Can you Buy Crypto with Merrick Bank?
Yes, it is possible to buy cryptocurrencies with Merrick Bank, but only through FINRA-regulated exchanges in the USA that accept ACH Transfers and deposits from Merrick Bank accounts. Merrick Bank does not offer direct cryptocurrency trading on its platform, so customers must first sign up with a cryptocurrency exchange that accepts Merrick Bank deposits.
How to Buy Bitcoin and Crypto with Merrick Bank
As outlined above, the safest and easiest way to invest in cryptocurrencies with a Merrick Bank account is through a regulated crypto broker. We recommend eToro because they offer lower fees then popular alternatives, are a regulated broker and offers 70+ cryptocurrencies and thousands of other assets to trade and stake.
Here is a step-by-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 Merrick Bank ACH Transfer or Debit/Credit Card).
- Complete the USD deposit and use the funds credited to your account to invest in cryptocurrencies.
Is Merrick Bank Crypto-Friendly?
Yes, Merrick Bank is considered crypto-friendly. They allow their customers to deposit funds into licensed and regulated crypto exchanges, enabling them to buy and trade digital assets. Merrick Bank recognizes the growing importance of cryptocurrencies and supports its customers' involvement in the digital asset ecosystem through DeFi, GameFi, and the Metaverse. By using regulated crypto exchanges, Merrick Bank customers can safely buy and sell cryptocurrencies, such as Bitcoin, with the peace of mind that their funds are secure.
What are the Fees to Invest in Crypto?
The fees to invest in cryptocurrencies can vary depending on the platform you use, but eToro is one platform that offers low fees. eToro charges zero commissions and tight spreads at 1% for buying and selling cryptocurrencies, making it a cost-effective option for investors. In comparison, platforms like Coinbase can charge fees as high as 2.49% per trade, which can be significantly higher than eToro. It's important to carefully review the fees charged by each platform and compare them to determine which is the most affordable option for your investment goals.
Bottom Line
To sum up, if you're a Merrick Bank account holder looking to invest in cryptocurrencies, there is a way forward. While the bank's online platform doesn't offer direct cryptocurrency trading, you can still buy and trade cryptocurrencies by signing up with a licensed third-party exchange that accepts ACH transfers and deposits from Merrick Bank accounts.
Our recommendation is eToro, a platform that has proven to be a trustworthy and cost-effective option for US investors.
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