Home Cryptocurrency Buy Bitcoin with Bank Account in 2021 – The Complete Guide

Buy Bitcoin with Bank Account in 2021 – The Complete Guide

by Serge Shlykov

Introduction

If you are an investor who wants to buy bitcoins via wire transfer, you should first look for a cryptocurrency exchange that supports wire transfer as one of its payment methods. Indeed, using your bank account to buy bitcoins is probably the easiest and most convenient way to pay for your bitcoin purchases. But if you are buying bitcoin for the first time, it can be difficult to know where to start.

Methods of payment by bank transfer

Depending on where you’re from, there are basically two common ways to buy bitcoins in your bank account. Either a SWIFT or Sepa transfer. There are other types of transfers that can be made through a bank. So it’s up to you to find out which type of transfer is supported by your local cryptocurrency exchange and bank account.

A wire transfer is essentially a cheap and easy way to buy bitcoins. Simply enter your bank details as you would for any other online payment. However, it is important to note that if you wish to buy crypto via bank transfer, these transfers may take several business days to process by the bank.

How to buy bitcoins on your bank account?

Below are some simple steps to follow to buy bitcoins with a bank account. The methods may vary slightly depending on the bank and crypto exchange you use, but in general they should be the same.

Step 1: Creating a bitcoin wallet/vault

To make sure your bitcoin is safe, and if you are buying cryptocurrencies for the first time, you should first create a cryptocurrency store. Note that your repository must be private and that the contents of the private keys must only be kept by you for security reasons. You should definitely not store your bitcoins in an exchange for an extended period of time to reduce the risk of losing your bitcoins.

Step 2: Record choose crypto user profile

Once you have created your wallet, you need to look for a cryptocurrency exchange that you think is secure enough and also offers the type of coins you want to invest in. The minimum information required for most exchanges is an email address and the creation of a password for your user profile.

Of course, you should check that the exchange you choose actually lists bank transfer among the available payment methods.

Some exchanges also implement an identity verification process to comply with anti-money laundering and anti-terrorist financing regulations. The information you may need the first time is your full name, home address, phone number, national ID, utility bill or bank statement to prove your address is real.

After creating the profile, remember to enable two-factor authentication if the cryptographic data exchange provides such a security feature.

Step 3: Deposit to the stock exchange via a bank account by means of a bank transfer

After logging into your newly created account, you need to navigate to the section of the website where you can deposit your currency on the platform in exchange for bitcoins.

Generally, you will be asked to enter the amount of the bitcoin into the system. Next, you need to choose the option to replenish your account via bank transfer. After that, all you have to do is follow the instructions on the site to buy bitcoins in your bank account.

Step 4: Buy your bitcoin

Once the site has confirmed your deposit from your bank account, you should check the balance to make sure the deposit amount is correct. Be aware of any custody fees charged by the exchange in your profile.

You can then proceed to buy and sell the desired cryptocurrencies at the option listed on the exchange. All you have to do is click on Buy Bitcoins in the list of crypto currencies offered on the exchange and simply enter the amount of bitcoins or the value of your currency that you want to spend. Use this time to check all the details and any fees charged by the exchange before you buy a transaction.

Step 5: Transfer bitcoins to your wallet

Once the transaction is complete and you have received bitcoins from the exchange, you must transfer bitcoins from the exchange to your personal vault. All you need is a bitcoin vault address, and all you have to do is select Send Bitcoins and enter that address. Please take the time to verify that all information is correct before confirming a transaction for the first time.

Choose the right crypto exchange when buying bitcoins.

With cryptocurrencies becoming more and more popular and accessible around the world, whether you’re from the United States or South Africa, there are many different exchanges available no matter what country you live in. Therefore, it will be important to compare the available exchanges and choose the one that best suits you to buy bitcoins.

Here are some factors to consider when choosing a crypto currency exchange.
Payment options: What are the payment options for buying bitcoins? Some payment methods allow you to pay with a credit or debit card, or even with Paypal. You should choose the exchange that offers the most convenient payment options for you.

Fees: You need to consider the kind of fees that the exchange charges when you want to buy bitcoins. Or the withdrawal and deposit fees for buying and selling bitcoins? Don’t forget to also take into account any transaction fees that the exchange may charge you.

Transaction limits. Are there any restrictions on your user profile when buying bitcoins? Some exchanges impose selling or buying restrictions on users’ accounts, which can be lifted by increasing trading volume over a 30-day period or by performing an identity check.

Processing Time : You should take into account how long it can take to buy bitcoins. With some payment methods, such as using credit/debit cards, you can get your cryptocurrency faster on some exchanges, but if you buy bitcoins via wire transfer, it may take a few business days to receive your cryptocurrency.

Cryptography types are supported. What type of crypto can you buy with your money? Some exchanges offer more options than bitcoin for your investment needs, while others offer several options that include a basic type of crypto, such as bitcoin and Ethereum.

Ease of use. The currency exchange you choose should have a simple, user-friendly interface to make it as easy as possible for you to buy bitcoins.

