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

Citizens Ban offers a safe passage for its customers to interact with compliant cryptocurrency exchanges, highlighting its dedication to providing reliable banking solutions to its clients.

For cryptocurrency enthusiasts, Kraken emerges as the optimal choice. Celebrated for its robust security measures and transparency, Kraken presents a diverse portfolio of over 200 cryptocurrencies, facilitating direct transactions in USD from Citizens Bank accounts.

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 Citizens Bank?

Citizens Bank enables a seamless entry into the world of cryptocurrency by allowing transfers to digital currency platforms regulated by FinCEN, ensuring a secure trading environment for its customers.

It's important to note that Citizens Bank does not directly provide crypto wallet services as part of its banking offerings. To effectively manage your digital currencies, it's advisable to partner with U.S.-based exchanges that adhere to strict regulatory requirements.

How to Buy Crypto with Citizens Bank

Citizens Bank simplifies the process of buying cryptocurrencies by allowing transfers to FinCEN-regulated exchanges, safeguarding your investments. Kraken, known for its compliance with U.S. regulations, offers a reliable avenue for depositing USD via bank and ACH transfers, as well as through credit and debit card transactions.

  1. Start by setting up and verifying your Kraken account using your email.
  2. Navigate to the 'Funding' section, choose your preferred payment method, and execute a transfer from your Citizens Bank account.
  3. Utilize Kraken's search functionality to locate the asset you desire to purchase and select 'Trade.'
  4. Enter the amount you wish to invest and finalize your purchase by clicking 'Buy.'
How to Buy Crypto with Citizens Bank

Does Citizens Bank Block Crypto Transactions?

No, Citizens Bank does not obstruct transactions or freeze accounts when transferring funds to regulated exchanges. The bank ensures a frictionless experience for its customers to interact with cryptocurrency trading platforms that conform to U.S. regulatory norms.

This policy highlights Citizens Bank's commitment to the security and integrity of digital currency transactions, endorsing only engagements with platforms that rigorously follow the KYC and AML guidelines established by the Financial Crimes Enforcement Network (FinCEN).

Digital Asset Investing Fees

For those trading on Kraken, it's vital to get an understanding of the associated fees involved in using the platform. Here's a concise guide to Kraken's fee structure:

  • Funding Charges: Kraken makes it easy and mostly free to fund your account, with no charges for crypto or USD deposits. The only exception is a modest $3 fee for SWIFT transfers.
  • Withdrawing Costs: Taking your assets off Kraken incurs fees. Crypto withdrawals have set fees, while USD withdrawals vary. Enjoy free ACH transfers to your bank account, but be prepared for $4 to $35 fees for FedWire or SWIFT.
  • Trading Expenses: Participating in trades on Kraken comes with fees that are a percentage of the transaction's total value, affected by factors like your trading volume and role in the trade. Rates start at 0.16% for makers and 0.26% for takers.

High-volume traders benefit from Kraken's fee discounts, with fees waived for those exceeding $10 million in monthly trades.

Closing Thoughts

Citizens Bank's adherence to U.S. financial regulations and its association with exchanges like Kraken provide a secure channel for clients interested in the cryptocurrency market. While the bank does not directly engage in crypto trading, it facilitates the safe transfer of funds to regulated exchanges, empowering investors to confidently explore the digital asset realm within a trusted 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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