Does Citibank Offer Crypto?
With a Citibank brokerage account, you can make certain investments that will give you exposure to the burgeoning cryptocurrency market. Although trading in the coins themselves is not possible, trading securities that are connected to the new digital assets is.
Blockchain Equities
A quick and easy way to tap into the cryptocurrency sensation is to trade a stock that is heavily involved with crypto technology. The most common form of crypto tools is the computer hardware required to mine Bitcoin and other digital currencies.
Mining is the electronic process of creating more coins of a cryptocurrency. It requires a lot of powerful hardware, and that’s where tech companies come in.
One company that manufactures computer hardware that miners often use is AMD. Headquartered in Santa Clara, California, its microchips are used by miners all over the world.
AMD trades on the Nasdaq with its eponymous ticker symbol. Citibank’s website shows 4 stars out of 5 from CFRA and a rating of hold from the ResearchTeam Consensus Report. This last report is compiled from multiple analysts and includes the likes of MarketGrader and TheStreet.com.
Other stocks that build mining hardware include TSM and NVDA, both of which are available on the Citi platform.
Blockchain Funds
AMD has a beta of 2.18, which represents a very high level of volatility. If that’s too much for your taste, you could switch to blockchain funds. Because these baskets hold multiple stocks, they tend to have less volatility.
For example, the Innovation Shares NextGen Protocol ETF (with ticker symbol KOIN) has a beta of just 1.05, less than half of what AMD has. KOIN is available at Citi with the same pricing schedule as other ETFs.
On Citi’s profile for KOIN, the fund shows a total return rating of 2 out of 5, a consistent return score of 1 out of 5, and a preservation rating of 3 out of 5. On Lipper’s scorecard, 5 is the highest rating.
If KOIN’s low ratings cause you to hesitate, there are other blockchain funds available at Citi.
Cryptocurrencies at Webull
If Citibank’s outdated pricing schedule causes you to hesitate, you could
open a Webull account and buy and sell cryptocurrencies themselves.
Webull is SEC/FINRA regulated, and your account is SIPC insured, just like Citibank’s.
The brokerage house charges no annual fees and no commissions.
This would be direct cryptocurrency trading. You would buy and sell the coins themselves.
Webull requires just $1 to make a purchase of a cryptocurrency. At Citi,
you will have to buy a whole share (of an ETF or stock) or a whole contract (in the case of an option trade).
Webull offers trading in these currencies:
- Aave (AAVE)
- Algorand (ALGO)
- Apecoin (APE)
- Avalanche (AVA)
- BAT (BAT)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- BNTUSD (BNT)
- Chainlink (LINK)
- Chiliz (CHZ)
- COMPUSD (COMP)
- Cosmos (ATOM)
- Crypto.com Coin (CRO)
- Curve DAO (CRV)
- Dash (DASH)
- Decentraland (MANA)
- ENJUSD (ENJ)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Dogecoin (DOGE)
- Fantom (FTM)
- FILUSD (FIL)
- Gala (GALA)
- ICPUSD (ICP)
- LINK (LINK)
- Litecoin (LTC)
- Loopring (LRC)
- Maker (MKR)
- Polygon (MATIC)
- REN (REN)
- SHIB (SHIB)
- Solana (SOL)
- Stella Lumens (XLM)
- Sushi (SUSH)
- Stella Lumens (XLM)
- Terra (LUNA)
- Tezos(XTZ)
- The Graph (GRT)
- UNI (UNI)
- USD Coin (USDC)
- XLM (XLM)
- yearn.finance (YFI)
- Zcash (ZEC)
Learn more about Webull crypto investing...
Webull Promotion
Open WeBull Account
Options on Blockchain Securities at Citi
Or you could opt to trade options on blockchain funds and stocks. On Citi’s profile for AMD, we found lots of contracts—thousands, in fact, for the nearest expiration date. These make an easy opportunity for short-term trades on AMD. Some contracts do go out to 2023, so it’s also possible to make a mid-term play on the underlying instrument.
Grayscale on Citibank
If all the crypto derivative plays don’t suit your fancy, there is always direct Bitcoin
trading. Grayscale Investments is one company that manages funds that hold actual coins.
Citibank offers a large suite of Grayscale products, including Litecoin, Ethereum, and Bitcoin
funds.
The Grayscale funds are a good way to invest in cryptocurrencies and Bitcoin on Citi.
Can You Buy Crypto on Citi?
As of right now, you cannot buy cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin on
Citi self invest account.
How to Buy Crypto on Citi?
The best way to invest in cryptocurrency on City is through crypto ETFs. For a direct
crypto trading, it's better to use Webull.
Citibank Fees and Commissions
Citibank hasn’t quite jumped on the $0 bandwagon yet. Commissions range from $65 to $0, depending on a wide variety of factors. These include the price of the security, whether you have a linked Citibank account, and how much money you have on deposit with Citi.
Option trades in all cases carry a base charge of $2.95 and a per-contract fee of 75¢.
And then there are the annual fees, which require deep pockets to avoid.
Webull Promotion
Open WeBull Account
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
|