Summary: Varo Bank does not offer cryptocurrency investing products or services directly through its online banking platform. In saying that, Varo Bank customers can access cryptocurrency by utilizing a secure digital asset exchange. US investors must use a platform that is regulated and licensed by the FinCEN.
After comparing the leading cryptocurrency exchanges in the US, our team of experts has determined that Uphold as they are licensed by FinCEN and offer free USD deposits to Varo Bank clients. Uphold is a multi-asset exchange that supports over 200 cryptocurrencies plus other financial assets like commodities such as Gold and Silver.
Best Crypto Exchange for Varo Bank
- Trade 200+ Cryptos with fast & cheap USD Deposits via Varo Bank ACH Transfer or Credit/Debit Card.
- Regulated by FinCEN in the USA and has an audited Proof-of-Reserves.
- Feature-rich platform with hundreds of Crypto, Commodities and Fiat Currencies.
Can I buy Crypto with Varo Bank?
As mentioned above, buying or selling a cryptocurrency through Varo Banks' online platform is impossible. However, the bank supports its clients in pursuing crypto assets and permits them to send and receive funds from regulated and FinCEN-licensed digital asset exchanges. Remember to choose a platform that is approved in the US.
How to Buy Bitcoin and Crypto with Varo Bank
The easiest way to invest in cryptocurrencies with a Varo Bank account is with a trusted trading platform like Uphold. They offer fast and free USD deposits from Varo accounts through one of the following payment methods; credit/debit card, bank transfer, ACH, Google Pay or Apple Pay.
You can follow this simple guide to get started from your Varo account:
- Open a free account on the Uphold platform and verify your identity.
- Connect your Varo bank account to Uphold by selecting the 'Link a bank account' button on your dashboard.
- Deposit USD via Bank Transfer, Debit Card or Credit Card from Varo Bank.
- Find the cryptocurrency you want to buy and execute your trade.
Is Varo Bank Crypto-Friendly?
Varo is considered a crypto-friendly bank, although it does not offer cryptocurrency. However, they understand customers may have interests in this emerging asset class. Varo allows customers to withdraw money onto licensed cryptocurrency exchanges to trade digital assets. They do not endorse any particular token and caution customers to exercise discretion when 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. The bank is FDIC insured, and all deposits are protected up to $250,000.
It 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.
To summarize, Varo Bank does not offer crypto investing services, but its customers can still use the bank to deposit USD into regulated digital asset exchanges. We found that Uphold was the best cryptocurrency trading platform for Varo Bank customers as it offers free and instant USD deposits to buy and sell hundreds of tokens with low fees.
Andrew Chen is a lead editor and auditor of content for Buy Bitcoin Bank, with a Masters of Computer Science and extensive knowledge in cryptocurrency and blockchain technology. He has helped ensure the accuracy and quality of the platform's educational resources for new and experienced investors in the crypto space.