Bitcoin is a digital currency that offers low transaction costs as compared to other traditional online payment mechanisms. This type of currency is operated by a decentralized authority, unlike the government’s traditional currencies. The popularity of bitcoin has led to the launch of other digital currencies in the market. Some companies accept bitcoin as a method of payment for goods and services. Many bitcoin supporters believe that this digital currency is the future for low cost and fast transactions for products sold or services provided. Although this digital currency operates under a decentralized authority, it can be exchanged with other traditional currencies. There are several ways through which you can purchase bitcoin with a bank account.
What Options Do I Have For Buying Crypto With Bank Account?
Consequently, buying bitcoin with a bank account is not as complicated as most people think. First, choose the amount of bitcoin that you would like to purchase. Then choose SWIFT, SEPA, or Faster Payment as your payment option. SWIFT option offers customers worldwide the opportunity to buy bitcoin from the bank account, SEPA allows customers in Europe to buy bitcoin directly from the bank and FasterPayment allows only users in the United Kingdom to purchase bitcoin directly from the bank. Then, you can follow the prompt provided to select your bitcoin wallet address and start the bank transfer. When you buy bitcoin with bank transfer, you are guaranteed cheaper exchange rates.
The exchange rates vary depending on where you live in the world. You can buy bitcoin by visiting the “Coinbase” website and proceed to open an account. Then go to settings and click “linked accounts.” Add your bank account details, then move to the “buy” or “sell” option and choose to buy. However, there are instances when some people have reported that Coinbase does not work for them. Coinbase works just well for other people, and you can also consider the below alternatives to buying bitcoin with a bank account.
1. Buy Bitcoin with bank account through Coinmama
Coinmama has made it easier to buy Bitcoin with a bank account. Create a Coinmama account, enter your details to get verified for purchase and place your Bitcoin order. Coinmama offers great support and has a relatively quick process of purchase. In addition to that, Coinmama also offers;
- Daily and monthly spending limits are relatively high.
- Reduced processing fee.
- A dedicated support team.
- Variety of coins to choose from.
2. Buy Bitcoin with your bank account through eToro
This is another platform that will help you purchase Bitcoin with your bank account. It is the best platform for beginners and is inclusive of low transaction fees. This service provider allows its suppliers and other users to take advantage of the easy to use platform for investing but not for receiving cryptocurrencies. You can speculate the price of the coins using this service provider.
3. Buy Bitcoin with bank account through Bitpanda
This Bitcoin service provider has multiple payment options and relatively low transaction fees. The platform was started in 2014 and provides brokerage services for cryptocurrencies, inclusive of Bitcoin. However, this service is only accessible in Europe and other few countries. However, when using this platform, you can only deposit three fiat currencies which are Swiss Franc, GBP, and Euro via bank transfer. You cannot deposit USD using this platform. The fees in this platform are somehow unclear since they are included in the exchange rate.
4. Buy Bitcoin with bank account through CEX.io
This service provider has multiple options for cryptocurrencies to choose from. In addition to that, it has high payment fees and does not require any deposit fee. This company is one of the companies that have been there for a long time since 2013. It offers two main services which are trading platform services and brokerage services. The brokerage fee is the best option to go for because it is easy to use but a bit expensive as compared to the trading platform fee which is cheap but confusing. This service provider gives the option of using SEPA transfer and bank transfers for countries which are outside the European Union.
5. Buy Bitcoin with bank account through Coinbase
This is the fastest means of transfer within the United States and the EU at a relatively low fee. This is one of the original companies of Bitcoin and has been in existence since late 2012. For US-based customers, Coinbase allows you to buy Bitcoin with a bank account by connecting your bank account through the ACH bank transfer. Moreover, Coinbase allows European clients to buy Bitcoin with bank account through SEPA.
6. Buy Bitcoin with Bank account through Luno
Another way that you can purchase Bitcoin with your bank account is through Luno. Luno, formerly known as BitX is an option for emerging markets. This service is provided in many European countries including Nigeria, Indonesia, and South Africa. The amount of deposit fee that one pays vary in countries and depends on the currency of a given country.
7. Buy Bitcoin with bank account through Bitfinex
This service is located in Hong Kong and is one of the biggest Bitcoin exchange in the world. The good news is that this company supports bank transfers worldwide and has a reasonable deposit fee for wire transfers. This company does not work with brokerage fees but fully supplies a trading platform. Moreover, it has a high liquidity rate.
8. Buy Bitcoin with bank account through Bitstamp
Like most of the exchange services above, Bitstamp offers low deposit and trading fees. This exchange offers trading services all over the world. For SEPA transfers, customers make their transactions free of charge. However, this platform does not offer brokerage services, therefore, you need to be well conversant with trading platforms to be able to use this service.
9. Buy Bitcoin with bank account through Kraken
This service has its headquarters in San Francisco and is one of the largest Bitcoin exchanges in terms of the liquidity rate and the volume. It operates across some parts of the United States and in European Union countries.