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The United Financial Crypto Portal is an optional, simple, and secure way for members to invest in and learn more about cryptocurrency.
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Credit Union Crypto:
The Crypto Portal is an optional, simple, and secure way for members to invest in and learn more about cryptocurrency.
United Financial Credit Union’s new Crypto Portal is a secure and reliable space for members to buy, sell and manage/hold Ripple, Bitcoin and Ethereum digital currencies. United Financial Credit Union uses an audited ledger to track and monitor your crypto assets and account activities, so you can feel safe knowing that your transactions are secure and your personal information is kept private
Available in Online and Mobile Banking Platform!
Advantages of our Crypto Portal:
Some of the advantages of the digital exchange at United Financial Credit Union are:
- a secure platform to buy, sell and manage cryptocurrency
- an all-in-one platform in Online Banking & Mobile App
- a medium to empower members to diversify their portfolios if they choose
Get Started
Ready to purchase Crypto? Log into online banking to get started!
Learn More
View the FAQs below to learn more about Cryptocurrency options at United Financial.
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What Makes Credit Union Crypto Different
It used to be a hassle to convert money when dealing with complicated, digital-only exchanges. But here at United Financial CU, we’re happy to offer you a simple solution. You will be able to easily purchase, sell, and hold crypto using our convenient online banking app.
Unlike digital-only cryptocurrency exchanges, United Financial Credit Union is a traditional, state-regulated credit union staffed by member service professionals. Giving you confidence that we will never do anything illicit with your crypto and have thoroughly vetted our third-party cryptocurrency partners. Cryptocurrency assets are not deposits or shares in the Credit Union and are thus not insured by the NCUA.
You own your cryptocurrency. Being a credit union regulated by the Michigan Department of Insurance and Financial Services, we utilize an audited ledger to keep track of your crypto assets and monitor your account activities.
At United Financial, we will never use your digital assets for any purpose unless you give us specific instructions to do so. This means that your cryptocurrency funds will always be available to you.
What is a Crypto Custodian?
A financial custodian is a type of financial organization that holds assets and securities for investors. Utilizing a crypto custodian significantly reduces the risk of theft or loss of your digital assets. Rather than storing physical items like stocks, bonds, or cash, the custodian securely stores your cryptocurrency.
Why Consider Credit Union Crypto
When it comes to storing your crypto assets, there are many things to consider. It’s important to carefully consider what each provider offers before making a decision.
Our platform is a safe and reliable space for users to buy, sell, and hold different digital currencies. Users can feel safe knowing that their transactions are secure and their personal information is kept private.
No need to worry about downloading different apps or creating multiple accounts! You can access our all-in-one crypto platform right from United Financial Online & Mobile Banking.
At United Financial, we are regulated by the Michigan Department of Insurance and Financial Services. Cryptocurrency assets are still not deposits or shares in the Credit Union and are thus not insured by the NCUA.
When Choosing A Custodian
United Financial only partners with qualified custodians which are typically state-chartered banks or trust companies. There are numerous benefits to using a cryptocurrency custodian including increased security measures and additional features. Before choosing a custodian for your digital assets, make sure to evaluate your needs and what a potential custodian offers.
Remember to keep these in mind when choosing a custodian:
- What crypto coins do they offer? Will they support new coins as they’re added to the market?
- When accessing and holding your digital assets, do you prioritize speed or latency?
- Is the provider licensed and audited?
- How much are the fees and when are they charged?
- Is the custodian insured?
Advantages of Cryptocurrency at a Credit Union
Some of the advantages of cryptocurrencies at a credit union are:
- Offer a secure platform to buy, sell, and hold cryptocurrency
- All-in-one platform in United Financial Online & Mobile Banking
- Empower our members to diversify their portfolios if they choose
Things to Keep In Mind
While cryptocurrencies have their benefits, there are also some negative aspects to consider. These include various issues, such as:
- Crypto coins are volatile, unpredictable, and susceptible to market fluctuations and speculation.
- Exchanging crypto requires technical knowledge and skills to use safely and effectively.
- The United Financial Crypto Portal won’t offer all types of crypto coins.
Where do I access the Crypto Platform?
You can access the United Financial CU Crypto Portal in our online or mobile banking app. You will see Crypto Trading on the left side menu.
What is the Fee Schedule for Each Trade?
There is a $0.99 minimum fee per trade, with a fee range of 1.00% – 2.99% per trade depending on the size of the transaction. You will be shown the amount of the trading fee before you confirm the trade.
