How to Buy Bitcoins with a Bank Account 2023 – BEST **
Everyone is wondering how to buy bitcoin with bank account. In this article, we will clearly answer the questions of how to buy bitcoin with a bank account.
If you are planning to enjoy the most affordable exchange rates, then you need to consider buying Bitcoins with a bank account. You can easily find the best platform that accepts this payment according to where you live. In this guide, you are going to find some of the popular ones you can prefer.
Here are some of these platforms that the vast majority of traders can prefer to buy Bitcoins with a bank account.
How to Buy Bitcoins with a Bank Account Using Coinfloor?
Coinfloor is one of the most reputable platforms and popular for being the largest GBP market in the Bitcoin world. The only downside of this platform is it is available for the United Kingdom residents.
This London-based exchange platform started to serve in 2013. The deposit fee you are going to be charged depends on the amount you are going to deposit but all trading fees have a fixed price, which is 0.3%. You can only deposit British Pounds and you are going to be charged 2.50 pounds for each transaction when you use the Faster Payments system. If you prefer other deposit options such as SWIFT, BACS, SEPA, or CHAPS, you will be charged 30 Pounds.
How to Buy Bitcoins with a Bank Account Using CEX.io?
CEX.io offers different cryptocurrencies to buy and they accept a wide range of payment options. The best part of the platform is they do not charge deposit fees.
However, you will be charged with high fees when you prefer to use their brokerage services. You can avoid paying high fees by using their trading platform.
CEX.io started to serve in 2013 and it is one of the oldest platforms in the crypto world. You can benefit from the trading platform or brokerage service through their systems. While trading services are relatively cheap, they are challenging to use. On the other hand, brokerage service is easy to use but charge high fees.
If you are living within the European Union, you can use SEPA transfers. If not, you can prefer the bank transfers to deposit.
How to Buy Bitcoins with a Bank Account Using Bitfinex?
Bitfinex charges you with average fees and offers an opportunity for high liquidity. However, the platform has been hacked several times in the past and has a quite complex interface for beginners.
It is one of the biggest Bitcoin exchange platforms in the world and is a Hong Kong-based company. You can deposit with bank account transfers no matter where you live. All you will have to pay is a 0.1% deposit fee. Besides exchange, Bitfinex also serves as a trading platform and the trading fees start at 0.2%.
How to Buy Bitcoins with a Bank Account Using Coinmama?
Coinmama is famous for quick operations and great customer service. However, they offer their services only within the United States.
It is a brokerage company and accepts deposits through a wide range of options. Some of them are Faster Payments, SWIFT, Fedwire, Sofort, and SEPA. It is one of the popular platforms in the crypto world that has been active since 2013.
Using bank transfers in Coinmama can help you to save up to 5% when compared to deposits with credit cards. In addition to this, you can enjoy a higher spending limit when depositing with bank transfers.
How to Buy Bitcoins with a Bank Account Using Kraken?
If you are planning to enjoy low trading and deposit fees, then this reputable exchange platform can be your choice. It will be worth noting that Kraken does not offer any brokerage services. Moreover, they have a terrible past full of downtimes and offer limited options for deposits with bank transfers.
Kraken is a United States-based company and popular for being the largest Bitcoin exchange platform. It is not available worldwide but if you are residing in the United States, European Union, Canada, and some of Asia, South America, and African countries, you can benefit from their services.
EU residents must use SEPA deposits and US residents must use SWIFT to deposit. The fee you are going to be charged varies but $5 is the maximum fee you can be charged.
How to Buy Bitcoins with a Bank Account Using eToro?
eToro is one of the most preferred platforms by many beginners and they charge you with low fees. However, it is not available worldwide and is designed mainly for price speculation.
This company is one of the well-known platforms in the crypto world. It is popular for its easy-to-use interface, which is designed for trading cryptocurrencies. If you are planning to focus on price speculation, then this can be your next favorite platform. However, withdrawing your investments to your wallet can be quite challenging.
You can deposit money with SWIFT transfers from any part of the world. If you are living in the United States, then you need to use ACH transfers. You can also benefit from its mobile wallet to carry out transactions and trades.
How to Buy Bitcoins with a Bank Account Using Bitstamp?
Bitstamp is also one of the popular exchange platforms that offer low trading and deposit fees. However, it may be quite challenging to use for some beginners and does not offer any brokerage service.
It has been offering services since 2011 and this makes it one of the oldest exchange platforms in the crypto world. Bitstamp is a Luxembourg-based company that is available worldwide. You will be charged for 0.05% fee for each bank account transfer. However, if you transfer your money with SEPA, you will not pay anything.
