Here’s how to buy crypto at Truist Bank!
Did you know that it is possible to buy crypto with your account at Truist Bank? With the tips in this guide, you will instantly discover how to buy Bitcoin & Ethereum at Truist Bank!
Buying crypto directly from Truist Bank
Step 1: open an account with an exchange
A crypto exchange is a company that allows you to trade Bitcoin and other crypto currencies. In exchange for this service, you often pay the exchange a small commission on each transaction. In the overview below, you can see at which exchanges you can invest in crypto:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Truist Bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Step 2: activate account & deposit money
Before you can start investing, you need to activate your account. For this, you often have to answer some questions & upload a copy of your passport. After the verification is approved, you can deposit money into your crypto account.
Fortunately, Truist Bank has a positive stance on crypto. You can therefore transfer money directly from your Truist Bank bank account to a crypto exchange. Keep in mind that processing the deposit can sometimes take a few days.
Step 3: buy crypto with Truist Bank
Now that you have a crypto account with money in it, you can make your first transaction. To do this, select a crypto you want to invest in: this could be Bitcoin, for example, but also a lesser-known altcoin such as Dogecoin.
Within the order screen, you then enter how much crypto you want to buy. This could be $10 or $20 worth, for example. Then press the buy button to finalise the transaction: within seconds to minutes, the crypto will be added to your account.
What is Truist Bank’s stance on crypto?
Truist Bank has written a fairly comprehensive analysis on crypto. Unlike some other banks, Truist Bank does not necessarily advise against investing in crypto.
According to the bank, investing in crypto can be interesting for investors looking for a way to add more diversification to their portfolio. However, it is important for investors to accept the rollercoaster that is crypto: price drops and rises of tens of percent in a short period of time are in fact the rule rather than the exception.
In any case, it is good news that Truist Bank is not anti-crypto. So you don’t have to worry about account locks when you start investing with a crypto exchange.
What are the risks of investing in crypto?
- Environmental impact: Bitcoin is still a big energy consumer.
- Insurance: because crypto is decentralised, you can be hacked more easily.
- Anonymous: Because crypto is anonymous, the digital currencies are more likely to be used for criminal purposes, for example.
- Regulation: good supervision can help crypto, while blockchains can put pressure on the price.
Personally, I believe there is potential in crypto, but there are some conditions attached to it. The Truist Bank itself states that crypto needs to solve the current problems for this. These include improving accessibility for beginners and maintaining anonymity without allowing crypto to be used for criminal purposes. Challenging? Yes! Impossible? Perhaps…
About Truist Bank
You can find the headquarters of this major US bank in Atlanta. It has 2,200 branches and 4,000 ATMs spread across 11 southern states. The bank has been around since 1891, which means it has a long track record. Now, of course, the question remains whether Truist Bank will also make history by being one of the first banks to offer crypto…
Can you buy Bitcoin & Ethereum at Truist Bank?
It is not possible to buy Bitcoin or Ethereum directly from Truist Bank. However, by linking your bank account to an exchange, you can invest in popular crypto currencies without any problems. However, remember to do enough research and only invest with money you won’t need in the near future.