Can you Buy Crypto with Bank of America?
Yes, it is possible to buy cryptocurrency with Bank of America, but only through FINRA-regulated exchanges in the USA that accept ACH Transfers and deposits from BofA accounts.
As a customer of Bank of America, you can use your account to transfer funds to an exchange that is registered with the Financial Industry Regulatory Authority (FINRA). These exchanges are licensed and regulated to operate in the USA, and they are required to follow strict rules and guidelines to ensure the safety and security of their customers' funds and transactions.
How to Buy Crypto and Bitcoin with Bank Of America
As outlined above, the easiest way for Bank of America customers to invest in cryptocurrencies is through a regulated third-party platform like eToro. With this method, you can quickly connect your account and deposit USD through ACH Transfer, Debit Card, or Credit Card to trade and invest in over 70 cryptocurrencies with no fees in a regulated environment.
Here is a simple step-by-step guide to get started:
- Visit eToro to sign up and verify your identity.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Select the amount of USD you want to deposit and your preferred deposit method (e.g Bank of America ACH Transfer or Debit/Credit Card).
- Complete the USD deposit and use the funds credited to your account to invest in cryptocurrencies.
What are the Fees to Buy Crypto with BofA?
Bank of America fees for investing in cryptocurrency may vary depending on the exchange you use. Popular retail crypto platforms such as Coinbase and Kraken often charge higher fees, which can be as high as 2% per trade when taking into account fees and spreads.
To avoid high fees, you may consider using a platform like eToro, which has zero fees and tight spreads averaging around 1%. They also offer instant and free USD deposits via BofA ACH Transfer to trade any asset available on their platform.
Bank Of America Cryptocurrency Policy
Bank of America has never restricted its clients from buying and selling cryptocurrencies through authorized and licensed cryptocurrency exchanges in the USA. If you are going to invest in digital assets, you must do so through an exchange thatis registered with FinCEN as a Money Services Business and is licensed to operate in the US by FINRA.
Furthermore, there is nothing stipulated in the Bank of Americas terms and conditions that would forbid its users from investing in digital assets like Bitcoin or Ethereum.
About Bank of America
The Bank of America, also known as BofA, is a multinational financial institution and one of the largest banks in the United States. Founded in 1904, BofA offers a range of banking services and products to individuals, businesses, small and middle-market enterprises, and large corporations. The Bank of America services approximately 56 million US residents.
The bank has locations throughout the country as well as international presence in over 35 countries. In 2019, Bank of America reported revenues of $102 billion and assets totaling $2.3 trillion. In recent years, Bank of America has made efforts to address social and environmental issues through its investments and philanthropic initiatives.
IBank of America customers can purchase cryptocurrencies through regulated exchanges in the USA that accept ACH transfers and deposits from BofA accounts. eToro is a recommended exchange for BofA account holders due to its competitive fees, variety of available cryptocurrencies, and its reputation for being a trusted and regulated platform. With eToro, users can easily connect their BofA account and deposit funds through ACH transfer or debit/credit card with zero fees.