The trading fee is between 0.25% and 0.5% and it is determined according to your monthly volume. It is not recommended for beginners unless they are familiar with trading platforms.
How to Buy Bitcoins with a Bank Account Using Coinbase?
Coinbase offers relatively low fees for investors, and they provide one of the fastest transfers for European Union and the United States residents. However, their customer service is slow, and they are not offering their services worldwide.
It will be worth noting that they are one of the oldest platforms in the crypto world, which have been offering services since 2012. They also offer brokerage services. You can buy different cryptocurrencies through their platforms directly.
If you are living in the United States, you can deposit your money with an ACH bank transfer. If you are living in the European Union, you need to prefer SEPA transfers to deposit money.
As of now, Coinbase is available in more than 100 countries, and they charge their users with 1.49% deposit fee for each transaction.
How to Buy Bitcoins with a Bank Account Using Luno?
If you are planning to invest in new cryptocurrencies in the future, then you can prefer Luno, which is the ideal platform for this purpose. However, since the company is quite young, it is available in a limited number of countries.
Luno was known as BitX in the past and it is one of the best options for the new markets. In addition to the European Union, you can also benefit from their services in case you are living in South Africa, Nigeria, Malaysia, and Indonesia. They charge different fees for different countries and fees vary between 0% and 5%.
If you would like to trade cryptocurrencies, the fees also vary depending on your preferred currency. In general, these fees vary between 0.2% and 1%.
How to Buy Bitcoins with a Bank Account Using Bitpanda?
Bitpanda support multiple payment options for those who are planning to deposit. You can also enjoy low fees as well as a quite easy-to-use interface. The biggest downside of this platform is it is not available worldwide. It is also hard to locate the fees, which are inside the exchange rate.
Bitpanda started to serve in 2014 and it is one of the popular platforms in the European Union. Besides Bitcoin, you can also prefer different cryptocurrencies for their brokerage services. If you are living in the European Union, you can easily deposit money with SEPA transfers.
Unfortunately, you have to deposit with 4 fiat currencies. These currencies are Swiss Franc, GBP, and Euro. Bitpanda does not accept payments in USD. It does not offer a fixed deposit fee and hide this fee inside the exchange rate.
FAQs on How to Buy Bitcoins with a Bank Account
Here are some of the frequently asked questions about how to buy Bitcoins with a bank account.
Is it possible to buy Bitcoins at a bank?
For now, it is impossible to buy Bitcoins at a bank. You have to prefer any of the Bitcoin exchange platforms available on the internet to buy Bitcoins.
Can you buy Bitcoins without a bank account?
It does not matter at all whether you have a bank account or not. There are different methods to buy Bitcoins and you do not have to own a bank account to use most of them.
Is it possible to transfer Bitcoins to my bank account?
Unfortunately, no. Bitcoin is a cryptocurrency, and it cannot be transferred to a bank account. You need to own a Bitcoin wallet to keep your Bitcoins. However, you can exchange your Bitcoins to fiat currencies and then transfer your balance to your bank account.
Why do many guides favor bank accounts against credit cards?
If you are planning to buy large amounts of Bitcoin or you do not prefer to use any credit card or debit card, you can easily buy Bitcoins with a bank account. Thousands of people are preferring this method every day.
Moreover, you can reduce the possible risks when you prefer to buy them with your bank accounts. Besides this, you can also enjoy lower fees when compared to credit cards. Since bank transfers are not subjected to chargeback, you will not have to worry about this too.
Let us give an example. If you buy Bitcoins worth $1000 from Coinbase with a bank transfer, you are going to pay only a $14.9 deposit fee. However, if you would buy it with your credit card, you would be charged a $39.9 transaction fee. In general, you can save up to 50% when you prefer bank transfers over credit card purchases.
Another important we would like to mention is buying limits. In general, all these platforms offer a higher buying limit when you prefer to deposit your money via bank transfer.
The biggest downside of bank transfers is they take a longer time to process and are challenging when compared to other payment options. Depending on your area and the target bank’s location, the process can take several days.
Final Words
Bank transfers are a great option especially when you are planning to buy larger amounts of Bitcoins. In addition to this, you can also prefer this method when you do not use any credit cards or debit cards. However, you should always be aware that your bank may charge you additional fees for the transfers. You can learn more about these fees by contacting your bank.
In general, people prefer credit cards when they are going to invest small. In this way, you can enjoy quicker and more convenient transfers. You will not have to worry about following your transfers.
You can also leave a comment on this article to ask any questions on your mind. We will be replying to them as soon as possible to provide you guidance on any topic.
