Buying crypto & Bitcoin at the Bank of America: how to do it?
Want to buy Bitcoin with your Bank of American account? You can! In this article, you can read directly how to invest in Bitcoin, Ethereum and other Crypto at the Bank of America!
How to buy crypto at Bank of America?
Step 1: open an account with a crypto exchange
It is currently not possible to buy Bitcoin and other crypto directly at Bank of America. However, you can open an account with a crypto exchange and thus invest in crypto with the money in your bank account. In the overview below, you can see which exchanges you can open an account with:
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Step 2: deposit money into your account
Before you can buy Bitcoin with the money in your Bank of America account, you must first make a deposit it on the crypto platform. Most exchanges allow you to easily deposit money from your bank account to the crypto exchange.
Step 3: select crypto
Now that you have deposited money in your account, you still have to choose which crypto you want to invest in. There are thousands of different cryptos, but many of them are still small in scale. The largest and best-known cryptos are Bitcoin and Ethereum. When you are sure which crypto you want to buy, you can select it within the trading software.
Step 4: buy crypto
When you want to buy crypto, you can place an order directly. When you buy crypto directly, you pay the prevailing price for it. It is also possible to set a price at which you buy the crypto. With an order, you have more control over how your investment is executed, but you are never sure if itthe order will actually be executed.
What is the Bank of America’s stance on crypto?
The Bank Of America stresses the risks of investing in crypto. Without oversight, the crypto market remains the wild west. At the same time, you can see that Bank Of America’s research firm BofA Global Research is bullish on Bitcoin. This could be a sign that Bank of America will soon introduce a crypto product.
At the time of writing, Bank of America does not block investing in crypto such as Bitcoin. However, you cannot use Bank of America’s credit card to invest in crypto.
Safety first when buying Bitcoin with the Bank of America!
I would like to take a moment to highlight the risks of investing in crypto. The oversight of crypto and crypto exchanges is still limited. This makes it extra important to research carefully whether investing in crypto is a good fit for you. Engage only with reliable parties and watch out for scams!
When you want to buy crypto with your Bank of America account, it is important that you only do so with money you can afford to lose. This is because cryptos are very volatile and you can quickly lose a large part of your investment.
About Bank of America
Bank of America (also known as BofA or BoA for short) is America’s second-largest bank after JPMorgan Chase. The Bank of America was founded in San Francisco, but had existed in its current form since 1998. The Bank of America processes more than 10% of all deposits made by Americans. Services offered by the bank include commercial banking, wealth management and investment banking.
The Bank of America has a good reputation: with more than 5,000 branches, almost every American has come into contact with this company at some point. Yet the Bank of America has also faced difficult times: during the 2008 financial crisis, the bank received billions of dollars in government aid.
Can you buy Bitcoin at the Bank of America?
Buying Bitcoin directly from Bank of America is not possible. However, by opening an account with a reliable crypto exchange, you can still invest in Bitcoin with the Bank of America. When you choose to invest in crypto currencies such as Bitcoin & Ethereum, it is important to watch out for crypto scams.
Over Alex Mostert
Already in 2015 I bought my first Bitcoins for roughly $300, only to sell them shortly after for $900. At the time I thought I benefited from the deal of the century, but I, of course, had no idea Bitcoin would become as popular as it is today. On this website, I want to teach everybody how to buy Bitcoin through their bank.