Summary: Current Bank customers can explore the cryptocurrency market by transferring U.S. dollars to FinCEN-approved digital asset platforms. The bank plays a vital role in these transactions, serving as a facilitator for converting USD to various cryptocurrencies like Bitcoin, Ripple, and Arbitrum, all while adhering to the financial regulations of the United States. This ensures both safety and legal compliance for its users' investments.
Upon extensive evaluation, our experts have revealed that eToro is the superior choice for Current Bank clients. It provides a reliable trading platform for a wide range of digital currencies and additional financial assets with low transaction fees. The exchange provides free USD deposits, which are instantly credited to your account, allowing you to immediately purchase tokens. This makes eToro an effective solution for American investors eager to enter the cryptocurrency trading sphere.
- Financial Crimes Enforcement Network (FinCEN) registered broker.
- Trade over 25 crypto assets with industry-leading fees and spreads.
- Trusted and used by over 30 million users worldwide.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Can I Buy Bitcoin with Current Bank?
Yes, Current Bank users can access the world of digital assets, even though the bank doesn't directly offer these services within its system. Instead, it facilitates fund transfers to USA-based cryptocurrency trading platforms registered with the FinCEN. Joining an exchange that adheres to Financial Crimes Enforcement Network guidelines is essential for customers to ensure regulatory compliance and the protection of their investments.
How to Buy Crypto with Current Bank
Using a FinCEN-registered exchange is necessary for secure and effective cryptocurrency investments. Our experts recommend eToro as the most suitable choice for Current Bank customers, recognized for its swift USD deposits through various payment options like ACH transfer, bank transfer, and credit cards. After funding their accounts, users can explore the diverse world of crypto assets and make informed investments.
If you have never traded digital currencies, here’s a quick guide to get you started:
- Account Creation: Register on eToro and complete the required verification.
- Funding Process: Select 'Deposit Funds,' choose a method, and transfer USD from your Current Bank account.
- Cryptocurrency Choice: Discover your preferred digital asset on the platform and click 'Trade.'
- Finalizing Investment: Decide an investment amount and confirm the transaction by clicking 'Open Trade.'
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Current Bank Cryptocurrency Policy
Current Bank is forward-thinking in digital currency integration, enabling its customers to trade crypto assets using external platforms that conform to Financial Crimes Enforcement Network standards. For this, eToro is our top recommendation. Registered with FinCEN and located at 221 River Street, 9th Floor, Hoboken, NJ 07030, USA, eToro aligns with U.S. regulatory norms, matching the bank’s commitment to a secure and compliant investment environment.
Digital Asset Investing Fees
If you strive towards a successful cryptocurrency investment journey, it's crucial to understand the fee structure of digital asset platforms. Here's a summary of the typical costs you'll encounter when trading cryptocurrencies:
- Transaction Commission: Exchanges like eToro generally apply about a 1% fee for each transaction, whether buying or selling tokens.
- Deposit Fee: The cost of funding your account can vary based on your chosen payment method. Usually, bank or ACH transfers tend to be less expensive, while using credit or debit cards may sometimes incur over 2%.
- Withdrawal Expense: The cost to withdraw digital assets from the platform typically depends on the specific cryptocurrency. For example, withdrawing Bitcoin usually amounts to around 0.0005 BTC.
eToro is an excellent option for First Horizon Bank account holders looking to expand into cryptocurrency trading. It boasts a huge portfolio of digital assets, offers competitive fees, and is overseen by various U.S. financial regulatory bodies. This unique combination ensures a secure and reliable trading environment for its extensive user base of over 30 million people.
What is Current Bank?
Current Bank is a modern and innovative financial institution based in New York City. It has made a significant impact in the realm of digital banking since its establishment in 2015. Recognized for its user-friendly approach and focus on technology, the bank emphasizes seamless and efficient customer experiences.
The bank caters to a broad demographic with its range of online banking solutions. It’s mostly popular among clients who seek intuitive mobile banking, offering features like instant transactions, budgeting tools, and high-yield savings accounts. Current bank's commitment to integrating technology into its model while prioritizing its customers’ needs has positioned it as a prominent player in the evolving landscape of digital finance.
Final Thoughts
The bottom line is that while Current Bank does not directly offer cryptocurrency trading, it empowers its customers to engage in the digital asset space by enabling transfers to regulated U.S. exchanges. Many consider eToro the perfect platform for this due to its immediate and free USD deposits, competitive transaction fees, and a broad range of digital currencies and other financial assets. This trusted broker also includes advanced features, unique portfolios, and the ability to copy top traders as part of its deal.
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.
