Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a cryptocurrency exchange. However, that doesn’t mean you can’t use your Citibank account to buy crypto.
All you need is a reliable and trusted cryptocurrency trading platform. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.
How to buy crypto or bitcoin with Citibank
As stated above, just like with the vast majority of banks, you can’t buy crypto with Citibank on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a cryptocurrency exchange.
However, there are many cryptocurrency trading platforms that you can use for buying bitcoin and other cryptocurrencies.
1. Choose a crypto exchange
While there are a lot of cryptocurrency exchanges, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.
The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).
Let’s get into it!
2. Create an account on the exchange
The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.
3. Transfer funds into the account
Transferring funds from your Citibank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy crypto
Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.
And that’s it, you now have some crypto, congratulations!
Citibank, a large bank with over 2,300 branches in the U.S. and more than 65,000 ATMs, offers convenient access for your money. It isn't the best choice for customers who are unable to meet minimum balance requirements in order to waive fees. However, it is the best option for those who:
Citibank provides a variety of services and accounts, as you would expect from a financial service firm this size.
Citibank offers five regular checking accounts packages and one high yield package, depending on the customer's needs. All checking account packages do not require a minimum opening deposit. Each package has a monthly fee for service if the minimum criteria is not met.
Monthly service charges can be waived for Access Account or Basic Banking packages by one of the following: making a qualified direct deposit, making qualifying bill payments, or maintaining a combined average of $1,500 in eligible linked account.
All five regular checking account packages come standard with a savings accounts. Citibank checking accounts packages must also be opened in order to open the CitiGold Private Client savings account. This savings account can't be opened without opening an account with Citibank.
You don't need to deposit a minimum amount in order to open a savings account. There is no monthly service fee for this account. It must be part Citibank's checking package.
CitiBusiness is a money-market account that earns short term market rates in an account insured through the Federal Deposit Insurance Corporation. Account owners can make checks in all checking packages, except for the Access Account package. Citi Savings accounts must be part of Citibank's checking packages. It does not have a monthly service charge.
Citibank offers three certificates (CD) of deposit with unique features. All CDs require a minimum deposit. However, some offer higher rates if you have larger balances.