How to Buy Crypto with Wells Fargo [2024] (2024)

Summary: Wells Fargo Bank does not offer crypto trading directly on its platform. Therefore, US investors must go through a third-party broker to buy cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) by depositing USD from their Wells Fargo bank account.

To buy crypto with Wells Fargo, we suggest using a trusted multi-asset investment platform eToro. After testing more than ten other trading platforms, we found eToro to be the best choice for Wells Fargo customers, as it offers low fees, a wide selection of assets, and has over 30 million users.

Can I buy crypto with Wells Fargo?

You can buy crypto with Wells Fargo, but you need to connect to a cryptocurrency exchange. As mentioned above, this is because Wells Fargo does not offer the buying and selling of cryptocurrency directly through its online banking platform. Furthermore, even though you can buy crypto with a Wells Fargo debit card, the bank does not allow crypto purchases using a Wells Fargo credit card.

How to buy crypto with Wells Fargo?

The best way to buy Bitcoin or any other cryptocurrency with a Wells Fargo account in the US is through a broker like eToro, which is a widely trusted multi-asset investing platform with over 80 cryptocurrencies and unique features such as “Copy Trading,” which enables users to copy top-performing crypto traders, in addition to a staking service, custom watchlist, as well as advanced charts and technical analysis tools.

How to buy crypto with Wells Fargo: Step-by-Step

You can get started in minutes with four simple steps:

• Step 1: Create an account on eToro and complete your verification (personal or company);
• Step 2: Enter the USD amount you want to deposit on the eToro platform;
• Step 3: Connect your Wells Fargo account to deposit your selected fiat currency;
• Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.

Disclaimer: Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

About Wells Fargo

Wells Fargo (NYSE: WFC), is a national bank headquartered in San Francisco, California. It is one of the American Big Four banking institutions, serving approximately 66 million consumers, with 8,050 branches, and 13,000 ATMs across the country. The bank provides several checking and savings products and other banking solutions for individuals, businesses, and corporations.

Services offered by Wells Fargo include:

• Personal banking: Checking accounts, savings accounts, credit cards, mortgages, loans, and lines of credit;
• Business banking: Business checking and savings accounts, loans, lines of credit, and business resources such as payroll and HR tools;
• Wealth management: Financial planning and portfolio management, automated investing, certificate of deposits (CDs).

It is worth mentioning that as of December 2023, Wells Fargo ranks as America’s 4th largest bank by total assets.

Wells Fargo crypto policy

While Wells Fargo does not offer any products or hasn’t adopted any services related to cryptocurrencies directly from their platform, the bank is crypto-friendly and does allow customers to freely invest in digital assets through crypto exchanges with their Wells Fargo bank accounts.

That said, the bank does encourage clients to stay mindful of scams related to crypto, with advice outlined on their website under the Scams and Cyber Threats section. In addition, its Investment Institute also has a dedicated Wells Fargo crypto report section that states, “cryptocurrencies have evolved into a valid consideration as a portfolio option,” and explains how to understand cryptocurrencies better.

Interestingly, as Finbold previously reported, back in August 2021, the American banking giant registered a private Bitcoin fund targeting its wealthy clients.

How to buy crypto safely

The crypto sphere thrives on speculation, and the lack of liquidity makes it more prone to high price volatility, rendering the market a much more temperamental investment space than stocks or bonds. In addition, as a relatively untested and unregulated financial device, cryptocurrencies seem to be particularly susceptible to common pump-and-dump scams, putting both inexperienced and seasoned investors at risk.

In fact, although cryptocurrency broker-dealers in the US are required to register with FINRA, which imposes several requirements on them, including implementing and maintaining both anti-money laundering (AML) and customer identification programs (CIPs), crypto assets themselves are not regulated.

Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. Let’s look at a few tips on what you should do when getting started with digital assets and how to best protect yourself and your money.

How to buy crypto safely – tips

• Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks of buying crypto are;
• Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web, keeping your sensitive information safe;
• Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where your money is kept and what happens to your funds if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
• Secure your account: Use two-factor authentication and a strong password to protect your account;
• Use a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
• Don’t invest money you can’t afford to lose: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, have a look at our guide on investing mistakes to avoid;
• Monitor your investments: Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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