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How to Buy Crypto with Citizens Bank [2024]

How to Buy Crypto with Citizens Bank [2023] | Step-by-Step Guide
Diana Paluteder

Summary: Citizens Bank does not offer an avenue to invest in cryptocurrencies directly on its platform. However, investors in the US can still use their Citizens banking accounts to buy digital assets like Bitcoin and Ethereum by using a licensed third-party crypto broker.

To buy crypto with Citizens Bank, we recommend using eToro, a licensed multi-asset investment platform that offers a wide variety of the world’s most popular cryptocurrencies and low trading fees. Moreover, as a regulated platform by FINRA and FinCEN, eToro is a safe and cost-effective option. Citizens Bank allows customers to transfer funds through various channels, including wire transfers, card deposits, or even ACH and PayPal.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Can you buy crypto with Citizens Bank?

It is possible to buy crypto using your Citizens Bank account. However, it is worth noting that Citizens Bank does not directly support investing in digital assets. It is neither a crypto brokerage nor an exchange.

What it does allow its customers to do is transfer funds to another platform that already allows investing in these new-age digital assets. We recommend using a federally-regulated and licensed platform such as eToro.

Then with an eToro account, Citizens Bank customers can effortlessly send USD deposits and buy their favorite cryptocurrency. Depending on their preferred method of transfer, it is possible for them to go through the entire process in a few minutes or as long as a few days.

How to buy crypto with the Citizens Bank

If you are a Citizens Bank account holder and are looking to invest in Bitcoin (BTC), Ethereum (ETH), and any of the myriad cryptocurrencies available in the marketplace, you have several options. These include using unregulated brokerage and exchange platforms, peer-to-peer marketplaces, and cryptocurrency-dispensing ATMs.

The best option, however, is to use a US-based and licensed exchange because government agencies regulate these platforms. There are several benefits that come with that, such as protection against third-party risks, and ease of access to customer support services, and some of these even offer insurance for customer deposits.

Therefore, to buy crypto assets using your Citizens account, ensure you use a licensed and regulated platform. We have highlighted that eToro is one of the best platforms for US-based residents because it is FinCEN regulated, offers cutting-edge and innovative products, and is available in over 46 U.S. states and in Washington, D.C.

Additionally, if you plan to invest in cryptocurrencies actively, you may find that eToro is particularly well suited to address your needs thanks to its social investing feature. Dubbed ‘copy trading,’ the feature enables novice investors to copy the trades of other more experienced eToro traders.

How to buy crypto with the Citizens Bank: Step-by-step

To start you off in your crypto investment journey, here is a simple and straightforward step-by-step process to buying crypto using Citizens Bank and eToro:

  • Step 1: Create an account on eToro platform and complete your identity verification (personal or company);
  • Step 2: Navigate to eToro’s funding section, where you’ll fill in a transaction form to deposit USD from your Citizens Bank account or card;
  • Step 3: Connect your Citizens Bank account to eToro. Alternatively, you can connect your Citizens payment card (debit or credit) from within the funding section. Then initiate the transaction;
  • Step 4: Once you have successfully made the deposit, navigate to the crypto marketplace and locate your cryptocurrency of interest and buy it. Your crypto will be deposited into your eToro wallet, from where you can trade or transfer to a more secure cold wallet.
How to Buy Crypto with Citizens Bank: eToro banner.
Crypto on eToro. Source: eToro.com

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

About Citizens Bank

Citizens Bank is among the fifteen largest US-based banking institutions by assets held, according to data from the Federal Reserve. It was established in 1828, making it one of the oldest banks in the US. However, despite its long history, Citizens Bank is a regional institute with a limited presence across the country.

So far, the bank maintains around 1,100 branches across 12 states, predominantly in the North East, Midwest, and the state of Florida. It has its headquarters in Providence, Rhode Island.

How to Buy Crypto with Citizens Bank: Homepage screenshot.
Citizens’ homepage. Source: Citizensbank.com

The regional bank offers several products to its customers, including:

  • Checking accounts;
  • Savings accounts;
  • Money Market accounts;
  • Credit and debit cards;
  • Mortgage and asset financing;
  • IRAs;
  • Student loans;
  • Wealth management services.

If you live within the dozen states in which the Citizens Bank operates, the institution offers a solid choice, especially if you seek online and mobile banking.

