![]() ![]() Always consider trading fees when choosing a platform, as they vary and can impact your investment returns. If you're interested in direct exposure to cryptocurrencies, using a licensed and regulated crypto exchange will be essential. Direct investment in cryptocurrencies like Bitcoin and Ethereum can be facilitated by alternative services such as eToro, which offers lower fees and a wider range of crypto assets compared to competitors like Coinbase and Kraken. Instead, users can invest indirectly in cryptocurrencies via ETFs or companies with crypto exposure. In conclusion, Merrill Edge, a subsidiary of Bank of America, does not currently allow for direct investment or trading in cryptocurrencies on its platform. In comparison, other platforms like Coinbase charge over 2% per trade when accounting for both the trade fee and spread. eToro is a preferred platform, as it offers zero deposit fees, zero trading fees, and industry-leading spreads averaging around 1% depending on the specific crypto asset. ![]() The trading fees for investing in cryptocurrencies vary depending on the platform, typically ranging from 0.5% to 3%. Hence, institutional investors or 401k holders interested in obtaining direct stakes in cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) will need to consider alternative brokerage services for their investment needs. Clients, including those using the Merrill Edge platform, are limited to exposure through investments in cryptocurrency stocks or ETFs. Merrill Lynch currently does not facilitate direct investments in cryptocurrencies. Complete the USD deposit and use the funds credited to your account to invest in cryptocurrencies.Select the amount of USD you want to deposit and your preferred deposit method (e.g ACH Transfer or Debit/Credit Card).Select the 'Deposit Funds' button on the bottom left of your screen.Visit eToro to sign up and verify your identity.You can follow this simple 4 step guide to get started: Merrill Lynch Wealth Management has been training financial advisors since 1946, offering advisors the critical skills and knowledge they need to assist. Their exchange offers lower fees and a wider variety of cryptocurrencies compared to other popular brokers like Coinbase and Kraken who are known to charge high fees & wide spreads. How to Buy Bitcoin and Crypto with a Merrill Edge AlternativeĪs outlined above, our research concluded that eToro is the top alternative to Merrill Edge for US-based investors to buy and sell crypto assets. With this method, you can safely transfer USD from any US Bank to buy, hold and stake a wide variety of cryptocurrencies. However, clients may be able to invest indirectly in cryptocurrencies through exchange-traded funds (ETFs) that hold crypto-related assets or by investing in publicly traded companies that have exposure to cryptocurrencies or blockchain technology.įor investors looking to invest directly into crypto assets, you will need to sign up to a licensed and regulated crypto exchange in the US. Merrill Edge, which is a subsidiary of Bank of America, does not currently offer the ability to buy or trade cryptocurrencies directly on its platform. ![]()
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