Using a bank account is a popular way to purchase Bitcoin in 2023, thanks to its speed, simplicity, and the fact that most Bitcoin platforms accept it as a payment method.
We’re going to take you through how to buy Bitcoin with a bank account and whether this is the right payment method for you.
The easiest way to buy Bitcoin with a bank account is to purchase it online from a crypto exchange. Exchanges make it easy to buy and sell Bitcoin and other cryptocurrencies directly from your smartphone, tablet or computer. Check out our recommended platforms below and follow the steps to safely buy Bitcoin with a bank account.
A regulated platform, including our top choices below, is the best and safest place to purchase Bitcoin. You’ll need to provide a few personal details to create an account and then complete the KYC process by providing a photo ID and/or proof of address.
You will have to link your bank account with your trading platform by providing any bank details requested, such as the sort code and account number. Now you can make a deposit by entering how much you wish to deposit and selecting online banking as the payment method.
Now that you have funds in your account, find the trading pair for BTC and your deposited currency. You can create a market order to buy Bitcoin immediately, or a limit order to specify a price to buy at in the future. Enter how much you want in either BTC or fiat and hit the “Buy” button!
There are lots of crypto platforms out there and pretty much all of them offer Bitcoin. To find the one that’s right for you, consider factors such as whether you find the platform easy to use and whether it offers the features you want.
Safety and regulatory status are also important aspects when choosing a platform. We’ve shortlisted the top regulated platforms below that will let you buy Bitcoin with a bank account.
Here are some of the benefits and drawbacks of buying Bitcoin with a bank account to help you decide whether it’s the right payment method for you.
There are typically no fees for making a deposit via bank transfer. There may be some costs associated with purchasing Bitcoin, such as blockchain transaction fees and any spreads, commissions, or trading fees charged by your platform. You will need to consult the small print for your chosen platform to ascertain exactly how much these will be.
In summary, bank transfers are a quick and easy way to purchase Bitcoin. While this method may not be suitable for some people with limited access to financial services, those with online banking will appreciate the speed and convenience of buying Bitcoin with their bank account.