How to Buy Crypto with SouthState Bank

Can I Buy Bitcoin with SouthState Bank?

Absolutely, SouthState Bank customers can purchase Bitcoin along with numerous other digital currencies. Users simply need to identify a cryptocurrency exchange in the USA that's regulated by the Financial Crimes Enforcement Network (FinCEN) or other relevant regulatory bodies. SS Bank customers can transfer funds from their account or credit card to a secure trading platform and swap USD for digital assets.

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How to Buy Crypto with SouthState Bank

SouthState Bank account holders can invest in crypto through a regulated digital asset exchange such as Kraken, which is regulated by FinCEN in the United States. Kraken facilitates the buying, selling, trading and staking of a wide variety of over 200 digital currencies. It also accepts USD deposits straight from SS Bank accounts using ACH or wire transfers, debit, and credit cards.

Here’s a straightforward guide for American investors interested in trading cryptocurrencies:

1. Create an Account: Initially, establish an account on Kraken. Complete the required identity verification process for either personal or business accounts.
2. Pick Your Currency: After logging in, navigate to deposits and select your desired currency, like USD.
3. Deposit Funds to Your Account: Select your preferred payment method, such as ACH transfer, wire transfer, or credit card.
4. Purchase Cryptocurrency: The last step is choosing which cryptocurrency to buy. Confirm your choice to finalize the transaction.

SouthState Bank Cryptocurrency Policy

SouthState Bank adopts a progressive stance towards cryptocurrencies, promoting novel financial solutions while adhering to regulation. The bank allows its customers to invest in digital currency through credible platforms like Kraken. Fully compliant with the U.S. Securities and Exchange Commission (SEC), Kraken is registered as a Money Services Business with FinCEN, operating under Payward, Inc., and can be found under MSB Registration No. 31000239561651.

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Digital Asset Investing Fees

Grasping the fee structure in the world of crypto investing is vital for maximizing your returns. Kraken has specific fees that can impact your financial success. Here's a simplified guide to the essential fees you need to be aware of:

• Spot Trading Costs: Kraken employs a tiered structure for spot trading fees, starting from 0.1%. For makers, the fee starts at a low 0.16%, and for takers, it begins at 0.26%. The more active you are in trading, the potential exists for these fees to decrease, thereby boosting your profits.
• Fees for Deposits: Kraken allows you to deposit cryptocurrencies without any charges. However, if you're depositing fiat money, you may face a nominal fee, which varies based on the deposit method you choose, like ACH transfers or credit cards. 
• Costs for Withdrawals: The fees for withdrawing funds are also competitive and fluctuate depending on the type of cryptocurrency you're transferring. For instance, withdrawing Bitcoin will set you back by a fixed fee of 0.0005 BTC.

Kraken's trading fees are competitive and can reduce as your trading volume increases. The platform's deposit and withdrawal fees are also fairly reasonable, making the exchange an attractive option for traders aiming to optimize their financial gains.

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What is SouthState Bank?

SouthState Bank is a regional financial institution headquartered in Columbia, South Carolina, offering a wide array of banking services such as personal and business accounts, loans, and investment options. Established in 1934, the bank has grown to operate over 300 branches across multiple states, including North Carolina, Georgia, and Virginia. 

Known for its commitment to community engagement and personalized customer service, SouthState Bank has garnered a reputation for trustworthiness and reliability. With a focus on digital banking solutions, the bank provides a seamless online and mobile banking experience, making it easier for customers to manage their finances on the go.

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Final Thoughts

To wrap up, SouthState Bank enables access to FinCEN-endorsed digital asset platforms such as Kraken, providing a secure and regulated avenue for customers interested in cryptocurrency trading. Renowned for its vast selection of over 200 digital assets and strict regulatory compliance, Kraken stands as one of the few exchanges worldwide that undergo regular audits, verifying that all user assets are covered on a 1:1 basis.