How to Buy Bitcoin Through Merrill Edge: A Step-by-Step Guide for 2024

Can You Buy Bitcoin Directly on Merrill Edge?

Merrill Edge, Bank of America’s investment platform, does not currently support direct Bitcoin purchases or cryptocurrency trading. However, investors can gain exposure to Bitcoin through alternative methods using their Merrill Edge account. This guide explains three practical strategies for incorporating Bitcoin into your portfolio through Merrill Edge-approved instruments.

3 Ways to Invest in Bitcoin Through Merrill Edge

Method 1: Use a Cryptocurrency Exchange (Indirect Method)

1. Open an account with a FINRA-regulated crypto exchange (e.g., Coinbase or Kraken)
2. Link your Merrill Edge brokerage account for fund transfers
3. Transfer cash using EFT or wire transfer
4. Purchase Bitcoin on the exchange platform

Method 2: Invest in Bitcoin ETFs

Merrill Edge allows trading of SEC-approved Bitcoin ETFs:

• ProShares Bitcoin Strategy ETF (BITO)
• iShares Bitcoin Trust (IBIT)
• Fidelity Wise Origin Bitcoin Fund (FBTC)

Method 3: Bitcoin-Related Stocks

• MicroStrategy (MSTR)
• Coinbase (COIN)
• Riot Platforms (RIOT)

Frequently Asked Questions

Does Merrill Edge allow Bitcoin purchases?

No, Merrill Edge doesn’t support direct cryptocurrency trading due to Bank of America’s crypto restrictions.

What’s the cheapest way to buy Bitcoin through Merrill Edge?

Bitcoin ETFs typically have lower fees (0.20-0.25% annually) compared to crypto exchange trading fees.

Are Bitcoin investments on Merrill Edge insured?

ETF investments are protected by SIPC insurance up to $500,000, while direct crypto holdings on exchanges are not FDIC-insured.

Can I transfer Bitcoin to my Merrill Edge account?

Merrill Edge doesn’t accept cryptocurrency deposits. Only traditional securities and cash are supported.

What are the tax implications?

Both ETF investments and direct crypto purchases may trigger capital gains taxes. Consult a tax professional for specific advice.