How to Buy Crypto with Merrill Edge

Can I Buy Bitcoin with Merrill Edge?

No, Merrill Edge does not currently allow direct ownership of Bitcoin and other cryptocurrencies. However, users gain exposure to the market by investing in crypto-related ETFs, trusts, and stocks through the platform. For those looking to own and trade digital assets, you must use a regulated U.S. exchange registered with the Financial Crimes Enforcement Network (FinCEN). 

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How to Buy Crypto with Merrill Edge Alternative

‍If you're looking for an alternative to Merrill Edge for purchasing cryptocurrencies, Kraken is an excellent option. This exchange is secure and compliant with FinCEN regulations, and trusted by millions worldwide. It allows direct USD deposits from bank accounts and provides access to over 280 cryptocurrencies with competitive fees. 

Here's a short guide to get started with Kraken using your U.S. bank account:

1. Account Setup: Head to Kraken's website and register for an account by providing your email address.
2. Connect Bank: Link your U.S. bank account to facilitate easy USD deposits.
3. Select Crypto: Browse Kraken’s extensive selection of cryptocurrencies.‍
4. Complete Trade: Decide your investment amount, choose your desired asset, and complete the purchase.

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What are the Fees?

Merrill Edge doesn’t support direct cryptocurrency purchases, so traditional trading fees don’t apply. However, if you’re considering exposure through Merrill Edge, such as the iShares Bitcoin Trust and Grayscale Bitcoin ETFs, be mindful of the associated fees, which can be upwards of 5%.

For those looking for a more affordable way to trade cryptocurrencies, Kraken offers a better alternative. Trading fees start at just 0.16%, much lower than the fees on exchanges like Coinbase, which charges 2%. Additionally, Kraken allows free USD deposits, including ACH transfers and card payments.

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About Merrill Edge

Merrill Edge is an online brokerage platform that integrates Merrill Lynch's investment expertise with Bank of America's banking services. It offers self-directed trading of stocks, bonds, ETFs, and mutual funds, along with robo-advisory through Merrill Guided Investing and professionally managed portfolios with Merrill Edge Select Portfolios. The platform also integrates with Bank of America's online banking for a unified financial management experience.

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Bottom Line

In conclusion, while Merrill Edge offers indirect exposure to Bitcoin through ETFs, it does not support direct crypto ownership or trading. For those interested in owning digital currencies, we recommend using a regulated exchange like Kraken, which is registered as a Money Services Business with FinCEN. There are over 280 digital assets to trade and stake for high yields.