M1 Finance Review (October 2026): Fees, US States and Licenses

Our verdict

M1 is a Chicago-based investing app that offers a separate crypto account to clients with a funded M1 brokerage account. Fourteen coins are available, with a shorter list for New York residents. Trades are commission-free at M1, but Bakkt Financial Solutions I, LLC, which executes and custodies the crypto, applies a 1% fee in the execution price. Outgoing wallet transfers cost $150 each.

M1 Finance fees

Maker / taker

— Not verified

Simple buy

1% (100 basis points) on purchases and sales, assessed by Bakkt and reflected in the execution price; M1 charges no commission

Volume tiers

All orders are market orders, placed in M1 trade windows (about 9:30am and 3:00pm ET) or on demand; $1 minimum order per coin.

ACH deposit

Free

Wire deposit

— Not verified

Card purchase

— Not verified

USD withdrawal

ACH free; domestic wire $25

Crypto withdrawal

$150 per outgoing external wallet transfer, charged by Bakkt and requested from Bakkt directly

Other fees

The fee schedule lists a $3 monthly platform fee (waiver conditions apply) and a $100 outgoing account transfer fee.

Minimum deposit

— Not verified

Is M1 Finance available in my state?

M1 Crypto accounts remain available to clients with a funded M1 brokerage account, with 14 coins traded and custodied through Bakkt (help center updated May 28, 2026; fee schedule dated October 2026).

The list of states this platform serves is not verified yet.

New York residents see a limited list of coins. No other state restrictions appear on the pages checked.

New York

Yes

ID check (KYC)

Yes

Withdraw crypto

Yes

Funding

ACH (linked bank account)

Is M1 Finance regulated?

• BitLicense
• SEC / FINRA

US operator

M1 Digital LLC and M1 Finance LLC (platform); crypto services, execution and custody by Bakkt Financial Solutions I, LLC

Parent company

M1 Holdings Inc.

State licenses

Crypto licenses are held by the provider, not M1: NYDFS lists Bakkt Financial Solutions I, LLC with virtual currency and money transmitter licenses dated March 2021.

New York license

BitLicense

SEC / FINRA

M1 Finance LLC - broker-dealer, member FINRA/SIPC; M1 Advisory Services, LLC - SEC-registered investment adviser

Other

Banking products are provided through B2 Bank NA, Member FDIC.

Founded

2015

Headquarters

Chicago, IL, USA

How secure is M1 Finance?

Proof of reserves

— Not verified

Audits

— Not verified

Insurance

Crypto holdings are not FDIC or SIPC insured.

Incidents since 2019

None found in the sources checked.

Crypto held on a platform is not covered by FDIC or SIPC insurance.

What you can do on M1 Finance

• Spot
• Stocks & ETFs

Crypto sits in a separate account that can be opened after funding an M1 investment account. Crypto cannot be held in IRAs or deposited from external wallets.

Apps

Web, iOS, Android

Support

Help center, Contact form