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How to buy Crypto with Varo Bank

How to buy Crypto with Varo Bank

Andrew Chen
Fact Checked
Sep 4, 2022

Summary: Varo Bank does not directly offer cryptocurrency trading services through its online banking platform.

Customers of Varo will need to sign up to a licensed and regulated crypto exchange like eToro to deposit USD and invest in digital assets.

Table of Contents

Platform Highlights

  • Trade 70+ Cryptos & 7,000+ Stocks, ETFs, Commodities and more.
  • Fast and cheap US Dollar deposits from Varo Bank.
  • Zero trading fees and tight spreads on Crypto & Stocks.

Can I buy Crypto with Varo Bank?

Unfortunately, Varo Bank does not offer any cryptocurrency services. This includes digital asset trading and crypto custody, which means you cannot buy or store your cryptocurrencies with the bank.

That said, Varo Money is crypto-friendly and does allow its customers to deposit US Dollars (USD) into licensed trading platforms to invest in the asset class.

How to buy Crypto with Varo Bank online

The easiest way to invest in cryptocurrencies online via a Varo Bank account is with a trusted trading platform like eToro. They offer fast and cheap USD deposits from Varo accounts to trade over 65 cryptocurrencies and thousands of Stocks, ETFs, Commodities, and more.

You can follow this simple guide to get started from your Varo account:

  • Step 1: Sign up to the eToro USA trading platform and verify your identity as a US citizen.
  • Step 2: Select the 'Deposit Funds' button at the bottom of your eToro Dashboard.
  • Step 3: Select USD and your preferred deposit method to start buying Crypto via Varo Money (bank transfer, credit card/debit card or PayPal).
  • Step 4: Once the USD has landed in your account, you can buy, sell and trade any of the thousands of assets listed on their platform.
Buy Cryptocurrencies Varo Money

Varo Bank Cryptocurrency Policy

Varo does not currently allow the use of cryptocurrency on its platform. This policy may change in the future as the legal and regulatory landscape around cryptocurrency evolves. For now, Varo customers are not able to buy, sell, or hold cryptocurrency through the Varo app.

While Varo does not currently support cryptocurrency, they understand that customers may have interests in this emerging asset class. This means that Varo does allow customers to withdraw money onto licensed cryptocurrency exchanges to trade digital assets. They do state in their policy that Varo does not endorse any particular cryptocurrency, and they caution customers to exercise discretion when considering investing in crypto.

About Varo Bank

Varo Bank is a digital bank headquartered in San Francisco, California. Varo was founded in 2015 by CEO Colin Walsh and COO Ramen Koodli. Varo has no brick-and-mortar locations but offers a fee-free checking account, a savings account that earns interest, and personal loans.

Varo Money is a safe bank. Varo Bank is FDIC insured and all deposits are protected up to $250,000. Varo Bank uses 256-bit SSL encryption to protect your personal information and keeps your money in FDIC-insured banks.

Varo also offers early direct deposit so you can get paid up to 2 days early if your employer offers direct deposit. Additionally, there are no overdraft fees, foreign transaction fees, or monthly maintenance fees.

Andrew Chen

Former Bitcoin Maximalist turned multi-chain enjoyer. I hunt down the best yields across AVAX, Solana, Fantom and other networks.

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