10 Ways to Buy Bitcoin with a Bank Account
Buying Bitcoin through a bank account is likely the cheapest way to get the best exchange rates. However, remember that the best exchanges for you will depend on where you are in the world. This article will cover the top reliable exchanges that provide bank wire services.
How to Buy Bitcoin with a Bank Account Summary
- Visit Best Wallet or Kraken and open an account. Enter your email address, create a secure password and complete any required identity verification processes to comply with regulatory standards.
- Go to your dashboard and select “Add payment method”.
- Choose your preferred payment option, in this case linking your bank account. Make sure that the payment method is in your name to avoid any issues.
- Once you’ve linked your payment method, deposit the amount you want to use to purchase Bitcoin into your Best Wallet account. Be aware of any deposit fees and processing times associated with your chosen payment method.
- Go to the “Buy/Sell” section of your dashboard and select Bitcoin from the list of available cryptocurrencies. Enter the amount you want to purchase and review the transaction details, including any fees. Confirm the purchase to complete the transaction.
- Your Bitcoin will now be available in your Best Wallet account.
eToro disclaimer: This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn moreIf Best Wallet or Kraken don’t work for you, there are several additional options you can use. Keep reading to learn all about these.
- Best Wallet
- Kraken
- eToro
- Coinmama
- Coinbase
- Bitpanda
- Luno
- Bitstamp
- Bitfinex
- CoinCorner
- Frequently Asked Questions
- Conclusion
1. Buy Bitcoin with your bank account using Best Wallet
Pros:
Cons:
Best Wallet is a reputable cryptocurrency exchange known for its intuitive platform and comprehensive security measures. It offers a wide range of cryptocurrencies, including Bitcoin, and provides various payment methods to accommodate users globally.
Best Wallet operates in multiple countries across North America, Europe, and Asia. However, due to regulatory restrictions, it may not be accessible in certain regions. Users should verify the platform’s availability in their country before attempting to create an account.
- Bank Transfers: Best Wallet supports bank transfers via SWIFT and SEPA networks. For SWIFT transfers, the minimum deposit amount is $100, with a processing fee of $10 per transaction. SEPA transfers are available for European users, with a minimum deposit of €20 and a fee of €1 per transaction.
- Credit/Debit Cards: Users can also fund their accounts using credit or debit cards. This method offers instant deposits but comes with higher fees, typically around 3.5% per transaction.
Best Wallet employs a tiered fee structure based on the user’s 30-day trading volume. For new users, the maker fee is 0.16%, and the taker fee is 0.26%. As trading volume increases, these fees decrease, rewarding active traders.
For more details, check out this Best Wallet review.
2. Buy Bitcoin with your bank account through Kraken
Pros:
Cons:
Headquartered in San Francisco, Kraken is a veteran exchange known to be one of the largest Bitcoin exchanges in terms of euro volume and liquidity.
It operates across the United States (with the exception of New York and Washington state due to regulation) and Canada, as well as in the European Union, Asia, Africa, and South America.
- SWIFT deposits: These are available for US dollars with a 150 USD minimum through Etana Custody or a 4 USD minimum through Bank Frick.
- SEPA deposits: Possible for EU members, with a 1 EUR minimum.
Deposit fees are mostly free, with the exception of just a handful of options.
Read our full Kraken review here.
3. Buy Bitcoin with your bank account via eToro
Pros:
Cons:
eToro is a pioneering trading company that puts an emphasis on cryptocurrency. It supplies users with an easy-to-use trading platform for investing in cryptocurrencies. eToro is more suited for price speculation (not available for US users) than actually buying the coins, as withdrawing them to your wallet is much more complicated than with other platforms. However, note that US users can only buy Bitcoin, Bitcoin Cash, and Ethereum, while international users have access to more cryptocurrencies. Learn how to buy Bitcoin on eToro here.
- SWIFT transfers: eToro accepts these worldwide.
- ACH transfers: These are available within the US.
- Mobile wallet: The platform also offers this for trading, sending, and receiving funds.
Read our full eToro review here.
Visit eToro Read revieweToro disclaimer: This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more4. Buy Bitcoin with your bank account through Coinmama
Pros:
Cons:
Coinmama is a brokerage company that has been around since 2013 and is considered to have a good reputation, fast service, and an easy-to-use and smooth platform
- Accepts bank transfers: These include SEPA and apply to purchases with a minimum amount of 5 USD per transaction.
