How to Buy Crypto with Merrick Bank

Can I Buy Bitcoin with Merrick Bank?

Merrick Bank, at present, does not provide direct support for cryptocurrency transactions, including Bitcoin, to its account holders. However, Merrick Bank does not restrict its customers from buying cryptocurrencies through certified U.S. exchanges. It's crucial for customers to conduct transactions on an exchange that is endorsed by regulatory bodies such as the Financial Crimes Enforcement Network (FinCEN), as this guarantees both the security of the platform and its adherence to U.S. legal requirements for digital assets.

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How to Buy Bitcoin and Crypto with Merrick Bank

The best strategy to invest in digital currencies using a Merrick Bank account is via a cryptocurrency exchange approved by FinCEN. Merrick Bank customers can transfer US Dollars from their account to a licensed intermediary for the purchase and trade of various crypto assets like Bitcoin, Ethereum, and more, using methods such as ACH Transfer, debit, or credit card.

Kick off your crypto journey in no time with our straightforward guide:

1. Open a free account on eToro and complete the verification requirements.
2. Click 'Deposit Funds', pick a method, and transfer USD from Merrick Bank.
3. Go to the search bar, find the token you want to buy, and click 'Trade'.
4. Enter the amount of USD you want to invest and tap 'Open Trade'.

What are the Fees?

The fees to invest in crypto assets like Bitcoin and Ethereum will vary greatly depending on the exchange you use. We recommend eToro because they offer the lowest fees including free USD deposits, zero up-front commissions and industry-leading spreads at around 1%. This is significantly cheaper than alternatives like Coinbase and Kraken who charge over 1.49% in fees to execute a transaction on their platform.

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Merrick Bank Cryptocurrency Policy

Merrick Bank, a respected financial institution in the United States, upholds a thoughtful policy regarding cryptocurrencies. They allow their customers to venture into digital currency investments via cryptocurrency intermediaries approved by the Financial Crimes Enforcement Network (FinCEN). This provides a valuable opportunity to hedge against instabilities in conventional banking sectors and to diversify portfolios with Bitcoin and other virtual currencies.

Customers of Merrick Bank can seamlessly engage in cryptocurrency markets through certified platforms such as eToro, enabling swift and secure funding in USD via ACH transfers, debit cards, or credit cards.

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About Merrick Bank

Merrick Bank was founded in 1997 and has been FDIC insured since December 12, 2000. The bank 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. It is headquartered in South Jordan, Utah.

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Final Thoughts

In conclusion, while Merrick Bank doesn't directly facilitate cryptocurrency transactions, they do permit their customers to purchase cryptocurrencies via FinCEN-certified U.S. exchanges. Utilizing exchanges like eToro, which boasts competitive fees, Merrick Bank account holders can begin their crypto journey securely and affordably. Remember to always use trusted, legally compliant platforms for cryptocurrency transactions to ensure the safety of your investment.