How to Buy Crypto with Bank of America [2024]

Summary: Bank of America (BofA) doesn’t offer customers the opportunity to trade cryptocurrencies on its platform. Instead, Bank of America customers can use a third-party crypto broker to buy Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies using their BofA bank account. 

If you wish to use your BofA bank account to buy crypto, we recommend linking it to a trusted multi-asset investment platform, eToro. After analyzing over ten popular trading platforms, we concluded eToro to be the best choice for Bank of America customers, as it offers low trading fees and a wide selection of digital assets.

Best Crypto Exchange for Intermediate Traders and Investors

• Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

• 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

• Copy top-performing traders in real time, automatically.

• eToro USA is registered with FINRA for securities trading.

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Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Can you buy crypto with Bank of America? 

You can buy crypto with Bank of America, but you need to connect to a cryptocurrency exchange. As mentioned above, this is because Bank of America does not offer the buying and selling of cryptocurrency directly through its online banking platform.

How to buy crypto with Bank of America?

The best way to buy Bitcoin or any other cryptocurrency with a Bank of America account in the US is through a broker like eToro, which is a widely trusted multi-asset investing platform with over 70 cryptocurrencies and unique features such as “Copy Trading,” which enables users to copy top-performing crypto traders, in addition to a custom watchlist, as well as advanced charts and technical analysis tools. 

How to buy crypto with Bank of America: Step-by-Step

You can get started in minutes with four simple steps:

• Step 1: Create an account on eToro and complete your verification (personal or company);
• Step 2: Enter the USD amount you want to deposit on the eToro platform;
• Step 3: Connect your Bank of America account to deposit your selected fiat currency;
• Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.

Disclaimer: Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Best Crypto Exchange for Intermediate Traders and Investors

• Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

• 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

• Copy top-performing traders in real time, automatically.

• eToro USA is registered with FINRA for securities trading.

30+ million Users

Get Started

Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

About Bank of America

Bank of America is the second-largest banking institution in the US and the second-largest bank in the world by market cap. It is also one of the American Big Four banking institutions, serving approximately 66 million consumers, with 4,600 branches and 16,200 ATMs across the country. Its primary operations revolve around commercial banking, asset management, investment banking, and other financial services for both individuals and businesses.

Services offered by Bank of America include: 

• Personal banking: Checking accounts, savings accounts, credit cards, mortgages, loans, and lines of credit;
• Business banking: Business checking and savings accounts, loans, lines of credit, and business tools, including cash and transaction management solutions;
• Wealth management: Financial planning and portfolio management, small business and individual 401 (k), individual retirement accounts (IRAs). 

Notably, as of December 2023, the Bank of America is the country’s 17th most-valued brand.

Bank of America crypto policy

Bank of America does not currently offer any products or services related to cryptocurrencies. In fact, when asked if they’d make a move into the sector, CEO Brian T. Moynihan said regulatory concerns prohibited the bank from making a large crypto push:

“The reality is that we can’t do it. By regulation, we are not really allowed to engage. We are not engaging in accounts for people in cryptocurrency, we are not allowed to. [The regulator] said ‘you have to ask us before you do it and by the way don’t ask’ is basically their tone.”

That said, Bank of America crypto users are allowed to use their banking account to freely invest in digital assets through FINRA-regulated crypto exchanges. So generally, Bank of America is a crypto-friendly bank. The bank has previously even launched its own research, such as the Bank of America crypto report, finding that “digital assets are too large to ignore.” However, Bank of America acknowledges that Central Bank Digital Currencies (CBDCs) and stablecoins could eventually revolutionize money.

How to buy crypto safely

The cryptocurrency market thrives on speculation, and its relatively small size makes it more vulnerable to high price volatility, making them a much more temperamental investment than stocks or bonds. In addition, the crypto sphere is teeming with schemers, putting both inexperienced and seasoned investors at risk. 

However, there are steps you can take to ensure you’re being careful when buying crypto. Let’s look at a few tips on what you should do when getting started with digital assets and how to best protect yourself and your money.

Pro tips

• Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks of buying crypto are; 
• Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web, keeping your sensitive information safe;
• Choose a reputable exchange: Ensure the exchange has a license from an appropriate regulator in your country. Study user terms and agreements to learn where they’ll keep your money and what happens if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
• Secure your account: Use two-factor authentication and a strong password to protect your account;
• Use a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
• Don’t invest money you can’t afford to lose: The crypto market can be volatile, so be careful with your investments. For more investing tips, take a look at our guide on investing mistakes to avoid;
• Monitor investments: Keep an eye on the market and any changes in the price of your chosen cryptocurrency.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

FAQs about how to buy crypto with Bank of America: 

Best Crypto Exchange for Intermediate Traders and Investors

• Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

• 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

• Copy top-performing traders in real time, automatically.

• eToro USA is registered with FINRA for securities trading.

30+ million Users

Get Started

Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD