Can I Buy Crypto with BMO Harris Bank?
BMO Harris Bank account holders can now venture into the exciting domain of cryptocurrency, exchanging their US Dollars for an array of digital assets, including Bitcoin, via regulated cryptocurrency exchanges in the United States. BMO Harris endorses the transfer of funds to licensed cryptocurrency trading platforms regulated by the U.S. Securities and Exchange Commission (SEC). We suggest employing an exchange registered with either the SEC or FinCEN to bolster the security of your digital investments.
How to Buy Crypto with BMO Harris Bank
The best way for BMO Harris customers to invest in cryptocurrency like Bitcoin is through eToro, the most secure and trusted digital asset exchange in the US. BMO Harris Bank customers can start trading tokens by depositing USD through one of the supported payment methods, such as Bank Transfer, Credit/Debit Card, PayPal, Skrill, and Neteller.
Get started with this easy step-by-step guide:
- Open a free account on eToro and complete the verification process.
- Click 'Deposit Funds', pick a method, and transfer USD from BMO Harris.
- Go to the search bar, locate the desired token, and click 'Trade'.
- Enter the amount you wish to purchase and click 'Open Trade'.
BMO Harris Bank Cryptocurrency Policy
BMO Harris Bank encourages clients to explore cryptocurrencies' potential benefits and growth opportunities. The bank has adopted a proactive and optimistic outlook on integrating cryptocurrencies into the modern financial landscape. BMO Harris Bank supports its customers in acquiring crypto by allowing its them to utilize secure and regulated platforms to buy cryptocurrency. The bank approves all transactions coming from and going to licensed digital asset exchanges.
Deposit and Trading Fees
Let's delve into the usual costs you might come across when handling digital assets with BMO Harris Bank:
- Deposit Fees: Unlike numerous crypto trading platforms that provide no-fee deposit solutions, BMO Harris Bank may levy specific transaction fees. For example, replenishing your account using a credit card could incur a fee, generally above 2%.
- Transaction Costs: Several digital asset trading portals, including BMO Harris Bank, apply a spread—a small percentage deducted from every transaction. The size of this spread can fluctuate based on the specific digital asset and the portal, usually averaging about 1%.
Remember, fee structures can differ from one platform to the next. We advise thoroughly examining the fee structures from your preferred crypto exchange and BMO Harris Bank.
The Bottom Line
To recap, while BMO Harris Bank does not currently offer direct cryptocurrency investment options, it supports its customers in exploring digital assets by allowing them to transfer funds to regulated cryptocurrency exchanges. After a thorough examination, we have identified eToro as the best choice for BMO Harris Bank customers, thanks to its diverse offerings, robust features, and adherence to regulatory requirements.