Cryptocurrency

Buy, Sell & Hold Bitcoin

Where innovation meets money, digital assets are expanding our financial universe. Embracing the future, we want you to have access to the digital frontier and still feel secure about your transactions. It’s all becoming possible with Financial Resources FCU.

Buy/Sell/Hold Bitcoin

You can buy, sell, and hold Bitcoin from within our digital Online Banking or our Mobile App.

  • No more sharing your personal or banking information with unfamiliar crypto companies
  • No more paying high transaction fees
  • No more waiting for money to transfer to fund Bitcoin transactions

Once you log into Online or Mobile Banking, you can instantly fund your Bitcoin purchases from your FRFCU account(s). You will also be able to conveniently view all your FRFCU accounts and Bitcoin account on your Online Banking dashboard.

Not enrolled in Digital Online Banking yet?

No problem, enroll here for free.

Bitcoin 101 – New to Crypto?

If “blockchain” and “coin” are still a mystery to you, that’s ok! Our Buy and Sell Bitcoin tool in Digital Banking also features helpful videos to answer those popular questions, like “What is it?” and “How does it work?” Learn more about crypto using the videos below, or read more about it here.

FAQs:

For many, Cryptocurrency (and Bitcoin in particular) is a new financial concept. Here’s are quick FAQs that should help you understand what it is, and how FRFCU can help you take advantage of it.

What is Bitcoin?

Bitcoin is an open-source monetary system for storing and transmitting an asset of value and is the world’s largest and most recognized digital asset. Bitcoin is managed by its users and enables financial transactions on a peer-to-peer network basis. Transactions are verified, recorded, and secured on a public ledger called a “blockchain.”

What Bitcoin capabilities will FRFCU offer?

Members will have the option to buy, sell, and hold Bitcoin through Online or Mobile Banking, as well as trade and view their current Bitcoin balance through a user-friendly process.

How secure is Cryptocurrency/Bitcoin?

Highly secure! A technology called blockchain is used; blockchain coding makes it nearly impossible to change or hack related information.

Is Bitcoin federally insured?

The buying and selling of Bitcoin is not insured.

Does FRFCU plan to offer any other digital currencies than Bitcoin?

At this time, Bitcoin is the only cryptocurrency available to buy through FRFCU. Based on future offerings and member interest, other cryptocurrencies might be considered.

How are the prices of Bitcoin determined for buy and sell orders?

The price is determined by the current market; FRFCU does not set or determine pricing.

Can I use my Bitcoin purchased through Online Banking to transact?

Not at this time; to start, you will be able to buy, sell, and hold Bitcoin.

What account information will be available to me to view?

You’ll see your balance and transactions in both Bitcoin (BTC) and U.S. Dollars.  And we show you all transaction fees before you place a trade, so you are never surprised with hidden fees.

Automatic documentation for tax time
You won’t have to request or track down your Bitcoin activity. We’ll provide your transaction receipts and tax documents automatically.

Ironclad platform thanks to NYDIG
NYDIG utilizes cold storage for the safe keeping of Bitcoin, adhering to the highest security, regulatory, and operational standards.

Bitcoin execution and custody services are provided by NYDIG Execution LLC (“NYDIG”). NYDIG is authorized by the New York State Department of Financial Services to engage in virtual currency business activity. To receive bitcoin services, you must open an account with NYDIG in which your bitcoin will be held (the “NYDIG Account”). Please refer to NYDIG’s terms and conditions for more information, including application eligibility criteria. Bitcoin balances in your NYDIG Account are not insured by the National Credit Union Administration (NCUA), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer. NYDIG does not make any recommendations regarding buying or selling bitcoin. There are risks associated with bitcoin trading.