How to Buy Crypto with Chase Bank [2023] (2024)

Summary: To buy crypto with Chase Bank, we suggest using eToro. After assessing numerous crypto brokers, we found it to be among the top choices for Chase Bank users due to its low trading fees, a wide selection of over 80 coins, and regulation by FINRA, ensuring a secure and cost-effective option.

Does Chase allow crypto purchases?

Chase allows crypto purchases with a credit card or a debit card, but, not on its banking platform. Instead, Chase supports USD deposits to other FinCEN-regulated brokerage and exchange platforms in the U.S.like eToro. Fortunately, the process of funds transfer is typically simple and straightforward, depending on the service you are using, as we will demonstrate in the next section.

How to buy crypto with Chase?

The best option to buy crypto with Chase is to sign up with a crypto exchange or brokerage platform. Once you do, you can deposit USD funds from your Chase bank account to that account and then make your purchase.

The best platform to use to buy crypto is eToro in the USA because it supports deposits by bank transfer, and payment cards, both of which can be used to transfer funds from Chase. Additionally, eToro offers a beginner-friendly user interface, offers support for multiple assets, has advancedchartsandtechnical analysistools and is currently licensed to operate in 46 U.S. states and Washington, D.C.

How to buy Bitcoin and crypto with Chase: step-by-step

Here’s a simple four-step process to get you started and buy Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies with your Chase bank account. It should ideally take you a few minutes to work through.

• Step 1: Create an account on eToro and complete your verification (personal or company);
• Step 2: Enter the USD amount you want to deposit on the eToro platform;
• Step 3: Connect your Chase bank account to deposit your selected fiat currency. Alternatively, you can connect your Chase payment card (debit or credit);
• Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.

About Chase Bank

Chase Bank is a US-based bank licensed to operate under the name JPMorgan Chase Bank, a subsidiary of JPMorgan Chase & Co. (NYSE: JPM). The bank enables customers to access various financial products, including savings and checking accounts, credit and debit cards, asset financing, mortgages, business financing, and investment advisory, among several others.

So far, the bank operates across the United States with more than 4,700 physical branches and over 16,000 ATM locations, with its headquarters in New York. It is one of the largest financial institutions in the US, with a reputable customer service record.

Chase crypto policy

For a long time, JPMorgan Chase’s CEO Jamie Dimon had been a fierce critic of cryptocurrencies, but Chase Bank’s cryptocurrency stance has slowly softened over the years. In July 2021, his bank became the first among its peers to enable wealthy retail clients to invest in cryptocurrency funds like the Grayscale Bitcoin Trust. Furthermore, the bank has reportedly registered a trademark for (an already existing) “J.P. MORGAN WALLET” for possible crypto payment processing.

However, though Chase bank’s crypto outlook is pro-blockchain, it is still not possible for Chase crypto users to buy Bitcoin or any other cryptocurrencies directly, and neither are investment advisors allowed to recommend the nascent asset class to the bank’s clients. Only ‘unsolicited’ fund investment trades can be done.

As of the end of 2023, JPMorgan Chase had not yet issued an official policy regarding cryptocurrencies. However, it does provide a brief crypto disclosure statement on its website with reference links to advisory statements from relevant US-based financial regulators.

How to buy crypto safely

As cryptocurrencies gain popularity, it’s crucial for beginners in the blockchain space to avoid common investment mistakes. In the United States, while agencies like the SEC, CFTC, and FinCEN offer some oversight, their guidance on cryptocurrencies remains limited. This lack of comprehensive regulation means that investors must take personal responsibility for securing their investments. Below are essential tips to ensure safety in your crypto investment journey:

• Choose reputable platforms: Conduct thorough research on cryptocurrency brokerages and exchanges before investing. Opt for regulated exchanges, as they are generally safer;
• Use safe devices: Ensure that the devices used for buying and storing cryptocurrencies are secure. Avoid public computers and networks for any investment activities. Moreover, for long-term investments, consider using cold wallets (offline storage). Hot wallets (online storage) can be used for smaller, frequently accessed investments;
• Implement strong security measures: Use robust passwords and enable two-factor authentication (2FA) on all online accounts. If you’re self-custodying your crypto assets, securely store your backup phrases or private keys offline;
• Educate yourself: Continuously educate yourself about blockchain and cryptocurrencies. Understanding this asset class helps in safely navigating, storing, and utilizing your crypto. Additionally, explore different investment growth strategies like trading, staking, lending, and yield farming;
• Practice risk management: Cryptocurrencies are volatile. Therefore, invest only what you can afford to lose to mitigate the risk of significant financial loss.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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