How to Buy Crypto with Merrill Edge

Summary: Merrill Edge does not currently offer any products that enable its customers to buy cryptocurrencies through their brokerage platform. This means that investors will need to find an alternative crypto broker in the US that is licensed and regulated by FinCEN to provide digital currency trading services.

Based on our review and analysis of over 20 platforms, we found that eToro is the best alternative to Merrill Edge for crypto. Their platform offers instant and free USD deposits from all US Banks to trade over 25 cryptocurrencies and thousands of other assets with low fees and tight spreads. eToro is licensed by FinCEN and trusted by over 10 million investors in the US.

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.

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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:

1. Visit eToro to sign up and verify your identity.
2. Select the 'Deposit Funds' button on the bottom left of your screen.
3. Select the amount of USD you want to deposit and your preferred deposit method (e.g ACH Transfer or Debit/Credit Card).
4. Complete the USD deposit and use the funds credited to your account to invest in cryptocurrencies.

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Does Merrill Lynch Offer Crypto?

Merrill Lynch currently does not facilitate direct investments in cryptocurrencies. Clients, including those using the Merrill Edge platform, are limited to exposure through investments in cryptocurrency stocks or ETFs. Hence, institutional investors or 401k holders interested in obtaining direct stakes in cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) will need to consider alternative brokerage services for their investment needs.

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What are the Fees?

The fees associated with buying and selling cryptocurrencies differ based on the digital asset exchange you choose. Typically, users must consider various costs such as USD deposit fees, trading fees, spreads, and fiat withdrawal fees. Well-known platforms like Coinbase often have higher fees, including spreads that may exceed 2.5% per transaction.

On the other hand, popular alternatives such as eToro offer more cost-effective ways to invest in crypto, charging a minimum 1% spread fee and providing free US Dollar (USD) deposits via ACH Transfer. It's important to be aware that deposits made with debit or credit cards can attract fees as high as 2.49%.

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Bottom Line

In conclusion, Merrill Edge does not provide the means for direct cryptocurrency investment through its platform. For those seeking to delve into the crypto market, licensed and FinCEN-regulated alternatives like eToro present a compelling option. Offering free USD deposits, low fees, and a variety of over 25 cryptocurrencies, eToro stands out as the top choice for US investors in our thorough analysis. As with any financial decision, it is vital to consider the costs, regulations, and your investment goals, ensuring that the chosen platform aligns with your specific needs and adheres to regulatory standards.