Crypto Banks
Buy Crypto with Bank of America

Buy Crypto with Bank of America

Summary: Bank of America customers cannot directly purchase Cryptocurrency through the BoA platform. The only way to invest in Crypto assets is by depositing USD into a regulated digital asset exchange. It's important to ensure you are using a secure and trusted platform that is licensed with FinCEN and FINRA.

We have completed a thorough analysis of the top 20 trading platforms in the US and compared each exchange's products and services. Following the investigation, we identified eToro as the best-suited option for Bank of America customers. BoA account holders can deposit USD to eToro to buy and sell over 4000 assets which include Crypto, ETFs, Stocks, Commodities, Indices and more.

Table of Contents

Best Crypto Exchange for Bank of America

Platform Highlights

  • Free US Dollar (USD) deposits for Bank of America customers.
  • Buy and sell 4000+ assets which include Crypto, Stocks, Commodities, and more.
  • Licensed with FinCEN as a Money Services Business & is a member of FINRA.
eToro - Bank of America
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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:

  1. Create a free account on eToro with your email and complete the signup process.
  2. Click 'Deposit Funds', select a method and deposit USD from Bank of America.
  3. Go to the search bar, type in the Cryptocurrency you want to buy, and tap 'Trade'.
  4. Input the amount you want to invest in the token and click the 'Open Trade' button.
How to buy Bitcoin and Crypto with Bank of America.
How to buy Bitcoin and Crypto with Bank of America.

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.

Bank of America.
Bank of America.

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.

Adrian Graham

Co-Founder & former Investment Banker (Finance MBA) turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

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