How to Buy Crypto with Chase Bank

Can I Buy Bitcoin with Chase Bank?‍

Yes, Chase Bank account holders can buy Bitcoin by using crypto exchanges in the U.S. regulated as Money Services Businesses by the Financial Crimes Enforcement Network (FinCEN). Customers can transfer funds directly from their Chase accounts to compliant platforms, ensuring adherence to anti-money laundering (AML) standards and other regulatory safeguards.

‍

How to Buy Crypto with Chase Bank

‍Chase Bank customers can buy digital assets by transferring funds to regulated exchanges. Kraken, operating in the U.S. under Payward Interactive, Inc., is regulated with FinCEN (MSB Registration No. 31000270997766). It accepts USD deposits via ACH, wire transfers, SWIFT, and credit or debit cards. There are over 290 cryptocurrencies for trading and staking.

Here’s a quick guide to buying crypto using your Chase Bank account:

1. Create an Account: Visit Kraken’s official website to sign up for a new account. Complete the KYC process by providing the required identification.
2. Deposit Funds: Once your account is activated, navigate to the “Funding” section. Select your preferred method to deposit USD from your Chase Bank account.
3. Choose a Cryptocurrency: With funds now in your Kraken account, browse the platform to find the digital asset you wish to purchase.
4. Place Your Order: Enter the amount you want to invest, review the transaction, and execute the trade.

‍

What are the Fees?

When buying cryptocurrency through an exchange, understanding the various fees for deposits, withdrawals, and trades is important for effective financial planning. Here’s a quick summary of Kraken’s fees:

• Deposits: USD deposits through ACH, FedWire, CBIT and SWIFT are free of charge.  There is a 3.75% fee for debit or credit card deposits.
• Withdrawals: Transferring USD to a bank account through ACH and CBIT is free. FedWire takes a $4 - $30 fee depending on your processor (Dart Bank, Etana & Customers Bank), and SWIFT charges a $13 - $35 fee.
• Trading: For spot trading, the maker fee ranges from 0.25% - 0%, and the taker fee is between 0.4% - 0.1%. Futures trading takes a maker/taker fee of 0.02% and 0.05%.

Kraken provides a competitive fee structure compared to popular exchanges like Coinbase, where trading costs can exceed 2%, and there are no free USD deposit options.

‍

Chase Bank Cryptocurrency Policy

Chase does not provide direct crypto trading within its banking platform. However, it does allow customers to transfer funds to exchanges registered as Money Services Businesses (MSB) with the Financial Crimes Enforcement Network (FinCEN). Additionally, the bank has shown interest in blockchain technology as part of its broader digital strategy.

For Chase UK clients, the bank has recently announced its decision to block all card transactions identified as related to crypto assets, including payments to trading platforms. However, it does allow customers to withdraw funds from crypto exchanges to their bank accounts.

‍

About Chase Bank

Chase Bank, the consumer and commercial banking subsidiary of JPMorgan Chase & Co., is a leading U.S. financial institution headquartered in New York City. It offers a comprehensive suite of services, including personal banking, credit cards, mortgages, auto financing, and investment solutions. 

With over 5,100 branches and 17,000 ATMs nationwide, Chase serves millions of customers, providing accessible and diverse financial products. Key products include Chase Total Checking and Chase Sapphire Preferred, a popular travel rewards credit card.

‍

Bottom Line

Chase Bank customers interested in cryptocurrency can access Bitcoin and other digital assets through Kraken. This exchange supports over 290 cryptocurrencies and offers options for spot and futures trading. Additionally, Kraken provides staking services, with potential returns reaching up to 28% APY on select assets.

When investing, it’s essential to choose regulated exchanges, understand associated fees, and stay informed on Chase Bank’s current policies regarding cryptocurrency transactions.