How to buy crypto (Bitcoin) at Wells Fargo?
The best way you can buy crypto at Wells Fargo is to open an account at a crypto exchange. In this article, I discuss how to buy Bitcoin & Ethereum at Wells Fargo.
How to buy crypto at Wells Fargo?
Step 1: open an account with a crypto exchange
At the time of writing, it is not possible to directly invest in crypto yourself. You therefore need an account with a crypto exchange. In the overview below, you can immediately see at which parties you can invest in cryptos:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Wells Fargo after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Step 2: deposit money into your account
After going through verification, you can deposit funds directly from your Wells Fargo account into your crypto account. Please note that it can take up to a few days for the deposit to be processed.
Step 3: buy crypto with Wells Fargo
Now that you have deposited money from your Wells Fargo account into your crypto account, you can start investing right away. To do this, first select the specific crypto you want to invest in: most exchanges allow you to choose between dozens of different crypto currencies.
In the order screen, you then enter the amount for which you want to buy the crypto. You can also choose between a market order where you open the position right away, or a limit order where you open the position at a specific price. After you press buy, the order is executed immediately & you can see how you make a profit or loss.
What is Wells Fargo’s stance on crypto?
Wells Fargo clearly sees crypto as a potentially serious investment. Back in 2021, they described in detail how a bank could offer crypto products.
Unfortunately, the options for investors to invest in crypto at Wells Fargo are still limited. Only investors with large assets can invest in their crypto fund at Wells Fargo. Whether this is wise, by the way, is doubtful. After all, Wells Fargo charges high management fees: you pay 2% annually there regardless of the fund’s return.
When you buy your own crypto from an exchange, you normally don’t pay any administrator fees at all. Moreover, when you buy cryptos yourself, you can completely decide if and when to sell them again. For instance, you can store the cryptos on an external wallet, which means no financial party can control what happens to your crypto.
How can you invest in crypto?
With crypto investing becoming increasingly popular, you see more and more people wondering how to invest wisely in crypto. Before explaining this, I would like to stress once again that cryptos are very risky: therefore, only invest in Bitcoin with money you can actually lose.
There are people who engage in day trading or speculation on crypto. A small group of traders are very successful at this, while the majority of investors lose a lot of money at it. Want to test whether you can be a good day trader yourself? In that case it might be advisable to open a free demo at a crypto broker.
When you do not have enough time to study the crypto market in detail, you can choose to buy crypto for the long term. You can then apply dollar cost averaging: you then buy your favourite crypto currency at different time intervals. This has a big advantage: it prevents you from betting all your money on the top of a bull market.
About Wells Fargo
Wells Fargo & Company is a US multinational bank headquartered in San Francisco. This large bank operates in 35 countries and has as many as 700 million customers worldwide.
Wells Fargo’s bank is also called Wells Fargo Bank N.A. and has its main office in Delaware. In America, Wells Fargo is the fourth largest bank and is competing for the crown along with JPMorgan Chase, Bank of America and Citigroup.
That Wells Fargo has built a great position in the United States should be obvious: with 8,050 branches and 13,000 ATMs, it is one of the most valuable brands within the financial industry.
Can you buy Bitcoin at Wells Fargo?
Unfortunately, it is not possible to invest directly in Bitcoin & Ethereum at Wells Fargo. From the articles that can be found on the bank’s website, however, it is clear that the company understands the value of crypto. When crypto becomes more accessible in the future, Wells Fargo could just be one of the first banks where you can invest in crypto. Until then, fortunately there are plenty of crypto exchanges where you can invest in crypto without any problems.