Summary: 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 FINRA & FinCEN-licensed exchange that offers instant USD deposits from Fifth Third Bank. With eToro, users can trade over 70 cryptocurrencies and thousands of other assets with low fees and tight spreads.
Best Crypto Exchange for Fifth Third Bank
- Free and fast USD deposits for Fifth Third Bank users.
- Buy and sell 4000+ assets including Crypto, Stocks, and more.
- Licensed and regulated by both the FinCEN and the FINRA.
Can I buy Crypto with 53 Bank?
Unfortunately, Fifth Third Bank does not currently offer direct cryptocurrency trading services for customers via its online banking platform. Additionally, the bank does not provide any cryptocurrency custodial services for retail or institutional investors, which means that it is not possible to store coins in their FDIC-insured accounts.
However, Fifth Third Bank does permit its customers to deposit and withdraw US dollars (USD) from licensed digital asset trading platforms if they wish to invest in cryptocurrencies. While direct cryptocurrency trading is not yet available through Fifth Third Bank, the ability to use licensed digital asset trading platforms allows customers to access the crypto market while still working with the bank.
How to Buy Crypto with Fifth Third Bank
As outlined above, the best way to buy cryptocurrencies like Bitcoin and Ethereum with a Fifth Third Bank account is with a licensed crypto broker. Our top pick for investors in the US is eToro because they offer fast and cheap USD deposits from Fifth Third to trade a wide variety of crypto assets and thoughts of stocks, ETFs, commodities and more with low fees.
You can follow the simple guide below to get started:
- Create a free account on eToro and complete the verification requirements.
- Click 'Deposit Funds', pick a method and transfer USD from Fifth Third.
- Go to the search bar, find the token you want to buy and click 'Trade'.
- Enter the amount you want of USD you want to invest and tap 'Open Trade'.
What are the fees to buy Crypto?
If you're interested in buying cryptocurrency through Fifth Third Bank, it's important to keep in mind three primary fees: deposit fees, trading fees, and trading spread. Deposit fees are charged for depositing USD to an exchange, trading fees are charged for purchasing Bitcoin with USD, and trading spread refers to the price difference between the buy and sell price of an asset.
Fortunately, eToro is a cryptocurrency trading platform that offers both deposit and trading fees completely free for customers depositing USD from a Fifth Third Bank account. That said, they do charge a small spread of around 1%, which is more competitive than other platforms like Coinbase or Kraken who can be as high as 1.49%.
Fifth Third Bank Cryptocurrency Policy
Fifth Third Bank is generally friendly towards cryptocurrency as an asset class, and allows its customers to transfer funds into FINRA and FinCEN registered and regulated cryptocurrency exchanges. While the bank itself does not directly offer cryptocurrency trading services, this option enables customers to invest in the crypto market with the added security and regulation provided by these exchanges.
About Fifth Third Bank (53 Bank)
Fifth Third Bank, commonly known as 53 Bank, is a major financial institution in the United States, boasting over 1,000 branches and 2,500 ATMs across 10 states. The bank offers a comprehensive suite 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) and is a member of the FDIC's Transaction Account Guarantee program, which provides deposit insurance for transaction accounts. While customers generally hold positive opinions of the bank, some have voiced concerns about the bank's customer service and fees. Overall, Fifth Third Bank is a dependable choice for banking services in the United States, with a range of offerings and FDIC regulation ensuring the safety of deposits.
In summary, while Fifth Third Bank does not currently offer direct cryptocurrency trading services or custodial services, its customers can deposit and withdraw US dollars from licensed digital asset trading platforms. eToro is our top pick for a licensed crypto broker for investors in the US, as they offer fast and cheap USD deposits from Fifth Third Bank to trade a wide variety of crypto assets with low fees.
Fifth Third Bank is generally friendly towards cryptocurrency as an asset class, and enables its customers to invest in the crypto market with the added security and regulation provided by FINRA and FinCEN registered and regulated cryptocurrency exchanges.
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.