Chase Investment: Buying Crypto With Confidence

Chase Bank does not allow customers to buy Bitcoin or any other cryptocurrencies directly on its platform. However, customers can transfer funds from their Chase bank account to a third-party brokerage or exchange platform, such as eToro, Paxful, or Kraken, to purchase crypto. While Chase permits credit and debit card crypto purchases, there are potential fees and high immediate interest rates associated with credit card transactions.

Buying crypto with a credit card

While it is possible to buy crypto with a credit card, it is not recommended. There are only a few credit card issuers and crypto exchanges that offer this option, and you can expect high fees for the convenience. Crypto exchanges that do allow credit card purchases include Binance, Coinbase, eToro, Crypto.com, and Kraken. However, these exchanges may charge high fees for the service, and credit card companies may treat these purchases as cash advances, resulting in additional fees and high-interest rates.

If you choose to use a credit card to buy crypto, there are a few things to keep in mind. First, you will need to find an exchange that allows crypto purchases with a credit card, and then check with your specific credit card issuer to see if they allow crypto transactions. Some credit card issuers ban crypto transactions altogether, while others have strict rules in place. Additionally, you may be subject to high fees and charges from both the exchange and the credit card company. These fees can include transaction fees, debit and credit card fees, spread fees, cash advance fees, and foreign transaction fees.

It is worth noting that there are other ways to buy crypto that may be more cost-effective. For example, you could use a debit card, make a direct deposit, or use a platform like Paxful that allows peer-to-peer finance and offers no fees when purchasing crypto.

Chase QuickPay transfers

Chase QuickPay is a fast, secure, and free way to send and receive money through Zelle, a person-to-person payment service. It is available to almost anyone with an account at participating banks and credit unions. Chase QuickPay and Zelle have been merged, so Chase's mobile money transfer service is now referred to as Zelle.

To use Chase QuickPay, you need to have a Chase checking account or a Chase Liquid card. You can access the service through the Chase mobile app, Chase.com, and the Chase Pay app. The recipient does not need to be a Chase customer but must have a savings or checking account at a bank participating in the Zelle network.

• Sign in to your Chase account.
• Click on "Pay & Transfer" in the left menu, then on "QuickPay with Zelle."
• Choose "Send Money" from your tab or menu options.
• Get the phone number or email address of the recipient.
• Choose the amount and date for the payment.
• Select if you want this to be a recurring payment.
• Submit your request.

You can also use Chase QuickPay to request money. Here are the steps:

• Sign in to your Chase account.
• Click on "Pay & Transfer" in the left menu, then on "QuickPay with Zelle."
• Choose "Request Money" from your tabs or "Request or Split Money" from your app menu options.
• Get the phone number or email address of the recipient.
• Choose the amount and date for the payment.
• Submit your request.

There are limits to how much you can send with Chase QuickPay, depending on the type of account you have with Chase. For example, with a personal checking account or Chase Liquid card, you can send up to $2,000 in a single transaction and up to $16,000 within a calendar month.

Transfers through Chase QuickPay are usually completed within minutes, especially if both parties are Chase customers or if the recipient's bank is part of the Zelle network and supports real-time payments. However, there may be delays of up to one to five business days, depending on the recipient's bank.

It is important to note that while Chase QuickPay with Zelle is considered relatively secure, users should still exercise caution when sending money, especially to people they don't know. Zelle does not offer protection for authorized payments, so there is a risk of not being able to recover funds once they are sent.

Using eToro

EToro is a platform that gives you access to 100 popular cryptocurrencies and crypto funds to invest in. Signing up for an eToro account is simple, and you can deposit funds into your account via wire transfer or bank deposit.

Step 1: Find the Right Exchange

Do your research and find a cryptocurrency exchange that provides a safe, secure, and affordable way to make your first purchase. eToro could be a great platform for this.

Step 2: Sign Up for eToro

Signing up for eToro is straightforward. You can deposit funds into your account via wire transfer or bank deposit.

Step 3: Account Verification

To ensure security, eToro requires account verification. You will need to provide proof of identity, such as a passport or driver's license, and proof of address, such as a bank statement or utility bill.

