Wells Fargo cryptocurrencies trading. Can you buy crypto (Bitcoin, Ethereum, and Dogecoin) at Wells Fargo Bank?

Can You Buy Crypto on Wells Fargo?

Do you want to trade Bitcoin inside your WellsTrade account? Although the brokerage firm doesn’t offer direct cryptocurrency trading, it is possible to gain exposure to the crypto market with a WellsTrade account. Keep reading; we’ll show you how.

Blockchain Equities

The first method available to WellsTrade customers to gain exposure to the cryptocurrency craze is through blockchain companies. These are institutions that are investing lots of resources into blockchain technology.

What exactly is blockchain technology? The blockchain is the public transaction ledger that tracks movements of cryptocurrencies. It’s a digital record-keeping system that is completely public, so everyone can see where money flows. Due to the public nature of the blockchain, it can help reduce wire fraud.

One mega-cap company that is developing its own in-house blockchain technology is Microsoft. This popular stock trades on the Nasdaq with ticker symbol MSFT and is available for trading at WellsTrade.

Microsoft has built the Azure Blockchain Service to help businesses better service their customers. For example, the cloud-based system converts airline miles into blockchain-based tokens that Singapore Airlines customers can use with retail partners.

Currently, MSFT trades with a P/E ratio above 34, which is a little high; but it has a dividend yield of 1%. WellsTrade’s profile for Microsoft reports bullish sentiment from three stock analysts: Morningstar, Wells Fargo Securities, and Refinitiv.

Cryptocurrencies at Robinhood

If you want to trade Bitcoin, Etherium, or other currencies directly, you cannot do it on Wells Fargo. Direct cryptocurrency trading available at a FINRA/SEC regulated and SIPC insured Robinhood. With them, you pay $0 commissions on cryptocurrency trading.

Robinhood offers these digital currencies right now:

  • 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)

Wells fargo Bitcoin

Keep in mind that trading cryptocurrencies is a very different experience than trading securities, which are products like stocks and funds. For example, the crypto market is nearly 24/7 with just short breaks for software upgrades. And crypto trades at Robinhood settle instantly.

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Blockchain Funds on Wells Fargo

Funds tend to have less volatility than individual stocks because funds are made up of multiple stocks. There are some new arrivals on the market that invest in blockchain stocks. For example, we found these four exchange traded funds using the search bar WellsTrade’s site:

BLOK, Amplify Transformational Data Sharing ETF
BLCN, Reality Shares Nasdaq NexGen Economy ETF
LEGR, First Trust Indxx Innovative Transaction & Process ETF
KOIN, Innovation Shares NextGen Protocol ETF

Wellstrade Bitcoin

These funds invest in technology stocks that themselves are investing quite considerably in blockchain tools.

Blockchain Options on Wells Fargo

Popular stocks and ETFs usually have active options trading on them, and this rule has no exception in the blockchain space. On the WellsTrade website, we found thousands of contracts on BLOK, the most popular blockchain fund.

Buying a put (or selling a call) is a bearish strategy, while selling a put (or buying a call) is a bullish trade.

Fees and Commissions

WellsTrade charges $0 for stocks and ETFs when the trades are placed online, so the cost of gaining exposure to the crypto market is pretty much as low as it can get.

For options, the picture isn’t very pretty. Contracts are 65¢ each.

Grayscale Products

If you’re just interested in making an investment in a coin itself and would rather skip all the indirect methods mentioned above, there are the Grayscale funds. These hold actual coins. Unfortunately, WellsTrade doesn’t currently offer trading in them, but Schwab does. Here are a few examples:

BCHG, Grayscale Bitcoin Cash
LTCN, Grayscale Litecoin
ETCG, Grayscale Ethereum

The real disadvantage of the Grayscale funds is that they trade in the OTC marketplace, which carries additional hazards. Said funds also come with a really steep management fee (2% per annum).

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