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How to Buy Crypto with The Bank of New York Mellon in United States

Last updated on November 12, 2023

Quick Summary: While The Bank of New York Mellon 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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The Bank of New York Mellon Homepage

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

Thankfully there are many crypto trading platforms to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using eToro as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Bny Mellon

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

1. Pick a crypto exchange

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 crypto

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 The Bank of New York Mellon.

Buy Crypto With eToro

About The Bank of New York Mellon

The Bank of New York Mellon Corporation also known in the industry as BNY Mellon, is an American service provider in the field of investment banking. It is a firm headquartered within New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007.

It is the largest custodian bank and securities service firm, with $2.4 trillion of the assets managed in assets under management and $46.7 trillion worth of assets in custody at the end of its second quarter in 2021. It is classified as an important systemically important bank according to the Financial Stability Board. BNY Mellon is incorporated in Delaware.

By virtue of the institution of its Bank of New York predecessor it is one of the three oldest banks within the United States and among the oldest banks worldwide founded in the month of June 1784 by the group of American founding father Alexander Hamilton. T. Mellon and Sons Bank was founded in Pittsburgh in 1869 by Thomas Mellon and his sons Richard and Andrew Andrew, the latter of who was later appointed Secretary to the US Treasury.

The primary function of the bank is managing and servicing the investment portfolios of high-net-worth people and institutions. Its two major businesses include Investment Services and Investment Management. The clients of the bank comprise of the majority of Fortune 500 companies. It also provides 77% of the top 100 endowments with 87 percent of most popular pension funds and employees benefit plans, and 51 percentage of top life insurance and medical firms, and 50 % of the 50 top schools.