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How to Buy Crypto with Cathay Bank in United States

How to Buy Crypto with Cathay Bank in United States

By Esther Teng

Last updated on November 12, 2023

Quick Summary: While Cathay Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of United States cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

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As mentioned in my quick summary, like most United States banks, Cathay Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto exchange and comes with regulations and extra work for the banks.

There are a large number of crypto exchanges that you can use to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use eToro as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Cathay Bank

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto trading platform

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Cathay Bank.

Buy Crypto With eToro

About Cathay Bank

Cathay Bank is an American bank that was established in 1962.

Cathay is located within Chinatown, Los Angeles, with a corporate headquarters in close by El Monte, California. There are branches located in California, Massachusetts, New York, Texas, Washington, Illinois, New Jersey, Nevada, Maryland, and Hong Kong. It also has representatives situated in Shanghai, Beijing and Taipei.

in 1999 Cathay began expanding into California with the establishment of a loan production center within Houston, Texas, which was transformed into a full-service branch by the year 2000. The expansion into New York occurred in 1999 after the acquisition of some property from Golden City Commercial Bank. Cathay Bank Foundation was established in 2002. Cathay Bank Foundation was established in 2002 to provide opportunities to provide affordable housing, economic and community development, as well as for education.

In 2003 branches were established In 2003, branch offices were opened in Boston, Massachusetts, and Kent, Washington. Cathay was merged into General Bank in 2003. Then, in 2006 Cathay won a bid contest against United Commercial Bank to acquire Great Eastern Bank. Cathay also purchased New Asia Bank in 2006.

On 21 January 2015, Cathay General Bancorp which is the holding company of Cathay Bank, and Asia Bancshares the holding company of Asia Bank, N.A. revealed that they’d signed an agreement in writing to merge Asia Bancshares into Cathay. The outcome of the merger increased the presence of Cathay Bank within New York as well as adding Maryland to the list of areas that it serves.

On the 26th of May 2021 Cathay reached an arrangement with HSBC Bank America, N.A. to purchase HSBC’s retail business in the West Coast, including 10 branches located in Washington as well as California. As part of the agreement, Cathay will acquire approximately $1.0 billion in deposits, and around 800 million of loans.

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Esther Teng

Esther Teng is a financial analyst with an acute focus on emerging markets and fintech innovations. Her insights into the cross-section of finance and technology have provided valuable guidance to investors navigating the complexities of the modern financial landscape. Esther's passion for demystifying economic trends and her ability to forecast financial shifts make her a trusted voice in finance.