Summary: KeyBank customers can easily start investing in cryptocurrency markets through approved digital asset exchanges. Although the banking platform doesn't provide direct trading services, it supports connecting to trading platforms accredited by the Financial Crimes Enforcement Network (FinCEN) that allow deposits in USD.
Our detailed examination of top crypto exchanges indicates that Kraken is the best choice for KeyBank customers. Kraken is regulated by FinCEN in the United States, and offers both trading and staking opportunities for over 200 crypto assets, all within a secure environment.
- Instant and free USD deposits from KeyBank via ACH, bank transfer, credit cards and more.
- Trade and stake over 200 crypto assets with industry-leading fees and tight spreads.
- Registered as a Money Services Business with Financial Crimes Enforcement Network (FinCEN).
Can I Buy Bitcoin with KeyBank?
Certainly, KeyBank customers can purchase Bitcoin and other digital currencies, by transferring funds to a regulated cryptocurrency exchange located within the USA. We recommend choosing a trading platform that is recognized by FinCEN and other relevant financial bodies. Once located, swapping USD for crypto assets becomes simple, following a transfer of funds from your KeyBank account to the selected secure exchange.
How to Buy Crypto with KeyBank
For KeyBank clients interested in digital asset investment, a reputable exchange like Kraken is recommended. Kraken, a platform based in the USA, operates under stringent FinCEN regulations, enabling American investors to buy, sell, trade, and stake over 200 cryptocurrencies. Deposits from KeyBank accounts in USD can be handled through ACH, wire transfers, and debit or credit cards.
Here's a basic guide on how to securely start trading crypto assets:
- Account Setup: Begin by setting up a Kraken account and going through all necessary identity verification procedures.
- Currency Selection: Once logged in, navigate to the deposit section and select your desired currency, for example, USD.
- Fund Account: Choose a suitable payment method such as ACH transfer, wire transfer, credit or debit card.
- Purchase Cryptocurrency: Finally, select your desired token, and confirm the transaction to complete.
KeyBank Cryptocurrency Policy
KeyBank upholds a positive stance towards cryptocurrencies, promoting innovative finance solutions while respecting regulations. The bank allows its clients to explore digital currency investment through trustworthy platforms like Kraken, which adheres to all U.S. Securities and Exchange Commission (SEC) guidelines. Kraken is listed as a Money Services Business (MSB) with FinCEN, functioning under Payward, Inc., with MSB Registration No. 31000239561651.
Digital Asset Investing Fees
Recognizing the costs that can impact cryptocurrency investment is crucial for maximizing returns. Kraken imposes certain fees that could possibly affect your performance. Below is a simple breakdown of the core fees:
- Spot Trading Costs: Using Kraken, spot trading fees operate on a sliding scale, beginning at 0.16% for order placers and 0.26% for order takers. These fees can decrease as trading volume increases, further enhancing your profits.
- Deposit Fees: Depositing cryptocurrencies incurs no charges. However, transferring fiat money attracts a minimal fee, depending on the chosen payment method, including ACH transfers or credit and debit cards.
- Withdrawal Costs: It maintains competitive fees for withdrawals, determined by the type of token being transferred. For instance, withdrawing Bitcoin costs 0.0005 BTC.
In summary, the basic costs for using Kraken are reasonable, becoming more attractive as trading volume rises. Deposit and withdrawal fees are similarly competitive, rendering the platform a great choice for investors seeking the best returns.
What is KeyBank?
KeyBank, a division of KeyCorp, is a major regional bank situated in Cleveland, Ohio. Established in 1825, it has become one of the largest bank-based financial services companies in the United States. The bank provides a broad range of services including retail, business, commercial banking, and investment management.
It also has a strong reputation for its commitment to community service. It has received several awards and recognition for its innovative banking solutions and dedication to diversity. KeyBank operates across more than 1,000 locations in the U.S. and manages assets worth more than $170 billion, catering to a comprehensive range of clients and is a significant player in the American finance sphere.
Final Thoughts
To conclude, KeyBank supports customers interested in cryptocurrency investment, by providing access to secure digital asset exchanges such as Kraken. With a wide range of over 200 tokens and a stern commitment to regulatory compliance, Kraken has proven to be a trustworthy platform, recognized in the industry. It undertakes regular audits to verify adequate protection of user assets, maintaining an excellent global standing as a result.
I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.
