How to Buy Crypto with Bank of America? - Coin Amazon

How to Buy Crypto with Bank of America? - Coin Amazon

written by John Murphy | May 7, 2023

Bank of America is one of the preferred platforms for financial enthusiasts, including crypto investors. However, Bank of America is not currently offering direct crypto transactions. Instead, users must connect their account with FINRA’s approved crypto broker to know that how to buy crypto with Bank of America and other digital assets like Ethereum or Bitcoin.

Key Takeaways

  • Since Bank of America does not directly involve crypto trading, you need a FINRA-approved crypto exchange to transfer funds.
  • eToro, Gemini, BitMart, and Coinbase are a few crypto exchanges you can connect with your Bank of America account.
  • Buying Bitcoins with Bank of America debit or credit cards is currently impossible.

Thus, buying Bitcoin with Bank of America is only possible if you have an account with a trusted exchange like Gemini or eToro since these exchanges have a license from the authority to trade cryptocurrency transactions in the United States.

We will look at the easiest way to buy crypto with a Bank of America credit card or debit card. So, please stick around and let us learn how to buy crypto with Bank of America.

Step-by-Step Guide 

For your ease, we have divided the process of buying Bitcoin with Bank of America in a step-by-step guide. So, you can follow these to your favorite cryptocurrency from your preferred bank.

As we know, Bank of America does not allow direct trade of cryptocurrency with fiat money; hence, you will need a crypto account with any of the Financial Industry Regulatory Authority-approved exchanges.

Let us now focus on the entire process of buying cryptocurrency with Bank of America.

Step 1: Opening Account with Crypto Exchange

Firstly, you must open a crypto account with an approved exchange. Opening an account is a simple process; generally, crypto businesses require the following information to set up a new account.

  • Name
  • Address
  • Email address
  • Phone number
  • Social security number

Below is a list of the FINRA-approved crypto exchanges.

However, before opening any of the above crypto platforms, we suggest you check commission fees, procedures, accepted payment methods, and available tokens. These points will help you make a better decision, avoid future hassles, and save extra cents while making transactions.

  • Step 2: Connect the Bank of America Account

Once you have successfully opened a crypto exchange account, the next step is to connect this new account with your Bank of America account.

It is a straightforward affair; you can follow the steps to complete this phase.

  • Login to your crypto exchange account on the web browser or mobile app
  • Select the Fund option to transfer funds
  • Click the Select Bank option
  • Search for Bank of America and select it

Once completed, you can transfer funds from your Bank of America account to the crypto exchange.

  • Step 3: Transfer Funds

Once your crypto and bank accounts are connected, you can quickly transfer the desired amount of fiat money, like USD or Euro, to your crypto account. All you need is to enter the desired amount to intend to transfer.

Moreover, click the Transfer button to approve the transactions by providing the required information. It will take a few seconds for funds to appear in your crypto exchange account. 

  • Step 4: Purchase Cryptocurrency

Buying Bitcoin with Bank of America is now all set to proceed further. You need to search for your desired cryptocurrency and start the trading procedure.

The following are the usual steps taken to complete the purchase.

  • Search for your desired cryptocurrency, like Bitcoin or Ethereum.
  • Enter the fiat money you intend to spend, or enter the amount of token you wish to purchase.
  • Click next and calculate commission charges, if any
  • Click the Buy button if satisfied.
  • Receive crypto tokens in your crypto wallet.

There you have it; you are the cryptocurrency owner and are all set to experience the cryptocurrency world.

Furthermore, remember to store your newly bought coins in a digital wallet that suits your trading options. A cold wallet is preferable but will cost you more than a hot wallet. Likewise, your crypto exchange will also offer you storing facility.

Bank of America Crypto Policy 

Bank of America has a clear policy about cryptocurrencies; However, they are not directly dealing with crypto traders; they allow users to connect their bank accounts with FINRA-approved crypto platforms.

In a recent interview, the bank’s CEO stated that digital assets are too big to ignore; hence we may be directly buying Bitcoin with Bank of America in the future.

Frequently Asked Questions

Can I buy crypto with a Bank of America credit card?

Unluckily, Bank of America is not currently allowing the purchase of cryptocurrency with its credit cards; hence you will have to look for other bank credit cards.

Can I buy Bitcoin with Bank of America?

Buying Bitcoin with Bank of America is only possible if you have a crypto account with one of the FINRA-approved exchanges.

Can I buy Bitcoin with a Bank of America debit card?

Buying Bitcoin with a BOA credit card is impossible as the bank is not directly involved in crypto trading.

Do You Know?

  • Bank of America has its roots coming from the Bank of Italy.
  • The Bank of America has more significant consumer deposits than any other U.S. bank.
  • Bank of America is not directly trading in cryptocurrencies.

Parting Thoughts

So buying cryptocurrency from Bank of America is only possible if you have a crypto account with FINRA approved platform. Since it is one of the biggest American banks, thus it strictly follows rules and regulations. 

Furthermore, you cannot buy Bitcoin or other cryptocurrencies with a Bank of America debit or credit card. However, you can connect FINRA approved crypto exchange account with your BOA account to transfer funds.

Different crypto exchanges like eToro or Binance have the authorization to trade crypto U.S., so you can select from these to transact with Bank of America. However, remember to check transaction commission charges before making a transaction.

With this, we have concluded the topic of how to buy crypto with Bank of America, and we hope you enjoyed reading it.