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

Citibank offers a dependable pathway for its clients to connect with exchanges that meet regulatory requirements in the United States. This approach shows the bank's commitment to providing secure banking solutions to its customers.

For those aiming to diversify their investment portfolio, Kraken stands as a premier choice. It boasts a diverse collection of over 200 cryptocurrencies and enables direct USD transfers from Citibank accounts and debit cards, ensuring a streamlined investment journey.

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 Citibank?

Citibank makes it easier for its customers to explore the cryptocurrency space by facilitating smooth transfers to digital currency platforms regulated by FinCEN, thereby providing a secure and compliant trading environment.

It's important to understand that Citibank does not offer a direct crypto wallet within its online banking services. For purchasing and managing digital assets, partnering with a reputable US-based exchange that meets strict regulatory criteria is advisable.

How to Buy Crypto with Citibank

Citibank simplifies the cryptocurrency acquisition process by allowing transfers to exchanges regulated by FinCEN, thus protecting your investments. Renowned platforms like Kraken, known for their compliance with U.S. regulations, offer a trustworthy option for making USD deposits via bank and ACH transfers, as well as payments through credit and debit cards.

  1. To begin, create and verify your Kraken account using your email.
  2. Navigate to the 'Funding' section, choose your preferred payment method, and execute a transfer from your Citibank account.
  3. Use the platform's search function to locate the token you wish to purchase and select 'Trade.'
  4. Enter the desired investment amount and finalize the transaction by clicking 'Buy.'
‍How to Buy Crypto with Citibank

Does Citibank Block Crypto Transactions?

No, Citibank does not impede transactions to authorized digital asset exchanges. The bank ensures a smooth transition for its customers to engage with cryptocurrency trading platforms that comply with U.S. regulatory frameworks. 

This policy reinforces Citibank's strong commitment to the security and integrity of digital currency transactions, advocating for interactions only with platforms that rigorously follow KYC and AML guidelines established by the Financial Crimes Enforcement Network (FinCEN).

Digital Asset Investing Fees

As you venture into exchanges like Kraken, understanding the associated fees is key. Here's what you need to know about Kraken's pricing:

  • Deposits: Funding your account may attract fees, generally low to foster deposits. Kraken excels by eliminating fees for cryptocurrency and USD deposits, only imposing a $3 fee for SWIFT transfers.
  • Withdrawals: When you withdraw assets from Kraken, you'll encounter fees. The exchange has predetermined fees for cryptocurrency withdrawals, while USD withdrawal fees may differ. ACH transfers come without fees, but using methods like FedWire or SWIFT could cost you $4 to $35.
  • Trading Fees: Trading activities on Kraken incur fees determined by the trade's total value, trading volume, account status, and whether you're making or taking liquidity from the market. Maker fees start at 0.16%, and taker fees at 0.26%.

For traders moving significant volumes, Kraken offers discounts, with zero fees for monthly trades above $10 million.

Closing Thoughts

Citibank's adherence to U.S. financial regulations and its partnership with platforms like Kraken create a secure avenue for customers interested in cryptocurrencies. While the bank does not directly engage in crypto trading, it facilitates safe fund transfers to regulated exchanges, allowing investors to explore the digital asset market within a safe and compliant framework.

Author

Nick Ng is a skilled analyst at StacksOnChain with expertise in both cryptocurrencies and traditional finance. His research offer valuable insights into market trends and investment opportunities for readers.

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