Cryptocurrencies have proven to be one of the most rewarding investments in recent decades, with a market worth of $1.5 trillion as of right now. Without a question, the most economical method for obtaining the greatest exchange rate is purchasing Bitcoin with bank transfer.
Read on for a detailed explanation of how to purchase Bitcoin with bank transfer if you don’t want to miss out on this tremendous growth opportunity. We’ll go over how to open an eToro account quickly and easily, some of the finest brokers to use when purchasing bitcoin, and the basic justifications for why buying bitcoin using a bank transfer is a fantastic choice for all investors.
How to Buy Bitcoin with Bank Transfer – A Step-by-Step Guide 2022
Let’s start by quickly going through how beginners can purchase Bitcoin using eToro, one of the best cryptocurrency trading platform. By doing the steps listed below, it is quick and simple to do:
- Create an eToro account – You can accomplish this by going to the website and following the directions displayed there.
- Verify your account – After creating an account, you must verify it by submitting two forms of identification.
- Deposit – Now that your account has been validated, you can add money by sending a bank transfer from your bank account.
- Purchase Bitcoin – Conduct a search for it and decide how much money you want to add to your account.
Don’t worry if the above instructions appear unclear; we will go through a more detailed explanation of how to purchase Bitcoin later on in the article.
Best platforms to Buy Bitcoin with Bank transfer
Although we have only briefly discussed using eToro to purchase Bitcoin, there are many other brokers that also provide cryptocurrency wallets. Cryptocurrency wallets are crucial because they help users buy, sell, and store all of their cryptocurrency in a secure location. It might be difficult to know where to begin when there are so many different brokers to select from. We have chosen our top three cryptocurrency trading platforms, and we’ll go over each one in turn below to spare you the time and effort of doing the research. For each, we’ll go through things like cost, security, and more.
1. eToro
eToro is our first choice. It is an excellent broker to use for novices because it has a very user-friendly layout and is accessible on IOS and Android. By going to the homepage and adhering to the onscreen directions, wallets can be created fast and easily.
Over 2000 financial assets, including more than 50 cryptocurrencies, are accessible to members of eToro. If customers are thinking about creating heavily diversified portfolios, this option is fantastic. With over 30 million members across 140 nations, eToro has established its popularity. The ability to trade with a fictitious $100,000 account is another fantastic feature that makes eToro perfect for beginners. This can be excellent for risk-free testing of new trading methods. There is a $10 minimum deposit required to start a real account, allowing users to drip-feed little amounts into their portfolios.
What exactly is copy trading, you ask? As for what distinguishes eToro from the competition, it is one of its best characteristics. Users can immediately clone another user’s portfolio into their own accounts by using copy-trading. You can filter these portfolios based on their returns, risks, and diversity. eToro offers social trading for cryptocurrencies in addition to copy trading. This enables investors to exchange market posts with the other 30 million eToro members.
In terms of its security standards, eToro also receives very excellent ratings. The first benefit is that it gives users an unlosable private key, so switching devices won’t result in account access being lost. The wallet has several built-in blockchain security mechanisms that raise the level of security. Because eToro is also subject to FCA regulation in the UK, your money is secured by the FSCS Protocol. eToro is a pretty safe broker overall.
2. Crypto.com
Our second choice for the best website to use to purchase Bitcoin with Bank Transfer is Crypto.com. The platform was established in 2016, and since then it has expanded to support over 10 million members, demonstrating its popularity. Similar to eToro, it is a fantastic option for novice investors because of how user-friendly it feels. While this is helpful for novices, more experienced investors may not find it to be the best option because there are no tools available for users to undertake technical chart analysis. Having said that, it is accessible on IOS, Android, and desktops, which is an excellent feature to take into account. Additionally, there are over 250 crypto assets available, making it simple to establish heavily diversified crypto accounts.
It contains a number of cutting-edge security features integrated into the wallet, similar to eToro. Multifactor authentication is one of these techniques, which necessitates user authentication each time a user logs into their wallet. Although it may seem like a burden, this is an excellent approach to safeguard the bitcoin wallet from dishonest activity. Users may rest easy knowing their money is secure because Crypto.com offers up to $250,000 in insurance through the FDIC Scheme in the US.
Customers of Crypto.com have the option of purchasing an actual Crypto.com card, which is a neat feature. Users can utilize this at specific retailers and receive cash back on their purchases. Cryptocurrency will be transferred immediately into your Crypto.com account as cashback.
In terms of costs, Crypto.com is a little more costly than eToro. Fees vary with each trade because they are based on transaction size. Users can anticipate paying 0.4% of monthly transaction volumes under $25k, nevertheless. However, this number dramatically decreases when users trade more frequently, favoring big volume day traders.
3. Binance
Binance is the third-best website for purchasing Bitcoin with Bank Transfer. There is a tonne of trading alternatives because it gives consumers access to a massive 500 crypto pairs. Users of Binance have the choice to choose between advanced and simple modes. For novice users who want to maintain assets over time, the straightforward structure is ideal. For crypto day traders who want to forecast future price movements, the advanced option gives users the ability to conduct technical analysis.