- Reasonable limits: The allowed maximum is of 10,000 USD, with a 1,000,000 USD monthly limit.
If you use a bank transfer with Coinmama’s service, you can save up to 5% of the processing fee compared to its debit and credit card transactions. Furthermore, using bank transfers lets you enjoy higher spending limits than credit card purchases.
Read our full Coinmama review here.
Visit Coinmama Read review5. Buy Bitcoin with your bank account via Coinbase
Pros:
Cons:
Coinbase is one of the pioneering companies in the Bitcoin ecosystem and has been around since late 2012. The platform supplies brokerage services to many countries worldwide (meaning they sell you Bitcoin and other cryptos directly and not through a trading platform).
- Services available to US customers: Connecting their bank accounts via ACH bank transfer.
- Services available to European customers: Possibility to buy Bitcoin with a SEPA transfer, Faster Payments, or Easy Bank Transfer.
For all the countries Coinbase supports (100+ in total), there is a US $10 fee for wire deposits and a €0.15 EUR fee for SEPA deposits..
Read our full Coinbase review here.
Visit Coinbase Read review6. Buy Bitcoin with your bank account using Bitpanda
Pros:
Cons:
Bitpanda was founded in 2014 and supplies brokerage services for Bitcoin. Countries within the Eurozone as well as a handful of others can also expect services in different cryptocurrencies. The company accepts SEPA transfers from European countries.
- Deposit options: Nine major fiat currencies via bank transfer, including the Euro, US dollar, British pound and Swedish krona.
- Deposit methods: Zero fees on all these, including credit card.
- Minimum amount needed to buy and sell assets: 1 EUR or 1.50 USD.
Read our full Bitpanda review here.
7. Buy Bitcoin with your bank account through Luno
Pros:
Cons:
Luno (formerly known as BitX) is a great option for emerging markets. The company supports many European countries, as well as Indonesia, Malaysia, Nigeria, South Africa, and Uganda.
- Bank transfers: For Australia, these are free for amounts above $50.
- SEPA transfers: Free for accounts verified in Europe.
- Deposit fees: Free for Uganda and South Africa.
Read our full Luno review here.
8. Buy Bitcoin with your bank account via Bitstamp
Pros:
Cons:
Probably the oldest exchange on this list is Bitstamp, which was founded in 2011. The exchange has offices worldwide, including Singapore, Luxembourg, Slovenia, and the USA.
- Free deposits: These include SEPA, ACH, and Faster Payments.
- Trading fees: Depend on monthly volume; mostly between 0.25% and 0.50%.
- No brokerage services: The platform is therefore more ideal for experienced traders.
Read our full Bitstamp review here.
9. Buy Bitcoin with your bank account through Bitfinex
Pros:
Cons:
Based in the British Virgin Islands, Bitfinex is among the oldest Bitcoin exchanges in the world, established in 2012. The company facilitates bank account transfers globally and charges a 0.1% fee for incoming wire transfers, with a minimum fee of 60 USD or EUR.
- Bank wires: These have a 5 EUR fee per transaction with OpenPayd.
- Brokerage services: Unavailable; the platform only supplies trading.
- Trading fees: These depend on volume, and start at 0.2%.
Read our full Bitfinex review here.
10. Buy Bitcoin with your bank account using CoinCorner
Pros:
Cons:
CoinCorner is a Bitcoin exchange established in mid-2014. The company is based on the Isle of Man, and currently supports 30 countries.
- EUR deposits: Made with SEPA. They’re also free.
- Minimum and maximum threshold: 5 EUR minimum; no maximum.
Visit CoinCorner Review coming soon
FAQs
Why should I use a bank account instead of a credit card?
How do I transfer Bitcoin to my bank account?
Do I need a bank account to buy Bitcoin?
Can you buy Bitcoin at a bank?
12. Conclusion – Bank transfers are cheaper but slower
If you’re thinking about buying large amounts of Bitcoin or don’t have any access to credit cards, you should probably use one of the methods above. Keep in mind that some banks may require additional info about the nature of the transaction and may also collect additional fees for the transfer itself.
In my opinion, if the purchase amount isn’t large, you’re better off using your credit card or debit card. It will cost a little more, but the coins will arrive quicker, and there will be much less hassle in the buying process.
If you have any questions about the process or the exchanges, please ask them in the comment section below.
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