How to Buy Crypto with BMO Harris Bank (2023)

Summary: BMO Harris does not currently offer any products or services that enables its customers to buy cryptocurrencies directly through its online banking platform. This means that investors will need to sign up to a FinCEN-licensed exchange to transfer USD from their bank accounts to buy and sell digital assets.

Based on our research, eToro is the top pick for BMO Harris account owners looking for instant and free USD deposits to trade over 70 cryptocurrencies. eToro is a licensed and regulated exchange that offers industry-leading fees and is trusted by over 10 million users in the United States.

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Website

Top Platform for BMO Harris

5.0 out of 5.0 by Datawallet

eToro is the top platform for BMO Harris Bank customers looking to invest in cryptocurrencies due to its user-friendly interface, low fees, and ability to accept BMO accounts as a funding method.

Licensing & Regulation

FINRA-licensed with 10m+ investors on the platform.

Available Assets

70+ Cryptos an 3,000 other assets.

USD Deposit Methods

ACH Transfer, Debit Card, Credit Card and PayPal

Can You buy Crypto with BMO Harris?

BMO Harris account holders have the option to buy Bitcoin and other cryptocurrencies using ACH transfers or BMO credit cards through trusted third-party exchanges. These USA-based exchanges hold FinCEN & FINRA licenses, providing a safe and regulated environment for quick, no-fee USD deposits and digital asset trading.

Keep in mind, BMO Harris Bank does not directly offer cryptocurrency purchase or sale services, making it essential to choose a compliant exchange. By opting for a regulated US exchange, you can guarantee secure transactions and safeguard your consumer interests.

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How to Buy Bitcoin and Crypto with BMO Harris

As outlined above, the best way to buy Bitcoin and cryptocurrencies is through a regulated third-party exchange that will allow you to deposit funds from your bank account. eToro is one of the most popular platforms for BMO Harris account holders looking for a simple and user-friendly way to invest in over 70 cryptocurrencies and thousands of other assets. BMO Harris customers can deposit funds to eToro via Bank Transfer, Credit/Debit Card and other methods.

Here is a quick and simple 4 step guide to getting 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 BMO Harris ACH Transfer or Debit/Credit Card).
Complete the USD deposit and use the funds credited to your account to invest in cryptocurrencies.

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What are the Fees?

BMO Harris Bank does not charge any fees for purchasing digital assets. However, fees may be imposed by the third-party exchange that is used for the transaction. These fees can include trading fees, price spreads, deposit fees, withdrawal fees, or a combination of these. Customers may consider using the eToro platform for purchasing cryptocurrencies, as it offers low fees, fast and free ACH transfers, and accepts BMO Harris Bank accounts as a funding method.

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Is BMO Harris Crypto-Friendly?

BMO Harris is considered to be a crypto-friendly bank in the United States due to their policies regarding cryptocurrency transactions. They allow their customers to deposit and withdraw funds to and from licensed cryptocurrency exchanges in the USA that are registered with both FINRA and FinCEN.

By enabling their customers to use these exchanges, BMO Harris is providing a convenient way for individuals to invest in cryptocurrencies like Bitcoin and Ethereum, as well as other digital assets. It is important to note that while BMO Harris may be crypto-friendly, they do not offer direct access to cryptocurrency trading or investment services. This stance on cryptocurrency is in line with the growing trend of traditional financial institutions embracing digital assets.

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About BMO Harris Bank

BMO Harris Bank is a financial institution headquartered in Chicago, Illinois and a member of the BMO Financial Group. As one of the largest banks in the Midwest, they offer a full range of banking services for individuals and businesses, including personal checking and savings accounts, loans, mortgages, credit cards, investment options, and commercial banking services.

It has a long history dating back to 1882 when Harris Bank was founded in Illinois, Chicago. The bank has since grown to become one of the most significant banks in the Midwest and has over 600 branches across the United States.

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Bottom Line

In conclusion, BMO Harris Bank does not offer direct cryptocurrency trading services, but they are crypto-friendly by allowing their customers to use regulated third-party exchanges, such as eToro. By using a trusted exchange, BMO Harris account holders can enjoy a safe and secure environment for buying and selling cryptocurrencies with low fees and quick USD deposits. Ensure you select a FINRA and FinCEN-licensed exchange to protect your investments and maintain a secure trading experience.

Author

Antony Bianco

Head of DeFi Research

Antony is a strong advocate of decentralized finance (DeFi) and is deeply entrenched in the Ethereum and Zero Knowledge Proof communities. He is a co-founder of Data Wallet and runs our day to day operations.