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Buy Bitcoin with a Bank Account

 

Banks are available in every nook and corner of the world but can you buy bitcoin with a bank account or transfer?

You can purchase almost anything online with the help of your bank.  Let’s find out how and other frequently asked questions (FAQs). 

A bank transfer is a very secure way of buying Bitcoin directly. It is a more secure method than any other and the best part is that it attracts the lowest fee. Depending upon the location you are in and the cryptocurrency exchange you’re using, you can choose to buy bitcoin with SWIFT ( an international wire transfer) or a bank transfer. 

This guide will help you to know what are the best places from where you can buy BTC easily and securely by using the money in your bank. When you buy Bitcoin with bank transfer or SWIFT transfer, usually cryptocurrency exchanges don’t charge fees. However, they charge withdrawal fees when you withdraw your bought Bitcoins and other cryptos from the exchange to your wallet address. If you want to hold bitcoin or other digital assets for a longer period of time, choosing a hardware wallet (such as Ledger Nano) is preferred.

What are the Pros and Cons of using Bank Accounts for Buying Bitcoin (BTC)?

Advantages

 

  • This method is great to transact large amounts of Bitcoin and that’s too in large volumes. 
  • The method is simple and highly secure to buy Bitcoins. No matter whether you are a newbie or a professional crypto trader/investor, using your bank for purchasing bitcoin is very simple and easy. 
  • Fees associated with purchasing BTCs with your bank account is significantly lower than that of using your credit/debit card

Disadvantages

 

  • This system can be slow sometimes.

How To Buy Bitcoin and Other Crypto With Bank Account or Bank Transfer Instantly?

 

Buying Bitcoin from a cryptocurrency exchange or a person-to-person (P2P) site by using your bank account or wire transfer is the most secure way. There are many reasons why many people prefer this method. 

Though many banks have reservations about dealing with cryptos, more and more banking institutions are becoming more open with the idea of cryptos as a financial asset. In fact, some of the institutions such as Wirex have incorporated the exchange right into their app.

Now, let’s check the BTC buying process in different cryptocurrency exchanges with your bank account. The process is more or less similar. That’s why we’ll check the BTC purchasing steps in eToro:

Step #1: First of all, you’ve to create a crypto trading account with eToro. 

Step #2: Once it is opened, verify the same.

Step #3: Now, connect the cryptocurrency trading account with your bank account.

Step #4: Go to “Bitcoin” and choose the amount of BTC you would like to purchase. 

Step #5: Once the purchase is complete, Bitcoins would be added to your crypto exchange’s portfolio in eToro.

These are the 5 steps involved in the process of buying BTCs by using your bank account in the eToro crypto exchange. The best part here is that in most cryptocurrency exchanges you can buy other cryptos and altcoins too for completing your portfolio. For getting the maximum return on your investment (RoI), you can also start copy trading by using the best and most reliable bots.

Top 5 Best Cryptocurrency Exchanges to Buy Bitcoins with a Bank Account/Transfer

1. Coinmama

Coinmama is one of the most popular and reliable cryptocurrency exchanges. It offers services in all countries. Do you want to buy Bitcoin in Coinmama? If yes, you can do so by using the International Bank Transfers (SWIFT) method for sending money. In case you are in Europe, you can do the same by using SEPA transfer. 

 

This crypto exchange doesn’t charge any fees on the purchase of EUR 1,000 or more worth of Bitcoin. However, you have to pay EUR 20 as fees to Coinmama if you buy Bitcoin worth less than EUR 1,000. 

 

Pros

  • Coinmama works in almost all the countries in the world.
  • It is a reliable, renowned, and trusted crypto exchange and a broker. 
  • They provide the highest limits for purchasing bitcoins with the help of a credit card. 

 

Cons

  • When you buy Bitcoin through Coinmama by using a debit or credit card then they have some of the highest fees. 

 

Overall Rating

  • They are easy to use and therefore perfect for beginners too.
  • In terms of privacy, it is low.
  • The completion of trade is fast.
  • The overall fee structure is average when compared with other exchanges.
  • Coinmama is highly trusted.
  • The limits are high, giving enough leverage to Bitcoin and other crypto traders and investors.

