Buying Bitcoins via a bank transfer is undoubtedly the most cost-effective option for getting the best exchange rate. There are numerous exchanges that are best suited for you depending on where you live in the world. In this article, we will teach you where and how to buy Bitcoin with a bank transfer.
How to buy Bitcoin with Bank Transfer? A Step-by-Step Guide 2022
The quick steps below will show you how to buy Bitcoin with bank transfer in just a few minutes:
- Choose a Trading Platform- The first step to Bitcoin with bank transfer is to find the best bitcoin trading platform and open an account (we recommend eToro).
- Open an account – Visit the eToro homepage and click on ‘Join Now’ to create a new account with required details.
- Verify your account– For this step you’ll need to go through the KYC process which involves uploading proof of ID and proof of address
- Deposit Funds – Make a minimum deposit of $500 via bank wire transfer with zero deposit fees.
- Buy Bitcoin- In the search bar, type Bitcoin or ticker symbol and click on it. Enter your desired investment amount and confirm the transaction.
Where To Buy Bitcoin with Bank Transfer?
1. eToro- best platform to buy bitcoin with bank transfer
Because the network allows users to execute transactions with minimum to no fees, eToro is considered the overall best platform for buying Bitcoin with bank transfer. Users are not charged for deposits or account maintenance on the platform. Users are requested to make a £37 deposit.
eToro has a unique feature that allows customers to make the most money regardless of their skill level. Users can imitate the trading patterns of more experienced investors using eToro’s CopyTrade technology. This tool allows new traders to follow and adopt expert traders’ trading tactics.
Buying Bitcoin in the United Kingdom using a bank transfer on eToro is safe. The Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC) in the United Kingdom are among the main regulators and licensors of the platform. The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) regulate the platform in the United States.
Users can buy, sell, convert, and transfer 27 different cryptocurrencies using the social trading site.
Aside from bank transfers, eToro accepts a variety of common payment options, including PayPal, debit/credit cards, Neteller, and others.
Onboarding on eToro is simple because creating an account is free and easy. User information is usually validated within a few days. The website and mobile app versions are both accessible for Android and iOS devices and offer user-friendly interfaces.
2. Kraken- best platform for active traders to buy bitcoin with bank transfer
Kraken, based in San Francisco, has been around since 2011 and is largely regarded as one of the best cryptocurrency exchanges in the world. The platform is unquestionably among those commonly regarded as the most advanced, respectable, and secure by players and watchers of cryptocurrency markets.
The broker has the biggest euro volume of Bitcoin trading of any exchange, and it is consistently ranked among the top 10 crypto exchanges globally in terms of both Bitcoin and trading volume across all supported cryptocurrencies. Kraken is also considered as one of the best platforms for buying Bitcoin with bank transfer.
Kraken offers more skilled traders additional options such as margin trading with up to x5 leverage and the possibility to take a short position in addition to the normal buying and selling of cryptocurrencies.
The platform has continued to add value-added market data and trading capabilities to its platform, most recently through the acquisition of live cryptocurrency price feeds and charting specialist Cryptowatch last year.
An iOS application is accessible for mobile trading, but there is no Android app.
When buying Bitcoin with a bank transfer, which money transfer option should you use?
Bank Transfer (country)
When you choose “bank transfer (country)” as a payment option, you’re choosing to send money within your own nation. Domestic transfers are wire transfers in which the source and recipient financial institutions are both located within the same country. Domestic wire transfers are often done within 24 hours, but this can vary based on your country or preferred local bank.
Transfer with a specific bank
If you’re doing business with someone who uses the same bank as you, choose the “Transfer with a specific bank” option to transfer the funds to another customer who uses the same bank.
SEPA (European Union) Transfer
SEPA wire transfers, or Single Euro Payment Area (SEPA) wire transfers, are the most prevalent cross-border money transfer option for EU and other SEPA-supporting nations. Only cross-border money transactions involving Euros are supported through SEPA transfers (EUR). For this option to be supported as a payment method, both the sender and recipient must bank with a SEPA-compliant financial institution. The speed of SEPA transactions varies. These transactions can take anywhere from an instantaneous to two business days or more, depending on your local credit institution.
Users who live outside of the EU or in countries that do not accept SEPA will have to use another international money transfer mechanism.
Transfer by SWIFT
International money transfers are performed using the SWIFT network, which stands for Society for Worldwide Interbank Financial Telecommunications. They are the most generally used international money transfer format, supporting the majority of the world’s most common currencies. Direct deposits and foreign bank transfers are all options for payment.
SWIFT transfers typically take 1 to 5 days to complete. In addition, the bank processing the payment may levy a fee of 3 to 4% as part of their service.
How to Buy Bitcoin with Bank Transfer?
Let’s demonstrate to you how to buy Bitcoin with bank transfer on online trading champion eToro- -.
