Can I buy Crypto with Merrill Edge?
As at time of writing, there is no way to buy cryptocurrencies directly through the Merrill Edge platform. The only way to get exposure to digital assets on Merrill Edge is by investing in crypto related stocks like Coinbase, Grayscale Bitcoin Trust (GBTC), Arkk Invest or Microstrategy.
Although crypto stocks like Coinbase do track the volatility of crypto-assets, the return on investment has been historically better from buying the underlying like Bitcoin or Ethereum.
How to buy Crypto from Merrill Edge
If you are a Merrill Edge user with a Bank of America (BofA) account, you will need to sign up to an exchange that accepts bank transfers to buy cryptocurrencies. The best method to get started quickly is eToro, they offer instant and free US Dollar deposits to trade a wide variety of crypto assets and thousands of stocks, ETFs and other assets.
You can follow this simple 4 step guide to get started:
- Create a free account on eToro and complete the verification process.
- Click 'Deposit Funds', pick a method, and transfer USD from any US Bank.
- Go to the search bar, find the token you want to buy, and click 'Trade'.
- Enter the amount you want to invest and tap 'Open Trade'.
Will Merrill Edge offer Crypto?
Merrill Edge have not made any statement outlining any futures plans for their platform to offer cryptocurrency trading. Their self-directed accounts are optimized for retail investors and are designed to simplify the trading process.
Adding cryptocurrency products like Bitcoin, Solana, Avalanche and more could complicate their product suite and confuse their users. This is why crypto curious Merrill Edge users will need to migrate to alternative platforms like eToro.
About Merrill Edge
Merrill Edge is an online brokerage platform owned by Bank of America. It was launched in 2010 and offers a variety of investment products and services to its clients. Merrill Edge is licensed and regulated by the US Securities and Exchange Commission (SEC).
Merrill Edge offers a variety of investment products, including stocks, bonds, mutual funds, ETFs, and options. It also offers banking services, such as checking and savings accounts, credit cards, and mortgages.
In conclusion, Merrill Edge currently does not offer direct access to cryptocurrencies for its users, but only provides the option to invest in crypto-related stocks, ETFs, and mutual funds. For those looking to invest in crypto, eToro is a regulated alternative with a wide variety of cryptocurrencies to trade and industry-leading fees. Merrill Edge has not made any statements regarding future plans to offer cryptocurrency trading, so users may need to explore alternative platforms like eToro.