Investing in Bitcoin has become easier with time. Now, there are many ways to buy Bitcoin and other cryptocurrencies. If you’re planning to buy Bitcoin with a bank transfer, and you have concerns, this article is for you.
We’ll be discussing everything there is to know about purchasing Bitcoin through bank transfers, including how to do it and if it is the best choice for you.
But first, before we dive in. Is it possible to purchase Bitcoin from your bank account via a transfer? The answer is no. However, you can still fund your wallet with Bitcoin using your bank account to transfer via a Bitcoin wallet and trading platform that accepts bank transfers.
Without further ado, let’s find out how.
Since banks don’t allow users to buy Bitcoin directly via their bank account, the only way to buy Bitcoin with a bank account transfer is through funding an online crypto exchange. These cryptocurrency exchange platforms allow users to buy Bitcoin instantly and sell Bitcoin and other cryptocurrencies with both fiat currencies or cryptocurrencies.
Note that not every exchange allows users to fund their wallet to buy Bitcoin with a bank transfer, so the exchange you choose should be one that allows bank transfers as a payment option.
Here’s a step-by-step process to buy Bitcoin with a bank transfer.
The first step is to pick a crypto exchange platform that accepts bank transfers as a payment method. This will require some research, but thankfully, we’ve done that for you and compiled a list of reputable crypto and Bitcoin exchanges that will accept a bank account transfer.
After choosing an exchange platform, create an account if this is your first time by clicking on the ‘sign-up’ button. You’ll see a registration form, fill it with your details. You’ll also likely be asked to verify your phone number, email address, and identity with an ID. Follow the instructions and verify your account and identity so you can start using your account.
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Once your account has been verified, you can start funding your wallet with bank transfer. To do this, go to the deposit page on the platform, and enter the amount you want to deposit.
Choose bank transfer as the payment method and complete the deposit by clicking the deposit button to enable the transfer. The funds will show in your wallet in the currency you deposited. The next step is to buy Bitcoin.
To buy Bitcoin and other cryptocurrency directly on an exchange platform requires you to exchange your fiat money for the digital currency you want to purchase. Start by finding the right exchange pair. If you’ve deposited US dollars, you should be looking for the USD – BTC trading pair.
Type in the amount of BTC you want to purchase and click on the buy or trade button. The trade will complete instantly and you will be able to see the BTC in your account.
Deciding to buy Bitcoin with a bank transfer is the easy part. Finding a good crypto trading platform to use is the hard part. Your choice of a Bitcoin exchange can ease or frustrate your efforts and this is why much consideration goes into making this decision. Factors usually considered include features available, available trading pairs, fees, etc.
Luckily for you, you don’t have to go through the grueling process of finding a crypto platform because we’ve done it for you.
Below is a list of crypto trading platforms that are safe, efficient, and offer the best Bitcoin purchasing experience.
There are multiple ways to purchase Bitcoin today which is great because you can choose the option that works perfectly for you. Buying Bitcoin with a bank account is one of the options available to you, but is it the best option for you?
Only you can answer if it is. This is because whatever method you choose depends on your own particular situation. But how do you know if the bank transfer option is the best for you?
Here are a few signs why buying Bitcoin with a bank transfer is the best option for you.
Nobody likes extra fees and would go out of their way to avoid them. But if you particularly hate extra fees or can’t afford that extra charge, a bank transfer to buy Bitcoin and sell Bitcoin might just be the best option for you.
When you use the method above to purchase Bitcoin with a bank account, you avoid extra fees. This is not the case for methods like using a debit or credit card where card issuers charge extra funds for transactions.
Some countries don’t allow credit card purchases or other methods to transfer money into an exchange, leaving just bank transfers from your bank account. If you reside in such a country, the bank transfer method to supply your Bitcoin wallet is the best and sometimes the only option available to you.
Convenience is another reason to consider bank transfers. Some options like the debit or credit card method come with peculiar complications that could be inconvenient in the future. A bank transfer from a bank account on the other hand is uncomplicated and convenient.
These are some of the reasons people prefer to use bank transfers to buy Bitcoin. If these reasons resonate with you, then then this option might just be the one for you.
Yes. As long as you choose a good trading platform, buying Bitcoin with bank transfers is safe. Your money moves from your bank account instantly to your account on the crypto exchanges or Bitcoin wallet address of your choice.
However, you expose yourself to risks when you use crypto exchange platforms that aren’t reliable. The first step to protecting your money during this purchase process is using a reputable crypto exchange. You can easily pick one from the list above.
If there are any issues resulting from the deposit process, you can always reach out to your bank and the crypto trading platform for a resolution.
Yes, you can. However, you can’t just transfer to any account directly from your bank to buy crypto and get Bitcoin in your wallet. If you want to buy Bitcoin with a bank transfer, open an account with a crypto trading platform and send money by depositing fiat currency in your account.
Then, find a trading pair that aligns with the currency you have and the one you’re trying to buy. For example, if you deposited US dollars as funds, you should find a USD-BTC pair to trade Bitcoin.
At the end of this process, you should have BTC in your wallet. Note, however, that bank transfers using this method may not be as instantaneous as other methods.
There are no extra fees when buying Bitcoin with a bank transfer. On the contrary, one of the advantages of using the bank transfer method is that it is one of the cheapest ways to buy Bitcoin than other methods in terms of extra fees, heping users easily buy Bitcoin and other digital assets.
Aside from the standard trading transactions fee of 1-2% incurred when exchanging your fiat currency for BTC, there aren’t any compulsory or hidden fees.
Here’s a table highlighting and breaking down the fees for this method for first time buyers and how to buy Bitcoin with bank accounts.
Fees
Fee Breakdown
Trading Fees
1-2%
Transfer Fees
No extra fees for depositing with bank transfers
Interest Fees
No interest fees
There are more than ten ways to buy Bitcoin so there’s always another option if the bank account transfer method doesn’t work for you. Here’s a list we’ve compiled of more than ten other methods to buy Bitcoin.