Summary: First Horizon Bank customers can confidently venture into the cryptocurrency market by transferring funds from their bank accounts to digital asset platforms registered with FinCEN. The bank facilitates these transactions, acting as a bridge for converting USD into popular coins like Bitcoin, BNB, and Litecoin in a way that complies with U.S. financial regulations. This way, it guarantees protection and compliance for its clients.

Following a comprehensive analysis, our experts have concluded that eToro is the best platform for First Horizon Bank clients. eToro offers a trustworthy trading environment for various digital currencies and other assets. More importantly, it provides immediate and free USD deposits, along with low fees, making it an affordable option for U.S. investors looking to engage in crypto asset trading.

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Can I Buy Bitcoin with First Horizon Bank?

Yes, although it doesn’t offer crypto investments within its banking interface, First Horizon Bank allows transferring funds to authorized brokers. Its clients can purchase Bitcoin and other digital assets by using cryptocurrency exchanges in the USA approved by the Financial Crimes Enforcement Network. Choosing a trading platform that complies with FinCEN standards is crucial for account holders to comply with relevant financial regulations in the United States.

How to Buy Crypto with First Horizon Bank

Our experts recommend using a FinCEN-registered exchange for secure crypto investments. eToro is the preferred choice for First Horizon Bank clients, primarily due to its rapid and zero-cost USD deposit options. Customers can easily add funds to their accounts through various methods such as ACH transfer, bank transfer, credit cards, PayPal, Skrill, or Neteller. Following the deposit, they can explore and invest in a diverse selection of tokens.

If you are new to cryptocurrency trading, here's a straightforward guide to get you started: 

  1. Account Setup: Sign up on eToro and complete the necessary verification steps.
  2. Funding Your Account: Choose 'Deposit Funds,' select a payment method, and transfer USD from your First Horizon Bank account.
  3. Coin Selection: Use the search feature or scroll through the page to find the digital currency you wish to invest in and click 'Trade.'
  4. Completing the Investment: Enter the amount in USD and confirm the transaction by clicking 'Open Trade.'
How to Buy Crypto with First Horizon Bank.
How to Buy Crypto with First Horizon Bank.

First Horizon Bank Cryptocurrency Policy

First Horizon Bank has a unique strategy, supporting collaborations with third-party platforms. This allows its customers to engage in cryptocurrency trading on exchanges that meet Financial Crimes Enforcement Network standards. Our top recommendation for this purpose is eToro, which is registered with the FinCEN and based at 221 River Street, 9th Floor, Hoboken, NJ 07030, USA. eToro’s location demonstrates its commitment to the U.S. regulatory framework.

Digital Asset Investing Fees

Having a clear understanding of the costs associated with digital asset platforms is the key to making informed investment decisions. Here is an overview of common fees in cryptocurrency trading:

  • Trading Commission: Many exchanges, including eToro, typically charge 1% for buying or selling digital currencies. This fee helps them cover the expenses involved in facilitating trades.
  • Deposit Charges: The cost of adding funds to your account varies with the payment method. For example, bank or ACH transfers are mostly cheaper than credit or debit card transactions, which can often exceed 2%.
  • Withdrawal Costs: How much the platform charges you for taking out cryptocurrencies is usually based on the type of digital asset. Bitcoin, for example, often has a set rate of about 0.0005 BTC, accounting for both the transaction and administrative expenses.

eToro is a superior choice for clients of First Horizon Bank diversifying their investment portfolios with crypto trading. It offers a huge selection of digital assets and low fees. Moreover, it is regulated by multiple U.S. financial authorities and utilizes robust security practices, ensuring a trustworthy environment for its 30 million users worldwide.

What is First Horizon Bank?

First Horizon Bank is a notable financial institution deeply rooted in the American South since 1864. Formerly known as First Tennessee Bank, it experienced a major transformation following a merger in July 2020. Currently, the bank operates as a subsidiary of First Horizon Corporation. Headquartered in Memphis, Tennessee, it has grown into a key regional player. The bank now offers a comprehensive suite of services, including personal banking, wealth management, commercial finance, and treasury services.

In addition, it delivers customized solutions to meet the diverse needs of its clients. It’s also popular for its commitment to customer service and community involvement. Its focus on innovation and adaptation in the evolving financial landscape demonstrates its dedication to providing modern and efficient banking experiences. With a strong network of branches and ATMs, along with robust online and mobile platforms, First Horizon Bank is a reliable and progressive financial partner in the U.S.

First Horizon Bank: Home Page.
First Horizon Bank: Home Page.

Final Thoughts

In conclusion, First Horizon Bank plays a vital intermediary role, enabling its customers to convert USD into cryptocurrencies using external platforms. For this purpose, the bank partners with FinCEN-registered exchanges, all within the framework of U.S. financial regulations. Our analysis points to eToro as the best option, offering a trustworthy trading environment, immediate and free USD transfers, a wide range of investment options, and competitive fees.