Summary: BMO Harris Bank does not directly enable the purchase of cryptocurrencies through its online banking services. However, it supports the movement of USD to regulated exchanges for crypto investments. It's important to choose platforms that comply with Financial Crimes Enforcement Network (FinCEN) standards for secure transactions and maintaining regulatory compliance in the U.S.
In our review of various exchanges, we endorse eToro for BMO Harris Bank clients. eToro is regulated by FinCEN, ensuring a safe trading environment. The platform is praised for its user-friendly interface, offering a diverse selection of cryptocurrencies and other assets. It provides instant and free USD deposits through multiple funding methods, including ACH, bank transfers, and credit cards. eToro is distinguished by features like copy trading, which enables users to emulate the strategies of experienced traders.
- Financial Crimes Enforcement Network (FinCEN) registered broker trusted by millions of investors.
- Trade over 25 crypto assets with industry-leading fees and spreads.
- eToro USA LLC is registered and regulated with FinCEN.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Can I Buy Bitcoin with BMO Harris?
Yes, clients of BMO Harris Bank can securely invest in Bitcoin and other cryptocurrencies by moving funds to a licensed digital asset exchange within the United States. Finding an exchange that adheres to the guidelines of authoritative financial regulators, such as the Financial Crimes Enforcement Network (FinCEN), aligns with U.S. regulatory standards and assures secure trading. These platforms enable the deposit of USD, which can then be utilized for acquiring digital currencies like Ethereum or Polygon.
How to Buy Crypto with BMO Harris Bank
Engaging in cryptocurrency investments with a BMO Harris Bank account can be efficiently managed through regulated exchanges. We suggest eToro as a preferred platform due to its adherence to FinCEN regulations and its straightforward interface. eToro facilitates free and immediate USD deposits through multiple methods, including bank, ACH, and wire transfers, as well as PayPal and credit or debit cards. After depositing your funds, you can easily swap them for digital currencies.
Begin your investment journey with these steps:
- Account Creation: Sign up on eToro and complete all required identity verification procedures.
- Currency Selection: Navigate to "Deposit Funds" and choose "USD" as your currency.
- Funds Transfer: Pick a payment method that suits you and transfer funds from your BMO Harris Bank account.
- Complete the Purchase: Search for the token you wish to buy and execute the transaction to complete your investment.
BMO Harris Cryptocurrency Policy
BMO Harris Bank offers a versatile stance on cryptocurrencies, permitting its clients to engage in digital currency investments through exchanges regulated by the Financial Crimes Enforcement Network. This policy allows customers to expand their investment portfolios to include digital currencies. Our recommended platform, eToro operates under FinCEN's oversight, with its main office situated at 221 River Street, 9th Floor, Hoboken, NJ 07030, USA.
Digital Asset Investing Fees
As a newcomer to cryptocurrency investing, it's crucial to comprehend the various fees involved. Here's a brief guide to the standard charges you may encounter when using a digital currency exchange:
- Trading Fees: Exchanges like eToro generally impose a fee of around 1% for purchasing or selling cryptocurrency assets.
- Deposit Costs: Adding funds to your account might involve fees, depending on the chosen payment method. Bank or ACH transfers typically don't incur charges, but using credit or debit cards may lead to fees up to 2%.
- Withdrawal Expenses: The fees for withdrawing funds can vary by cryptocurrency. For example, withdrawing Bitcoin might incur a standard fee of approximately 0.0005 BTC.
Clients of BMO Harris Bank interested in digital currency trading might find eToro advantageous for its wide range of assets and its competitive fee structure. As a platform regulated by several financial authorities in the USA, eToro provides a secure environment for those exploring the crypto market.
What is BMO Bank?
BMO Harris Bank, a prominent member of the BMO Financial Group, is a well-established banking institution in the United States with a rich history dating back to 1882. Headquartered in Chicago, Illinois, it offers a comprehensive range of financial service, including personal and commercial banking, wealth management, and investment services.
Known for its strong focus on customer service and community involvement, BMO Harris operates over 500 branches, primarily in the Midwest, along with a network of ATMs and digital banking platforms. The bank is distinguished by its commitment to innovation, particularly in digital banking, and maintains a robust presence in several key markets, making it a significant player in the American banking sector.
Final Thoughts
In conclusion, BMO Harris Bank does not offer direct crypto purchasing options but approves transfers to regulated exchanges. Our expert team identified eToro as the best option for its compliance with FinCEN regulations, combined with its diverse asset offerings and competitive fee structure. This approach, reflecting BMO Harris Bank's broader commitment to innovation and customer service, positions the bank as a dynamic player in the financial sector.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
