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 cryptocurrency trading platform. However, that doesn’t mean you can’t use your Wells Fargo 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.
How to buy crypto or bitcoin with Wells Fargo
As stated above, just like with the vast majority of banks, you can’t buy crypto with Wells Fargo 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 crypto trading platform.
However, there are many crypto trading platforms that you can use for buying bitcoin and other cryptocurrencies.
1. Choose a cryptocurrency trading platform
While there are a lot of cryptocurrency trading platforms, 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!
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.
3. Transfer funds into the account
Transferring funds from your Wells Fargo account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy cryptocurrency
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!
About Wells Fargo
Wells Fargo might be a good choice if you need a large network with ATMs and branches.
Wells Fargo is home to more branches than any bank in America, and has 40 locations.
An account for Wells Fargo’s Everyday Checking requires $25 to open. Accounts with a minimum monthly account balance of less $500 are subject to a $10 fee.
With a $25 deposit, Wells Fargo can open a Portfolio Checking account that earns interest. A balance of $20,000 or more across linked accounts will waive the $25 monthly service charge.
Clear Access Banking account is another option for teens and students. For those aged 13-24 years old, the account's $5 monthly fees are waived.
Wells Fargo’s Way2Save savings account requires a $25 deposit. There is also a $5 monthly service charge. This fee is not applicable to account owners under 24 years of age or accounts that have a $300 daily limit. A monthly transfer to your savings account or a daily transfer of $1 from a linked checking bank account can help you avoid this fee. The account's average APY is significantly lower than that of the national average.