In today’s digital landscape, managing your cryptocurrency investments can be as straightforward as handling your traditional equity portfolio. This article provides a comprehensive guide on how to navigate the features offered by M1 for your crypto endeavors.
Getting Started with Your Crypto Account
To open a Crypto Account, simply follow these steps:
- Navigate to the Invest tab.
- Select Add an Account.
- Choose Crypto Account and confirm your selection.
Cost and Fees
For M1 clients who have a funded investment account, opening a Crypto Account is entirely free. Additionally, all cryptocurrency transactions are commission-free. However, keep in mind that other fees may apply. For a detailed breakdown, refer to the M1 Fee Schedule.
Funding Your Crypto Account
Funding your Crypto Account mirrors the process of funding your M1 investment account. Once you’ve established a connection with your bank, you can easily transfer funds by selecting Move Money from your Home Screen. Here are the specifics:
- The initial minimum deposit is set at $100.00.
- For subsequent deposits, the minimum is $10.00.
Crypto Wallets and Account Management
Currently, M1 does not provide a dedicated crypto wallet. Instead, your cryptocurrencies are securely held in Bakkt Crypto Solutions Accounts. It’s important to note that while you can purchase cryptocurrencies through M1, these assets will be managed separately from your stock and ETF holdings.
Combining Crypto and Stocks
Clients who wish to diversify their portfolios will find that Crypto Accounts are distinct from other M1 brokerage accounts. Unfortunately, you cannot combine crypto slices with your existing stock or ETF pies. However, you can access valuable information about both stocks and crypto assets through the Research tab.
Transferring Cryptocurrency
At this time, sending or receiving cryptocurrency from external wallets is not supported. This limitation is essential to consider when managing your crypto investments.
Understanding the Risks
Investing in cryptocurrency carries significant risks and may not be suitable for everyone. It’s crucial to carefully evaluate your own financial situation before proceeding. For more details on potential risks and relevant disclosures, consult the Crypto Disclosures section.
Important Information
Crypto services, execution, and custody are managed by Bakkt Crypto Solutions LLC, operating under a software licensing agreement with M1 Digital LLC. Please note that neither Bakkt nor M1 Digital are registered broker-dealers or members of FINRA. Your cryptocurrency holdings are not classified as securities and do not receive FDIC or SIPC insurance.
M1 Digital LLC operates separately from M1 Finance LLC, and neither entity is involved in the custody or execution of cryptocurrency trades.
For additional resources, you can explore related articles such as “My First Deposit,” “Invest in a Second Pie,” and “Crypto Basics” to enhance your understanding of M1’s services.
