How to buy Bitcoin & other crypto at Citibank?
Do you want to buy Bitcoin & other cryptocurrencies using your Citibank bank account? It is currently not possible to buy crypto directly with your Citibank account, but thanks to a clever workaround, you can still buy crypto. In this article, you will find out how to buy your first crypto with your Citibank account in a few steps.
How to buy crypto at Citibank?
Step 1: open an account with a reliable crypto exchange
You cannot buy Bitcoin and other crypto directly from Citibank, but you can do so by opening an account with a crypto exchange. In the overview below you can see which exchanges you can use:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Citibank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Opening an account at a crypto exchange usually works the same as opening an account at a normal bank. In most cases, you have to confirm your identity to prevent money laundering.
Step 2: deposit money into your crypto account
After opening an account, you can directly deposit money into your crypto account using your Citibank account.
Step 3: buy crypto
Within the crypto exchange, navigate to the crypto you want to buy: for example Bitcoin or Ethereum. You can choose to buy the crypto right away, or you can also place an order. With an order, you buy the crypto once it reaches a certain price.
What is Citibank’s stance on crypto?
Banks still sometimes have a negative stance towards crypto, but this does not seem to be the case with Citibank. I would therefore not be surprised if in the future it becomes possible to buy Bitcoin, Ethereum or Solana directly from Citibank.
In this article, Citibank shares its perspective on the crypto market at length. It appears that Citibank has high hopes for the future of crypto. The bank keeps an eye on the latest developments in the crypto market and also stresses that NFTs could be an interesting product.
However, Citibank does stress that it is important to introduce proper regulations: it is still too common for untrustworthy crypto companies to throw a spanner in the works, which could jeopardize the future of crypto. Fortunately, Citibank recognizes that the US government is increasingly working on introducing regulations, which could help lead the Bitcoin market towards a bright future.
Crypto offerings at Citibank
Citibank does not offer any crypto products at the time of writing. However, the bank has recently hired a lot of additional staff specifically focused on crypto. Therefore, it probably won’t be long before Citibank comes out with a crypto product of its own!
What should you pay attention to when buying Bitcoin from Citibank?
- Security: it is important to protect your investments properly! Choose a reliable exchange and make sure the security of your account is in order.
- Research: if you want to invest in altcoins through Citibank, it is essential to research them carefully. So-called shitcoins regularly lose much of their value.
- Timing: active trading can be interesting, but in practice it proves very difficult to predict crypto price movements. By entering at different times (dollar cost averaging), you can achieve an average return on crypto.
Citibank has a long history: in fact, Citibank was founded back in 1812 under the name City Bank of New York. Citibank has since grown into one of the largest banks in the world, with more than 700 branches in America and more than 1,400 established worldwide. The branches in America can be found in New York, Chicago, LA, San Francisco, Washington, and Miami.
Citibank has a good reputation and tries to offer a high level of customer service. Besides online banking, the bank also offers the option of direct banking through a physical branch. This allows the bank to offer a higher level of service than many online banks.
Conclusion: can you buy crypto at Citibank?
You cannot buy crypto directly from Citibank, but this does not mean it is impossible to invest in Bitcoin with your Citibank bank account. By opening an account with a reliable crypto exchange, you can invest in the biggest & most popular cryptocurrencies. Moreover, with many providers, you can use their demo to try out crypto investing without any risk.