest banks in the United States. The bank has over 1,000 branches and more than 2,500 ATMs across 10 states. Fifth Third Bank offers a wide range of financial services, including personal banking, business banking, investment services, and mortgage loans.
53 Bank is licensed and regulated by the Federal Deposit Insurance Corporation (FDIC). The bank is a member of the FDIC's Transaction Account Guarantee program, which provides deposit insurance for transaction accounts.
Fifth Third has received generally positive reviews from customers. However, there have been some complaints about the bank's customer service and fees. Overall, Fifth Third Bank is a solid option for banking services in the United States.
Fees for buying Crypto with Fifth Third
There are two main fees you need to be mindful of when buying Cryptocurrency with a Fifth Third Bank - these are:
- Deposit Fees: The fees you pay to deposit USD to an exchange
- Trading Fees: The fee charged to buy Bitcoin with USD
With the eToro platform, both the Deposit Fees and Trading Fees are completely free for customers depositing USD from a Fifth Third bank account. This makes them the most fee-friendly option available.
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.