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How to Buy Crypto with Bank of America in United States

Last updated on January 22, 2024

Quick Summary: While Bank of America does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of United States cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

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Bank of America Homepage

As mentioned in my quick summary, like most United States banks, Bank of America doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency exchange and comes with regulations and extra work for the banks.

There are a large number of cryptocurrency exchanges that you can use to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use eToro as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Bank Of America

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency trading platform

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Bank of America.

Buy Crypto With eToro

About Bank of America

The Bank of America Corporation (often abbreviated BofA or BoA) is an American international investment bank and holding company of financial services located in the Bank of America Corporate Center in Charlotte, North Carolina.

The bank was established by the city of San Francisco. It is the second-largest financial establishment in the United States, after JPMorgan Chase and is also the second-largest banking institution in the world in terms of market capitalization. Bank of America is one of the Big Four banking institutions of the United States. It is responsible for 10.73 percent total American banking deposits and is in direct concurrence to JPMorgan Chase, Citigroup, and Wells Fargo. Its main financial service

The large market share of the bank in business operations, as well as economic impact have led to many lawsuits and investigations concerning mortgages as well as financial disclosures that date back to 2009 financial crises. The bank’s practices in servicing the middle class as well as the larger banking sector has resulted in an impressive percentage of market shares since start of the 20th century. In the month of August, Bank of America has an $313.5 billion capitalization. This makes it the 13th largest corporation globally.

In its sixth position as the largest American public firm, it earned $102.98 billion sales by June 2018. Bank of America was ranked 25th on the 2020 Fortune 500 rankings of the most important US corporations in terms of total revenue. Also, Bank of America was placed at #8 in the 2020 Global 2000 rankings done by Forbes. Bank of America was named the “World’s Best Bank” by the Euromoney Institutional Investor in their 2018 Awards for Excellence.