Can I Buy Crypto with Merrill Edge?

No, Merrill Edge does not support direct cryptocurrency purchases. However, investors can indirectly access crypto markets through ETFs like iShares Bitcoin Trust (IBIT) for Bitcoin and iShares Ethereum ETF (ETHA) for Ethereum exposure. 

Investors seeking direct crypto ownership can transfer funds from Merrill Edge to regulated U.S. cryptocurrency exchanges such as Kraken or Coinbase. These platforms typically offer lower fees, transparent pricing, secure custody, and a wider selection of digital assets.

How to Buy Bitcoin & Crypto with Merrill Edge Alternative

Merrill Edge investors looking to directly buy Bitcoin and cryptocurrencies must first transfer funds to a licensed U.S. crypto exchange regulated by FinCEN.

Kraken, a FinCEN-registered Money Services Business (MSB #31000270997766), is a reliable option supporting over 460 cryptocurrencies and various USD deposit methods, including ACH transfers, wire payments, and credit or debit cards.

Follow these steps to buy crypto securely through Kraken:

1. Create an Account: Sign up for Kraken and complete the mandatory KYC verification process.
2. Fund Your Account: Deposit USD using ACH transfers, bank wires, or card payments.
3. Select Cryptocurrency: Choose your preferred crypto asset (e.g. BTC or ETH) from Kraken’s diverse offerings.
4. Finalize Your Purchase: Input your desired purchase amount, carefully verify your transaction details, then complete the trade.

Merrill Edge Crypto Product Fees

Merrill Edge charges no additional platform fees specifically for crypto-linked products like ETFs, ETPs, cryptocurrency trusts, or blockchain-related stocks such as Coinbase or MicroStrategy. Standard brokerage fees apply as follows:

• Crypto ETFs and ETPs: $0 commission for online trades, though annual expense ratios usually range from 0.2% to 1%.
• Blockchain-focused Stocks (Coinbase, MicroStrategy): $0 commission for online trades; broker-assisted transactions cost $29.95 each.
• Crypto Trusts (OTC securities): $0 commission online, but these products typically involve management fees and can trade at premiums or discounts relative to net asset value.

When considering these indirect crypto investments through Merrill Edge Self-Directed accounts, investors should carefully review embedded fees, pricing differences, and potential premiums to accurately assess their costs.

Alternative Crypto Exchanges for Merrill Edge

If you're considering options beyond Kraken for direct cryptocurrency investments outside of Merrill Edge, several regulated U.S. platforms stand out:

• Coinbase: FinCEN-regulated exchange offering secure trading for 250+ cryptocurrencies, staking opportunities, and advanced tools via Coinbase Pro. Fees average around 0.6%.
• Gemini: Licensed by the NYDFS, Gemini provides secure investing in 100+ cryptocurrencies with standard trading fees around 1.49%.
• Uphold: A FinCEN-registered exchange supporting trades in over 250 cryptocurrencies, plus fiat currencies and precious metals. Trading fees typically range between 0.8% and 1.2%.

About Merrill Edge

Merrill Edge is an online brokerage launched in 2010 by Bank of America, targeting mass-affluent investors. It manages over 4 million client accounts totaling roughly $500 billion in assets. The platform offers self-directed investing in stocks, ETFs, mutual funds, bonds, and options, plus professionally managed portfolios via Merrill Guided Investing.

Clients benefit from integration with Bank of America's banking services, advanced tools like Merrill Edge MarketPro, and personalized investment research.

Final Thoughts

Although Merrill Edge doesn't offer direct cryptocurrency purchases, investors can access digital assets indirectly via products like IBIT and ETHA. 

For lower fees, broader asset selection, and secure custody, consider transferring funds to regulated platforms such as Kraken or Coinbase. 

Before choosing, ask yourself whether convenience or full ownership aligns better with your investment goals to optimize your crypto strategy.