How to Buy Bitcoin or Crypto with Wells Fargo
If you want to buy cryptocurrency with your Wells Fargo account, the best method will be to do so on Uphold US. This will give you access to over 250 cryptocurrencies with low fees and fast US Dollar deposits from Wells Fargo bank accounts. The platform currently offers over 250 cryptocurrencies and extensive staking features to earn interest on your deposits.
You can follow this simple guide to started investing from Wells Fargo today:
- Open an account with Uphold and complete the identity verification process.
- Deposit US Dollars (USD) onto the account from your Wells Fargo Bank account.
- Find the cryptocurrency you want to buy on the Uphold dashboard using their search feature.
- Input the amount of USD you want to buy and finalize your trade.
What are the Cryptocurrency Investing Fees?
Depending on the exchange you use, it can be expensive to buy and sell cryptocurrencies. There’s typically fees to deposit funds, withdraw earnings, trade, and for account management.
Conveniently, Uphold only charges fees when buying or selling cryptocurrencies. This is a flat fee of 1%, so you know what to expect. There are no fees to deposit funds. For withdrawals, you will pay a $5 fee, which is considerably lowe than other exchanges that charge up to 1% of your withdrawal amount.
What is Wells Fargo’s policy on cryptocurrencies?
Although Wells Fargo doesn’t offer the ability to directly invest in cryptocurrency, the bank refers to crypto as “viable investments”. Wells Fargo officially recommends professionally managed private placements but has no restrictions. As such, you should have no problems when using your Wells Fargo account to purchase digital assets.
Can I legally buy digital assets in the US?
In the United States, it is legal to buy and sell cryptocurrencies. The main federal regulator for the cryptocurrency industry is the Securities and Exchange Commission (SEC). As long as you are using a cryptocurrency exchange that is regulated by the SEC and FINRA, it is completely legal and safe to purchase digital assets.
Investors should also be aware of state-level regulations regarding cryptocurrency investing. Some states have implemented their own licensing requirements for businesses dealing in digital assets, and some have placed limitations on how individuals can buy and sell cryptocurrencies.
It is imperative for investors to do their research and make sure they fully understand the legal implications of investing in digital assets before making any purchases. Consulting with a lawyer or financial advisor may also be helpful in navigating the regulatory landscape.
About Wells Fargo
Wells Fargo is one of the United States’ “Big Four Banks.” It is the result of a 1998 merger between Norwest Corporation and Wells Fargo & Company, the latter of which traces its origins back to 1852. As of 2019, Wells Fargo is the fourth largest bank in the US by assets. It has over 8,200 branches nationwide and serves approximately 70 million customers.
It operates through three main business segments: Community Banking, Wholesale Banking, and Wealth & Investment Management. Wells Fargo serves individuals, businesses, and institutions across the United States and internationally.