Summary: Old National Bank customers can invest securely in cryptocurrency through an authorized digital asset exchange. While the bank doesn't offer direct trading on its platform, it does facilitate transactions with platforms recognized by the Financial Crimes Enforcement Network (FinCEN) that accept USD deposits.
After extensive research into a variety of exchanges, we’ve chosen Kraken as the optimal choice for Old National Bank clients. This US-based platform operates under FinCEN's oversight, offering a wide selection of over 200 crypto assets for trading and staking activities. It accepts USD deposits through payment methods such as bank and ACH transfers or credit and debit cards.
- Instant and free USD deposits from Old National Bank 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 Old National Bank?
Certainly, Old National Bank account holders can purchase Bitcoin and other digital currencies by transferring their funds to a trusted cryptocurrency exchange in the U.S. We advise choosing a platform regulated by FinCEN and other relevant financial authorities. Simply transfer USD from your Old National Bank account to a secure exchange to carry out digital currency trading.
How to Buy Crypto with Old National Bank
Old National Bank account holders can begin digital asset investment via a regulated platform. We advocate using Kraken, a platform overseen by FinCEN and located in the United States. American investors can gain access to buy, sell, trade, and stake a vast range of over 200 tokens. It also accepts USD transfers directly from Old National Bank accounts using ACH, wire transfers, and debit or credit card methods.
For American investors interested in trading crypto assets using their Old National Bank account, follow this straightforward guide:
- Create an Account: Begin by opening an account on Kraken and completing the necessary identity verification steps.
- Choose Your Currency: After logging in, navigate towards the deposit section and select your preferred currency, such as USD.
- Deposit Funds: Choose your preferred payment method (ACH transfer, wire transfer, or credit card) to fund your account.
- Purchase Cryptocurrency: Finalize the process by selecting the token you want and confirming the transaction.
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Old National Bank Cryptocurrency Policy
Old National Bank takes a forward-thinking approach to cryptocurrency, welcoming advances in financial technology while complying with all relevant regulations. The bank allows its customers to invest in digital currencies through reliable platforms such as Kraken, ensuring adherence to U.S. Securities and Exchange Commission (SEC) regulations. Kraken is registered as a Money Services Business with FinCEN under the corporate entity Payward, Inc., with MSB Registration No. 31000239561651.
Digital Asset Investing Fees
Understanding the costs of investing in digital assets is crucial to obtaining the best returns. For instance, Kraken's specific fees can influence your financial outcome. Here's a simple guide to some key costs to look out for:
- Spot Trading Fees: Kraken employs a graded scale for spot trading fees, starting at 0.16% for order makers and 0.26% for takers. As trading volumes rise, these rates can be reduced, potentially enhancing your net gains.
- Deposit Fees: Depositing cryptocurrencies into Kraken accounts is available at no cost. However, when depositing fiat money using methods like ACH transfers or credit cards, there are variable fees that you should be aware of.
- Withdrawal Costs: The fees for withdrawing vary by asset type. For example, Bitcoin withdrawals cost a fixed fee of 0.0005 BTC.
Kraken provides reasonable fees that could become more favorable as trading volume increases. The platform's competitive deposit and withdrawal fees make it an attractive choice for return focused investors.
What is Old National Bank?
Old National Bank is a seasoned American financial institution rooted in community banking. With a 185-year history, the bank is headquartered in Evansville, Indiana. It offers a range of banking services, including checking and savings accounts, mortgages, wealth management, and commercial lending. The bank has a strong reputation for cultivating relationships with its customers and offering personalized and responsive service.
Further adding to Old National Bank’s unique standing is its focus on ESG (Environmental, Social, and Governance) efforts. In 2020, it topped the list of "World's Most Ethical Companies" by Ethisphere, marking its ninth consecutive year on the list - a clear testament to its high ethical standards.
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Final Thoughts
To sum up, Old National Bank provides access to FinCEN-approved digital asset platforms like Kraken, ensuring secure and regulated avenues for customers interested in cryptocurrency trading. Kraken is renowned for its extensive selection of over 200 crypto coins and commitment to regulatory compliance. It's among the few global exchanges undergoing regular audits, ensuring users' assets are backed by supporting funds.
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.
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