How to Buy Crypto with Plaid

Can I Buy Bitcoin with Plaid?

Yes, you can buy Bitcoin and other digital assets using Plaid by linking your bank account to cryptocurrency exchanges in the USA or Europe. By using regulated trading platforms, you can make secure and quick transactions directly from your bank account. This method provides a straightforward way to begin your crypto investment journey with a quick sign-up and funding process.

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How to Buy Crypto with Plaid

‍Using a regulated digital asset exchange is recommended if you're looking to invest in digital currencies with Plaid. We recommend Uphold due to its global regulatory compliance, quick registration process, and wide range of assets, including more than 280 cryptocurrencies, precious metals, and traditional currencies.

Here's a simple guide to buying crypto on Uphold using Plaid:

1. Account Setup: Sign up for an Uphold account and complete all required verification steps.
2. Choose Deposit Method: On the homepage, select ‘Plaid’ as your deposit option.
3. Link Bank Account: Follow the prompts to link your bank account securely using Plaid.‍
4. Complete Trade: Choose the cryptocurrency you wish to buy, enter the amount, and click ‘Preview deposit’. Review your trade details and click ‘Continue’ to finalize your purchase.

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What are the Fees?

When investing in cryptocurrencies through an exchange, it's essential to understand the various fees that may apply. These can include charges for depositing funds, executing trades, and withdrawing money. Generally, trading fees on most platforms range from 1% to 2%.

Uphold is an excellent choice as it provides free deposits through Plaid for American investors. However, if you are based outside the U.S., fees may vary. Its trading fees start at a competitive rate of 0.25% and go up to 2.95%, depending on the asset being traded.

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Is Plaid Crypto-Friendly?

Yes, Plaid supports cryptocurrency transactions while ensuring users' security. This payment system allows for quick transfers to exchanges regulated by the Financial Crimes Enforcement Network (FinCEN) and the European Union's Fifth Anti-Money Laundering Directive (5AMLD), enabling users to invest in digital assets while adhering to strict regulations.

Using Plaid to fund accounts on regulated exchanges means you can invest in cryptocurrencies securely and with confidence. It's a straightforward, fast, and safe way to engage in the crypto market, backed by the assurance of meeting legal and regulatory requirements.

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‍About Plaid

Plaid is a financial technology company that securely connects consumer bank accounts to financial applications. With products like Plaid Link, Plaid Auth, and Plaid Balance, users can link their bank accounts for transactions, authentication, and balance checks. Plaid uses advanced encryption and complies with financial regulations, ensuring data security and reliability.

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Bottom Line

In conclusion, buying crypto with Plaid can be done by linking your bank account to regulated digital asset exchanges. We recommend Uphold for its global compliance, multiple deposit currencies, diverse cryptocurrency selection and competitive fees. Using Plaid ensures your transactions are secure and reliable, providing a solid foundation for your crypto investments.