Citizens Bank crypto policy

Despite the fact that Citizens Bank does not offer its customers a crypto investment platform, it does not limit them from transferring funds to regulated platforms to achieve the same goal. As we have outlined in this guide, if you have an account with a FinCEN-regulated platform such as eToro, you will be able to deposit and withdraw funds to and from your Citizens account effortlessly.

You can do so using any of the myriad products offered by the bank, including checking accounts and credit/debit cards. Additionally, you can purchase various cryptocurrencies through any of the thousands of crypto ATMs available countrywide using a Citizens Bank payment card.

Furthermore, Citizens Bank is a crypto-friendly bank that is actively involved in the crypto space. In March 2022, Citizens Bank announced a partnership with crypto transactions provider Worldpay to process Card-to-Crypto® transactions to digital asset companies – crypto exchanges, wallets, as well as brokers – for its US customers. The bank has also released an article about the benefits of the underlying blockchain technology for businesses.

How to buy crypto safely

It is easy to get scammed while trying to invest in cryptocurrencies. This is especially so for beginners, but even intermediate and expert investors do fall for these scams.

To protect yourself in the wild west of the cryptocurrency industry, there are three main considerations;

  1. The investment platform – you need to ensure that you use trustworthy platforms when buying, selling, or trading cryptocurrency. A bulk of the losses experienced within this space have been borne by incidents such as rug pulls, system security, and counterparty risks;
  2. Your preferred payment method – when considering which payment method to use, ensure that you prioritize safety first. There are myriad ways to purchase crypto but some are safer compared to others. For instance, offline meetups to execute peer-to-peer transactions expose investors more than using online platforms;
  3. Regulatory provisions – it is just as crucial to also consider local and federal laws that affect cryptocurrency investments, as well as crypto tax. Ensure that you are not breaking any laws by investing in crypto. Also, ensure that you choose a brokerage or trading platform that is regulated and licensed to operate in your jurisdiction.

Other general safety practices to observe

  • Self custody – once you purchase your cryptocurrency, it is highly recommended that you store them on a device or wallet that lets you keep the private keys to unlock your assets. The best option is to use a cold wallet such as Ledger or Trezor;
  • Observe proper crypto security hygiene – you can enhance the security and safety of your assets by practicing effective risk management strategies. Always use 2-factor authentication (2FA) for all your online accounts including email, use private devices to access and transfer your crypto, properly back up the keys to your wallets, and invest in sound crypto projects. These are just some of the few strategies you can use to safeguard your digital assets;
  • Invest in educational resources – to make better investment decisions about digital assets and avoid common investing mistakes, you will have to immerse yourself in learning and increasing your knowledge. Especially, ensure to invest in learning about updated strategies to protect and safeguard your crypto.

Hopefully, these strategies will get you on the right footing to becoming a good crypto investor. You can gain more information on this and other topics by going through our comprehensive knowledgebase of guides, reviews, and tutorials.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about how to buy crypto with the Citizens Bank

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

How to buy crypto with Citizens Bank?

If you have a Citizens Bank account, you can buy crypto through another regulated and licensed platform, such as eToro, by transferring USD from your account and then making the purchase.

Can you buy crypto with Citizens Bank?

Yes, you can buy cryptocurrency with funds in your Citizens Bank account. However, you will need to use a third-party crypto brokerage or trading platform such as eToro to which you will send funds. 

Can I buy Bitcoin with Citizens Bank?

Yes, you can buy Bitcoin with your Citizens Bank account. Citizens Bank crypto users can use their accounts to transfer funds to a third-party crypto exchange or an online broker such as eToro.

Is Citizens Bank crypto-friendly?

Yes, Citizens Bank is crypto-friendly and supports funds transfers to and from regulated crypto investment platforms. Additionally, the bank allows card transactions through crypto ATMs.

What crypto exchanges does Citizens Bank allow?

Citizens Bank allows its users to transact with FinCEN-regulated crypto investment platforms such as eToro, through which you can buy, sell and trade hundreds of digital assets.

What is Citizens Bank’s crypto policy?

Citizens Bank does not provide its customers with a crypto investment platform; therefore, they cannot buy, sell or trade crypto through the bank. Instead, they can transfer their funds to a third-party platform such as eToro which enables them to invest in their favorite crypto assets.

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