Is Plaid Crypto Friendly?
Yes, Plaid is a crypto-friendly financial technology company that allows users to connect to digital asset exchanges with their bank accounts. Plaid's API is used by popular exchanges like Uphold and eToro to provide bank account linking and funds deposits. This means that customers will not have funds frozen if they deposit USD into exchanges through the Plaid app.
How to Buy Crypto with Plaid
As mentioned above, the best way to buy Bitcoin, Ethereum and other cryptocurrencies with Plaid in the United States is with Uphold. Based on our reviews, they have the easiest integration with the Plaid app for investors to get access to over 200 cryptocurrencies for zero fees. Their platform also offers crypto staking with up to 20% APY paid out daily.
You can get started with the simple video tutorial shown below.
Fees to Invest in Crypto
For U.S. customers using the Plaid integration, there are currently no fees to invest in Bitcoin, Ethereum or other digital assets on Uphold. However, exchanges that use the Plaid API may charge their own deposit and withdrawal fees. Make sure to check the fee schedule of the exchange you're using before buying any cryptocurrency.
For Uphold specifically, they charge zero fees on US deposits via bank transfer with Plaid. That said, they do charge a fee of 1.99% per deposit using alternative methods like Debit Card or Credit Card.
What is Plaid?
Plaid is a financial technology company that provides APIs to enable applications to connect with users’ bank accounts. Plaid’s mission is to empower innovators by delivering access to the financial system. They also offer a development platform for FinTech businesses to create their own integrations. Plaid was founded in 2013 and is headquartered in San Francisco, California.
The Plaid API provides access to financial data. With the Plaid API, developers can access bank account balances, transactions, and other information. The Plaid API is used by many popular applications, such as Uphold, TD Ameritrade, Acorns, Betterment and other financial applications.
Plaid does not directly offer cryptocurrency services, but their platform is integrated with many digital asset exchanges that do allow Plaid users to connect to their bank account and purchase crypto. The easiest way to do this is through Uphold, which has a seamless integration with the Plaid app for US customers to buy over 200 cryptocurrencies with no fees. Make sure to check the fee schedule of the exchange you choose before investing in any digital asset.