Summary: Fifth Third Bank doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, it allows its customers to connect their personal bank accounts or debit cards to a Financial Crimes Enforcement Network (FinCEN) licensed and regulated digital asset broker to buy cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Therefore, to buy crypto with Fifth Third Bank in the United States, investors will need to create an account with a third-party FinCEN-regulated platform such as eToro, transfer funds from Fifth Third to the exchange, then make the purchase.
Can you buy crypto with Fifth Third Bank?
You can buy cryptocurrencies with Fifth Third Bank accounts, but you will need to use a third-party crypto exchange or brokerage. As mentioned above, Fifth Third Bank does not offer a crypto investment platform, but it does allow its customers to transact with such platforms offered by regulated third parties.
How to buy crypto with the Fifth Third Bank
As a Fifth Third Bank customer, you have a myriad of options if you want to buy your favorite cryptocurrency, including Bitcoin (BTC) and Ethereum (ETH). Even if the bank does not offer a platform to invest in these assets, you can still access them through third-party exchanges.
However, it is worth noting that using any platform is risky to your investment and your privacy. To avoid running into safety and security incidents, ensure you use FinCEN-regulated entities, and in this guide, we recommend eToro.
eToro is a fan-favorite for several reasons, including
- It offers support for over seventy different cryptocurrencies;
- eToro is licensed to operate in the United States by the FinCEN;
- Maintains a stellar reputation for its commendable service delivery across all jurisdictions in which it operates;
- It has an intuitive and easy-to-use interface;
- Allows deposits in USD from all financial institutions, including Fifth Third Bank;
- It’s ideal for beginners and inexperienced traders thanks to its ‘copy and social trading’ features.
How to buy crypto with Fifth Third Bank: Step-by-Step
You can get started in minutes with four simple steps using eToro as an example:
- Step 1: Create an account on the eToro platform and complete your identity verification (personal or company);
- Step 2: Navigate to the funding section, and initiate a new transaction to deposit USD from your Fifth Third Bank account or card;
- Step 3: Connect your Fifth Third Bank account to eToro. Alternatively, you can connect your Fifth Third 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, locate your cryptocurrency of interest, and buy it. The assets will be deposited into your eToro wallet account, from where you can trade or transfer them to a more secure cold wallet.
About the Fifth Third Bank
Fifth Third Bank is among the oldest banks in the United States, dating back to 1858. Its original name, The Bank of the Ohio Valley, changed in the 1920s following a consolidation between the Fifth and Third National Banks. In 2020, Fifth National Bank celebrated its 162nd birthday.
The bank has a regional presence with its headquarters in Cincinnati, Ohio, and more than 1,200 branches across the South East and Mid West parts of the US, covering eleven states which are:
- North Carolina;
- South Carolina;
- West Virginia.
Fifth Third serves both retail and institutional clients offering the following services:
- Savings accounts;
- Checking accounts;
- Money market accounts;
- Certificates of deposit;
- Credit cards;
- Investment management;
- Wealth management;
- Trust and custody services.
One of Fifth Third Bank’s standout features is that it offers fee-free ATM services accessible through more than 50,000 machines across the US thanks to its partnership in the Allpoint, Presto!, and 7-Eleven ATM networks. However, being a regional bank, its services are typically limited to clients within close proximity to one of its branches.
Fifth Third Bank’s crypto policy
Despite not offering a cryptocurrency investment platform, Fifth Third Bank’s crypto policy is still friendly to investments in alternative assets such as digital assets. This means that its clients are free to transact with platforms that sell or trade in crypto, including brokerages and exchanges.
If you are a Fifth Third Bank customer, you may be able to transfer funds between your account or debit card and a third-party investment platform. This is similar to most US banks that do not actively restrict customers from making transfers to and fro’ digital asset-related businesses.
Fifth Third Bank does not have an official policy document outlining how it chooses to handle cryptocurrencies. However, we have noted that it has published a number of investing articles guiding its customers and the public on the best ways to approach digital assets, including this guide that seeks to inform businesses how to integrate crypto into their workflows.
How to buy crypto safely
If you are looking to buy cryptocurrency safely, there are three stages to doing that. They are
- Choosing which asset to buy;
- Selecting the best crypto exchange to use;
- Deciding on the safest payment method and crypto wallet.