By accessing the website and following the instructions on the screen, it is quite simple to create a Binance account. Users receive a security key when they set up an account, which they must keep track of in case they ever wish to transfer devices. One of the numerous modern blockchain security methods that Binance provides is this one. Additionally, each time a user logs in, they are required to solve an identity verification challenge. This provides a defense against fraud and other nefarious conduct.
Additionally, Binance provides a huge selection of movies and educational resources. These are excellent resources for novice investors who wish to learn more about markets and other fundamental details of cryptocurrencies. We advise taking a look at these if you are a novice investor before you deposit money and buy your cryptocurrency.
Binance levies a 0.5% commission on each side of a trade as its fee (buy and selling). Users must pay a significant 4.5% fee when making a credit card deposit, thus making a deposit by bank transfer would be preferable in this regard.
How to Buy Bitcoin with Bank Transfer?
You might have made the decision to buy some Bitcoin using a bank transfer now that we have reached this point in our tutorial. Now, we’ll walk you through a step-by-step tutorial on how to use eToro to accomplish that.
Step 1: Create an account
Making an account on the eToro website is the first step. Just create an account after visiting the website by providing some basic personal information.
Step 2: Verification
Your account has to be validated before money can be deposited. You must present eToro with two valid forms of identification in order to achieve this. After receiving these documents, eToro strives to verify your account within a few minutes.
Step 3: Deposit funds
To do this, pick bank transfer as your chosen method by clicking on the “deposit funds” option. Then, in order to link your bank to eToro, you must provide your bank account information.
Step 4: Buy Bitcoin
You can now buy bitcoin after funding your account with the necessary sum. This is simple to do by using the search function at the top of your screen. Enter your Bitcoin address and press the “Trade” button. Complete an order form, enter the necessary payment, and complete the transaction. Then, your bank transfer will have successfully added BTC!
Why Buy Bitcoin with Bank transfer?
It’s likely that you have heard about Bitcoin if you are interested in markets or follow the crypto industry. With a staggering £600 billion market worth, it is the largest coin available. Additionally, Bitcoin, which is currently valued at £31,000, has produced astounding gains over the last five years of 47,000%. The cryptocurrency market, however, appears to be moving in a bearish direction right now. This is due to the fact that the majority of coins tend to follow the price of Bitcoin, which has decreased by 24% over the past year. This price dip may represent a great chance to stock up on Bitcoin for your portfolio. Purchasing Bitcoin with Bank Transfer is one of the quickest and simplest ways to go about doing this.
Speed
The first benefit of buying Bitcoin with Bank Transfer is that it offers a quick transaction speed, making it possible to do so instantaneously. You may acquire Bitcoin and store it in your account fairly quickly because most bank transfers are approved in a few days at most.
Ease of use
The majority of people already have a UK bank transfer set up, making it incredibly simple for them to use this payment option. A lot of other payments, such as those made through e-wallets, call for the creation of accounts and the prior linking of bank transfers. All of this trouble can be avoided by simply connecting your bank account straight to your broker.
Security
The majority of banks will already have security safeguards in place to stop fraudulent payments. For instance, it will frequently flag up and you won’t be able to buy Bitcoin at that broker if an account is attempting to send money to an unauthorized broker. An illustration of this is the UK bank Nationwide, which forbade payments to Binance made via bank transfer.
Fees
Finally, adding payments to brokers with bank transfers is frequently quite affordable. By doing this, payments through e-wallet providers like PayPal and Skrill are avoided. Additionally, some brokers demand exorbitant fees for credit card deposits; Binance, for instance, charges 4.5%.
Conclusion
Over the past few years, the popularity of the crypto market has increased, and this trend is only expected to grow in the future. Bitcoin might make a terrific addition to any portfolio looking for high growth at the present price drop. Investors should take suitable risk management precautions at all times because of how volatile the cryptocurrency market is.
Investors can purchase Bitcoin through a wide range of brokers, but we advise utilizing eToro. First off, the FCA regulates it and it offers the greatest security protocols despite the crypto markets being mainly uncontrolled. Users also pay a 1% commission on trades in cryptocurrencies and a 0% commission on trades in stocks and ETFs. It is a fantastic option for novice investors because it is also incredibly simple to utilize.
Frequently Asked Questions
Is it possible to acquire Bitcoin with Bank Transfer?
Yes, the majority of brokers provide bank transfers as a method of payment for money deposits. Since eToro is highly regulated, secure, and simple to use, we advise utilizing them as your broker.
Which banks let you purchase bitcoin?
Theoretically, you can purchase Bitcoin from any bank. Users may only experience this issue because some brokers are prohibited from accepting payments from banks since they are thought to be unregulated. Nationwide’s prohibition of compensation for Binance is one instance of this.
How does one transfer funds from a bank account to a cryptocurrency wallet?
You must link it to your Bitcoin wallet in order to send money to your bank account. If you’re not sure how to proceed, go to the tutorial we provided above on how to add money to your eToro wallet with a bank transfer.