Can I Buy Crypto with Citibank?
Citibank customers can explore the realm of cryptocurrency investment by swapping their USD for digital assets like Bitcoin through licensed digital asset exchanges in the United States. Citibank permits its account holders to transfer funds to reputable cryptocurrency trading platforms under the supervision of the Financial Crimes Enforcement Network (FinCEN). US investors must choose a trading platform regulated by this authoritative agency to ensure asset security.
How to Buy Crypto with Citibank
The most secure way for Citibank account holders to invest in digital assets like Ethereum is by using a FinCEN-regulated broker like eToro. This method allows investors to securely trade various cryptocurrencies by depositing USD through options like ACH Transfer, Debit Card, Credit Card, Skrill, Neteller, PayPal, and more.
Citibank customers can follow this step-by-step guide to buy crypto:
- Open a free account on eToro and complete the verification process.
- Click 'Deposit Funds', select a method, and send money from Citibank.
- Go to the search bar, find the crypto you want to buy and tap 'Trade'.
- Input the amount you want to purchase and tap 'Open Trade'.
Citibank Cryptocurrency Policy
Citibank acknowledges cryptocurrency’s transformative impact on the financial landscape. By actively exploring collaborations with innovative blockchain-based projects, Citibank positions itself at the forefront of the rapidly-evolving crypto ecosystem. The bank has announced future plans to offer cryptocurrency directly through its platform, although the exact date has yet to be confirmed. Citibank's progressive stance on digital currencies signifies its commitment to embracing cutting-edge fintech solutions, fostering economic growth and stability in the digital age.
Deposit and Trading Fees
Grasping the fee structure is crucial when diving into the cryptocurrency market through Citibank. Here's a breakdown of the typical costs you may face when dealing with cryptocurrencies:
- Deposit Fees: Citibank may levy certain fund transfer fees, unlike many crypto exchanges offering free deposit services. Transactions from a credit card may involve a fee, typically exceeding 2%.
- Transaction Fees: Many crypto trading platforms adopt a spread, a small percentage derived from each transaction. The extent of this spread can vary based on the specific digital currency and the platform, generally around 1%.
It's vital to remember that costs can differ between different platforms. Hence, a comprehensive analysis of the existing fee structures from your chosen cryptocurrency exchange and Citibank is strongly advised.
The Bottom Line
To conclude, Citibank customers can securely invest in crypto assets by utilizing a digital currency exchange licensed by FinCEN or FINRA. We recommend using eToro due to its competitive fees, user-friendly interface with mobile and desktop compatibility, low fees, wide selection of assets, and free ACH transfers. In addition, eToro is considered one of the most secure exchanges in the world. To learn more about this exchange, visit our eToro Review.