First Republic Bank: how to buy crypto directly from this bank?
In this article, I discuss how you can buy crypto directly with your bank account at First Republic Bank. As with many other US banks, you cannot buy Bitcoin or Ethereum directly from First Republic Bank as a user. Fortunately, by linking your account to an exchange, you can still invest in crypto without any problems.
How to buy Bitcoin & Ethereum at First Republic Bank?
By following the steps in this article, you can buy crypto within a day with the funds in your First Republic Bank account.
Step 1: open an account with a crypto exchange
When you want to buy crypto, you first need an account with a crypto exchange:
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Step 2: verify your account
After you open an account, you must first verify it. That way, the crypto exchange can establish that you have no criminal ulterior motives.
Step 3: deposit money
After your account is approved, you can deposit funds from your First Republic Bank account. Please note that it can sometimes take several hours to days for the money to appear in your account.
Step 4: drawing up a strategy
Next, you need to decide which crypto you want to invest in. This is not an easy decision: there are thousands of cryptos these days. Will you go for the more stable Bitcoin and Ethereum or would you rather invest in a lesser-known altcoin? Remember that risk and return are inextricably linked: investing in a riskier crypto can lead to a higher profit but also a higher loss.
Step 5: placing an order
After deciding which crypto you want to buy, all you have to do is select it within the crypto platform. You do this by clicking on the crypto and then clicking the buy button. Then enter the amount you want to buy the crypto for and send the order to the exchange. Before you know it, you own your first crypto, bought with your First Republic Bank account!
Step 6 (optional): secure your crypto
When you store crypto on an exchange, you are never the full owner. This is because the crypto exchange holds the private key, which means you can lose the crypto coins in case of a hack or bankruptcy. In the past, even the biggest and most reliable crypto platforms have fallen over: it is therefore important to take your security seriously.
For instance, you can spread your chances by buying crypto from multiple exchanges. Even more secure is to store your crypto on an external wallet. For example, you can use the free Trust Wallet. In this case, however, it is hugely important that you store the password properly: if you lose access to your wallet, no one can help you regain access.
What is First Republic Bank’s stance on crypto?
First Republic Bank is neither pro nor anti-crypto. You can’t buy crypto at First Republic Bank, but they don’t block transactions to crypto exchanges either. Therefore, you can simply invest in crypto currencies with your account at First Republic Bank.
About First Republic Bank
First Republic Bank has a good reputation in America: the bank has been included in the top ten best banks several times by Forbes. You can find First Republic Bank’s headquarters in San Francisco, but the bank also operates in other cities. With more than 80 branches in America, First Republic Bank is a relatively small player.
First Republic Bank uses various tiers: if you only hold a small amount of money in your account, you pay monthly maintenance fees. Therefore, read the bank’s terms and conditions carefully before opening an account!
Can you buy crypto at First Republic Bank?
It is not possible to buy crypto at First Republic Bank. However, through a clever workaround, as an account holder at First Republic Bank, you can still buy Bitcoin, Ethereum and other crypto currencies. In fact, by opening an account with one of the crypto exchanges in the article, you can start investing in this new digital world right away!