Buying cryptocurrencies directly through Chime Bank is not currently possible, as they do not offer this service at this time. However, Chime account holders can still invest in crypto by using specialized cryptocurrency exchanges or platforms to buy digital assets. Our expert research has found that linking your Chime account to a trusted, regulated exchange like Kraken provides a secure and streamlined way to deposit funds and purchase cryptocurrencies. This guide focuses on understanding and managing cryptocurrency investments alongside the traditional banking services of Chime, providing insight into the top external platform for buying crypto as a Chime customer.
Kraken is widely regarded as the best exchange for Chime users interested in cryptocurrencies. Kraken adheres to strict regulatory standards from FinCEN and provides an easy process for depositing USD from Chime accounts with no fees. The platform offers an extensive selection of over 200 cryptocurrencies along with features like staking to earn rewards on your holdings.
Benefits of Using a Regulated Exchange with Chime
When linking your Chime account to an exchange to buy crypto, it’s important to choose a platform that is properly regulated and compliant. Exchanges like Kraken that are registered with FinCEN and hold necessary charters provide greater security and legitimacy. Benefits of using a regulated exchange with Chime include:
- Adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements to prevent fraudulent activity
- Proof of solvency and adequate capitalization to protect user funds
- Safeguards like cold storage to protect cryptocurrencies from hacks and theft
- Established track record and transparency
By connecting your Chime account to a regulated exchange, you ensure a higher standard of safety and reliability for your cryptocurrency investments. Oversight from financial authorities provides accountability and reduces risks when buying and storing digital assets obtained via Chime deposits.
To further explore how to buy cryptocurrencies with other popular banks, we encourage you to check out our related guides:
Can You Buy Crypto with Chime Bank?
Yes, Chime allows users to buy cryptocurrencies by linking their accounts to licensed and regulated exchanges. While you cannot buy crypto directly through Chime’s online banking platform, you can initiate USD transfers from Chime to crypto exchanges to fund your digital asset purchases. Chime adheres to regulations that enable its customers to safely connect with exchanges like Kraken to buy Bitcoin, Ethereum, and hundreds of other cryptocurrencies.
Step-by-Step Guide on How to Buy Crypto with Chime
The fastest and simplest way to buy crypto with your Chime account is by connecting it to Kraken exchange. Kraken’s strict compliance with US regulations, a wide selection of assets, and free funding options make it our recommended platform for Chime customers. Here’s how to get started:
Step 1: Register an Account on Kraken
Visit Kraken’s website [link to registration page] and sign up for an account with your email address and a secure password. Make sure to enable 2-factor authentication for an extra layer of security.
Step 2: Complete Identity Verification
Comply with Kraken’s KYC requirements by submitting your personal information and proof of identity. You will need to provide a government-issued ID and a selfie. Verification usually takes from a few hours to 1-2 days.
Step 3: Link Your Chime Account
Once your Kraken account is approved, navigate to the “Funding” section and select “USD” to see your deposit options. Choose the option to connect your Chime bank account via Plaid or manually enter your Chime account and routing numbers.
Step 4: Deposit USD Funds
After linking your Chime account, initiate a deposit to transfer funds into your Kraken USD balance. There are no fees for USD deposits on Kraken and funds are credited near instantly once debited from Chime.
Step 5: Buy Cryptocurrency
With USD in your Kraken account, you can now browse the available crypto assets and trading pairs. Select the cryptocurrency you want to buy, enter the amount of USD you want to spend, and confirm your order. Your crypto will be credited to your Kraken balance immediately.
Note that while every exchange may have a slightly different verification and deposit process, the general flow of connecting a Chime account and purchasing crypto from your USD balance remains largely the same across platforms.
About Chime Bank
Chime is a leading US neobank, offering online-only spending and savings accounts with no monthly fees. With a user-friendly mobile app, fee-free overdraft, get paid early direct deposits, and a large ATM network, Chime has attracted over 12 million customers. The company is dedicated to providing an intuitive, affordable online banking experience.
Key Metrics
- Valued at $25 billion, making it the most valuable consumer fintech in the US
- Ranked #1 most beloved banking app and #2 most beloved finance app on Forbes 2022 Fintech 50 list
- Over 12 million active users as of 2023
- 60,000+ fee-free ATMs across the US
- Processes over $200 billion in annual transaction volume
- Saves customers over $300 annually compared to traditional banks
What is Chime’s Stance on Cryptocurrencies?
Chime does not currently offer the direct buying, selling, or storage of cryptocurrencies. However, Chime does allow customers to connect their accounts to regulated cryptocurrency exchanges to fund investments in digital assets. Chime adheres to FinCEN regulations in allowing these transfers to compliant crypto platforms.
Does Chime Work with Crypto?
Chime does not have any direct partnerships with cryptocurrency exchanges or wallets at this time. However, Chime customers can successfully link their accounts to major regulated exchanges like Kraken, Coinbase, and Gemini to buy cryptocurrencies. If you are unsure of Chime’s compatibility with a specific crypto platform, contact Chime support for the most up-to-date guidance.
Conclusion
In summary, buying crypto with Chime is possible by connecting your online banking account to a licensed cryptocurrency exchange like Kraken. While Chime doesn’t support buying digital assets directly, transferring USD to exchanges gives you access to hundreds of cryptocurrencies. Always be sure to do your own research and invest responsibly in this speculative asset class. Chime provides the flexibility to participate in the cryptocurrency ecosystem alongside your standard online banking needs.
FAQs
What cryptocurrencies can I buy with a Chime account?
By linking Chime to exchanges like Kraken, you can buy hundreds of cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Cardano, Solana, and many others. Your choice of exchange will determine the exact selection.
Is buying crypto with Chime safe?
Chime allows linking to regulated cryptocurrency exchanges, which offers a high degree of safety. However, crypto investments still carry risk. Only invest what you can afford to lose.
Are there fees for buying crypto through Chime?
While Chime does not charge any fees for cryptocurrency-related transactions, the exchange you transfer funds to may have its own fees for deposits, trading or withdrawals. Compare fee structures when choosing a platform.
Can I transfer crypto back to my Chime account?
No, Chime does not currently support receiving cryptocurrency deposits or holding digital asset balances. You will need to sell crypto for USD on the exchange and transfer the fiat balance back to Chime.
