How to Buy Bitcoin with BMO Harris

‍BMO Harris users can purchase Bitcoin and other cryptocurrencies through regulated platforms in the USA registered with the Financial Crimes Enforcement Network (FinCEN). By using these exchanges, investors can fund their accounts with USD from BMO Harris Bank.

Kraken is an exchange based in San Francisco that is registered as a Money Services Business with FinCEN. It supports over 320 cryptocurrencies and accepts US Dollar deposits through ACH transfers, Fedwire, or cards linked to BMO Harris accounts.

Begin trading digital assets with this guide:

1. Create an Account: Head to Kraken’s website and register for an account. Complete the Know Your Customer (KYC) verification by uploading a government-issued ID.
2. Fund Your Account: Once verified, navigate to the “Funding” section. Transfer USD via ACH bank transfer or by linking your debit or credit card.
3. Choose Your Cryptocurrency: Browse the platform's cryptocurrency offerings and select your preferred asset.
4. Execute Your Trade: Input the amount you wish to invest, review the transaction details, and confirm your purchase.

BMO Harris Cryptocurrency Policy

BMO Harris Bank allows customers to transfer funds to crypto exchanges registered as Money Services Businesses (MSBs) with the Financial Crimes Enforcement Network (FinCEN).

Although BMO Harris facilitates crypto-related transactions, account holders should review the bank’s policies and FAQs to confirm there are no limitations on transferring funds to or from specific platforms.

Alternative Crypto Exchanges for BMO Harris

Several regulated U.S. cryptocurrency platforms registered with FinCEN work with BMO Harris accounts. Below are some trusted options worth exploring:

• Coinbase: Listed on NASDAQ, Coinbase is a publicly traded company that offers access to over 250 cryptocurrencies. While highly regulated, its transaction fees start at 1.5%, which is considered expensive.
• Binance.US: The U.S. branch of Binance, the world’s largest crypto exchange, features a selection of 100 cryptocurrencies with low trading fees starting at 0.1%.
• Uphold: Also based in San Francisco, Uphold allows users to trade across 350 assets, including cryptocurrencies, precious metals such as gold and silver, and fiat currencies.

What are the Fees?

For those new to crypto trading, understanding the costs associated with using an exchange is important. Here is an overview of Kraken’s fees:

• Deposits: ACH transfers and Fedwire deposits in USD are free, ensuring you can fund your account without incurring additional costs.
• Withdrawals: Cryptocurrency withdrawal fees vary based on the asset and are influenced by current blockchain network activity. USD withdrawals are free of charge.
• Trading Fees: Kraken provides competitive rates, with spot trading fees starting at 0.16% and futures trading fees ranging from 0.02% to 0.05%.

BMO Harris customers can efficiently manage their cryptocurrency transactions while minimizing costs using this exchange.

About BMO Harris Bank

BMO Harris Bank, now operating as BMO Bank N.A., is the U.S. subsidiary of BMO Financial Group, North America's eighth-largest bank by assets, serving over 13 million customers.

With a history dating back to 1882, BMO Harris offers a comprehensive suite of financial products, including personal and commercial banking, wealth management, and investment services.

Bottom Line

BMO Harris enables straightforward cryptocurrency investing by facilitating secure USD transfers to regulated exchanges such as Kraken, Coinbase, and Binance.US.

While BMO Harris does not directly offer cryptocurrency services, its support for FinCEN-registered platforms allows clients to safely enter the digital asset market.