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Can I buy Crypto with Bank of America?
As stated above, it is not possible to directly invest in digital assets through the Bank of America platform or physical branches as they do not support the infrastructure needed to trade and store Cryptocurrencies. However, the Bank of America COO Tom Montag stated that Crypto could add value to banks in the near future - hinting at a possible service offering sometime in 2023.
In the meantime, the best way for BoA customers to invest in Crypto assets is through a FINRA-licensed exchange. With this method, investors can deposit USD via multiple payment methods like Bank and ACH transfers or credit/debit card deposits to buy and sell digital assets.
How to buy Bitcoin and Crypto with Bank of America
The most secure and affordable way for Bank of America customers to invest in Crypto is by using the FINRA-regulated exchange, eToro. Simply deposit US dollars to eToro through one of its supported payment methods such as PayPal, ACH, Credit/Debit Card, Skrill, Neteller and Bank Transfers.
The guide below provides a quick overview of how to get started:
- Create a free account on eToro with your email and complete the signup process.
- Click 'Deposit Funds', select a method and deposit USD from Bank of America.
- Go to the search bar, type in the Cryptocurrency you want to buy, and tap 'Trade'.
- Input the amount you want to invest in the token and click the 'Open Trade' button.
Bank of America Crypto Policy
The Bank of America has never had any policies that prohibit its customers from using Cryptocurrency exchanges that are licensed by FINRA and FinCEN. They allow clients to freely deposit and withdraw US Dollars without needing to worry about potentially frozen funds.
Bank of America's research desk BofA Global Research has been historically bullish on Cryptocurrency. That plus what the COO stated, indicates that Bank of America will likely integrate digital assets into their service offering soon.
About Bank of America
Bank of America is a US-based large financial institution that offers a range of banking services and products to individuals, businesses, and corporations. Its services include checking and savings accounts, loans, credit cards, mortgages, investment products, and online banking services. BoA is one of the largest banks in the United States serving over 67 million customers.
BofA is licensed by the Federal Deposit Insurance Corporation (FDIC) and is a member of the Federal Reserve System. The bank is also regulated by the Office of the Comptroller of Currency (OCC). It has a good reputation and is generally considered to be a reliable and safe bank.
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Final Thoughts
To summarize, Bank of America does not currently offer any direct services for buying Crypto, but they are Crypto-friendly and allow customers to deposit funds into SEC-licensed and regulated trading platforms. As previously mentioned, we have selected eToro as the top pick for BoA customers as it is highly secure, offers low fees, a wide range of assets and free USD deposits.
