How To Buy Crypto with Citizens Bank

    • James Page

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

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 Citizens Bank 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.

Buy Crypto with eToro

How to buy crypto or bitcoin with Citizens Bank

As stated above, just like with the vast majority of banks, you can’t buy crypto with Citizens Bank 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 crypto exchange.

However, there are many crypto exchanges that you can use for buying bitcoin and other cryptocurrencies.

1. Choose a cryptocurrency trading platform

While there are a lot of cryptocurrency trading platforms, 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!

etoro crypto

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.

Sign Up with eToro

eToro sign up form

3. Transfer funds into the account

Transferring funds from your Citizens Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.

4. Buy cryptocurrency

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!

Buy Crypto with eToro

 

 

About Citizens Bank

Citizens is a great option for consumers who reside in the 11 states it has branches. Citizens Access, Citizens Bank’s online subsidiary, was established in July 2018. It is open to all citizens who live outside Citizens Bank's footprint.

Citizens Bank might be a good choice for anyone looking for a bank that has branches in the Eastern U.S.

Citizens Bank's One Deposit Savings accounts can be opened with no deposit. However, you will need to maintain a minimum $200 balance in order to avoid paying the $4.99 monthly maintenance fee. Customers under 65 or 25 years old are exempted from the fees.

One Deposit Savings has an APY that is lower than the national average. Citizens Access, an online bank that is exclusively available online, offers higher rates for those who are looking for better rates.

Citizens Bank offers a special savings account called the CollegeSaver that gives children a $1,000 bonus each year when they turn 18. You must open an account before your child's 12th Birthday. Also, a minimum amount must be saved each month. $25 for children under 6 years of age at account opening. $50 for those 6-12 years old but under 12 at account opening.

One Deposit Checking can open with any amount of money. You can avoid the $9.99 monthly service fees by making at most one deposit to the account each statement cycle.

The account includes a debit-card that can be linked to your smartphone’s digital wallet. Zelle can also be used for peer-to-peer transactions. The mobile app received high marks in both Apple's App Store and Google Play Store.

Citizens Bank charges $35 per item on overdrawn accounts. This amount is slightly higher than the national average $33.58, according Bankrate’s 2021 ATM fee study.

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