Can You Buy Crypto with Merrill Edge?
Merrill Edge, which is a subsidiary of Bank of America, does not currently offer the ability to buy or trade cryptocurrencies directly on its platform. However, clients may be able to invest indirectly in cryptocurrencies through exchange-traded funds (ETFs) that hold crypto-related assets or by investing in publicly traded companies that have exposure to cryptocurrencies or blockchain technology.
For investors looking to invest directly into crypto assets, you will need to sign up to a licensed and regulated crypto exchange in the US. With this method, you can safely transfer USD from any US Bank to buy, hold and stake a wide variety of cryptocurrencies.
How to Buy Bitcoin and Crypto with a Merrill Edge Alternative
As outlined above, our research concluded that eToro is the top alternative to Merrill Edge for US-based investors to buy and sell crypto assets. Their exchange offers lower fees and a wider variety of cryptocurrencies compared to other popular brokers like Coinbase and Kraken who are known to charge high fees & wide spreads.
You can follow this simple 4 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 ACH Transfer or Debit/Credit Card).
- Complete the USD deposit and use the funds credited to your account to invest in cryptocurrencies.
Does Merrill Lynch Offer Crypto?
Merrill Lynch does not provide access to cryptocurrency. Account holders are restricted to investing in crypto stocks or ETFs, which is the same as the options available to Merrill Edge customers. Therefore, institutional investors and 401k holders must seek out a different broker if they wish to invest directly in cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
What are the Fees to Invest in Crypto?
The trading fees for investing in cryptocurrencies vary depending on the platform, typically ranging from 0.5% to 3%. eToro is a preferred platform, as it offers zero deposit fees, zero trading fees, and industry-leading spreads averaging around 1% depending on the specific crypto asset. In comparison, other platforms like Coinbase charge over 2% per trade when accounting for both the trade fee and spread.
In conclusion, Merrill Edge does not offer direct access to cryptocurrencies, and investors must find an alternative broker that is licensed and regulated by FinCEN to provide digital currency trading services.
After conducting thorough research and analysis, eToro emerged as the best alternative for US-based investors to buy and sell crypto assets. With eToro, investors can enjoy zero fees, tight spreads, and a wide variety of cryptocurrencies to choose from. eToro is licensed by FinCEN and trusted by over 10 million investors in the US. Start investing in cryptocurrencies today by following a simple 4-step guide on eToro's platform.