Buying crypto at Citizens Bank in 3 steps (2023)
At the time of writing, it is not possible to buy crypto such as Bitcoin & Ethereum directly from Citizens Bank. With the three steps in this article, you can still buy crypto like Bitcoin and Ethereum with a crypto exchange
How to buy crypto at Citizens Bank?
Step 1: open an account with a reliable crypto exchange
Before you can buy crypto from Citizens Bank, you need to open an account with a reliable crypto exchange. Wondering which parties you can go to? In the overview below, you can immediately see my favourite parties:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Citizens Bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: preparing your account
I understand that you want to buy Bitcoin, Ethereum or maybe even Dogecoin directly with your holdings in Citizens Bank… however, this cannot be done right away!
You will first have to go through the verification steps on your account. Only once your account is active can you transfer the money in your Citizens Bank to the crypto exchange.
Step 3: buy crypto with Citizens Bank
After transferring the money from your Citizens Bank account to your crypto account, you can immediately start investing. To do so, first select the crypto you want to invest in and press the buy button. Then enter the amount you want to invest in crypto for and press buy again to confirm the order. It can sometimes take a few minutes before the crypto is actually added to your account.
When you want to convert the crypto back to fiat, you can simply sell the crypto within the exchange. You can then have the money in your account transferred back to your Citizens Bank account.
Beware of crypto scams
Don’t blindly deposit your money from your Citizens Bank account to any crypto exchange! There are many scammers operating who want to steal your money. Don’t just buy up any random, new crypto either. There are malicious parties who set up pump and dump schemes. They then try to make the price of a crypto rise sharply only to sell all their crypto. The price then collapses and you are then left with worthless coins.
What is Citizens Bank’s stance on crypto?
Citizens Bank does not offer crypto itself, but this does not mean they are anti-crypto. For example, they work with Wordpay to facilitate payments to crypto exchanges. Citizens Bank will therefore not simply block your account when you transfer money to a trusted crypto exchange. However, it is advisable to choose a well-known and reliable exchange to avoid any problems.
What is Citizens Bank?
Citizens Bank is part of the Citizens Financial Group Inc. and is headquartered in Providence in Rhode Island. The bank operates in several states, including New York, Washington, Delaware, Florida and Michigan.
The bank was originally founded in 1828 which makes it one of the oldest US banks. Citizens Bank is now in the top 20 largest banks, which may make it a good choice.
Can you buy Bitcoin & Ethereum at Citizens Bank?
At the time of writing, it is not possible to buy crypto such as Bitcoin & Ethereum directly. However, Citizens Bank is sympathetic to crypto and does not block transactions to crypto exchanges. Therefore, by opening an account with a reliable party, you can get started with crypto investments!