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

Truist Bank meets the demands of modern consumers, particularly those exploring the dynamic cryptocurrency sector. The institution is recognized for supporting transactions with authorized digital asset exchanges.

Kraken, celebrated for its stringent security protocols and a diverse portfolio of over 200 cryptocurrencies, is a top selection for American investors. This partnership permits straightforward bank transfers and credit card payments from Truist 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 Truist Bank?

Truist Bank empowers its customers to delve into the cryptocurrency space by facilitating transactions to regulated exchanges, ensuring a secure and compliant trading framework. 

Although Truist does not directly offer cryptocurrency investments within its platform, it motivates customers to collaborate with reputable US-based exchanges adhering to strict regulatory standards, including those set by the FinCEN in the United States.

How to Buy Crypto with Truist Bank

Truist Bank streamlines the process of purchasing cryptocurrencies by endorsing transactions to regulated exchanges like Kraken, recognized for its compliance with financial laws. This endorsement offers a secure route for fund deposits through ACH, bank transfers, and debit or credit card payments. To begin your investment journey, follow these steps:

  1. Register and verify your Kraken account with a valid email.
  2. Navigate to the 'Deposit' section, select your preferred funding option, and initiate a transfer from your Truist Bank account.
  3. Use the search feature to find the cryptocurrency you want to buy and select 'Trade.'
  4. Input the amount you wish to invest and confirm your purchase by selecting 'Buy.'

Does Truist Bank Block Crypto Transactions?

Truist Bank does not impede transfers to investment platforms. It supports transactions to certified digital asset exchanges, as long as they comply with the regulatory standards enforced by U.S. financial authorities. 

This policy highlights Truist Bank's commitment to maintaining the security and integrity of cryptocurrency transactions, advocating interactions only with platforms that observe the Financial Crimes Enforcement Network's (FinCEN) KYC and AML guidelines.

Digital Asset Investing Fees

When you're trading on crypto exchanges like Kraken, you'll come across various fees that are integral to their operation. Understanding these fees is crucial for investors. Let's review Kraken's fee details:

  • Funding Your Account: Adding money can come with fees, generally kept low to encourage deposits. On Kraken, there's good news as there are no fees for cryptocurrency or USD deposits, except for a minor $3 fee for SWIFT transfers.
  • Asset Withdrawals: When you transfer your assets out of Kraken, you'll face some fees. Kraken establishes fixed fees for crypto withdrawals to manage blockchain operations, while USD withdrawals might vary. ACH transfers won't cost you anything, but other withdrawal methods like FedWire or SWIFT could range from $4 to $35.
  • Trading Expenses: Trading on Kraken incurs fees, calculated as a percentage of the transaction's total value. These fees depend on your trading activity, account tier, and whether you're a maker or taker in trades. Maker fees on Kraken begin at 0.16%, with taker fees at 0.26%.

Kraken offers discounts for traders with high volumes, eliminating fees for anyone trading above $10 million a month.

Closing Thoughts

Truist Bank's innovative banking solutions and its collaboration with platforms like Kraken offer a secure way for clients keen on exploring digital currencies. While Truist does not directly engage in crypto transactions, it ensures a protected environment for fund transfers to regulated exchanges, presenting a trustworthy avenue into the realm of digital assets.

Author

Richard Zhang, the founder of StacksOnChain, comes with a rich history in finance and a background as a High-Frequency Trading engineer and computer science scholar. With over a decade in the industry, he fervently advocates decentralized financial systems, imparting his extensive knowledge to a global readership.

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