In a rapidly changing world, people are increasingly resorting to buying bitcoins. Today, bitcoin is not-yet-so-spread digital money. But it might all change shortly! Physically, this crypto does not exist. There are only special registers that keep records about how many bitcoins users have and who transfers them. These logs are called blockchains. It is similar to how banks get non-cash faster payments. When you pay with a credit debit card in the store, you do not transfer any physical money or gold to anyone. It is just that the owner’s operation is registered somewhere in the bank account.
Bitcoins differ from conventional currencies in that their registers are not stored centrally in institutions and payment systems. The fact is that they are stored simultaneously on all computers that are occupied with cryptocurrencies. Anyone can view any transaction with all the bitcoins in its history.
At the same time, there is the protection of registers and bank transfers using cryptography. You can’t fake them all. It is impossible to rewrite data into blocks and claim that someone now has millions. Bitcoin is safe in this sense. However, not all users trust such cryptocurrencies yet. But those who buy bitcoins get more benefits and, undoubtedly, money.
Buying bitcoins through bank accounts and bank transfers is the best way to get a cheap exchange rate. Just imagine how much money and time you will save with the help of bitcoin exchanges. It is a successful way to change your payment method (payment option) and secure your money in your bank account.
Today, there are various crypto exchanges, and you may safely choose the most suitable one. Take into account your location and the reviews of the owners of the bitcoin. In the world, there are many diverse organizations. For this reason, in this article, we will look at the best reputable crypto exchanges. These firms provide banking services, a bank wire and help you open your bitcoin account.
Buy bitcoins with a bank account summary
As we already noted, bitcoin is pretty extraordinary crypto money. For a detailed understanding of all bank transfers and, you need to understand how to buy bitcoins.
The state issues ordinary currency (even in some cases fiat currency). It is very indirectly related to gold reserves, but it does not link with anything particularly. As much money as the state needs, so much it will print. Bitcoins are not associated with any one state. New units of bitcoin appear when computers in this payment network serve the needs of this same one. Cryptocurrencies allow you to transfer money under a pseudonym without the market risk and the bank’s participation. It is rightfully for a transaction with buyers and any companies. Buyers trade bitcoins on the exchange, and they invest money in them. It is how the entire payment system of this cryptocurrency works.
Opening a bank account and making a bank transfer is a simple task. Since bitcoin is a convenient payment method for a transaction, check out the step-by-step plan for opening a bank account listed below:
- You should visit a trading platform for buying and selling cryptocurrency. The most effective platform for this is Coinbase, with a support team
- Register in the system, create an account and wallet address
- Add your bank account, payment methods, credit debit card
- Check all your account settings and ID verification
- Go to the Bitcoin purchase and sale section
- Buy bitcoins on the website.
It is an elementary way to buy bitcoin, and it is a convenient method for conducting a bank transfer. Do not miss this opportunity to become a successful bitcoin owner. This trading platform has a user-friendly navigation and design interface. All buyers will easily find the necessary information regarding bitcoins, purchases, transaction fees, a bank transfer, deposits, and much more. Besides, if you encounter difficulties, you may contact customer support.
Create a crypto banking portfolio, photo ID
To buy bitcoin, all users need to create their bitcoin banking portfolio. Thanks to this mechanism, users may safely buy bitcoins and sell them without any risks and nerves. Secondly, you may manage payment methods, control digital crypto and its exchange rate. By the way, do not neglect the advice and customer support in force majeure situations. Contrary to all wishes, it is necessary to invest in bitcoin slowly and responsibly, planning purchases carefully. At the same time, for security, it is better to keep all funds in a safe with a delayed withdrawal.
Users from different countries get acquainted with bitcoin and begin to master this area thanks to Coinbase. The mission of this company is to create an open financial system for the whole world.
What else can you find on the platform’s website? Users can also track the exchange rate of a litecoin, bitcoin cash, and Ethereum using a bitcoin wallet. You may also actively carry out trading fees, open a deposit and buy crypto. At the same time, your personal information (for instance, your photo) is confidential since this company provides privacy.
Use the mobile app
This company builds a cryptocurrency economy and a more accessible and transparent financial system. For this reason, there is a mobile application for the convenience of using a bank account. You should download it, pass ID verification, and perform a wire transfer. Do not forget to create a bitcoin wallet that will store all your funds and crypto coins.
Types of bitcoin exchanges
Undoubtedly, all bitcoin users are different, and not everyone wants to use this bitcoin platform. If you are looking for other platforms to buy or sell bitcoin, use the following exchanges:
- eToro platform
- Coinmama platform
- CEX.io platform
- Bitpanda platform
- Luno platform
- Paybis platform
- Coinbase platform
- Bitstamp platform
- Kraken platform
- Bitfinex platform
- Coinfloor platform
SEPA bank transfer
It is not an exhaustive list of bitcoin exchanges. The Euro Single Payment Area (SEPA) still operates within the European Union. Through it, you can make SEPA transfers through the registration of an account in SEPA bank.