Step 4: Deposit Fiat Currency

Once your account is verified, follow the instructions to deposit fiat funds into your eToro account. This step is necessary to purchase cryptocurrencies.

Step 5: Make Your First Crypto Purchase

With your funds available, navigate to the page of the cryptocurrency you wish to purchase and make your first buy. eToro offers a simple interface that is great for beginners.

EToro offers several advantages, including:

• No outages, allowing you to trade 24/7/365
• Fractional purchases, so you don't need to buy a full unit of a cryptocurrency
• Transparent fees with no hidden charges
• A free demo account with virtual money to practice your trading strategy
• CopyTrader, which lets you mimic the trades of your favourite crypto investors

Additionally, eToro provides a simple and beginner-friendly interface, making it a great platform for those new to the world of cryptocurrency.

Crypto exchanges

While Chase Bank does not allow customers to buy crypto directly on its platform, it does support transfers to reputable and regulated US-based crypto exchanges. This means that you can buy crypto using your Chase account by first transferring funds to a third-party crypto exchange.

There are several crypto exchanges that allow you to buy crypto with a credit or debit card. However, it is important to note that some exchanges only allow direct deposits from banks or cash deposits. Here are some of the major crypto exchanges that allow you to purchase crypto with a credit or debit card:

• Binance: Allows crypto purchases with a Visa or Mastercard credit card.
• Coinbase: Allows crypto purchases with credit cards as long as they support "3D Secure", an online security protocol for identity verification.
• EToro: Allows crypto purchases with Visa, Mastercard, or Maestro credit or debit cards. eToro is also recommended for Chase Bank users due to its low trading fees, wide selection of over 80 coins, and support for bank transfers and payment cards.
• Crypto.com: Allows the purchase of specific cryptocurrencies with a Visa or Mastercard credit card through the Crypto.com gateway.
• Kraken: Allows purchases with Visa or Mastercard only. Kraken is also a good option for Chase users as it facilitates free USD deposits from Chase and offers lower fees than competitors like Coinbase.
• Paxful: Allows users to buy Bitcoin (BTC) with as little as $10 USD. Paxful does not charge any fees for purchasing Bitcoin on its platform.

When using a credit or debit card to buy crypto on these exchanges, it is important to be aware of the high fees and interest rates that may be charged by both the exchange and the card company. These fees can include transaction fees, debit and credit card fees, spread fees, cash advance fees, and foreign transaction fees. Additionally, credit card companies may treat crypto purchases as cash advances, resulting in high-interest rates and additional fees. Therefore, it is generally recommended to use ACH or direct deposit instead of a credit or debit card when buying crypto.

Crypto purchases with a debit card

BitPay

BitPay allows you to buy crypto instantly using a debit card. They offer a self-custody app and a non-custodial wallet where you can store your crypto securely. BitPay supports multiple cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and more. The platform provides flexible payment methods and competitive rates with no hidden fees.

CoinGate

With CoinGate, you can use your debit card to buy 250+ cryptocurrencies globally, including Bitcoin, Ethereum, Litecoin, and USDT. CoinGate has a straightforward purchase process, and transactions are typically completed within 10 minutes to 1 hour. They accept both VISA and MasterCard and have a maximum purchase limit of $20,000 for debit card transactions.

Paxful

Paxful is a peer-to-peer platform that enables you to buy Bitcoin with as little as $10. They offer various payment methods, including debit cards, and there are no fees when you purchase Bitcoin on Paxful. Paxful is regulated in the United States as a Money Services Business and provides vault-level security to protect your information and crypto.

Crypto Exchanges

Some cryptocurrency exchanges, like Coinbase and Crypto.com, offer their own debit cards that allow you to spend your crypto assets. These cards are usually tied to your exchange account and can be used for online and in-person purchases. However, there may be waitlists and identity verification requirements to obtain these cards.

It is important to carefully consider the fees, security, and regional restrictions associated with each platform or exchange before making a purchase. Additionally, keep in mind the tax implications of spending crypto, as it is taxed like property, and you may owe capital gains tax on each transaction.

Frequently asked questions