Key Takeaway: Navy Federal Credit Union members can invest in cryptocurrencies like Bitcoin and Ethereum by linking their accounts to regulated exchanges such as Kraken.
While NFCU doesn't offer direct crypto services, it facilitates secure USD transfers to licensed platforms, ensuring compliance with U.S. regulations for safe trading.
- Instant and free USD deposits from US Bank via ACH, bank transfer, credit cards and more.
- Trade and stake over 200 crypto assets with industry-leading fees and tight spreads.
- Registered as a Money Services Business with Financial Crimes Enforcement Network (FinCEN).
Can I Buy Bitcoin with Navy Federal Credit Union?
Yes, Navy Federal Credit Union (NFCU) members can purchase Bitcoin, Ethereum, and other cryptocurrencies through regulated crypto exchanges in the U.S. While NFCU does not offer direct cryptocurrency services, they allow transfers of USD to licensed brokers for crypto trading. It’s essential to use exchanges registered with the Financial Crimes Enforcement Network (FinCEN) to ensure regulatory compliance and security.
How to Buy Crypto with Navy Federal Credit Union
If you're an NFCU member looking to get into crypto, you can link your Navy Federal account to a trusted exchange like Kraken, which operates under FinCEN regulation. This platform supports buying, selling, and trading over 200 cryptocurrencies, and you can fund your account via ACH, wire transfer, or debit/credit card.
Here's a quick guide to getting started:
- Create an Account: Sign up for Kraken and complete the required identity verification.
- Select Currency: Once logged in, go to the deposit section and choose USD as your funding option.
- Fund Your Account: Link your Navy Federal account and deposit funds using ACH, wire transfer, or a debit/credit card.
- Buy Crypto: Select the cryptocurrency you want to buy, confirm the transaction, and you're good to go.
Navy Federal Credit Union Cryptocurrency Policy
Navy Federal Credit Union (NFCU) permits its members to invest in cryptocurrencies through trusted and regulated exchanges, though it does not offer direct crypto services itself.
Members can link their NFCU accounts to platforms like Kraken, a Financial Crimes Enforcement Network (FinCEN)-registered Money Services Business (MSB) under Payward, Inc. (registration number 31000176593851). This ensures that Kraken operates under U.S. regulatory guidelines, providing a compliant and secure way for NFCU members to invest in digital assets like Bitcoin and Ethereum.
This approach offers a balance between innovation and compliance, allowing members a secure path to explore cryptocurrency within the bounds of regulation.
Digital Asset Investing Fees
When using Kraken to buy or sell crypto, be mindful of the fee structure, as it can impact your overall returns. Here’s a quick overview:
- Trading Fees: Kraken charges 0.16% for makers and 0.26% for takers on spot trades. Higher trading volumes lead to lower fees.
- Deposit Fees: Crypto deposits are free, but NFCU transfers via ACH or wire may come with small fees, depending on the method used.
- Withdrawal Fees: The fees depend on the cryptocurrency. For example, withdrawing Bitcoin will cost around 0.0005 BTC.
Kraken’s fees are competitive within the industry, making it a cost-efficient option for Navy Federal members looking to enter the crypto market.
What is Navy Federal Credit Union?
Navy Federal Credit Union is the world's largest credit union, dedicated to serving members of the armed forces, veterans, Department of Defense employees, and their families. Founded in 1933, the Navy Federal has grown substantially. Today, it offers an extensive range of financial products and services, including savings and checking accounts, consumer loans, mortgages, credit cards, and investment services.
Headquartered in Vienna, Virginia, USA, it also provides tailored financial solutions and educational resources to address the unique needs of its military-affiliated membership. The credit union is also recognized for its commitment to exceptional customer service, competitive rates, and a strong focus on financial literacy and stability for its clients.
Final Thoughts
Navy Federal Credit Union offers its members a secure and compliant way to invest in cryptocurrencies through regulated exchanges like Kraken. While the credit union doesn't directly provide crypto services, members can easily link their accounts to these platforms and start trading digital assets.
With clear fee structures and adherence to FinCEN regulations, NFCU members have a reliable path to explore the world of crypto without compromising on security or compliance.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Crypto Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