2. Gemini

This crypto exchange is one of the most preferred ones in the United States. The US crypto customers can buy Bitcoins through Gemini cryptocurrency exchange by funding their bank accounts with ACH transfers. 

 

Pros

  • It is a highly trustworthy and regulated crypto exchange.
  • Gemini offers its customers the instant deposit facility. It lets the customers purchase Bitcoins and other cryptos quickly. However, you can withdraw them.
  • In the United States and Canada, Gemini’s fees are one of the lowest.

 

Cons

  • If you’re a new buyer, then it may seem a bit confusing. 
  • Gemini’s crypto services are not yet available in all states of the US.

 

Overall Rating

  • They are not easy to use and therefore not a perfect choice for beginners.
  • In terms of privacy, it is low.
  • The speed is slow.
  • The overall fee structure is low when compared with other exchanges.
  • It is a highly trusted cryptocurrency exchange.
  • The limits are high, giving enough leverage to Bitcoin and other crypto traders and investors.

3. eToro

This is a very popular trading platform and a reliable cryptocurrency exchange. The crypto coins supported by this platform include Bitcoin (BTC), Ethereum (ETH), Zcash (ZEC), Litecoin (LTC), and others. For making bank deposits quickly, you may use all the popular methods including bank transfer, NETELLER, SEPA, PayPal, and others. The best part is that eToro also provides copy-trading facilities to its customers. 

 

Pros

  • Unique copy trading features are offered by eToro.
  • It is one of the most trusted cryptocurrency exchanges, which has been active in traditional finance. 
  • Etoro has a clean and easy-to-use interface.

 

Cons

  • They don’t allow their customers to deposit cryptocurrency. However, the users can make deposits with the help of other methods of payment.

 

Overall Rating

  • They are easy to use and therefore are a perfect choice for beginners.
  • In terms of privacy, it is low.
  • The speed is average.
  • Fees are low when compared with other exchanges.
  • It is a highly trusted cryptocurrency exchange.
  • The limits are high, giving enough leverage to Bitcoin and other crypto traders and investors.

4. Coinbase

Coinbase is the largest cryptocurrency exchange and broker in the US and also across the world. In the US, you can buy Bitcoin through Coinbase by using a connected bank account through ACH bank transfer. In Europe, users can purchase with a bank account through SEPA transfer. 

 

It generally takes 5-days for the crypto coins to get delivered when you use the ACH method for making purchases. When you use the SEPA method, it takes less than 2-days for the coins to get delivered. On all transactions, Coinbase charges a flat 1.49% fee. For unlocking the instant payment options through bank transfer, Americans may add with a Visa or Mastercard credit card.

 

Pros

  • They have high liquidity, making it instantaneous to get a buyer-seller match.
  • Coinbase is the easiest way through which you can buy Bitcoins through an exchange.
  • This crypto exchange offers you an “Instant Buy” option with the help of debit cards.

 

Cons

  • When you buy Bitcoins through bank transfer, it may take up to 5 days for completion.
  • This crypto exchange may track your bitcoin spending habits. How and where you spend your BTCs may be tracked.

 

Overall Rating

  • They are easy to use and therefore are a perfect choice for beginners.
  • In terms of privacy, it is low.
  • The speed is average.
  • Fees are average when compared with other exchanges.
  • It is a highly trusted cryptocurrency exchange.
  • The limits are high, giving enough leverage to Bitcoin and other crypto traders and investors.

5. Kraken

In terms of daily average trading volume, Kraken is the largest euro-denominated Bitcoin exchange in the world. All the bank transfer deposit methods from the customers of the United States, Japan, UK, Canada, and European Union are supported. You can make deposits through Interac, SEPA transfer, and international bank transfer. In fact, Kraken provides its customers with multiple payment options including bank account payment, credit cards, debit cards, and others.

 

Pros

  • Kraken’s taker fee is very low, which is usually 0.25%. However, with a sufficient volume of trading, it could fall to 0.1%.
  • The market fee is very low. However, with a sufficient volume of trading, it could fall to 0%.
  • In terms of data protection and security, they are highly rated.

 

Cons

  • As ID verification is required, the crypto trades are not so private.

