Summary: Current Bank offers over 30 cryptocurrencies to buy and sell through its online banking platform. However, it is not regulated by FinCEN or FINRA. Also, not all tokens are available in every state, so investing in cryptocurrency with a licensed and regulated digital exchange is encouraged.
After thorough research for an alternative, our experts recommend eToro for buying and selling cryptocurrencies. It is a digital exchange for crypto and other asset classes, including stocks, ETFs, indices, currencies, and commodities. Moreover, it offers instant USD deposits and is regulated by FINRA and FinCEN, the regulator agencies in the US.
Best Exchange for US Banks
Platform Highlights
- 3,000+ Cryptos, Stocks, Commodities, ETFs & More.
- Globally licensed trading platform the FINRA & FinCEN.
- Low trading fees and tight spreads on all assets.
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Can I Buy Bitcoin with Current Bank?
Current Bank customers can buy Bitcoin and dozens of other tokens through the bank’s online platform. However, if you are a resident of Hawaii, you cannot buy any cryptocurrency with through the bank. Crypto trades on the Current Bank platform are not regulated or protected, so joining a licensed cryptocurrency trading platform in the US is a better and safer option.
How to Buy Bitcoin and Crypto with Current Bank
The fastest and most affordable way for Current Bank customers to invest in Bitcoin or another cryptocurrency is through eToro, a trusted and regulated digital exchange in the US. eToro supports multiple USD payment methods, including bank transfer, credit/debit card, PayPal, Neteller, and Skrill.
Buy crypto following this easy step-by-step guide:
- Sign up on eToro US trading platform and complete the identity verification process.
- Click the 'Deposit Funds' button and choose a payment method.
- Deposit USD from your Current Bank account.
- Use the search bar to find the token you want to invest in and execute your trade.
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Is Current Bank Crypto-friendly?
Yes, Current Bank is one of the most crypto-friendly banks in the US, offering crypto services for their customers. They are one of the few institutions allowing customers to trade crypto and store USD within the same banking platform. In addition to directly providing crypto-investing services, it also approves transactions to regulated and licensed digital asset exchanges.
What is Current Bank?
Current Bank is a relatively new FinTech company in the US that provides digital banking services with its partner Choice Financial Group. The digital banking platform is best known for saving accounts with 4.00% APY on deposits. It offers several other products and services, including credit/debit cards, quick loans, crypto investing, and more.
Founded in 2015 and based in New York City, the alternative banking platform has grown in popularity, with four million members. The deposits, excluding crypto holdings, are protected by the FDIC up to USD 250,000 through their partner bank.
Final Thoughts
To recap, Current Bank is an innovative digital banking platform in the US offering over 30 cryptocurrencies. However, it is not regulated by FinCEN or FINRA. We found eToro a better alternative for crypto investments for Current Bank customers due to its instantaneous USD deposits to trade thousands of assets in a secure trading environment with competitively low fees.
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Author
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.
