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How to Buy Crypto with Discover Financial in United States

Last updated on December 18, 2023

Quick Summary: While Discover Financial 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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Discover Financial Homepage

As mentioned in my quick summary, like most United States banks, Discover Financial 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.

Thankfully there are many crypto trading platforms to pick from that allow you 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 Discover

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

1. Pick a cryptocurrency exchange

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.

Sign Up With eToro

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 Discover Financial.

Buy Crypto With eToro

About Discover Financial

Discover Financial Services is an American financial services business which operates and owns Discover Bank, which offers savings and checking accounts personal loans and mortgages for home equity, loans to students, and credit cards. It also manages both the Discover as well as Pulse networks, as well as Diners Club International. Discover Card is the third largest credit card brand in the United States, when measured by the number of active cards which is more than 50 million users. Discover is headquartered within Chicago. Chicago suburban area known as Riverwoods, Illinois.

The month of April, 2005 was when Morgan Stanley announced that it was planning to divest Discover Financial Services as an independent business in the next six months. In June, industry sources informed they believed that Morgan Stanley was reassessing its strategy in order to separate Discover. Then, in August of 2006, the firm said it would not sell Discover.

However, on the 19th of December the 19th of December, 2006 during an earnings report for the fourth quarter, Morgan Stanley CEO John J. Mack declared that Discover was set to be spun-off as a separate public company by July 31, 2007, saying that both companies would be better placed to grow and succeed in their own separate organizations. In advance of the scheduled date on June 30th 2007 Discover was split off as an autonomous public company. It started trading in the NYSE for the first time on July 2, 2007 as DFS.

Alongside its card services, Discover Financial Services also offers savings accounts including checking accounts Personal loan, loans for students identity protection, as well as mortgages for home equity.