How to Buy Crypto with Bank of America
Learn how to seamlessly buy cryptocurrencies using a Bank of America account by partnering with FinCEN-certified U.S. crypto exchanges.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Summary: The most streamlined way to invest in cryptocurrencies using a Bank of America account is to partner with a U.S.-based cryptocurrency broker that is FinCEN-certified. This approach simplifies the transaction process, enabling you to easily transfer funds either via ACH or by using your Bank of America debit or credit card, making the buying and selling of digital assets more convenient.
After a comprehensive analysis of various platforms, eToro stands out as our top recommendation. Being a regulated platform, it allows for swift deposits from Bank of America accounts and offers a wide variety of cryptocurrencies. Moreover, eToro serves as a more cost-efficient alternative when compared to other platforms like Coinbase, which are often criticized for their elevated fees.
Can I Buy Crypto with Bank of America?
Certainly, if you're a Bank of America customer, you can buy Bitcoin and various other cryptocurrencies, but not directly through your bank. The path involves utilizing a cryptocurrency exchange in the United States that complies with FinCEN regulations and allows ACH transfers and deposits from BofA accounts. It's crucial to understand that Bank of America doesn't handle crypto transactions directly. As such, selecting an exchange that adheres rigorously to legal standards is advisable.
How to Buy Crypto with Bank of America
Starting your crypto investment journey with a Bank of America account is straightforward, especially when you work with a reputable U.S. crypto exchange. Based on our expertise, eToro emerges as an excellent choice for Bank of America account holders. The platform provides fast and fee-free USD deposit options, including ACH Bank Transfer, Debit Card, and Credit Card, among other methods.
Here's your quick guide to buying digital assets right from your Bank of America account:
- Navigate to eToro's website and complete the signup process.
- Locate the 'Deposit Funds' option, usually found at the bottom left of your user interface.
- Enter the amount in USD that you want to deposit and choose your preferred deposit method, such as ACH Bank Transfer from your Bank of America account.
- Finalize the USD deposit procedure and utilize the cleared funds to begin your journey into the cryptocurrency market.

What are the Fees?
When buying Bitcoin, stablecoins and other cryptocurrencies with a Bank of America account, the fees can differ depending on the exchange you select. Essential fees to be aware of include those for fiat deposits, fiat withdrawals, spread fees, and network gas fees if you withdraw crypto to a personal wallet.
For Bank of America account holders, eToro stands out as a cost-effective choice. Specifically, eToro offers no-charge USD deposits, mainly through ACH transfers, in addition to competitive trading fees. The primary cost to be aware of when purchasing digital assets on eToro is a reasonable 1% spread fee. This is notably more affordable than alternatives like Coinbase or Gemini, where fees can go above 2%.
Is Bank of America Crypto-Friendly?
Bank of America allows its customers to explore the growing realm of digital assets, including well-known cryptocurrencies like Bitcoin, Ethereum, and Tether (USDT). This is possible through cryptocurrency exchanges in the U.S. that adhere to guidelines from regulatory bodies like the Financial Crimes Enforcement Network (FinCEN). Bank of America permits USD deposits using various methods such as ACH transfers, debit cards, and credit cards on these compliant platforms.
By choosing an exchange that abides by legal requirements, Bank of America clients can feel secure when venturing into the digital asset landscape. This ensures compliance with both U.S. and international financial regulations. Bank of America's open approach promotes customer engagement in the expanding crypto market, while still respecting essential regulatory boundaries.
About Bank of America
Bank of America, commonly known as BofA, is a major multinational financial institution and one of the leading banks in the United States. Established in 1904, it provides an array of financial services to a diverse clientele including individuals, small businesses, middle-market enterprises, and large corporations. As of its latest financial reports, Bank of America generated a current revenue (TTM) of $100.48 billion, marking an increase from its 2022 revenue of $94.95 billion and 2021 revenue of $89.11 billion.
The bank services roughly 56 million residents in the U.S. and has an expansive footprint, with branches across the nation as well as an international presence in more than 35 countries. Beyond its financial operations, Bank of America has shown a commitment to social and environmental responsibility through various investments and philanthropic efforts.

Bottom Line
In conclusion, for those looking to buy cryptocurrencies with a Bank of America account, the best practice is to sign up to a US-based, FinCEN-compliant cryptocurrency exchange like eToro. The platform not only offers a seamless deposit process using various methods including ACH transfers from your Bank of America account but also stands out for its cost-efficiency with minimal fees.
Bank of America itself doesn't facilitate cryptocurrency transactions, but it does permit its account holders to engage with digital assets through certified platforms. By following these guidelines and opting for a reputable exchange, you can enter the cryptocurrency market with both ease and confidence.