The complete fee structure is as follows:
Minimum trade amount = $6.00
Maximum buy amount = $25,000
Maximum sell amount = $100,000
How do I Buy/Sell/Hold Crypto?
Simply enroll in the crypto trading portal and accept the terms and conditions. Once your account is set up you can select your coin type, how much you want to purchase or sell, designate which checking or savings account and confirm.
Can I send digital assets to a wallet outside of my financial institution?
No. The two most important goals for us as a financial institution in offering cryptocurrency is to make it as easy and safe to buy, sell and hold cryptocurrency as possible.
To ensure ease and safety, cryptocurrency cannot be sent outside of the financial institution due to security and regulatory reasons.
Are my Digital Asset Holdings Taxable?
When you decide to sell your cryptocurrency holdings, it is important to keep in mind that they are subject to taxation just like any other investment asset.
Your annual 1099 will be available for you to access through online or mobile banking by February 15th
What Coins are Available?
Bitcoin emerged as a beacon of innovation and resilience in the aftermath of the 2008 financial crisis, representing a revolutionary approach to currency and financial systems. Satoshi Nakamoto’s visionary whitepaper laid the foundation for a decentralized digital currency that would empower individuals and bypass the limitations of traditional centralized systems. Since its inception in 2009, Bitcoin has experienced remarkable growth, fueled by a vibrant community of developers, entrepreneurs, and enthusiasts who believe in its transformative potential.
Despite initial skepticism, Bitcoin has steadily gained mainstream acceptance and adoption, transcending its niche origins to become a global phenomenon. Its decentralized nature ensures financial sovereignty for individuals, offering a censorship-resistant and borderless means of transacting value. The emergence of Bitcoin sparked a wave of innovation, inspiring countless entrepreneurs to explore the possibilities of blockchain technology and decentralized finance.
Bitcoin’s journey has been characterized by resilience in the face of challenges and adversity. Despite price volatility and regulatory uncertainties, its fundamental principles of scarcity, security, and transparency have remained steadfast. As Bitcoin continues to mature and evolve, it serves as a catalyst for positive change in the financial world, fostering greater financial inclusion, innovation, and economic empowerment on a global scale.
Ethereum (ETH) is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (DApps). Launched in 2015 by Vitalik Buterin and a team of developers, Ethereum introduced a groundbreaking concept by extending blockchain technology beyond simple transactions. Smart contracts, self-executing contracts with the terms of the agreement directly written into code, allow for a wide range of applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs).
One of Ethereum’s defining features is its Turing-complete programming language, Solidity, which provides developers with flexibility and versatility in creating complex smart contracts and DApps. The Ethereum Virtual Machine (EVM) executes these smart contracts on the blockchain, enabling decentralized and trustless execution of code. This programmability has led to a thriving ecosystem of projects and innovations built on the Ethereum platform, ranging from decentralized exchanges (DEXs) to prediction markets and gaming applications.
Despite its innovative capabilities, Ethereum has faced scalability challenges, particularly with high gas fees and network congestion during periods of high demand. To address these issues, Ethereum is undergoing a transition to Ethereum 2.0, a major upgrade that aims to improve scalability, security, and sustainability. Ethereum’s continued evolution and commitment to innovation position it as a leading platform for decentralized applications, fueling the growth of the broader blockchain ecosystem and driving the future of finance and technology.
Ripple (XRP) is a digital payment network and cryptocurrency platform that aims to revolutionize cross-border transactions and remittances. At its core is XRP, the native cryptocurrency of the Ripple network, which serves as a bridge currency for facilitating fast and low-cost international money transfers.
One of Ripple’s key benefits is its lightning-fast transaction speed. While traditional bank transfers can take days to settle, Ripple transactions are typically confirmed within 4-5 seconds. This rapid settlement time makes it an attractive option for financial institutions and businesses that require quick cross-border payments.
Ripple also has low transaction fees. The cost to complete a transaction on the Ripple network is just 0.00001 XRP, which is a fraction of a penny at current rates. This makes it highly cost-effective for processing large volumes of transactions, especially when compared to traditional banking systems.
Ripple’s versatility is also noteworthy. The network can process transactions not only in XRP but also in other fiat currencies and cryptocurrencies. This flexibility allows for seamless currency exchanges and enhances its utility in the global financial ecosystem. Ripple has gained traction among large financial institutions. Major banks and payment providers have adopted Ripple’s technology, demonstrating its potential for widespread institutional adoption.
