Can I Buy Bitcoin with Chase Bank?
In the United States, both Chase Bank and J.P. Morgan Securities customers cannot buy or sell crypto assets such as Bitcoin, Dogecoin, and Ethereum. But Chase Bank account holders can link their bank accounts to a reliable cryptocurrency exchange platform in the United States, like eToro.
Chase Bank Overview
Chase Bank is a financial institution with 4,900 branches and around 16,000 ATMs. Its roots can be traced back to 1799 in New York City, and it was established to provide safe drinking water to the residents of the city. A minor provision in its charter permitted banking services with its excess capital, and it did so within its first months in the market; it started as the Bank of Manhattan Company.
Over 1,200 firms have joined Chase Bank throughout its long history to make it the leading banking organisation in the U.S.—with assets worth more than $3.4 trillion around the globe.
Pros and Cons
Pros
- It is easily accessible: Chase Bank has over 4,700 branches across the U.S. to serve your banking needs. Customers may use any of the 16,000 Chase Bank ATMs for free. Furthermore, customers can manage their accounts online or using the Chase Bank mobile applications without a nearby branch or ATM.
- Waiver of checking costs: Based on your account type, you can reduce or eliminate monthly account charges by allowing direct deposit, maintaining a minimum level, or connecting eligible accounts.
- Credit cards with reputable companies: Chase provides its clients with about 30 credit cards to select from. This includes 24 personal cards and six for startups. Depending on whether you want cashback, travel rewards, or a balance transfer, you can choose from various credit cards.
Cons
- Some states have a few branches: Chase Bank is underserved in several states. For example, four states—Iowa, Mississippi, Vermont, and Wyoming—have only two branches each, while Alaska has none.
- Waiving fees with a minimum daily balance: One way to avoid costs is to have a minimum daily balance in your account at the start of each day. This may be more difficult to accomplish than an average daily balance. You may be charged the monthly fee if your balance falls below this minimal amount on one day throughout the month.
- The unwritten criterion for credit card approvals: Chase Bank has an unwritten criterion for credit card approvals that is one of the most stringent. You will not be authorised for most of the bank’s credit cards if you have opened more than five new credit cards from any bank in the last 24 months.
How to Buy Crypto with Chase Bank
We recommend a reliable crypto exchange such as eToro when starting your investment journey. They allow their clients to deposit funds from a Chase Bank account immediately and cheaply. Their site most crucially offers $0 costs—unlike famous exchanges like Coinbase, which charge up to 4% per deposit and 1% per trade.
To get started with eToro exchange, follow these steps:
- Create a USA eToro account.
- Deposit your cash from Chase Bank through ACH transfer.
- Consider the cryptocurrency you would like to purchase.
- Specify the amount and make your purchase.
Chase Bank Cryptocurrency Policy
Since cryptocurrency hit the mainstream in 2017, JPMorgan Chase Bank CEO Mr Jamie Dimon has changed his stance. Nevertheless, his recent remarks on the digital asset industry are more optimistic, implying that Chase Bank account customers can quickly deal with certified cryptocurrency exchanges.
In 2017, Chase Bank reported restricted client funds if they were detected sending U.S. dollars to bitcoin exchanges. However, this restriction has been lifted, allowing account holders to access cryptocurrency easily.
Trading and Bank Fees
Before buying digital assets, you need to consider the stipulated deposit fees and trading charges from your bank and crypto exchange.
On some trading platforms, like eToro and Robinhood, you can deposit money from your Chase account. After depositing money into an exchange to purchase cryptocurrency, you will be charged another fee. This fee comes after you buy cryptocurrency.