In general, bank account holders in EU countries can take advantage of the benefits provided by this mechanism. Within the EU area, bank payments are fast, do not require the submission of documents, and are subject to a fixed commission. The main difference of this money transfer system is a fixed tariff. It does not depend on the amount, destination, or any other factors. It protects all transactions SEPA bank. The automatic process covers all stages of a transaction (SEPA transfer, funds, deposits), making no difference between transfers within a single state.
There are many convenient tools for making bank orders for withdrawing or transferring money. European banks offer to use Internet options, a mobile application, fax, or personally visit the nearest branch. To take advantage of all the features of SEPA transfer, you must meet several requirements. Thanks to them, the payment method will be as regulated and will take place as quickly as possible.
Buy bitcoin through CEX.io
This bitcoin platform is quite popular among others. Here, users must first register by creating a bank account. It is worth noting that this company is your guide to the world of bitcoins and their exchange. The site presents the exchange rate of digital currencies in USD ratio. For a detailed understanding of the functioning of this exchange, read its advantages and drawbacks.
Advantages:
- Multiple payment options (you may pay and hold funds through different bank accounts)
- No deposit fees (special conditions for traders, holders, and market makers)
- Strong privacy and safety
- Reliable order execution
- Convenient bitcoin wallet
- Retail investor accounts
- Multi-functional credit card
- Round the clock support
As for the disadvantages, the only drawback is the high transfer fees in the brokerage system. In general, the date of creation of this exchange is 2013. This platform has established itself as a top leader. The entire bank transfer will be zero percent for the deposit funds.
Buy bitcoin through eToro and your bank account
Another significant exchange is eToro, where everyone can create their bank account to sell bitcoins. You only need a credit debit card and a fiery desire to own multimillion-dollar funds.
Despite the recent emergence of eToro, the company has established itself as a reliable bitcoin service. This company, eToro, has an uncomplicated money and price system. It allows people to make both wire transfers and generally faster payments. Below are the disadvantages and advantages of eToro, which it is better to get acquainted with in advance.
Advantages:
- Strong privacy and safety
- Faster payments
- Low deposit fees
- Convenient credit card payment
However, as already noted, eToro is a pioneer of its business, so there are some drawbacks. Firstly, eToro is not available worldwide (for instance, in South Africa or Hong Kong). Secondly, eToro is suitable for price manipulation, not to buy bitcoins or make a bank transfer. Also, there is a processing fee.
As practice shows, almost 75 percent of users lose money when trading with this supplier. Therefore, before you buy bitcoins, think a few times. If you are not willing to risk your bank account and money (even coins), do not use this bitcoin platform.
Buy bitcoin with a bank account of Coinmama
Unlike eToro, the Coinmama bitcoin platform is widely used to buy bitcoin. This brokerage company was founded in 2013 and is still a leader in the brokerage market. It is worth noting that this exchange has a wide range of bank transfers. On the website, you may find the exchange rate of digital currencies in USD ratio.
The main advantage is a five percent savings in money when making a bank transfer. This essential feature allows you not to lose a lot of money compared to credit card transactions.
Additional perks:
- Effective bank account
- Multiple payment options
- Multi-functional credit debit card
- Exchange rate in USD ratio
- Strong privacy
- High spending limits (purchase of any coins)
- Quick account registration and verification
Buy bitcoin through Bitpanda
Among the exchange companies, Bitpanda stands out, working around the clock with support service. The company was founded in 2014 and is still a successful brokerage service within the Euro area. The company also accepts any bank transfer, including SEPA.
However, in reality, you can only deposit three fiat currencies through a bank account. These currencies include the euro, the Swiss franc, and the English pound sterling, without the dollar (USD). The advantages include relatively low trading fees and convenient wire transfer.
To fully use this bitcoin service, you need to follow these steps:
- Register a bank account and pass identification
- Create a bitcoin wallet and deposit money with coins
- Specify a debit card
- Buy bitcoin or sell it.
Brokerage service Luno
You can buy bitcoin with a bank account via the Luno bitcoin company. Luno is one of the world’s leading cryptocurrency platformers.
The company is based in Cape Town, Singapore, and London. The company has a global idea to revolutionize the currency system by introducing bitcoins into it. It will allow electronic money to be free from any authorities. All users of the world will be able to take advantage of all the advantages of the system. The user has several payment functions to finance their accounts in different regions. The Single Euro Payment Area, bank transfers, electronic money transfers, and interbank settlements are the most commonly used on Luno. Through them, you may make a wire transfer, buy bitcoin, and pay fees. Luno, in addition to the website, has a mobile app. It makes working with the technology of buying cryptocurrencies even more convenient. Trading depends mainly on your currency and can reach up to one percent.