 

Overall Rating

  • They are hard to use and therefore are not a perfect choice for beginners.
  • Kraken has low privacy.
  • The speed is average.
  • Fees are low when compared with other exchanges.
  • It is a highly trusted cryptocurrency exchange.
  • The limits are high, giving enough leverage to Bitcoin and other crypto traders and investors.

 

You can also check out my other articles on:

  • How to Buy Bitcoin with credit cards?
  • How to Buy Bitcoin with Debit Cards?
  • How to Buy Bitcoin with PayPal?

 

Most of these payment options are available worldwide for almost all cryptocurrency exchanges.

Frequently Asked Questions (FAQs)

#1 Which banks sell bitcoins?

Banks don’t sell Bitcoins. However, there are many banks that accept BTCs. Here is a list of such banks that accept Bitcoins:

  1. Chime Bank (USA)
  2. Wirex (UK)
  3. Ally (US)
  4. Change (Estonia)
  5. Worldcore (Czech Republic)
  6. Bankera (UK)
  7. USAA (USA)
  8. Goldman Sachs (USA)
  9. Revolut (UK)
  10. National Bank of Canada (Canada)
  11. Simple Bank (USA)

#2 Can I buy bitcoin with my Chase bank account?

No, you can’t buy Bitcoin (BTC) with your Chase bank account because it outrightly bans Bitcoin purchase. However, Chase QuickPay’s free service allows users having checking accounts with Chase Bank to make P2P transfers with other accounts, which are a clearXchange (CXC) network’s part. 

 

You can also use this Chase Quickpay service for purchasing bitcoins on Paxful. The process of purchase is very simple and it takes less than an hour for a bitcoin transfer to your Paxful wallet.

#3 Which are the banks that explicitly bans or limits bitcoin purchase?

The popular banks that explicitly bans or limits bitcoin buying are:

  1. Bank of America (USA)
  2. Chase (USA)
  3. Citigroup (USA)
  4. Lloyds Bank (UK)
  5. Bank of Scotland (UK)
  6. MBNA (UK)
  7. Wells Fargo (USA)
  8. Commonwealth Bank of Australia (Australia)
  9. Citibank (USA)
  10. Capital One (USA)
  11. Discover Bank (USA)
  12. Virgin Money (UK)
  13. Visa (European Union)
  14. TD Bank (USA)
  15. PNC Bank (USA)
  16. Royal Bank of Canada (Canada)
  17. Toronto-Dominion Bank or TDB (Canada)

#4 How to buy bitcoin with a Bank of America account?

No, you can’t buy Bitcoin (BTC) with your Bank of America bank account.

Buy Bitcoin with NapBots.com to Increase ROI

If you want to increase your return on investment from the cryptocurrency market, consider using reliable automated copy-trading bots such as NapBots.com. NapBots offers complete trading automation solutions through the use of its own tested trading strategies; offering quantitative trading strategies previously reserved for hedge funds to the public. 

 

This cloud-based platform connects to major exchanges such as Binance, Bitmex, Bitfinex, OKEX, Kraken, Bitstamp, and Bitpanda. The setup and installation are easy. So, the non-experts can also use it. The simple and special approach of NapBots helps it provide you with excellent ROI.

 

NapBots.com is a reliable copy trading platform having a 4.1 review rating out of 5. Instead of using complicated trading tools, this crypto bot scans the market in real-time and automatically trades for you. Exploit their 15 years of experience in quantitative trading at global financial institutions. If you don’t have the time to study charts and graphs, let the experts trade for you, and copy exactly what they do.

You can put your trading on autopilot and keep earning even when you’re sleeping. NapBots is the ultimate crypto trading bot that scans the market in real-time and automatically trades for you.  Any novice trader with zero skills can also start trading like a pro and earn money with this unique trading tool, NapBots.com.

NapBots: What’s so Special?

NapBots crypto trading software is special because it comes with:

  1. A unique trading algorithm that processes market data for you 
  2. A unique crypto trading bot library so that you can create your own mix of trading strategies
  3. Autopilot mode that enables you to automate trading 24×7
  4. An easy-to-use interface so that you can copy the proven strategies of NapBots.com to make successful trades and make money

Our pricing is simple and there are no setup fees. 7 days free trial is also available.

Are You Ready To Start Automating Your Passive Income Now?

 

If you still need assistance, you can refer to the following step-by-step purchasing guides for the various payment methods: