Bitcoin
BTC
$
00000.00
-0.00%
Ethereum
ETH
$
00000.00
-0.00%
Solana
SOL
$
00000.00
-0.00%
XRP
XRP
$
00000.00
-0.00%
Dogecoin
DOGE
$
00000.00
-0.00%
ChainLink
LINK
$
00000.00
-0.00%
Binance Coin
BNB
$
00000.00
-0.00%
Cardano
ADA
$
00000.00
-0.00%
Litecoin
LTC
$
00000.00
-0.00%
Ordinals
ORDI
$
00000.00
-0.00%
Polygon
MATIC
$
00000.00
-0.00%
Optimism
OP
$
00000.00
-0.00%
Arbitrum
ARB
$
00000.00
-0.00%
Polkadot
DOT
$
00000.00
-0.00%
Avalanche
AVAX
$
00000.00
-0.00%
Sui
SUI
$
00000.00
-0.00%
Ethereum Classic
ETC
$
00000.00
-0.00%
FileCoin
FIL
$
00000.00
-0.00%
Celestia 
TIA
$
00000.00
-0.00%
Injective
INJ
$
00000.00
-0.00%

Key Takeaway

Chime Bank offers a platform that aligns with the needs of contemporary customers, particularly those interested in the burgeoning cryptocurrency market. The bank distinguishes itself by facilitating transactions with regulated exchanges.

Kraken, renowned for its robust security measures and a wide array of over 200 cryptocurrencies, emerges as a prime choice for Chime Bank users. This integration allows for direct transactions from Chime Bank account transfers and credit card deposits.

Kraken USA
Kraken USA

This review and rating adhere to our editorial policy and the the research methodology of StacksOnChain analysts, guaranteeing the accuracy and reliability of our reports.

Rating
9.5

Supported Assets

200+ Cryptocurrencies

Trading Fees

0.16% Maker Fees & 0.26% Taker Fees

Can I Invest in Crypto with Chime Bank?

Chime Bank enables its clients to engage with the digital currency ecosystem by allowing smooth transactions to regulated investment platforms, ensuring a secure and compliant trading environment. 

While the bank itself does not offer direct cryptocurrency holdings within its app, it encourages users to partner with established American exchanges that comply with stringent regulatory standards, such as the FinCEN in the United States.

How to Buy Crypto with Chime Bank

Chime Bank simplifies the pathway to acquiring cryptocurrencies by endorsing transactions to regulated platforms like Kraken, which is known for its adherence to financial regulations. This endorsement provides a safe avenue for depositing funds through ACH and bank transfers and debit or credit card payments. 

  1. Create and verify your account on Kraken using a valid email address.
  2. Go to the 'Deposit' section, choose your preferred funding method, and execute a transfer from your Chime Bank account.
  3. Utilize the intuitive search function to locate the cryptocurrency you wish to purchase and select 'Trade.'
  4. Enter the desired investment amount and confirm your purchase by clicking 'Buy.'
‍How to Buy Crypto with Chime Bank

Does Chime Bank Block Crypto Transactions?

No, Chime Bank does not block transfers to investment platforms. It facilitates transactions to accredited digital asset exchanges, provided they adhere to regulatory norms set by American financial authorities. 

This approach underscores Chime Bank's dedication to ensuring the safety and integrity of digital currency transactions. The bank encourages dealings only with platforms that comply with the Financial Crimes Enforcement Network's (FinCEN) KYC and AML regulations.

Digital Asset Investing Fees

Engaging with crypto exchanges entails a variety of fees vital for their functionality. For those immersed in the crypto ecosystem, it's essential to understand these costs. Let's explore the fees on Kraken:

  • Deposits: When you deposit funds, you might see some fees, though they're usually minimal to encourage more deposits. Kraken offers no fees on cryptocurrency and USD deposits, with the only exception being a $3 fee for SWIFT transfers.
  • Withdrawing Funds: Withdrawing your assets from Kraken comes with certain fees. The platform sets fixed fees for crypto withdrawals to cover blockchain operations, while USD withdrawals can vary. You won't face any fees for ACH transfers, but other methods like FedWire or SWIFT will incur fees ranging from $4 to $35.
  • Trading Transactions: There's a fee for every trade you make on Kraken, expressed as a percentage of the trade's total value. These fees vary based on factors such as your trading volume, account level, and role as a maker or taker. Maker fees on Kraken start at 0.16%, with taker fees at 0.26%.

Kraken rewards high-volume traders with fee discounts, offering 0% fees to those who have a monthly trading volume over $10 million USD.

Closing Thoughts

Chime Bank's progressive banking solutions and its synergy with platforms like Kraken provide a secure and compliant gateway for customers interested in exploring digital currencies. While Chime does not directly partake in crypto transactions, it facilitates a safe environment for fund transfers to regulated exchanges, offering a reliable entry point into the world of digital assets.

Author

Elena Boyaci is the proactive editor-in-chief of StacksOnChain, bringing her extensive journalism experience to the forefront. She spearheads a committed team, focusing on providing prompt and comprehensible updates on crypto and finance.

View posts

Featured Guides

Learn more with some of the featured guides recommended by our analysts.

Dive into Berachain, where DeFi meets innovation through EVM compatibility, a novel liquidity consensus, and integrated DeFi applications.
Chris Wheelan
May 18, 2024
Research

What is Berachain?

Dive into Berachain, where DeFi meets innovation through EVM compatibility, a novel liquidity consensus, and integrated DeFi applications.

Explore how EigenLayer Restaked Points measure user contributions with ETH staked, impact EIGEN token distribution, and face geo-restrictions.
Richard Zhang
Apr 30, 2024
Research

What are EigenLayer Restaked Points?

Explore how EigenLayer Restaked Points measure user contributions with ETH staked, impact EIGEN token distribution, and face geo-restrictions.