How to Buy Crypto with Wells Fargo
Summary: While Wells Fargo doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party cryptocurrency trading platform.
There are plenty of crypto exchanges to choose from, we recommend using eToro as the exchange to work with.
They have most of the popular cryptocurrencies available, are easy to work with, and have fantastic support!
Buy Crypto with eToro
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As mentioned above, just like most banks, Wells Fargo doesn’t offer cryptocurrency trading directly, as setting up a crypto exchange is quite complex and comes with regulations and extra requirements for the banks.
There are many crypto exchanges that you can use for buying bitcoin and other cryptocurrencies.
Once signed up to an exchange (we’ll be using eToro for our example as it’s a widely trusted and global exchange), you can simply transfer funds from your bank account to the exchange, and trade it for crypto.
Table of Contents
How to buy crypto or bitcoin with Wells Fargo
There are only 4 steps involved, let’s get started!
1. Choose a crypto trading platform
As mentioned above, we’ll be using eToro for this guide as they are a widely used exchange and have over 50 cryptocurrencies to choose from. They also have a few really neat features like “Copy Trading”, which enables users to copy the trades of popular investors on the platform.
Let’s get started!
2. Sign up with the trading platform
The first thing to do is to sign up with the platform.
Once you’ve completed the initial sign-up process, you’ll have to go through a quick verification process (also known as KYC).
3. Funding your account
Next up is funding your account. When it comes to depositing money to your eToro account, you have the option to use a bank transfer, PayPal, credit/debit card, and more.
4. Buy cryptocurrency
Finally, just go to the eToro Markets section, find the cryptocurrency you would like, and buy it.
And that’s it, it’s all pretty straightforward, now you know how to buy bitcoin or most other cryptocurrencies with Wells Fargo.
About Wells Fargo
Wells Fargo could be the right fit for you if you are looking for a network of ATMs and branches.
Wells Fargo has locations in 40 states, making it the bank with more branches than any other bank.
To open an account with Wells Fargo's Everyday Checking, you will need $25. Accounts with a monthly minimum balance of $500 or less will be charged $10
A $25 initial deposit is required to open Wells Fargo's interest bearing Portfolio Checking account. If the account is linked to at least $20,000, the $25 monthly service fee will be waived.
Clear Access Banking accounts for students and teens are another option. For 13-24-year-olds, the $5 monthly fee for this account is waived.
Wells Fargo's Way2Save savings accounts have a $25 minimum deposit and a $5 per month service fee. If the account owner is younger than 24 years or the account has a $300 daily balance, the fee can be avoided. The fee can be avoided by setting up monthly transfers to savings or daily transfers of at least $1 from linked checking accounts. The account's annual percentage yield is lower than the national average.
Wells Fargo offers three terms online for CDs, but may offer more in some markets.
Earned interest may be paid before maturity but principal funds can only be withdrawn early. Three months interest is required to withdraw early from CDs with terms less than 12 months. Portfolio Relationship accounts have bonus rates, but the APY remains well below the market average.
Platinum Savings accounts offer check-writing privileges. The account has a low yield and $12 monthly fees unless you maintain a minimum balance of $3,500.
Reviewers give Wells Fargo's mobile app a solid 4.8 rating on Google Play and the Apple App Store. Wells Fargo has nearly 4900 branches and offers digital banking. Customers can also access in-person banking almost anywhere. You can also find ATM locations with over 12,000 options. They even include personal touches such as wishing customers a happy birthday.
Wells Fargo was founded in 1852 as an express delivery and bank. It offers a wide range of banking services including checking accounts and savings accounts, CDs and money market accounts.
The Consumer Financial Protection Bureau penalized Wells Fargo for secretly opening unapproved accounts in 2016. This violation forced Wells Fargo to change its sales approach, including sending customers an email confirmation after opening a deposit account.
If you want to have access to your accounts in every state, Wells Fargo has branches and ATMs. California, Texas and Nevada are home to the majority of Wells Fargo's 7,200 branches.