how to buy crypto with bmo

To initiate your crypto purchase, open a BMO Harris Bank account and connect it to the chosen cryptocurrency exchange, ensuring funds are readily available for the transaction.

Feb 03, 2025 at 07:18 pm

Key Points

• Open a BMO Harris Bank Account
• Fund Your BMO Harris Bank Account
• Choose a Cryptocurrency Exchange
• Link Your BMO Harris Bank Account to the Exchange
• Place a Crypto Order
• Store Your Cryptocurrency

How to Buy Crypto with BMO Harris Bank

1. Open a BMO Harris Bank Account

To get started, you'll need to open a BMO Harris Bank account. You can do this online or at a local branch. Once your account is open, you'll need to fund it with enough money to cover the cost of your crypto purchase.

2. Fund Your BMO Harris Bank Account

You can fund your BMO Harris Bank account through a variety of methods, including:

• Bank transfer
• Wire transfer
• ACH transfer
• Debit card
• Cash deposit

3. Choose a Cryptocurrency Exchange
Once your BMO Harris Bank account is funded, you'll need to choose a cryptocurrency exchange. There are many different exchanges available, so you'll need to do some research to find one that meets your needs. Some popular exchanges include:

• Coinbase
• Binance
• Kraken
• Gemini
• FTX.US

[Note: FTX.US was not included in the rankings.]

• Consider factors such as fees, security, and customer support when choosing an exchange.

4. Link Your BMO Harris Bank Account to the Exchange

Once you've chosen an exchange, you'll need to link your BMO Harris Bank account to it. This will allow you to transfer funds from your bank account to the exchange, and vice versa.

To link your bank account to the exchange, you'll typically need to provide the following information:

• Your bank account number
• Your bank routing number
• Your name
• Your address
• Your phone number

5. Place a Crypto Order

Once your bank account is linked to the exchange, you can place a crypto order. To do this, you'll need to specify the following information:

• The type of cryptocurrency you want to buy
• The amount of cryptocurrency you want to buy
• The price you're willing to pay

Once you've entered all of the required information, you can click the "Buy" button to place your order.

6. Store Your Cryptocurrency

Once your crypto order is filled, you'll need to store your cryptocurrency in a safe place. You can do this by using a hardware wallet, a software wallet, or a custodial wallet.

• Hardware wallets are the most secure way to store cryptocurrency, but they can be expensive.
• Software wallets are less secure than hardware wallets, but they're more convenient and affordable.
• Custodial wallets are the least secure way to store cryptocurrency, but they're also the easiest to use.

FAQs

• What are the fees for buying crypto with BMO Harris Bank?

The fees for buying crypto with BMO Harris Bank will vary depending on the exchange you use. However, you can expect to pay a fee of around 1-2% of the transaction amount.

• Is it safe to buy crypto with BMO Harris Bank?

It is safe to buy crypto with BMO Harris Bank, but it's important to take precautions to protect your account and your funds. This includes using a strong password, enabling two-factor authentication, and storing your cryptocurrency in a secure wallet.

• What are the tax implications of buying crypto with BMO Harris Bank?

The tax implications of buying crypto with BMO Harris Bank will vary depending on your jurisdiction. However, in most jurisdictions, you will need to pay capital gains tax on any profits you make from selling crypto.

• What is the minimum amount of crypto I can buy with BMO Harris Bank?

The minimum amount of crypto you can buy with BMO Harris Bank will vary depending on the exchange you use. However, most exchanges will allow you to buy as little as $1 worth of crypto.