How To Buy Crypto with Bank of America

    • James Page

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a crypto trading platform. However, that doesn’t mean you can’t use your Bank of America account to buy crypto.

All you need is a reliable and trusted crypto exchange. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.

Buy Crypto with eToro

How to buy crypto or bitcoin with Bank of America

As stated above, just like with the vast majority of banks, you can’t buy crypto with Bank of America on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a cryptocurrency exchange.

However, luckily for us, there are plenty of crypto trading platforms to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.

1. Choose a crypto exchange

While there are a lot of crypto exchanges, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.

The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).

Let’s get into it!

etoro crypto

2. Create an account on the exchange

The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.

Sign Up with eToro

eToro sign up form

3. Transfer funds into the account

Transferring funds from your Bank of America account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.

4. Buy crypto

Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.

And that’s it, you now have some crypto, congratulations!

Buy Crypto with eToro

 

 

About Bank of America

Bank of America is the right bank if you're looking for top-notch digital features and a network of branches that offers many ATMs. If you're looking for a low rate of return and avoid bank fees, Bank of America is not the bank for you.

Bank of America Advantage Savings pays a lower APY than the national average. The account requires $100 minimum deposit. A $500 minimum balance can also be used to avoid the $8 monthly maintenance fees. To avoid paying the monthly service fee, you can link an Bank of America Advantage savings account to your account.

Bank of America Advantage Savings has tiered APYs. Use the mobile app to deposit checks into savings accounts.

Bank of America charges a fee for any more than six withdrawals, or transfers within a month. Bank of America charges $10 each time a withdrawal or transfer exceeds the six-withdrawal limit.

Bank of America's Keep the Change helps automate savings by rounding up purchases with a Bank of America Debit Card and then transferring the difference to your savings accounts.

Bank of America offers 14 terms of CDs. The CD terms offered by Bank of America range from 1 month to 10 year. Customers can choose between two types of CDs. Customers can choose from multiple terms and a minimum deposit of $1,000 for the standard CD. Customers interested in a shorter-term account may choose the featured CD. This feature requires a $10,000 minimum deposit. The featured CDs are only available in limited terms. They can last from 7 to 37 months.

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