Bitcoin
BTC
$
00000.00
-0.00%
Ethereum
ETH
$
00000.00
-0.00%
Solana
SOL
$
00000.00
-0.00%
XRP
XRP
$
00000.00
-0.00%
Dogecoin
DOGE
$
00000.00
-0.00%
ChainLink
LINK
$
00000.00
-0.00%
Binance Coin
BNB
$
00000.00
-0.00%
Cardano
ADA
$
00000.00
-0.00%
Litecoin
LTC
$
00000.00
-0.00%
Ordinals
ORDI
$
00000.00
-0.00%
Polygon
MATIC
$
00000.00
-0.00%
Optimism
OP
$
00000.00
-0.00%
Arbitrum
ARB
$
00000.00
-0.00%
Polkadot
DOT
$
00000.00
-0.00%
Avalanche
AVAX
$
00000.00
-0.00%
Sui
SUI
$
00000.00
-0.00%
Ethereum Classic
ETC
$
00000.00
-0.00%
FileCoin
FIL
$
00000.00
-0.00%
Celestia 
TIA
$
00000.00
-0.00%
Injective
INJ
$
00000.00
-0.00%

Key Takeaway

BMO Harris Bank aligns with the modern financial landscape, offering pathways for its customers to explore the crypto market. The bank facilitates secure transactions with digital asset exchanges, ensuring a seamless experience for those looking to invest in crypto.

Kraken, noted for its advanced security features and a broad selection of over 200 cryptocurrencies, emerges as a leading choice for investors. Through BMO Harris Bank, customers can easily execute bank transfers and make payments using their credit or debit cards.

Kraken USA
Kraken USA

This review and rating adhere to our editorial policy and the the research methodology of StacksOnChain analysts, guaranteeing the accuracy and reliability of our reports.

Rating
9.5

Supported Assets

200+ Cryptocurrencies

Trading Fees

0.16% Maker Fees & 0.26% Taker Fees

Can I Invest in Crypto with BMO Harris?

BMO Harris Bank empowers its clientele to venture into the cryptocurrency domain by endorsing transactions with regulated exchanges. This approach guarantees a safe and compliant environment for trading activities. 

While BMO Harris Bank does not directly offer cryptocurrency investments on its platform, it actively encourages its customers to engage with American platforms that meet high regulatory standards, including those established by FinCEN in the United States.

How to Buy Crypto with BMO Harris Bank

BMO Harris Bank has streamlined the process of acquiring cryptocurrencies by supporting dealings with compliant exchanges like Kraken. This endorsement ensures a secure channel for depositing funds through various means such as ACH, bank transfers, and payments via credit or debit cards. To start investing, follow these steps:

  1. Sign up and authenticate your Kraken account using a valid email address.
  2. Go to the 'Deposit' section, pick your preferred funding method, and execute a transfer from your BMO Harris Bank account.
  3. Use the platform's search tool to locate the desired cryptocurrency and initiate a 'Trade.'
  4. Specify your investment amount and confirm your transaction by clicking 'Buy.'

Does BMO Harris Bank Block Crypto Transactions?

BMO Harris Bank facilitates transactions to legitimate investment platforms, accommodating transfers to certified digital asset exchanges that adhere to U.S. financial regulations. 

This policy underscores the bank's commitment to the security and integrity of crypto transactions, advocating for engagements only with platforms that comply with the Financial Crimes Enforcement Network's (FinCEN) KYC and AML guidelines.

Digital Asset Investing Fees

Diving into the crypto exchange world means encountering various fees, which are critical for the platforms' upkeep. For those venturing into digital currencies, understanding these fees is key. Here's a snapshot of what Kraken charges:

  • Deposits: Transferring funds into your account can attract fees, but they are typically low to encourage more deposits. With Kraken, you're in luck, as cryptocurrency and USD deposits come without a fee, except for a $3 charge on SWIFT transfers.
  • Withdrawals: Pulling funds from the exchange incurs fees. Kraken uses fixed fees for crypto withdrawals to address blockchain costs, whereas USD withdrawal fees can vary. Enjoy free ACH transfers, but be prepared for $4 to $35 fees for other methods like FedWire or SWIFT.
  • Trade Fees: There's a fee attached to every trade, represented as a percentage of the transaction value. These fees can vary based on several factors, including your trading volume, account status, and whether your trade is a maker or taker. On Kraken, maker fees start at 0.16% and taker fees at 0.26%.

For those trading in high volumes, Kraken offers fee discounts, with 0% fees for those hitting a $10 million monthly trading volume.

Closing Thoughts

BMO Harris’ innovative banking solutions and partnerships with platforms like Kraken provide a secure and reliable gateway for clients interested in digital currencies. Although the bank does not directly handle cryptocurrency transactions, it facilitates a protected environment for fund transfers to regulated exchanges, offering a credible pathway into the digital asset landscape.

Author

Nick Ng is a skilled analyst at StacksOnChain with expertise in both cryptocurrencies and traditional finance. His research offer valuable insights into market trends and investment opportunities for readers.

View posts

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