These three decisions are crucial to making a safe investment in the crypto space. Let’s consider each in further detail;
What crypto should I buy?
There are thousands of cryptocurrencies to choose from in the marketplace, so it can be challenging to determine which is the best crypto to buy. For example, CoinMarketCap, a crypto data and analytics website, has more than 22,500 assets listed on its platform.
There are plenty of options out there, some of which are unlisted and obscure. To avoid investing in the wrong assets, take the following pointers into consideration:
- Invest in assets with a long history and try to avoid more recent projects. Typically, established projects are more trustworthy, exhibit less volatility in their prices, and the core team is often known;
- Choose assets with large market capitalization, which shows how popular they are and, therefore, much safer. Also, large-cap coins are less vulnerable to pump-and-dump schemes;
- Choose a community, rather than choosing the asset. Most of these blockchain projects have visions and ideologies behind them which appeal to various investors. Opting to become a part of a community ensures that you are more invested in its success, and you may find more ways to participate than just buying and holding the native cryptocurrency.
What broker should I use?
It is crucial to pick the right brokerage or exchange platform to avoid:
- Falling victim to rug pull scams;
- Doing business with platforms unlicensed to operate in your region;
- Signing up to platforms that do not support your choice of payment method;
- Platforms that are poorly run could lead to losses due to security incidents or inconvenient service interruptions.
What we recommend:
Which payment method to use?
The last stage of our three-step safe crypto buying process is to decide how you are going to pay for your cryptocurrency. If you have followed the previous step and chosen the right platform, you must have considered picking an exchange that will enable you to pay using your favorite payment method.
Some available payment channels include
- Wire transfers;
- ACH transfers (if you reside in the US);
- SWIFT transfers;
- Payment cards (debit, and credit cards);
- Mobile payments;
- Crypto payments;
- Cash transfers (in physical meet-ups);
- PayPal (PYPL) payments, etc.
There are several options at your disposal, but different platforms will support different payment methods. It is worth considering that some methods are less secure compared to others. For instance, cash and crypto payments are less secure compared to wire or SWIFT payments. However, if you consider other factors, such as cost and settlement times, safer methods tend to be more expensive and slower.
Once you go through this three-step process, you will, hopefully, find a solution that works for you. It is also just as important to stay abreast with daily crypto happenings and invest in gaining the appropriate investment knowledge to ensure that you continue making the right decisions when it comes to buying and holding cryptocurrencies.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs on how to buy crypto with the Fifth Third Bank
How to buy crypto with Fifth Third Bank?
You can buy cryptocurrency with Fifth Third Bank by connecting your account with that of a regulated third-party crypto investment platform such as eToro in the United States. This way ensures that you safeguard your investment and deal with platforms licensed to operate in your local area.
Does Fifth Third Bank allow cryptocurrency?
Yes, Fifth Third Bank allows transactions with third-party cryptocurrency investing platforms. You can send and receive funds to and from these platforms easily through either wire transfers or ACH or even payments through credit and debit cards.
What crypto exchanges does Fifth Third Bank allow?
Fifth Third Bank allows its customers to transact with regulated and licensed crypto brokerages and exchange platforms in the US. The US is one of the highly-regulated jurisdictions, and most exchanges that operate here are compliant with FinCEN regulations.
What is Fifth Third Bank’s crypto policy?
The Fifth Third Bank does not offer its clients a crypto investment platform. But, neither does it restrict investments in the nascent asset class. Customers that are looking to buy Bitcoin or any of the numerous altcoins available in the marketplace can do so by using a regulated third-party platform, connecting their accounts, and making funds transfers to execute their purchases.
Is Fifth Third Bank crypto-friendly?
Yes, Fifth Third Bank is crypto-friendly, enabling its customers to send and receive funds to and from regulated third-party crypto investing platforms such as eToro. It does not make attempts to discourage or restrict any of its clients from buying cryptocurrencies.
When did the Fifth Third Bank start in cryptocurrency?
Unfortunately, Fifth Third Bank doesn’t allow direct crypto trading on its platform; however, it is a crypto-friendly bank and allows its customers to send and receive funds to buy crypto via third-party brokers.