Required information for the exam. When choosing an exchange to buy bitcoins, you should check what information or documents the exchange requires for verification. How long will the verification process take?

Security Features. One of the most important features when choosing an exchange to buy bitcoins, you should ensure that the cryptocurrency exchange takes preventive measures and uses security protocols to protect both investor information and the assets invested in the exchange.

Customer Service. What options does the fair offer for contacting customer service? How long and what kind of service can I expect from the exchange?

Reputation. You should visit Bitcoin forums and search websites to determine how much trust the community has in the exchange and how many users are actually active on the platform. This determines the degree of liquidity of the exchange.

Store your bitcoins

Sometimes some exchanges allow their investors to keep newly purchased coins at the exchange where you bought them. You have the option to do this, but we don’t recommend it, because the person managing your personal coin keys is not you, but the stock market – not you. Another reason why you should be careful when storing
coins on a platform for the first time is that they are a valuable target for attackers and hackers, and there have been many intrusion incidents throughout history.

Therefore, the safest way to store your bitcoins is to keep them in a secure vault that you own and that allows you to manage your own private keys. This is especially important if you are buying bitcoins for the first time. There are also many options for where you store bitcoins when you buy them, and it’s up to you to decide what to do before choosing what’s best for you.

Is it safe to buy and sell bitcoins this way?

This method offers the safest way to exchange your local currency for bitcoins, but only if you are absolutely sure that the currency platform you choose is reputable and reliable, as you will essentially be giving them your personal financial information.

Therefore, to ensure its safety, you should at least know who the people behind the platform are, where it is based, whether it is strictly regulated by the local financial authority and how long it has been on the market.

If the coin platform you choose is a peer-to-peer platform, then even regardless of the data, you should be sure of the identity of the person you are trading with before you buy coins from them. Therefore, look for platforms that have a reputation check or rating system and offer security features to protect you from scams or fraud.

Now that you know the basic steps and what to look out for when buying coins through your banking institution, here are some coin platforms we recommend that are reputable and reliable.

Best bitcoin exchange

eToro

eToro is one of the best trading platforms because it is supported in almost every country in the world and offers support for all major currencies, including Ethereum and Litecoin.

eToro differs from other exchanges, such as Coinbase, in that it is a social trading platform. This means that the platform allows users to buy and sell coins, as well as track the types of transactions made by others.

A unique feature of eToro is the copy trading feature, which allows its users to do any transaction that another user does. This is how it works: If you select a person to copy their trade model, once that user makes a purchase, you will immediately make the same purchase. This is a feature that very few other platforms have.

eToro was founded in Israel in 2007 by two brothers, Ronen Asiya and Yoni Asiya. Their goal was to provide their users with an excellent experience and ease of use, which was lacking in most coin brokerage platforms at the time.

Today, eToro has over 3 million users worldwide and about 250,000 of them are active at any given time.

Commercial characteristics

eToro is a platform that is one of the first brokers to offer coin trading to its users, and as a security measure, it stores all its coins in secure and locked cold rooms. It is also important to note that eToro does not allow its users to have their own private keys.

However, it allows users to buy coins by sending and receiving money from remote vaults. However, there are limits to the amount a user can send or receive into their eToro vault at any given time. But so far, eToro only allows you to withdraw 3 types of coins from storage – BTC, ETH and XRP. The other coins must be kept on the platform and cannot be spent.

Another important feature is that eToro sets limits on your user profile based on the volume of trades you intend to buy. This standard is generally divided into four different types of users: Bronze, Silver, Gold and VIP, and as such the deposit and trading limits depend on the type of user profile.

There is a general deposit limit for eToro users if they want to make a deposit through their banking institution. This limit is set at $500 for all deposits, and as an added security measure, the maximum amount allowed for deposits is $10,000.

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One of the disadvantages of eToro is that it tends to charge above average fees compared to other competitors in the market. They lift z. B. an overnight fee, and this fee is higher if the coins are kept on the weekend. A one-day fee of $0.24 is charged for each $1,000 of leveraged long exposure.

On a positive note, eToro doesn’t charge for unused positions, but it does charge triple the price if held over the weekend.

There are also charges for credit/debit card withdrawals or withdrawals from your banking institution. The minimum withdrawal amount is $50, and on top of that eToro charges an inactivity fee that starts after one year and is $10 per month.

Safety

One of the advantages of eToro for users is that the platform takes security and protection of its users’ profiles very seriously and invests in high-level security features that prevent all malicious attacks and threats. One of these features includes advanced payment functions to ensure the safety of the user’s money.

Moreover, eToro places all funds invested on its platform in different vaults of the safest and most regulated banks to ensure the safety of the funds. eToro also complies with the regulatory requirements of each country, such as KYC compliance and AML checks.

eToro also encrypts its websites with SSL and offers two-factor authentication for all its user profiles.

