Does Chase Offer Crypto?
A brokerage account at J.P. Morgan Chase delivers some ways, but not others, to gain exposure to the cryptocurrency market. Keep reading for the details.
Chase Cryptocurrency Funds
The first method available to J.P. Morgan Self-Directed Investing customers is a large suite of exchange-traded funds that invest in cryptocurrencies, either directly or indirectly. These ETFs may hold crypto futures contracts, cryptocurrencies themselves, or stocks of companies that are involved in blockchain technology or other aspects of the cryptocurrency world. Funds may trade over-the-counter or on the major exchanges.
It’s easy to find crypto funds on the J.P. Morgan Investing website. Just pull up the broker’s ETF screener, which can be found by clicking on the Investments tab in the top menu and then selecting “Find investments” in the drop-down window. With the ETF search wizard launched, select “Digital Assets” under the drop-down menu for the fund category. When we did just this, we received 37 funds in the search results.
An example from the list is BITW, the Bitwise 10 Crypto Index Fund. This ETF trades over-the-counter and holds actual cryptocurrencies. It is one of the few funds to do so (most invest in crypto futures contracts or tech companies). Here is a list of the top five holdings with their weights in the fund:
Bitcoin 63.4%
Ethereum 28.2%
Cardano 1.9%
Solana 1.3%
Polygon 1.2%
J.P. Morgan Self-Directed Investing does not impose any commissions on ETF trades, and there are no surcharges for OTC trades, either. The Bitwise fund does have a 2.5% management fee, however.
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Crypto Stocks on Chase
If you don’t want to pay an expense ratio on an ETF, you could always trade individual stocks. Many companies today are involved in cryptocurrency mining, blockchain technology, and other endeavors related to the crypto space.
One such company is Marathon Digital Holdings, Inc. Trading on the Nasdaq with ticker symbol MARA, this enterprise is engaged in a variety of crypto-related services, including the mining of coins.
According to MARA’s profile on the J.P. Morgan Investing site, the company has expected negative earnings for the next several quarters (its most recent quarter was -$2.43 per share). Nevertheless, the profile still shows two buy ratings from analysts with no neutral or sell ratings.
It’s easy to find MARA and other crypto-related stocks using J.P. Morgan Investing’s stock screener. It is located right next to the ETF screener. The search tool has an industry category with several choices that can be used to find crypto-related stocks. Examples include semiconductors, electronic components, and data processing services.
Selecting “Internet software/services” as the industry will result in a long list of software companies, some of which may be engaged in blockchain development. For example, we found Baidu, Inc. in the list. Baidu is involved in the creation of blockchain software. It trades on the Nasdaq as an American Depository Receipt with ticker symbol BIDU.
As with ETFs, there are no commissions on stock trades, including ADR trades.
Options on Crypto Funds and Stocks
Many of the stocks and ETFs we found in the crypto space have thousands of option contracts trading on them. To determine if a particular security has any contracts trading on it, just head to its profile on the website and look for the options chain link near the top. It will be next to the graph. The broker’s mobile app has the same feature (although it doesn’t have any screeners).
For Bitfarms Ltd. (ticker symbol BITF), we found thousands of active contracts across a variety of expiration dates. The company mines bitcoin and currently holds about 400 coins.
J.P. Morgan Investing’s option chains can show calls and puts side-by-side, although there are no spreads of any kind. The broker does not offer margin trading, so many option strategies are unavailable. It is not possible to build multi-leg trades.
There is a per-contract fee of 65 cents at J.P. Morgan Self-Directed Investing for option trades. Exercises and assignments are free.
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Direct Cryptocurrency Trading at Chase
J.P. Morgan Chase does not offer direct trading in actual coins.
Webull Does Have Direct Trading (and More)
If you really want to buy and sell actual coins, J.P. Morgan Investing simply won’t work. Webull, on
the other hand, does offer direct trading in coins. In fact, it has a list of many coins that can
easily be traded on its platform:
- Aave (AAVE)
- Algorand (ALGO)
- Apecoin (APE)
- Avalanche (AVA)
- BAT (BAT)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- BNTUSD (BNT)
- Chainlink (LINK)
- Chiliz (CHZ)
- COMPUSD (COMP)
- Cosmos (ATOM)
- Crypto.com Coin (CRO)
- Curve DAO (CRV)
- Dash (DASH)
- Decentraland (MANA)
- ENJUSD (ENJ)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Dogecoin (DOGE)
- Fantom (FTM)
- FILUSD (FIL)
- Gala (GALA)
- ICPUSD (ICP)
- LINK (LINK)
- Litecoin (LTC)
- Loopring (LRC)
- Maker (MKR)
- Polygon (MATIC)
- REN (REN)
- SHIB (SHIB)
- Solana (SOL)
- Stella Lumens (XLM)
- Sushi (SUSH)
- Stella Lumens (XLM)
- Terra (LUNA)
- Tezos(XTZ)
- The Graph (GRT)
- UNI (UNI)
- USD Coin (USDC)
- XLM (XLM)
- yearn.finance (YFI)
- Zcash (ZEC)
In exchange for this great service, Webull does impose a spread of 1% on either side of the trade.
Cryptos can be traded nearly 24/7 on Webull’s three trading platforms: mobile app, browser platform, and desktop program. The latter two don’t exist at J.P. Morgan Investing (it only has a mobile app and website), so these are yet another advantage Webull delivers.
On top of its crypto service, Webull has something else that J.P. Morgan Investing doesn’t:
margin trading, including option spread trading. A cash account will need at least $2,000 to get to margin status. Once there, it will be able to short stocks, including crypto-related stocks and ETFs, and trade option strategies.
Webull’s mobile app and desktop platform have integrated option spreads like butterflies and iron condors. Clicking on a bid or ask price generates an order ticket with profit-loss diagrams. Contracts can be dragged along a strike price to change these values.
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FAQs: Can You Buy Crypto With Chase?
As of right now, you cannot buy cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin on
Chase (JP Morgan self directed investing account).
How to Buy Crypto on Chase?
The best way to invest in cryptocurrency on Chase is through crypto ETFs. For a direct
crypto trading, it's easy to use Webull.
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Disclaimer
INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Updated on 1/26/2023.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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