1. Create an account on eToro
The first step is to create an account on the eToro platform for free. To access the signup page, go to the official website and click on ‘Join Now.’ Your entire name, email address, genuine mobile number, and a unique username and password will be required here. You may also join up using your Google or Facebook account immediately at the bottom of the registration page to avoid filling out the form.
2. Verify your ID
Because eToro is regulated by some of the world’s most prestigious organizations, you’ll need to go through a know-your-customer (KYC) process to get the most out of your new account. You must upload a photo of your driver’s license or government-issued identification card.
As proof of address, you must also present a copy of a recent electricity bill or current bank statement. All of this can be done quickly and easily online, and your identification will be confirmed in minutes.
3. Deposit Funds
You can now proceed to make your deposit when your identification has been validated. Depending on the region from which you are trading, eToro has different minimum deposit bars. A $50 minimum deposit balance is required in the United Kingdom. Other regions have wildly different deposit totals.
To fund your account with a bank transfer, go to the action tab and click ‘Deposit Funds,’ then ‘Bank Transfer.’ eToro has a high deposit limit, allowing you to deposit up to $1,000,000 via bank transfer.
After you’ve entered the amount you want to deposit, click ‘Continue’ to confirm your information and finish the transaction.
4. Buy Bitcoin
You can now purchase Bitcoin with the funds in your trading account. To do so quickly, type ‘BTC’ into the search field and select ‘Trade’ from the first result that appears. By hitting the ‘Stats’ button, you will be transported to the Bitcoin purchase page, where you may easily peruse the digital asset.
After that, go to the order page and enter the quantity of BTC you’d want to purchase. When you’re ready, click the ‘Open Trade’ button to deposit the required amount of Bitcoin into your eToro portfolio.
5. Transfer your Bitcoin
We advise storing your digital currencies in the eToro Crypto Wallet if you wish to move your BTC to an external digital wallet. The eToro Crypto Wallet is a multi-currency digital storage solution that has been pre-approved by the Guernsey Financial Sector Authority (GFSC), making it one of the top Bitcoin wallets in the United Kingdom.
It also includes a backup phrase recovery service, which is unusual in the crypto community. If you misplace your private key, this will come in handy.
Support for over 120 cryptocurrencies, as well as over 500 crypto trading pairings, are among the other features. eToro Crypto Wallet is the best digital wallet option for any crypto user, with mobile support accessible for both Android and iOS users.
Why Buy Bitcoin with Bank Transfer?
Traders that choose to buy Bitcoin UK bank transfer benefit from a number of factors, including:
High Level of Security
A bank transfer is safer and better than using a debit/credit card to buy Bitcoin. A bank account cannot be easily hacked or accessed online.
Increases limits on deposits
When you buy Bitcoin through bank transfer on eToro, you may make a single deposit of up to $1,000,000. However, when you use a debit/credit card, you can only make a deposit of $40,000.
Deposits and withdrawals that are more secure
While bank transfers are not the quickest way to load your account, they do provide you with the security of multiple currency contributions and withdrawals (USD, GBP, EUR). You may expect your eToro account to be reimbursed within 4-7 days if you use the bank transfer payment option. To prevent incurring extra bank fees, customers should make sure that the bank account from which they are sending cash and the bank account from which they are receiving funds are in the same currency denomination.
To transfer funds from your bank to your bitcoin trading account, you don’t need to set down your phone or switch to a computer. You can send quick transfers to your eToro account using the bank’s mobile app at any time.
When buying Bitcoin on eToro, you can save a lot of money by selecting the bank transfer option instead of alternative options. eToro charges trading fees in the form of spreads when you buy Bitcoin with a bank transfer. At the moment, it’s set at 0.75 percent.
The bank transfer technique is regarded as the most economical and secure method for completing transactions when compared to other payment methods available for purchasing bitcoin. When purchasing Bitcoin with a bank transfer, customers gain access to bigger deposit and withdrawal limits, allowing them to engage in large-scale crypto transactions and investments.
Everyone can use this payment option because almost everyone has a bank account that can be used to make online payments.
Several brokers accept bank transfers for Bitcoin purchases, however, we recommend eToro as the best broker for this type of transaction.
eToro is regulated by tier-one agencies and uses CopyTrade Technology to help inexperienced traders get the most out of their low-cost investments.
Frequently Asked Questions
Is it possible to transfer funds from a bank account to Bitcoin?
Bitcoin is a decentralised currency that, like all other currencies, requires the use of a digital wallet. You can maintain track of your Bitcoin holdings by linking your bank account to bitcoin holding services like eToro.
What Banks Allow Bitcoin Purchases?
You may buy Bitcoin from a number of banks in the United Kingdom and the United States. To acquire Bitcoin in other parts of the world, however, you must first check that crypto transactions are allowed in your jurisdiction.
How Long Does It Take To Move Money From My Bank Account To Bitcoin?
On eToro, bank transfers take 4-7 working days. Other payment options exist, such as PayPal, which is a faster option.