In this article, I will explain how to buy crypto using M&T Bank. Regardless of whether you are a novice or a seasoned investor, purchasing cryptocurrency such as Bitcoin or Ethereum using M&T Bank is quite straightforward.
I will walk you through selecting the appropriate exchange, connecting your M&T Bank account, depositing funds, and purchasing crypto safely.
What Is Cryptocurrency
Cryptocurrency refers to a form or currency that exists virtually or digitally, requiring the use of cryptography in securing transactions. It usually operates on a decentralized system, primarily using blockchain technology, which is a publicly disseminated ledger that records transactions on several computers.
This guarantees transparency, security, and helps with fraud prevention. No central authority, government, or bank can issue cryptocurrencies, therefore they are immune to inflation or manipulation.
Bitcoin, Ethereum, and Litecoin are among the popular criptocurrencies. These can be employed for online transactions, investments, and even for storing value, but their price fluctuations make them a volatile asset.
About M&T Bank
M&T Bank began as a Commercial Bank known as “Manufacturers and Traders Trust Company” in 1856, and its headquarters still reside in Buffalo, New York. M&T operates over 1,000 branch locations and provides 2,200 ATMs scattered across 12 states, alongside Washington D.C.
This provides them with operating regions from Virginia to Maine. M&T Bank merged with People’s United Financial, Inc. in April 2022, allowing them to broaden both their service offerings as well as their clientele.
Currently they employ over 21,000 people while their assets are estimated to be around $208.1 billion as of 2024. The chairman and chief executive officer of the bank is René F. Jones.
How To Buy Crypto with M&T Bank
Pick a Platform
Choose a regulated exchange like Kraken or eToro that is registered with the U.S. Financial Crimes Enforcement Network (FinCEN).
Open an Account
Register on your selected platform and verify your identity.
Link Your Bank Account
Add your M&T Bank account to the exchange for USD deposits.
Pick a Cryptocurrency
Scroll through the list of digital currencies available on the exchange and pick out the one you wish to purchase.
Complete the Trade
Specify how much you wish to invest and finalize the purchase.
Alternative Crypto Exchanges for M&T Bank
If you’re looking to buy crypto with M&T Bank, several cryptocurrency exchanges accept bank transfers, including ACH deposits, from U.S. banks like M&T. Here are some popular alternatives you can consider:
Coinbase
Founded in 2012, Coinbase is a household name as a cryptocurrency exchange. It serves as a platform for the purchase, sale, and storage of various cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. Its easy-to-use interface makes it welcoming for those wanting to learn the ropes.
Users may pay with bank transfers, debit cards, and even PayPal – a definite benefit. Like many other service providers, Coinbase offers secure storage, two-step verification (2SV), and even insurance on digital assets under their control.
Moreover, advanced features are available through Coinbase Pro, where users enjoy lower fees and enhanced trading opportunities. As one of the most popular crypto exchanges, it is relied upon by countless customers around the world for its unparalleled convenience and accessibility.
- Supported Cryptos: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many more.
- Payment Methods: ACH, debit card, PayPal.
- Fees: Coinbase charges a spread of about 0.5% for crypto purchases and additional fees based on your payment method.
- Security: Two-factor authentication (2FA), insurance for digital assets held in storage.
- Features: User-friendly interface and educational resources for beginners.
Kraken
Launched in 2011, Kraken is one of the best cryptocurrency exchanges in the world. It provides sophisticated security protocols and an extensive range of supported coins.
Purchasing and trading of digital assets, including Bitcoin and Ethereum, as well as an additional 50 coins, are facilitated on the platform.
With Kraken, margin and futures trading are available, so all users from novices to experts will find useful tools on the platform. There are several deposit methods like bank cards, debit cards and wire transfers.
The company’s low charges, compliance with laws and secure features operating such as 2-factor authentication (2FA) and the cold storage of assets make the provider trustworthy around the world.
- Supported Cryptos: Bitcoin, Ethereum, Ripple (XRP), and over 50 other cryptocurrencies.
- Payment Methods: ACH, wire transfer, debit card.
- Fees: Kraken offers free ACH deposits and withdrawal options, with trading fees starting at 0.16% for makers and 0.26% for takers.
- Security: Advanced security features, including 2FA and cold storage for assets.
- Features: Advanced trading tools for experienced users and high liquidity.
Gemini
Gemini is a U.S.-based cryptocurrency exchange founded in 2014 by the Winklevoss twins. It offers a secure platform for buying, selling, and storing cryptocurrencies like Bitcoin and Ethereum.
Known for strong regulatory compliance and robust security features, Gemini supports ACH transfers, wire transfers, and debit cards. It’s user-friendly, making it ideal for both beginners and experienced crypto investors.
