Bank of America (BofA) is one of the world’s major financial organizations, with a broad customer base. The bank does not directly allow consumers to trade cryptocurrency on its site. Customers of Bank of America can instead use their BofA bank account to purchase Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies through a third-party crypto broker. The recommended and trusted crypto exchanges for BofA customers to buy crypto are Coinbase and Crypto.com. These exchanges are secure and reliable and have vast cryptocurrency options.
Is Buying Crypto with Bank of America Legal?
Yes! Completely. Although Bitcoin and other cryptocurrencies are not explicitly traded on Bank of America’s platform, Bank of America permits its customers to connect their bank accounts to cryptocurrency exchanges, allowing them to purchase and trade virtual currencies on sites like Coinbase and Crypto.com.
How to Buy Crypto with Bank of America on Coinbase
You can start buying crypto in a few minutes using these four steps.
Step 1: Create a Coinbase Account
Visit Coinbase’s official website and click the signup button. Fill out the application with your name, email, and country of residence. Agree to Coinbase’s terms and conditions and click “Create Account.”
Step 2: Verify your Identity
Verify your identity by uploading a valid government-issued document and making a selfie video of yourself for identification. Ensure your microphone is on when you shoot the selfie video, and adhere to the in-app instructions.
Step 3: Deposit funds from Bank of America.
To link your bank account, you must normally provide your account number, routing number, and personal information (name, address, and Social Security number).
After verification, open the Coinbase app and go to profiles and settings. There you will see “add payment method.” You can select any method, which includes credit or debit cards and bank accounts.
For bank transfers, choose “Assets” from the Home Page. Click “Add Cash” after selecting your EUR balance. The platform will enlist the required information to complete the transfer.
Using the bank information displayed in the previous step, start a SEPA transfer from your bank to your Coinbase account. Your account will be credited between one to three days after you send the money,
Note: SEPA transactions must be processed on business days only; transfers submitted on weekends or bank holidays may take up to seven calendar days to complete. ACH transfers are for customers in the United States.
If your credit or debit card is “3D Secure” compatible, you can use it to make purchases (3DS). While using this payment option, you won’t need to pre-fund your account to place an order. Without having to wait for a bank transfer to finish, you can buy right away. Contact your credit or debit card issuer directly to check if your card supports 3DS.
Step 4: Purchase Cryptocurrencies
Explore the wide variety of digital currencies that are accessible as soon as your funds are available. Enter the amount of money you want to invest after choosing the cryptocurrency of your choice. Check the transaction information and make sure you have what you bought.
Best Alternative
Crypto.com is another reliable exchange for buying cryptocurrencies with Bank of America. More than 250 well-known cryptocurrencies are supported via the Crypto.com App, and users may begin purchasing them after a short onboarding procedure.
Register on Crypto.com by providing your phone number, email address, and legitimate means of identification.
After creating an account and verifying your credentials, select a payment option to deposit funds into your Crypto.com wallet. Next, link your bank account to the crypto exchange by navigating to the “Accounts” section, where you can manage funds and link external accounts.
Tap the “Bank Transfer” or “Add Bank Account” option to link your Bank of America account. Enter your bank account details, including the account number, routing number, and account holder’s name.
Ensure you accurately fill out the information to avoid verification issues. Crypto.com may require verification of ownership by making a small deposit. Once verified, you will receive a confirmation message. Now that you are connected, you can deposit or withdraw funds into your crypto account.
Fees and Transaction Costs
SEPA and ACH transfers have no fees on Coinbase and Crypto.com while using a credit or debit card attracts a 3.99% fee.
About Bank of America
Founded in 1904, Bank of America has made a name for itself as a reputable company that provides reliable banking services including wealth management, mortgages, loans, investment management, and personal and commercial banking. Bank of America is a major financial organization in the United States, offering a range of banking and financial services to people, companies, and corporations.
Bank of America is committed to providing its clients with secure banking products, both online and through its wide network of branches across the country. It places a significant emphasis on customer satisfaction and innovation.
Conclusion
In summary, Bank of America offers consumers a secure option to purchase digital assets through licensed cryptocurrency exchanges like Coinbase and Crypto.com. Although the bank does not allow direct crypto trading, it offers smooth funding options from a bank account, providing a secure trading option. These exchanges offer cheap fees and wide support for multiple cryptocurrencies; they are both ideal options for Bank of America customers wishing to enter the crypto market.
References
1. bitkan
2. cryptorank
3. finbold
4. datawallet
5. coinbase
6. crypto
