Does Merrill Edge Have Crypto?

Does Merrill Edge Have Crypto?

Any broker that offers cryptocurrency features for customers should ideally allow the seamless purchase and sale of crypto on their site. As of now, Merrill Edge doesn’t count as one of those brokers.

Merrill Edge does not offer cryptocurrency trading, futures, and precious metals on its platform. However, customers can devise some means of working the Bitcoin market with their Merrill Edge account. This involves trading in stocks that invest a huge part of their money in crypto currencies. 

Can I Buy Bitcoin On Merrill Edge?

Merrill Edge customers cannot purchase Bitcoin on the platform. However, they can easily register with a popular and trustworthy broker, where they can invest in any cryptocurrency of their choice. 

One such platform they can take advantage of in this regard is Coinbase. This broker recently launched an IPO and it offers a myriad of cryptocurrencies for customers. 

Why Can’t I Buy Bitcoin On Merrill Edge?

Investors cannot buy shares of the Bitcoin investment trust (GBTC) because this activity was banned by the broker. This is a huge setback because the Bitcoin investment trust (GBTC) is the sole regulated avenue wherein bank users can purchase Bitcoin. 

Merrill Edge explained their reason for this ban. According to them, Bitcoin trading is imbued with a lot of risks and it is not known how sustainable cryptocurrency investment is. Whether or not a bank should decide what investment options are suitable for customers is still the topic of so many debates. 

Is Dogecoin on Merrill Edge?

Merrill Edge does not offer Dogecoin or other cryptocurrencies in general on their site. Customers seeking to buy Dogecoin with this broker cannot do so. If you’re one of such investors, I recommend you find a good broker that offers transparent cryptocurrency features. 

Why Can’t I Buy Dogecoin On Merrill Edge?

Some time ago, Merrill Edge banned customers from making cryptocurrency transactions with their accounts. Therefore, customers who wish to buy Dogecoin cannot do so with Merrill Edge. 

They cited the reason for this ban as being that they are wary of the sustainability and trustworthiness of this form of investment. 

Cryptocurrencies are associated with some risk and are much more unpredictable, unlike other forms of investment. 

So it’s a little understandable if this bank wants to distance itself from every cryptocurrency transaction. However, it remains to be crystal clear if this is a decision the bank should be making for its customers.

Will Merrill Edge Offer Crypto?

Currently, it is not known if this broker will be amenable to offering cryptocurrency in the future. Merrill Edge is a brokerage firm in partnership with Bank of America, so we may guess that they may adjust their stance on cryptocurrency trading. 

Also, Bitcoin is becoming more widely accepted across several boards, so a change of mind is not out of the question for Merrill Edge.

Where Can Investors Buy Cryptocurrency?

Cryptocurrency is offered by some new-age brokers. This list encompasses some recently specialized cryptocurrency exchanges and conventional online brokers. These include,

  1. Robinhood
  2. TD Ameritrade
  3. Interactive Brokers
  4. Charles Schwab
  5. Trade Station
  6. Coin base

Customers seeking to invest in cryptocurrency may consider doing so with any of the above brokers. These brokers are offering the best crypto services and bonuses for customers. 

Their customers have access to a wide collection of investment securities that they can easily harness to increase their portfolios. 

What Investments Does Merrill Edge Offer?

Merrill Edge is a renowned online broker that offers education savings, investment and trading, retirement, and expert financial advice for customers. This brokerage firm came to be after the amalgamation of Bank Of America (BOA) and Merrill Lynch. 

Hence, it is much more convenient for users of the Bank Of America to simultaneously cater to their brokerage needs while banking with them. Since then, this company provides online margin lending, investment education and guidance, tax planning, and so on. 

Customers are privy to 24-hour customers’ service and they can link their BOA accounts to their Merrill Edge accounts. 

Brokerage Accounts

With this broker, customers can trade stocks, options, and ETFs without having to pay any commission fees. Customers also have access to a variety of investment research materials that they can use to make well-informed investment decisions.

Retirement Account

Customers and businesses wishing to set up a retirement account can seamlessly do so with this firm. It requires no fees to get started and maintained. Individuals can set up this account with Roth IRAs, Rollover IRAs, Transfer IRAs, and Traditional IRAs. 

Businesses, in the same vein, can make use of SIMPLE IRAs, SEP IRAs, and 401(K)S.  

Education Accounts

Merrill Edge makes provision for two education investment plans for customers: Custodial Accounts (UGMA/UTMA) and 529 plans. 

The 529 plan requires an initial minimum deposit of $25 at zero charges. Afterward, customers can make withdrawals that are free of federal taxation. It also provides four separate portfolios: diversified portfolios, stable principal portfolios, single fund portfolios, and age-based diversified portfolios. 

The custodial accounts are also known as the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act. This feature enables you to save up money for minors until they get to a specific age. 

Investment Information

Merrill Edge partners with CFRA, MorningStar, Moody’s, and so on to provide customers with timely and pertinent investment advice. Customers can easily source any of Merrill Edge’s research information to make wise investment decisions.

 They make stock quotes, an ambient investment classroom, and resources readily available for customers. These resources are provided in the form of videos, webinars, calculators, and tools. 

Conclusion

Several investors are going over and beyond to ensure they align with a good broker to boost their crypto investments. Merrill Edge doesn’t support cryptocurrency trading on its platform. Nevertheless, it provides a diverse collection of investment opportunities for customers who may want to enjoy this broker’s efficiency.

Its crypto feature was banned some time ago. So, you may have to consider another broker if you only want to trade cryptocurrencies. Ideally, the brokers I listed above should be able to cater to any customer’s cryptocurrency trading tendencies. 


Current recommendations:

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To see all of my most up-to-date recommendations, check out the Recommended Tools section.

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