- Supported Cryptos: Bitcoin, Ethereum, and many altcoins.
- Payment Methods: ACH, wire transfer, debit card.
- Fees: Free ACH deposits, with trading fees ranging from 0.1% to 1.49% depending on the trade amount.
- Security: 2FA, insurance on digital assets, and strong regulatory compliance.
- Features: Offers a secure platform with easy access to both beginner and advanced trading features.
Binance.US
Binance.US serves as the US subsidiary of Binance, the largest global cryptocurrency exchange, providing a safe environment to purchase, exchange, and trade cryptocurrencies.
It offers support for numerous cryptocurrencies such as Bitcoin and Ethereum while maintaining low trading costs and high liquidity.
Account funding can be done via ACH payments, debit cards, or wire transfers. Binance.US has sophisticated trading functions for more experienced traders, too.
- Supported Cryptos: Bitcoin, Ethereum, Binance Coin, and many more.
- Payment Methods: ACH, wire transfer, debit card.
- Fees: Binance.US offers lower fees for trades, starting at 0.1% for both makers and takers.
- Security: 2FA and cold storage for digital assets.
- Features: Offers a variety of cryptocurrencies and advanced trading tools.
Crypto.com
Crypto.com is a cryptocurrency platform that operates at a global scale and allows trading, staking, and making payments. The platform features a lot of cryptocurrencies and has a mobile app that is friendly to its users.
Users can purchase crypto using bank transfers as well as debit and credit cards. Additionally, the platform provides a Visa debit card that has crypto reward earning features, staking, and strong security features such as two-factor authentication and cold storage.
- Supported Cryptos: Bitcoin, Ethereum, and many others.
- Payment Methods: ACH, debit card, wire transfer.
- Fees: No fees for ACH deposits; trading fees start at 0.10%.
- Security: 2FA, insurance on crypto held in cold storage.
- Features: Offers a wide range of crypto-related services, including staking, a debit card, and a mobile app for easy trading.
SoFi Invest
- Supported Cryptos: Bitcoin, Ethereum, Litecoin, and others.
- Payment Methods: ACH, wire transfer, debit card.
- Fees: SoFi charges a small fee, around 1.25% for each crypto purchase.
- Security: Two-factor authentication (2FA) for secure access.
- Features: Offers an easy-to-use app for buying, selling, and tracking your portfolio.
Considerations:
- Availability: Ensure the exchange you choose supports ACH deposits from M&T Bank.
- Fees: Different exchanges charge different fees for deposits, trades, and withdrawals, so check them beforehand.
- Security: Choose platforms with strong security features like 2FA and cold storage to protect your crypto investments.
Are there any fees when using M&T Bank to buy crypto?
M&T Bank does not charge any fees for linking a bank account with a cryptocurrency exchange or for deposits. Fees may apply based on your chosen cryptocurrency exchange. Most exchanges do charge trading fees which usually vary from 0.1% to 1.5% per transaction.
Some platforms also charge deposit fees, especially those using credit or debit cards. M&T Bank does not charge fees for ACH transfers to exchanges, but wire transfers may incur a fee depending on the exchange. Always review the exchange’s fee structure to assess the costs associated with purchasing cryptocurrency.
Features
| Feature | Details |
|---|---|
| Payment Methods | ACH transfer, debit card, wire transfer. |
| Supported Exchanges | Coinbase, Kraken, Binance, Gemini, eToro, and others that support ACH transfers. |
| Security | Two-factor authentication (2FA), cold storage for assets, and insured exchanges. |
| Fees | No fees from M&T Bank for linking or ACH deposits. Exchange fees may vary (e.g., trading fees, withdrawal fees). |
| Deposit Speed | ACH transfers usually take 1-3 business days; wire transfers may be faster (same-day or next business day). |
| Supported Cryptos | Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many more depending on the exchange. |
| User Interface | Most exchanges offer beginner-friendly platforms (e.g., Coinbase), while others offer advanced trading tools (e.g., Kraken). |
| Regulatory Compliance | Most major exchanges comply with U.S. regulations, ensuring secure transactions and legal protections. |
| Additional Features | Some platforms offer staking, crypto savings accounts, or credit cards with crypto rewards (e.g., Crypto.com, BlockFi). |
Conclusion
In summary, purchasing cryptocurrency through M&T Bank is seamless as long as you link your account to a credible exchange like Coinbase or Kraken.
After linking, you can transfer money through ACH deposit, acquire cryptocurrency of your choice, and store it safely. For efficient investment in cryptocurrency, make sure to examine the fees, security measures, and the speed of the transactions.