In December 2020, the SEC sued Ripple Labs, claiming XRP should be classified as a security. The case focused on whether XRP sales on exchanges violated securities laws. In July of 2023, a judge ruled in Ripple’s favor, stating that these sales were not investment contract offers, thus not breaching securities laws. This was seen as a major win for Ripple and the cryptocurrency sector, influencing how digital assets are regulated and classified.
What is Cryptocurrency?
Cryptocurrency, or “crypto,” is any kind of decentralized digital currency. Cryptocurrencies are based on cryptography, or advanced mathematical algorithms that are very difficult to crack. Cryptography is probably used a lot in your everyday life already – your phone and computer use it to keep your passwords secret and your data private. Unlike traditional currencies, like the U.S. Dollar, crypto is not issued or controlled by a central government or bank. Instead, crypto is managed by massive, free-to-join networks of computers. These computers maintain a shared ledger of all transactions on the network called a “blockchain.” The computers earn rewards in exchange for confirming that new transactions are valid. A majority of computers in the network need to agree when a new coin is produced or a new transaction is completed. Thus, the more computers that join the network, the more secure it is. Most cryptocurrencies are finite in quantity, which is why some people view them as a hedge against inflation. Cryptocurrency transactions are irreversible and permanent, recorded on a public blockchain. Because cryptocurrency is transacted on a public ledger (or the blockchain) and the network of computers to create new crypto is free to join, anyone can easily participate in cryptocurrency. As long as someone has access to the internet they can get involved with crypto, regardless of location, government, or credit score. This makes the ecosystem more fair, equitable, transparent, and global. Many advocates see the most popular cryptocurrencies like Bitcoin and Ethereum as the future and an alternative to traditional fiat currency like the U.S. Dollar.
How is my Crypto kept secure?
We use a combination of systems to ensure the crypto you store with United Financial is secure.
We independently monitor your crypto balance with our qualified custodian daily to ensure there is agreement on the balance between all parties and immediately work to resolve any discrepancies if any do appear.
Crypto being held with our qualified custodians is not used for any other purposes and is there for you when you want to sell it.
Can I deposit digital assets into my Crypto account with United Financial ?
Currently, we don’t allow digital asset deposits. You can buy, sell, and hold digital assets on our platform.
Can my cryptocurrency lose value?
Yes, like any investment product, your cryptocurrency may lose (or gain) in value over time. Cryptocurrencies are volatile and unpredictable, meaning their prices can go up and down quickly and without warning.
Many factors can affect a cryptocurrency’s value, such as supply and demand, regulation, hacking, competition, innovation, and market sentiment. You should only invest in cryptocurrencies if you are aware of the risks and willing to accept the potential losses.
Available for Personal Accounts 18 and over.
Digital assets (i.e. cryptocurrencies) held in your digital asset account (i.e. crypto account) are not federally insured by any government entities, including, but not limited to, NCUA. The digital assets offered may be heavily speculative and volatile; involve investment risk; may have associated fees; may not allow member recourse; and are being offered by a third party. Your digital account does not support wallet-to-wallet transferring of your digital assets (i.e. cryptocurrencies). You should carefully consider whether buying or holding digital assets is suitable for you in light of your financial condition. Digital assets are not obligations of United Financial Credit Union and are not guaranteed by United Financial Credit Union. Digital assets (cryptocurrencies) are made available and held in a digital wallet maintained by SAFE, Inc, a Wyoming trust company, not the credit union. SAFE is a separate entity from, and not an affiliate of, United Financial Credit Union.
Self-directed digital assets (also known as cryptocurrencies or crypto assets) are maintained in a digital wallet held by SAFE, Inc., a Wyoming trust company. They are not credit union or bank products.
Digital assets offered through SAFE are:
Not federally insured
Digital assets are not covered by NCUA, FDIC or SPIC insurance. If the digital asset company that holds your funds goes out of business, your money may be lost and never recovered.
Not federally regulated
Without such regulations there are no legal standards for consumer protection issues such as privacy and security.
Risky
While some consumers use digital assets to pay for things, others use it as part of their investment strategy, hoping they increase in value. But like any investment, this is not a sure thing. The value of digital assets can be erratic and adjust rapidly; therefore, they are considered a high-risk investment. Because investing in digital assets is speculative, you should only buy what you can afford to lose.
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