How To Buy Bitcoin With Chime

Chime (also known as Chime bank) is an American financial technology company that provides storing accounts and credit cards. The company received the "neobank" status due to its mobile-friendly interface and the lack of any fees.

This positioning is also connected with the bank's crypto-friendly policy: Chime is often used to buy Bitcoin and other digital coins. And in this article, we will tell you how to buy Bitcoin with Chime in the most effective way.

Why Is Chime Good For Buying Crypto?

Buying cryptocurrency with Chime has some vital advantages — let's take a closer look at them:

• Security. Chime uses advanced encryption technology to protect funds. It significantly enhances safety combining with the cryptocurrency exchange's security measures.
• Fast transactions. Each transaction with Chime including buying, selling and transferring funds, takes no more than 5 minutes.
• No fees. The Chime service doesn’t charge overdraft or service fees. The lack of any fees allows you to save a significant amount of money when you buy crypto.
• Instant notification system. The app has quick transaction notifications — it allows users to be always aware of their account activity. It can be useful for traders who need to react to market changes quickly. Among the service disadvantages there is the fact that not all crypto exchanges accept Chime as a payment method. Therefore, users are forced to choose among a limited list of platforms. Moreover, the service works only in certain countries — for example, it is not available in Azerbaijan, Armenia, Kazakhstan, etc.

A Guide On How To Buy Crypto With Chime

You can buy Bitcoin and other cryptocurrency with Chime only using a third-party such as crypto exchange. For doing it, you have to link your Chime bank account to the exchange‘s one, and make a few more simple steps. Let's take a look at the step-by-step algorithm for buying Bitcoin using Chime.

Step 1: Create A Chime Account

If you don't have a Chime bank account, you need to create one. You may use the service's mobile app to do it. The application will ask for your full name, a valid email address and a phone number. Prepare your passport for verification. After passing all the registration steps, top up your Chime account for further purchases.

Step 2: Choose A Crypto Exchange

When selecting a crypto exchange, consider its user-friendliness, favorable transaction speed and security measures. Cryptomus P2P, for example, has an intuitive interface and a variety of tools that make your working with crypto experience pleasant and convenient. The platform selects sellers thoroughly, so the risk of running into fraudsters is extremely low there. And you can buy cryptocurrency from sellers with a fee of only 0.1%.

You should also look for the exchange to accept Chime as a payment method. Cryptomus doesn’t work with Chime yet, but there are many ways to buy Bitcoin with the other desired variants..

Step 3: Link Chime To Your Exchange Account

For buying crypto on a chosen exchange using Chime, you need to specify Chime as your payment method. Go to the "Payment Method" section and enter your Chime account address. More detailed instructions on how to do it are usually included inside the exchange, so follow them to make it right.

Step 4: Select The Seller

Now you can start searching for the most suitable Bitcoin offer. Enter the amount of Bitcoins you want to buy and select the offer from the list that suits you best. Pay attention to the seller's rating and whether he accepts Chime as a payment method.

Step 5: Make The Deal

When the question with the seller is decided, contact him to discuss the deal and request his wallet details to transfer your funds. Then send the money to his account and wait for the Bitcoins to be received to your cryptocurrency wallet.

Tips For Successfully Buying Bitcoin With Chime

Despite the growing popularity, cryptocurrencies are still a risky investment. It applies to both the value in the market and the security of transactions. Therefore, there are a few important rules you should keep in mind before dealing with crypto:

• Monitor the Bitcoin exchange rate. Investing in Bitcoin is risky because of its volatility, so you need to regularly check changes in its market price in order to choose the most appropriate investment period.
• Invest as much as you are ready to lose. Due to the Bitcoin exchange rate’s volatility and the cryptocurrency market instability in general, you should be prepared for the sharp assets value fall. Therefore, you shouldn’t invest all your digital money at once, but only a part of it.
• Choose a profitable exchange. Give preference to platforms that charge low transaction fees. Although Chime itself doesn’t impose additional fees, for better savings, take action with the exchange as well.
• Take care of security. First of all it includes choosing a reputable exchange with positive reviews.The second moment is about self-protection of your digital wallet: use a strong password, enable two-factor authentication and utilize only a personal computer during cryptocurrency management.

How To Send Bitcoin With Chime?

Bitcoin transfers with Chime are also one of the most frequent financial operations on this service. Such a process works in two ways: when you send your cryptocurrency from a Chime account to a Bitcoin wallet and vice versa. Let’s see in detail:

• Transferring funds from a Chime account to a Bitcoin wallet. For doing it, you need to use the Chime app or log in to your personal account on the bank's website. Then go to the "Transfer" section and click on the "Send money" button. After that, select the option of linking an external account from the crypto exchange, specify your cryptocurrency wallet address and confirm the transaction.
• Transferring funds from Bitcoin wallet to Chime account. You can not store Bitcoins in a Chime account — you can only use Chime as a payment method. To send your Bitcoins to Chime, you will need to convert the cryptocurrency to fiat currency. It is possible to do so using the centralized crypto exchanges or by selling your crypto on a P2P platform. You need to link your account to an exchange account, and swap the crypto for fiat through the platform. Then you can cash out these funds to your Chime account.

Chime gives users a convenient and safe way to make their first steps in the cryptocurrency market and buy Bitcoins and other digital coins using a bank account. Working with reliable exchanges is a key factor for a successful cryptocurrency purchase which makes this process favorable and easier.

We hope this article has helped you understand how to buy Bitcoins using Chime, and how it can be done with the most benefits.