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

Western Union extends its innovative offerings to include the purchase of cryptocurrencies, aligning with international financial standards. This initiative reflects the bank's commitment to providing secure and cutting-edge financial solutions to its customers.

For those looking to buy digital currencies, Kraken is the best option for Western Union users, thanks to its stringent security measures and transparent proof-of-reserves. Kraken boasts a vast selection of 200 cryptocurrencies with competitive fees.

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 Western Union?

Western Union facilitates a seamless entry into the world of digital currencies by allowing transfers to globally regulated cryptocurrency platforms, ensuring a safe investment journey for its users.

It's essential to note that Western Union itself does not offer an in-built crypto wallet. To effectively manage digital assets, utilizing regulated American exchange is recommended for adhering to local laws in the U.S.

How to Buy Crypto with Western Union

Western Union makes the acquisition of cryptocurrencies straightforward by enabling transfers to compliant exchanges, thereby protecting your investments. Kraken, with its global compliance and robust security, is an ideal platform for funding through Western Union via various payment options. Follow these steps to start purchasing crypto with Western Union:

  1. Sign up and complete your Kraken account verification.
  2. In the 'Funding' section, select your preferred payment method and initiate a Western Union transfer.
  3. Search for the cryptocurrency you wish to buy and select 'Trade'.
  4. Enter the amount you intend to invest and confirm your purchase by clicking 'Buy'.
Buy Crypto with Western Union

Does Western Union Block Crypto Transactions?

Western Union adopts a progressive policy, permitting transactions to internationally recognized exchanges without blocking or freezing accounts. This approach ensures a hassle-free experience for users transacting with digital currency platforms that meet global regulatory standards.

This strategy underlines Western Union's commitment to the integrity and security of digital currency transactions, advocating for dealings solely with exchanges that are regulated by the Financial Crimes Enforcement Network (FinCEN). These platforms rigorously enforce KYC and AML protocols.

Digital Asset Investing Fees

Trading on cryptocurrency exchanges like Kraken entails various fees that are crucial for every investor to understand. Let's unpack Kraken's fee structure:

  • Funding Accounts: While adding funds might have associated fees, they're usually low. Kraken is exceptional, charging no fees for cryptocurrency or USD deposits except for a modest $3 for SWIFT transfers.
  • Withdrawing Funds: Taking your assets out of Kraken involves certain fees. Cryptocurrency withdrawals have fixed fees for blockchain operations, and USD withdrawals could vary. ACH transfers are free, but you might incur fees from $4 to $35 for other methods like FedWire or SWIFT.
  • Trading Costs: Engaging in trades on Kraken attracts fees, based on the trade's total value, your trading volume, account tier, and your role as a maker or taker. Fees for makers start at 0.16%, and takers at 0.26%.

Kraken rewards high-volume traders with discounts, waiving fees for those trading more than $10 million monthly.

Closing Thoughts

Western Union's compliance with international financial regulations and its association with secure platforms like Kraken offer a reliable pathway for individuals interested in the digital asset market. While Western Union does not directly deal in crypto trading, it facilitates secure fund transfers to regulated exchanges.

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.

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.