Summary: Chime Bank customers can securely invest in digital assets by sending funds to regulated cryptocurrency exchanges and converting their money for tokens like Bitcoin. To clarify, the bank doesn’t directly facilitate trading but approves its customers to transfer USD to reputable trading platforms. We recommend finding one overseen by the Financial Crimes Enforcement Network (FinCEN) to guarantee the security of your assets.
Our team conducted a detailed analysis of leading platforms and determined that eToro is the prime choice thanks to its free and immediate USD deposits from Chime Bank accounts. eToro supports a diverse selection of cryptocurrencies and other financial assets. As a FinCEN-regulated exchange, it is a trustworthy and reliable option for US users.
- Financial Crimes Enforcement Network (FinCEN) registered broker trusted by millions of investors.
- Trade over 25 crypto assets with industry-leading fees and spreads.
- eToro USA LLC is registered and regulated with FinCEN.
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 Chime Bank?
Absolutely, Chime Bank clients can invest in digital assets, such as Bitcoin or Ethereum, through cryptocurrency exchanges in the United States. It’s important to understand that the bank facilitates transfers to licensed trading platforms for the purpose of buying tokens but does not provide a direct crypto investing feature through its interface. Finding one regulated by the Financial Crimes Enforcement Network (FinCEN) is essential for adhering to laws in the country.
How to Buy Crypto with Chime Bank
Chime Bank users can seamlessly navigate the crypto world through established exchanges that support USD deposits. We recommend eToro for its FinCEN compliance, free USD deposits, low fees, and extensive range of assets. The exchange offers instant deposits using multiple payment methods, such as ACH or bank transfers, credit/debit cards, PayPal, and Skrill, among others.
Here is a simple guide for Chime Bank customers to purchase cryptocurrencies:
- Account Creation: Sign up with eToro and complete the verification requirements.
- Deposit Selection: Navigate to "Deposit Funds" and choose "USD" as your preferred currency.
- Select Cryptocurrency: Use the search bar to locate the specific coin you're interested in, and then select “Trade.”
- Trade Execution: Enter the amount you wish to invest and confirm your transaction by tapping “Open Trade.”
Chime Bank Cryptocurrency Policy
Chime Bank embraces the evolving domain of cryptocurrencies by supporting its client's interest in the asset class while also operating within the country’s laws. The bank allows customers to engage with digital currency exchanges that are overseen by the Financial Crimes Enforcement Network (FinCEN). We recommend eToro as it is licensed by the FinCEN, and its main office is located at 221 River Street, 9th Floor, Hoboken, NJ 07030, USA.
Digital Asset Investing Fees
Before you begin investing in cryptocurrency, understanding the fees involved is important for making financial decisions. Below is a quick overview of the typical fees encountered on digital asset exchanges:
- Transaction Fees: eToro and similar exchanges generally require approximately 1% in fees for buying or selling a token.
- Deposit Charges: The cost of depositing funds depends on the payment method. Usually, bank or ACH transfers are more affordable than using credit or debit cards.
- Withdrawal Costs: Withdrawal fees are dependent on the cryptocurrency, with Bitcoin usually incurring a fixed fee, which is about 0.0005 BTC.
For Chime Bank clients exploring the crypto market, platforms like eToro offer a broad spectrum of digital currencies with a competitive fee structure. Its regulation under U.S. financial authorities ensures a secure environment for investors delving into digital assets.
What is Chime Bank?
Chime Bank is a digital banking platform under Chime Financial Inc., headquartered in San Francisco, California. The company, with additional offices in Chicago and Vancouver, offers a suite of digital banking services, including debit and credit cards, secured Visa credit cards, and savings accounts, primarily catering to customers in the U.S. and Canada. Founded with a mission to make banking and payment services more accessible, easy, and free, Chime is particularly focused on individuals often underserved by traditional banks.
Unlike traditional banks, Chime is a financial technology company that partners with regional banks to provide mobile banking services. It's known for pioneering features like early paycheck access, no monthly fees, and fee-free overdrafts up to $200. Chime also offers a secured credit card to aid in credit building and boasts over 60,000 fee-free ATMs nationwide.
Final Thoughts
In conclusion, Chime Bank, though not providing direct cryptocurrency trading services, empowers its customers to invest in digital assets through regulated exchanges. We identified eToro as the best option for American investors as it offers free and instant USD deposits from Chime Bank, allowing users to immediately start investing in digital currencies. eToro is licensed by FinCEN and provides a safe environment to buy and trade financial instruments.
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.
