As cryptocurrencies gain mainstream traction, more investors want to add digital assets like Bitcoin and Ethereum to their portfolios. However, many traditional banks do not yet facilitate direct crypto purchases. Our step-by-step guide explains how to buy crypto with Truist Bank account, as well as recommendations on the most secure and cost-effective third-party platform to use.
Summary
While Truist Bank does not currently allow customers to trade cryptocurrency directly, linking your Truist account to a regulated crypto exchange provides a streamlined way to fund crypto purchases. We analyzed the top crypto trading platforms accepting US customers and found eToro to be a leading choice based on factors like low fees, an intuitive interface for beginners, copy trading tools to emulate top investors, as well as robust security and compliance standards as a FINRA-licensed platform.
eToro offers a straightforward process for Truist Bank accountholders to deposit USD and convert it to popular cryptocurrencies like Bitcoin, Ethereum, Cardano and 70+ more digital assets.
To those interested in buying cryptocurrency with other national or international banks, check out these additional guides:
Truist Bank Overview
As one of the largest US banks formed through the 2019 merger between BB&T and SunTrust, Truist Bank (NYSE: TFC) now serves over 16 million customers. Headquartered in Charlotte, North Carolina, Truist has 2,781 branch locations spread across 15 Southern and Mid-Atlantic states.
Beyond personal and business banking, Truist Wealth offers financial planning and investment services. However, Truist currently does not facilitate cryptocurrency transactions or provide crypto asset management options. Still, Truist customers can fund crypto purchases on third-party platforms by linking their Truist account and transferring USD.
Key Metrics
- Truist.com’s global ranking has increased from 1,627 to 1,633 over the last 3 months.
- The site gets 24.3 million total visits per month, with a 2.41% increase compared to last month.
- Bounce rate is 15.62%, and pages per visit is 7.81.
- Average visit duration is 5 minutes and 45 seconds.
- 99.01% of desktop traffic is from the United States.
- The audience is 60.72% female and 39.28% male.
- The largest age group of visitors are 55-64 years old at 22.83%.
- Top audience interests are Banking Credit and Lending, and News & Media.
- 80.88% of traffic comes from direct sources, 15.64% from organic search.
- The site uses 103 technologies across 19 industries, including 26 payment and currency technologies.
Can You Buy Crypto with Truist Bank?
No, Truist Bank does not currently allow customers to buy, sell or hold cryptocurrency directly through its banking platform or wealth management services. You cannot make crypto transactions using Truist’s online banking or mobile app.
However, as Truist does facilitate external money transfers, customers can connect their Truist bank account to a third-party crypto exchange platform that accepts USD deposits. This provides a pathway to fund crypto purchases with your Truist balance.
Step-By-Step Guide on How to Buy Crypto with Truist Bank
While Truist clients cannot trade crypto directly via the bank, linking your Truist account to leading US exchange eToro enables secure and cost-effective crypto investing. Here is the step-by-step process:
Step 1) Create a free eToro account
Visit www.etoro.com to register for an account, which only takes a few minutes. eToro fully accepts US customers and ACH transfers from Truist Bank.
Step 2) Complete identity verification
Provide your personal details such as legal name, birth date, address and last 4 digits of your SSN so eToro can verify your identity. This know-your-customer (KYC) process complies with anti-money laundering (AML) regulations.
Step 3) Link your Truist account
Navigate to the USD eToro wallet page and choose “Deposit.” You can then connect your Truist Bank account details to link it with eToro.
Step 4) Transfer funds from Truist to eToro
Enter your desired deposit amount in USD (minimum $50) and confirm the transfer from your Truist account balance.
Step 5) Buy crypto
Finally, search for your chosen cryptocurrency (Bitcoin, Ethereum etc) and complete the purchase with your USD eToro wallet balance.
Though every exchange has its own verification steps, purchasing cryptocurrency works similarly across platforms once setup is complete.
About eToro Crypto Exchange
Founded in 2007, eToro is a leading global social trading and multi-asset brokerage company headquartered in Cyprus. eToro operates under regulation by CySEC, ASIC and FINRA, with over 27 million registered users. Beyond crypto, eToro facilitates investing in stocks, ETFs, options, commodities and more.
Unique aspects of the eToro platform include CopyTrader, where users can automatically emulate top-performing traders. eToro also offers staking rewards on supported proof of stake (PoS) coins and a crypto wallet to store your assets.
What is Truist’s Status on Cryptocurrency?
While Truist Bank has not announced definitive plans to enable crypto services, they have indicated an interest in the blockchain and digital asset space. Truist has published several articles exploring topics like crypto risk management, fraud protection, and the differences between cryptocurrencies.
A 2022 Truist survey found that 40% of affluent Americans already own cryptocurrency. So while Truist does not directly cater to crypto users currently, the bank recognizes rising retail demand for digital currency exposure. Allowing clients to connect Truist accounts to regulated third parties provides an interim solution.
What do I do if Truist is not crypto-friendly?
If Truist imposes restrictions around cryptocurrency transactions, there are a couple of potential solutions:
Open an Account at Another Bank
Consider opening a new bank account at a financial institution that officially supports crypto buying and trading through their services. Once the new account is open, you can continue with the steps in this guide using that bank account to link to crypto exchanges.
Use a Specialized Money Transfer Service
Alternatively, explore using a dedicated money transfer platform designed specifically to facilitate movements between bank accounts and crypto exchanges. The transfer service bridges the gap between traditional banks and digital currency platforms. Once set up, resume the buying process through a compatible crypto exchange.
Conclusion
US clients with Truist Bank accounts can currently buy Bitcoin, Ethereum and other cryptocurrencies by opening an account on a regulated platform like eToro that accepts USD transfers. While Truist does not offer integrated crypto trading at this time, connecting your Truist Bank account to exchanges like eToro allows convenient access to leading crypto assets. Just be sure to educate yourself on the risks and utilize security best practices as the crypto investment landscape continues evolving.
FAQs
Does Truist Bank allow crypto purchases directly?
No. Truist Bank does not currently support buying, selling or holding cryptocurrencies through its banking services.
What is the best crypto platform for Truist Bank customers?
Based on fees, user experience and compliance, we recommend using the eToro exchange. eToro accepts US clients and links to Truist Bank accounts to easily fund crypto purchases.
Can I transfer crypto assets back to my Truist account?
No, you cannot transfer the crypto itself back to Truist. You must sell your crypto positions on the exchange and withdraw the USD proceeds to your Truist balance.
Is buying crypto with Truist Bank safe?
Connecting your Truist account to regulated exchanges like eToro allows for secure crypto transactions. Be sure to implement sound account security and invest conservatively.
