Key Takeaway: Merrick Bank allows customers to invest in cryptocurrency via FinCEN-authorized exchanges, though it doesn't offer direct trading services.
Kraken is our top pick for Merrick Bank users, offering over 200 tokens for trading and staking in a secure, regulated environment with competitive rates.
- Instant and free USD deposits from Merrick 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 Merrick Bank?
Certainly, Merrick Bank customers can buy Bitcoin, alongside a host of other digital currencies, by transferring funds to a trusted cryptocurrency exchange within the US. We advise selecting a trading platform that is registered with both FinCEN as well as other relevant financial regulatory bodies. Once identified, you can start swapping USD for crypto tokens by depositing funds from your Merrick Bank account into the selected exchange.
How to Buy Crypto with Merrick Bank
For Merrick Bank customers interested in exploring digital asset investment, a reputable exchange like Kraken is recommended. Kraken, operating within FinCEN guidelines in the US, allows American investors to buy, sell, trade, and stake an impressive offering of over 200 cryptocurrencies. Transfers of USD deposits from bank accounts can be made through ACH, wire transfers, and debit or credit cards.
For American customers, here's a simple guide to begin trading:
- Account Setup: Create a Kraken account and complete all mandatory identity verification procedures.
- Currency Selection: Once signed in, navigate to the deposit section and select your preferred currency, for instance, USD.
- Fund Account: Choose your payment method, for example, ACH transfer, wire transfer, or a credit/debit card.
- Purchase Cryptocurrency: Select your preferred cryptocurrency and finalize the transaction to complete.
Merrick Bank Cryptocurrency Policy
Merrick Bank supports cryptocurrency investment, promoting financial modernization within the boundaries of regulatory guidelines. The bank allows its customers to explore digital currency trading through trusted platforms like Kraken, which abide by all U.S. Securities and Exchange Commission (SEC) guidelines. Kraken is registered as a Money Services Business (MSB) with FinCEN, operating under Payward, Inc., with MSB Registration No. 31000239561651.
Digital Asset Investing Fees
Understanding the costs involved in cryptocurrency investment is essential for optimizing returns. Kraken applies certain charges that could influence your trading results. The primary fees are detailed here:
- Spot Trading Costs: Kraken's spot trading fees utilize a sliding scale, beginning at 0.16% for makers and 0.26% for takers. These fees decrease as trading volume increases, potentially enhancing your profits.
- Deposit Fees: Depositing cryptocurrencies is free on the exchange. However, transferring fiat money incurs a nominal fee depending on the chosen payment method, including ACH transfer or credit or debit cards.
- Withdrawal Costs: It also charges competitive withdrawal fees, according to the type of token being transferred. For instance, withdrawing Bitcoin incurs a fee of 0.0005 BTC.
To summarize, Kraken's fee structure is reasonable and becomes even more affordable as trading volume rises. Deposit and withdrawal fees are also competitive, making the platform an attractive choice for investors aiming to maximize returns.
What is Merrick Bank?
Merrick Bank is a reputable financial institution primarily known for its credit programs to help consumers establish or rebuild their credit. Established in 1997, the banks focus has always been on providing responsible lending to those who have encountered financial challenges but are eager to redevelop their financial situation.
Besides its innovative credit programs, Merrick Bank also offers savings account services with competitive interest rates. With a conscious risk-based underwriting strategy, the bank has been helping consumers improve their financial health and unleash their buying power for over two decades.
Final Thoughts
To conlude, Merrick Bank helps customers looking to venture into cryptocurrency trading by providing regulated access to digital asset platforms such as Kraken. With an excellent range of more than 200 tokens and a solid commitment to compliance, Kraken continues to build its reputation as a secure platform. It differentiates itself from other global exchanges by undergoing frequent audits to confirm that user assets are fully safeguarded.
Andrew Chen is a lead editor and auditor of content for Buy Crypto Bank, with a Masters of Computer Science and extensive knowledge in cryptocurrency and blockchain technology. He has helped ensure the accuracy and quality of the platform's educational resources for new and experienced investors in the crypto space.