Brokerage companies Bitstamp and Kraken
In the modern brokerage market, use the services of the oldest companies, such as Bitstamp. This brokerage firm sells bitcoins and shows the ratio of digital currencies in the USD. This company was formed in 2011 when very few people heard about cryptocurrency.
The exchange’s location is in Luxembourg, but the company operates worldwide. Unfortunately, the downside is the deposit fee of 0.05% for transfers to a bank account. However, transfers through the Euro Zone system are free of charge.
Advantages:
- Reliable reputation and image
- Low deposit fees
- Low transaction fees
- Currencies in USD ratio
- Multi-functional digital wallet
- Strong privacy
- Debit card transfers
The second brokerage company, Kraken, is almost identical to Bitstamp. It can also confuse newcomers to this field since there is no brokerage service. Nevertheless, some people trust this company and make a bank transfer. The company has a reliable reputation due to its activities. It is the most famous bitcoin exchange of bank account registration, euro volume, and liquidity. The main office is located in San Francisco, but this does not prevent the company from operating in different regions (USA, Asia, Europe, Africa).
Within this exchange, SWIFT deposits are available for USD. However, SEPA deposits are only available to EU members. The deposit fee usually does not exceed five percent. If you are stressed and afraid of such fees, you may contact other bitcoin companies for support.
Additional perks:
- Robust privacy
- Reliable reputation
- Quick wire transfer
- Strong privacy
- The ability to transfer money with more than just one credit card
- Low deposit fee
Buy bitcoin through Bitfinex service
Bitfenix is not inferior in its reputation and the number of bitcoin sales. The company is very successful in its business, and the main office is in Hong Kong. The most incredible thing is that this bitcoin platform supports any bank transfer around the world. At the same time, you only pay about 0.1 percent of the deposit fee for incoming transfers.
Among the most significant advantages, people highlight reasonable deposit fees, high privacy, as well as an excellent reputation. As for the disadvantages, the platform has a very intricate interface. After registering on the site and passing verification, you may buy bitcoin or make a wire transfer. To do this, you need to create a bank account and link the card.
Brokerage company Coinfloor
London is famous for its stock exchange company, as the English company Coinfloor is gaining popularity. The brokerage service was established in 2013. Now, this firm provides services to residents of the UK. The development of the company attract investors, including VC Fund, Passion Capital, and Taavet Hinrikus.
The advantages of this platform are an unwavering reputation and a wide range of services in the UK. Besides, there is a high degree of privacy regarding your data and bank account. However, buying and selling on the exchange involves deposit fees.
Brokerage service Coinbase
The most common exchange is Coinbase, founded in 2012. The advantage of such a company is the wide use of services in all regions of the world. At the same time, the company requests a low fee for financial transactions.
American customers have their system for making transfers and connecting bank accounts. This method involves ACH bank transfer in direct interaction with the card. ACH transfer is highly regarded as error-free and reliable in several limitless and diverse transactions. ACH transfer is more like an electronic transfer of money between one financial institution to another.
ACH transfer, however, is not as instantaneous as transactions made with credit and debit cards directly when purchasing goods and services. ACH authorization process is not checked in real-time.
As a bonus:
- Strong privacy
- ACH payments
- Bitcoin wallet
- Additional fees.
FAQs
Why use a bank account instead of a debit card?
Many people buy large amounts of bitcoins and cannot conduct transactions through the card. The advantage is to save money by buying bitcoins through a bank account. At the same time, bank transfers are considered irreversible, which reduces the risk of chargebacks.
Through Coinbase, when buying $ 1,000 via bank transfer, the commission will be equal to $ 14.9. If you would buy the same amount through the card, the commission will be 39.9 percent. On the other hand, a bank transfer is not so instant and may take a lot of time.
What is the scheme for transferring bitcoins to a bank account
At the moment, there is no such scheme, thanks to which you can transfer bitcoins to the account. The cryptocurrency is stored exclusively inside. If you want to cash out bitcoins, you need to exchange them for dollars, euros, and other currencies. After such actions, you can transfer them to a bank account.
Do you need a bank account to transfer BTC?
In general, you do not have to create a bank account to buy or sell bitcoins. Today, there are many different ways to get bitcoins, track bitcoin transactions.
Can I buy BTC in a bank?
Banking systems and institutions do not sell or buy bitcoins. For this reason, it is impossible to buy cryptocurrency in a bank. Use the above-mentioned exchanges for such operations.
Final Word
Thus, buying and selling bitcoins is gaining popularity all over the world. New brokerage exchanges and firms are opening up to help people own bitcoin and make transactions. At the same time, a bank transfer is cheap in comparison with credit cards. Keep in mind that it is still impossible to buy cryptocurrency in banking institutions. Therefore, it is better to use the help and services of bitcoin platforms.
When making transactions, banks may require additional information about this. If the amount of bitcoins is not large, then use your credit card. Despite the cost, your money will come faster, and you will have less hassle. In any case, investing in cryptocurrency is a successful method of getting a lot of money.