Luno

Luno is an exchange that has been around since 2013 and tends to focus on smaller, less popular markets like some countries in Southeast Asia and South Africa. They have expanded to many countries that are emerging markets with exponential growth potential, and are an excellent exchange that also offers payments through your financial institution.

Their service is on par with the best larger exchanges like Coinmama and Coinbase, and one of Luno’s advantages is that it offers more access to countries to buy coins that may not be available on other exchanges.

Commercial characteristics

Luno offers a simple and intuitive buying and selling interface that makes it easy for beginners to use, and has enough features for experienced traders to buy coins on its platform. The only problem with Luno is that because they primarily support niche markets, their trading volumes are relatively low, averaging over USD 4.5 million per year.

The coins supported by Luno are BTC, ETH, XRRP and LTC. Tokens can be purchased with a debit or credit card. All deposits and withdrawals can be made directly to your banking institution. All transactions are also processed immediately and you will receive your coins as soon as the transaction is processed.

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Luno offers a similar commission structure to most other platforms, with commissions decreasing as transaction volume increases. Market makers do not have to pay 0%, while market makers at 0.10% and above receive a discount of up to 0.03%, based on 30-day volume.

Compared to other exchanges in the market, Luno generally offers competitive rates. However, if you pay through your bank, a small flat fee may apply depending on your country of residence.

Safety

Luno offers similar security features to most other platforms. This includes hashed passwords at every login and two-factor authentication used every time you log into user profiles.

Parts basis

Coinbase is a US-based exchange and is a BTC broker where investors can buy and sell cryptocurrencies. Coinbase is widely recognized as the world’s largest coin exchange and has one of the highest trading volumes of any platform, at nearly 1.2 million. BTC.

Commercial characteristics

Coinbase offers popular coins on its platform, including BTC, ETH, as well as LTC. The best way to buy coins on Coinbase is to pay through your banking institution, and this process takes a few business days to 4-5 business days. It is also possible to do this directly with your debit or credit card.

There is a limitation that Coinbase imposes on its users, which increases over time if user profiles are not fully verified. Coinbase therefore sacrifices the anonymity of some users to improve overall security to meet KYC and AML requirements. If you value anonymity, consider other platforms that do not require the same verification or identification.

This is because Coinbase’s verification process requires a lot of information for verification, including your home address, a photo issued by the appropriate government agency, and even utility bills to prove that your address exists. Coinbase is regulated by a financial services company in the United States. Users who undergo this verification do not have to worry about this information being leaked, as Coinbase assures its users that this information is stored securely and will not be shared with third parties.

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Since Coinbase is a brokerage platform, they don’t charge any fees if you make deposits through your banking institution in your user profile. However, there is a 1.49% charge for coin purchases regardless of whether you use a debit or credit card, plus any additional fees charged by your financial institution.

Safety

To ensure the safety of their invested assets, they hold user funds in secure physical vaults around the world. Additional security features include SSI encryption and storage with AES-256 encryption.

frequently asked questions (FAQ)

Q: What are the different types of available transfers?

There are basically two types of transfers when you want to buy and sell bitcoins. The first type is SWIFT, a global standard used for sending money orders and messages through your bank account. This is because all bank transfers around the world rely on the SWIFT network for payment instructions when someone buys bitcoins via bank transfer. The other way would be SEPA, the European standard for all euro transfers. The advantage of SEPA over SWIFT is that the SEPA transfer saves time and money and also facilitates money transfers through uniform account numbers.

Q: What are the advantages of using SWIFT or SEPA transfers?

SWIFT or SEPA transfer will be one of the lowest payment options you can use to buy and sell crypto currency and transfer your payment. Therefore, there would be several cryptocurrency exchanges that offer free or at least cheap deposit fees if you use bank, SEPA or SWIFT transfer and in most cases the only payment method if you want to sell cryptocurrencies in exchange for fiat currency.

Q: What are the disadvantages of using SWIFT or SEPA transfers?

The only disadvantage of paying in cryptocurrencies via bank transfer via SWIFT or SEPA is the time it takes to complete the transactions. A bank transfer via SEPA usually takes between 1 and 3 business days, depending on your bank and the cryptocurrency exchange in question. SWIFT payments can take even longer than SEPA transfers. Therefore, the final price you pay for your crypto currency may vary due to the volatility of crypto currency assets.

Q: Which cryptocurrencies can I buy via SEPA or SWIFT?

Depending on the cryptocurrency supported by the exchange, SEPA and SWIFT bank transfers can be used to purchase bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Dash, etc.

Buy Bitcoin with Bank Account in 2021 – The Complete Guide

With over 10 years of experience as a financial analyst, Eric is well aware of the potential of cryptocurrencies, particularly bitcoin, and its impact on the global economy. He is determined to share everything he knows about cryptocurrencies here.

frequently asked questions

How can I buy bitcoins directly into my bank account?

Buying bitcoins by bank transfer – ….

Where can I buy bitcoins with a bank transfer?

buying bitcoins…

At which banks can you buy bitcoins?

Bitcoin-friendly…

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