ACH is one of the fastest and cheapest ways to transfer money inside the US. In this post, I’ll cover the different Bitcoin exchanges that accept ACH transfers in order to buy Bitcoin.
Buy Bitcoin with ACH Summary
ACH enables quicker and cheaper transfers compared to traditional wire transfers. There are three well-known options for purchasing Bitcoins with ACH – eToro, Coinbase, and Gemini. The fastest and most affordable option is eToro. However, you cannot withdraw your coins directly (you can only sell them back for USD).
If you want to buy actual Bitcoins with ACH use Coinbase:
- Go to Coinbase and sign up
- Verify your account
- Click on “Buy/Sell”
- Choose the amount to buy
- Choose ACH transfer
That’s how to buy Bitcoin with ACH in a nutshell. If you want a detailed review about the benefits of ACH and exchanges that accept it keep on reading, here’s what I’ll cover:
1. Why use ACH?
ACH (Automated Clearing House) is an electronic funds-transfer system that is used for payments inside the U.S. The ACH is run by the National Automated Clearing House Association (NACHA).
Recent rule changes are enabling most credit and debit transactions made through the ACH to clear on the same business day.
When you use a wire transfer it can take several days for it to show up on an exchange. Alternatively if you use an instant payment method like a credit card you usually end up paying a hefty amount in fees.
ACH allows for speedy transactions at the cost of a wire transfer.
2. Options for Buying Bitcoin with ACH
eToro
eToro is a trading platform that makes it easy for users to buy and sell Bitcoin. It is available in almost every US state and supports ACH transfers in all regions where it operates. Some states with restrictions include Minnesota, Nevada, New York, Tennessee, and a few others. It’s worth mentioning that US users can only invest in Bitcoin, Bitcoin Cash, and Ethereum, while customers from other countries can choose from a wider range of cryptocurrencies.
To withdraw your Bitcoin from eToro, you need to first move it to eToro’s wallet, which can take up to 3 days for approval. Because of this, eToro is better for those who want to invest in Bitcoin for profit and plan to convert it to fiat later (e.g. USD).
There are no deposit fees for ACH transfers with eToro. You can read my eToro review for a complete overview of what eToro offers (including which countries it supports).
Coinbase
Coinbase, established in 2012, is one of the oldest exchanges around. Coinbase has a brokerage service which is more suitable for beginners, but it also has an advanced trading platform called Advanced Trade for more experienced traders.
With Coinbase, ACH transfers are completely free of deposit fees (unlike wire transfers). The transfer typically takes 3-5 business days (which may be as many as 7-10 calendar days, depending on the timing of weekends and other bank holidays) to complete after initiating a purchase.
You may see the funds immediately debited from your bank account when you initiate the transfer, but the funds will not be transferred into your wallet until your payment has finished moving between the banks and has cleared in Coinbase’s bank account.
The main bottleneck is how long it takes your bank account to approve the transaction, as can be seen below:
If you want a detailed review about each service you can read my Coinbase review which includes information about both the brokerage service and trading platform.
Gemini
Gemini, founded in 2014 by Tyler and Cameron Winklevoss, is one of the leading exchanges for buying Bitcoins in the US.
ACH transfers are completely free of deposit fees on Gemini. Although your bank balance may show your funds have left sooner, it typically takes at least 4-5 business days for a bank to communicate this to Gemini.
If you want a detailed review about Gemini’s trading platform you can read my Gemini review.
3. Conclusion
While at the moment the range of options for buying Bitcoin with ACH is a bit limited, I’m sure that as more exchanges expand into the US they will also support ACH transfers.
For now, the exchanges listed above should give you a good enough solution as all of them are reputable and well established exchanges.
Pro Tip: Looking to buy crypto with no verification? We recommend buying crypto using Best Wallet and checking out our guide to the Top No KYC Exchanges.
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