Can I buy Cryptocurrency with Merrick Bank?
Merrick Bank does not support cryptocurrency trading through the Merrick Online Banking platform, or at a bank branch. This means that Merrick Bank account holders will need to find a licensed digital asset trading platform that is based in the US to deposit US Dollars (USD).
How to buy Crypto with Merrick Online
The easiest way to invest in Bitcoin and digital assets from your Merrick Bank account is through eToro US. They offer fast and cheap US Dollar deposits via bank transfer to trade Cryptocurrencies, Stocks, ETFs, Commodities and many other financial markets.
You can get started with Merrick Bank in 5 simple steps:
Step 1: Sign up to eToro US and verify your details.
Step 2: Select the 'Deposit Funds' button at the bottom of your dashboard.
Step 3: Select your USD deposit method from Merrick Bank. You can deposit via Bank Transfer or your Merrick Bank Credit Card.
Step 4: Once the USD has hit your account, simply navigate through the platform to buy and sell any of the available assets.
When you buy Bitcoin, Ethereum or any other Crypto with eToro, it will automatically be stored in your eToro managed Crypto Wallet. You can sell it, transfer it or do anything you want with the coin or token once you have purchased it.
About Merrick Bank
Merrick Bank was founded in 1997 and has been FDIC insured since December 12, 2000. Merrick is a top-20 issuer of Mastercard® credit cards for people with limited or no credit history. In addition to credit cards, the bank offers a full suite of banking products and services including: savings accounts, personal loans, and merchant services. Merrick Bank is headquartered in South Jordan, Utah. As of June 30, 2020, Merrick Bank had assets of $3.4 billion and deposits of $2.8 billion.
Merrick Bank Cryptocurrency Policy
Merrick Bank is a crypto-friendly financial institution in the United States. They allow their customers to freely trade digital assets and engage in the digital asset ecosystem through DeFi, GameFi, and the Metaverse.
If Merrick account holders stick to using licensed exchanges in the US, they will have no problems buying and selling Bitcoin and crypto.
Deposit and Trading Fees
The fees to deposit USD into a platform like eToro is usually around 50 pips or 0.5%. This is significantly cheaper than alternatives like Coinbase, which can charge up to 2.99% to deposit, then another 2% to trade on their platform.
For more information, read our eToro Review.