can i buy bitcoin on merrill Lynch

Merrill Edge Bitcoin and Crypto Buying (2024)


Merrill Edge crypto trading account. Can I buy Bitcoin with Merrill Lynch? Cardano, Ethereum, Litecoin, and Bitcoin cryptocurrencies on Merrill Lynch.


Does Merrill Edge Offer Crypto?


With a Merrill Edge brokerage account, you can make certain investments that will give you exposure to the burgeoning cryptocurrency market. Although trading in the coins themselves is not possible, trading securities that are connected to the new digital assets is.


Blockchain Equities


A quick and easy way to tap into the cryptocurrency sensation is to trade a stock that is heavily involved with crypto technology. The most common form of crypto tools is the computer hardware required to mine Bitcoin and other digital currencies.

Mining is the electronic process of creating more coins of a cryptocurrency. It requires a lot of powerful hardware, and that’s where tech companies come in.

One company that manufactures computer hardware that miners often use is AMD. Headquartered in Santa Clara, California, its microchips are used by miners all over the world.


Merrill Edge Buy Bitcoin


AMD trades on the Nasdaq with its eponymous ticker symbol. Merrill Edge’s website shows 4 stars out of 5 from CFRA and a rating of hold from the ResearchTeam Consensus Report. This last report is compiled from multiple analysts and includes the likes of MarketGrader and TheStreet.com.

Other stocks that build mining hardware include TSM and NVDA, both of which are available on the Merrill Lynch platform.


Blockchain Funds


AMD has a beta of 2.18, which represents a very high level of volatility. If that’s too much for your taste, you could switch to blockchain funds. Because these baskets hold multiple stocks, they tend to have less volatility.

For example, the Innovation Shares NextGen Protocol ETF (with ticker symbol KOIN) has a beta of just 1.05, less than half of what AMD has. KOIN is available at Merrill Lynch with the same pricing schedule as other ETFs.

On Merrill Lynch’s profile for KOIN, the fund shows a total return rating of 2 out of 5, a consistent return score of 1 out of 5, and a preservation rating of 3 out of 5. On Lipper’s scorecard, 5 is the highest rating.

If KOIN’s low ratings cause you to hesitate, there are other blockchain funds available at Merrill Lynch.


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Cryptocurrencies at Robinhood


If Merrill Edge’s absense of direct cryprocurrency trading causes you to hesitate, you could open a Robinhood account and buy and sell cryptocurrencies themselves. Robinhood is SEC/FINRA regulated, and your account is SIPC insured, just like Merrill Edge’s. The brokerage house charges no annual fees and no commissions.

This would be direct cryptocurrency trading. You would buy and sell the coins themselves.


does Merrill Edge allow crypto purchases


Robinhood requires just $1 to make a purchase of a cryptocurrency. At Merrill Lynch, you will have to buy a whole share (of an stock or ETF) or a whole contract (in the case of an option trade).

Robinhood offers trading in these currencies:

  • Aave (AAVE)
  • Avalanche (AVAX)
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Chainlink (LINK)
  • Compound (COMP)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Shiba Inu (SHIB)
  • Steller Lumens (XLM)
  • Tezos (XTZ)
  • Uniswap (UNI)
  • USDC (USDC)


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Options on Blockchain Securities at Merrill Lynch


Or you could opt to trade options on blockchain funds and stocks. On Merrill Lynch’s profile for AMD, we found lots of contracts—thousands, in fact, for the nearest expiration date. These make an easy opportunity for short-term trades on AMD. Some contracts do go out to 2024, so it’s also possible to make a mid-term play on the underlying instrument.


Grayscale on Merrill Edge


If all the crypto derivative plays don’t suit your fancy, there is always direct Bitcoin trading. Grayscale Investments is one company that manages funds that hold actual coins. Merrill Edge offers a large suite of Grayscale funds, including Ethereum, Litecoin, and Bitcoin funds.

The Grayscale funds are a good way to invest in cryptocurrencies and Bitcoin on Merrill Lynch.


Can You Buy Crypto on Merrill Lynch?


As of right now, you cannot buy cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin on Merrill Lynch self invest account.


How to Buy Crypto on Merrill Lynch?


The best way to invest in cryptocurrency on City is through crypto ETFs. For a direct crypto trading, it's better to use Robinhood.


Updated on 12/27/2023.


About the Author
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.