How to Buy Crypto with Zelle [2023] | Step-by-Step

Summary: Zelle Pay doesn’t provide cryptocurrency services directly from its own platform. However, customers can use their funds from Zelle to buy digital assets such as Bitcoin (BTC) and Ethereum (ETH) through Financial Industry Regulatory Authority (FINRA) licensed cryptocurrency brokers.

In short, to buy crypto with Zelle, investors in the US will need to sign up with a FINRA-regulated crypto exchange like eToro and deposit USD through Zelle Pay. 

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Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Can you buy crypto with Zelle? 

You can buy crypto with Zelle, but you need to connect to a FINRA-licensed cryptocurrency exchange that accepts USD through the Zelle mobile app. As mentioned above, this is because Zelle does not offer the buying and selling of cryptocurrency directly through its platform.

How to buy crypto with Zelle?

The best way to buy Bitcoin or any other cryptocurrency with Zelle Pay 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 Zelle: 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 Zelle Pay to deposit your selected fiat currency;
• Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts

Get Started

Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

About Zelle

Zelle is a US-based peer-to-peer payment app that allows users to send and receive money directly from their bank accounts. The service enables you to electronically transfer funds from your bank account to another registered user’s bank account directly through your banking app (for Zelle-participating financial institutions) or the Zelle app. To send money via Zelle, you don’t need to know the recipient’s bank account details, only their phone number or email address. 

Zelle’s crypto policy

While Zelle doesn’t provide access to crypto trading directly from its platform, customers can use Zelle Pay to buy digital assets through regulated exchanges. 

Though Zelle doesn’t have any clear guidelines regarding the purchase or sale of cryptocurrencies, each financial institution that uses Zelle may have its own crypto policies in place. As such, checking with your bank first to see if they allow cryptocurrency transactions before using Zelle Pay to buy digital assets is recommended. 

That said, since Zelle enables users to send and receive money using only an email address or phone number, it will be more difficult for banks to track and block cryptocurrency transactions like with more traditional methods such as wire transfers.

How to buy crypto safely

As a relatively new technology, cryptocurrencies are highly speculative and subject to extreme price volatility, making them much riskier than traditional asset classes such as stocks or bonds. In addition, fraud and cybercrime in the crypto sphere are particularly rampant, 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. 

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