Summary: Truist Bank doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, Truist customers can connect their banking accounts to a Financial Industry Regulatory Authority (FINRA) licensed cryptocurrency broker to purchase digital assets like Bitcoin (BTC) and Ethereum (ETH).
In short, to buy crypto with Truist Bank, investors in the US will need to sign up with a FINRA-regulated crypto exchange like eToro and deposit USD from their Truist account.
Intermediate Traders and Investors
Can you buy crypto with Truist Bank?
You can buy crypto with Truist, but you need to connect to a FINRA-licensed cryptocurrency exchange. As mentioned above, this is because Truist Bank does not support the buying and selling of cryptocurrency directly through its online banking platform.
How to buy crypto with Truist Bank?
The best way to buy Bitcoin or any other cryptocurrency with a Truist account in the US is through a FINRA-regulated broker like eToro, which is a licensed and widely trusted multi-asset investing platform with over 70 cryptocurrencies and unique features such as “Copy Trading,” which enables users to copy top-performing crypto traders, in addition to a staking service, custom watchlist, as well as advanced charts and technical analysis tools.
How to buy crypto with Truist Bank: Step-by-Step
You can get started in minutes with four simple steps:
- Step 1: Create an account on eToro and complete your verification (personal or company);
- Step 2: Enter the USD amount you want to deposit on the eToro platform;
- Step 3: Connect your Truist account to deposit your selected fiat currency;
- Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.
Intermediate Traders and Investors
About Truist Bank
Truist Bank (NYSE: TFC) is an American bank formed in 2019 through a merger of BB&T (Branch Banking and Trust Company) and SunTrust. It’s among the top 10 banks in the US, operating across 2,781 branches in 15 states and Washington, DC, providing a wide range of banking and financial services to retail, small business, commercial and corporate clients.
Services offered by Truist include:
- Personal banking: Checking and savings accounts, credit cards, loans, mortgages, insurance, certificate of deposits (CDs);
- Business banking: Business checking and savings accounts, loans and lines of credit, credit cards, merchant services, insurance;
- Wealth management: Tools and resources for financial planning, self-directed trading (stocks and mutual funds with access to market insights), Robo-advisors.
Truist’s crypto policy
While Truist Bank doesn’t support crypto trading directly from its platform, clients of the bank are free to link their Truist accounts to FINRA-regulated crypto exchanges to buy digital assets.
How to buy crypto safely
Even though cryptocurrencies have been gaining popularity among investors and the general public for the past few years, they remain highly volatile investments, particularly when compared to more traditional asset classes such as stocks or bonds. In addition, the crypto scene is teeming with fraud and cybercrime, putting both seasoned and inexperienced investors at risk.
Furthermore, although cryptocurrency broker-dealers in the US are required to register with FINRA, which imposes several requirements on them, including implementing and maintaining both anti-money laundering (AML) and customer identification programs (CIPs), crypto assets themselves are not regulated.
Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. Let’s look at a few tips on what you should do when getting started with digital assets and how to best protect yourself and your money:
- Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks are;
- Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web, keeping your sensitive information safe;
- Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where your money is kept and what happens to your funds if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
- Secure your account: Use two-factor authentication and a strong password to protect your account;
- Use a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
- Don’t invest money you can’t afford to lose: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, have a look at our guide on investing mistakes to avoid;
- Monitor your investments: Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in.
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 Truist:
Can you buy crypto with Truist?
While Truist doesn’t offer crypto trading directly through its own platform, customers can connect their bank accounts to a FINRA-regulated crypto broker to buy digital assets.
How to buy crypto with Truist?
You can buy crypto with Truist by connecting your banking account to a licensed third-party cryptocurrency platform.
What crypto exchanges does Truist allow?
Customers can connect their Truist account to a FINRA-licensed cryptocurrency exchange to buy crypto.
What is Truist’s crypto policy?
Truist Bank’s crypto policy allows its customers to use their online banking accounts or services to buy, sell and trade digital assets through regulated exchanges.