How to Buy Crypto with Bank of America [2023] | Step-by-Step

Summary: Bank of America doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, Bank of America customers can connect their banking accounts to a Financial Industry Regulatory Authority (FINRA) licensed cryptocurrency broker to buy digital assets like Bitcoin (BTC) and Ethereum (ETH). 

In short, to buy crypto with Bank of America, investors in the US will need to sign up with a FINRA-regulated crypto exchange like eToro and deposit USD from their Bank of America account.

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Intermediate Traders and Investors

2.8 Million Active Accounts

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Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Can you buy crypto with Bank of America? 

You can buy crypto with Bank of America, but you need to connect to a FINRA-licensed 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 FINRA-regulated broker like eToro, which is a licensed and 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 staking service, 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.

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts

Get Started

Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

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). 

Bank of America’s 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’s crypto policy does allow customers to freely invest in digital assets through FINRA-regulated crypto exchanges with their Bank of America bank accounts. 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.”

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. 

Furthermore, although cryptocurrency broker-dealers in the US are required to register with FINRA, which imposes several requirements on them, including implementing and maintaining both anti-money laundering (AML) and customer identification programs (CIPs), crypto assets themselves are not regulated. 

Fortunately, 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:

• 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 is licensed by the appropriate regulators in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where your money is kept and what happens to your funds 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: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, have a look at our guide on investing mistakes to avoid;
• Monitor your investments: Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in. 

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: