Since launching 12 years ago, Bankless Times has brought unbiased news and leading comparison in the crypto & financial markets. Our articles and guides are based on high quality, fact checked research with our readers best interests at heart, and we seek to apply our vigorous journalistic standards to all of our efforts.
BanklessTimes.com is dedicated to helping customers learn more about trading, investing and the future of finance. We accept commission from some of the providers on our site, and this may affect where they are positioned on our lists. This affiliate advertising model allows us to continue providing content to our readers for free. Our reviews are not influenced by this and are impartial. You can find out more about our business model here.
How to Buy Bitcoin Online With Bank Transfer
| Exchange | Why we like it | Best for |
|---|---|---|
| Coinbase | – User-friendly interface – Native crypto wallet – Earn interest on your crypto – Low account minimum | Beginners looking to trade large-cap coins. |
| eToro | – Access stocks and crypto in one place – Copy the trades of experts – Regulated by global bodies – Access Bitcoin Spot ETF | Investors who want to buy crypto and stocks. |
| Kraken | – Cold wallet storage – Trade with leverage up to 5x – Advanced traders can access – Kraken Pro with sophisticated trading tools – Over 200 cryptocurrencies available | Advanced traders who are interested in margin trading. |
| Crypto.com | – Excellent mobile app – Users can receive trading discounts by holding CRO – Native decentralized wallet – Over 250 cryptocurrencies available | Traders who want to manage their portfolio on their mobile phones. |
| Binance | – Over 500 cryptocurrencies available – Extensive range of educational materials – Automated trading | Users who are looking to build a diverse portfolio with lots of different cryptos. |
What Is a Bank Transfer Bitcoin Broker?
Bank transfer is a payment method that includes using your bank to transfer money online. This method is often referred to as a wire or credit transfer. It involves transferring your funds from your bank account to the account of the broker of your choice.
A bank transfer bitcoin broker is a broker that allows you to buy Bitcoin with a bank transfer.
What Crypto Platforms Accept Bank Transfer?
To use bank transfer, you must visit a platform that accepts fiat money. That said, you’ll find plenty of crypto trading sites that only focus on crypto-to-crypto trading, meaning fiat payment methods are not available. These are decentralized exchanges in most cases.
In short, to accept a bank transfer, a trading site needs to be centralized. Many types of crypto trading sites use bank transfers, including various marketplaces, P2P lending platforms, online cryptocurrency exchanges, and more.
How to Buy Bitcoin with Bank Transfer?
If you have experience using bank transfer as a payment option online, you shouldn’t have any issues when buying Bitcoin. Here’s a quick overview.
Step 1: Select a crypto broker
Analyze the list in this guide and pick the Bitcoin broker carefully. All of them accept a bank transfer as a payment method.
Step 2: Register
To buy Bitcoin, you’ll have to become a member of the trading platform. Mind you, this only applies to centralized platforms that accept fiat money, while many decentralized exchanges do not necessarily require registration.
Step 3: Deposit funds with bank transfer
Go to the payment section on the site to make a deposit and select bank transfer/wire transfer as your preferred payment option. Enter the amount you’d like to deposit and proceed.
Step 4: Buy BTC
After you load your account balance with fiat money, you can start buying Bitcoin via the broker of your choice. Most of the brokers made this process easy and convenient.
How to Deposit and Withdraw via Bank Transfers?
As you can see, to start buying BTC, you first need to deposit funds into your account, and that’s where bank transfers come into play. Here’s how to make deposits and withdrawals using this payment method.
Deposit
Depositing via a bank transfer is easy, but it’s not the fastest payment option out there. Depending on the bank you use, it sometimes takes more than a day to complete the transaction. In some cases, you might need to wait even longer.
Nonetheless, bank transfers are at the very least secure. So, take a look at the process of depositing through a bank transfer.
Withdraw
If you want to cash out your funds, you can do that on many platforms, provided that they also accept a bank transfer as a withdrawal option. Naturally, you cannot withdraw cryptocurrencies with a bank transfer, as banks only allow fiat money (at least for now). Therefore, you can use this method only if you wish to withdraw fiat money. Here’s how.
Step 1: Log in to your account
Log in to your broker’s account.
Step 2: Follow the relevant steps
Go to the banking section and select bank transfer as a withdrawal option.
Step 3: Enter the withdrawal amount
Enter the amount of money you’d like to withdraw.
Step 4: Withdrawal confirmtion
Confirm your withdrawal.
You might have to enter your banking details, especially if you hadn’t used a bank transfer to deposit.
What Should I Look For in a Bank Transfer Bitcoin Broker?
There are certain considerations before you buy Bitcoin with fiat funds.
Fees: All brokers charge their services, but some of them are more expensive than others.
Limits: There are limits to how much you can deposit and withdraw using bank transfer, in addition to trading limits. All of those should be taken into account when selecting the right platform for you.
Speed: A bank transfer isn’t the fastest payment option out there, but you can minimize the time required to deposit by selecting a broker that offers instant transactions.
Security: Bank transfers are safe and secure, but you also need to make sure that the broker of your choice also has all the security protocols in place to maximize your protection.
User experience: Some crypto trading platforms are more convenient to use than others.
Should I Buy Bitcoin Using Bank Transfer
Bank transfers are used all around the globe. If you’re interested in using this payment method for Bitcoin brokers, make sure to check their primary advantages and disadvantages.
Pros & Cons
- Direct bank payments — You’ll avoid using any kind of card or e-wallet and deposit your funds directly from your bank account.
- Secure — Banks are still the most relevant institutions, and that’s why they pay special attention to making all transactions as secure as possible, so it’s safe to say that a bank transfer is one of the most secure payment options.
- Easy to use — Using bank transfers to make transactions isn’t difficult, and you can master it after your first deposit.
- Not available on some platforms — Some Bitcoin brokers don’t facilitate bank transfers. However, you shouldn’t have any issues finding one that does.
- Slower than other payment options — Bank transfers can sometimes take up to a couple of business days before they arrive in your balance, unlike many other instant payment methods.
- High fees in some cases — Sometimes, bank transfer can be costly, but that mainly depends on your location, bank, and several other factors, so you should check possible transaction fees before making one.
Is Using Bank Transfer the Best Method to Buy Bitcoin?
Bank transfers have their advantages, but they’re not the fastest method.
What Are the Alternative Payment Method to Buy Bitcoin with?
Instead of using a bank transfer, you can always use some of the methods from the list below:
E-wallets: There are several great e-wallet options, with the most popular one being PayPal. They are fast, secure, and convenient. Moreover, they are accepted by many online crypto brokers.
Credit /debit cards: If you have a bank account, the chances are you already have a credit or debit card. Some of the most popular brands are Visa, Mastercard, American Express, and Discover.
Apple Pay: If you own an Apple device, you can set up its unique payment method, which offers fast and affordable transactions. Moreover, plenty of online brokers accept this method.
Final Thoughts
Bank transfers are relatively more secure compared to other payment methods, so while they might be slower, the chances of losing your money to cybercriminals are minimal.
FAQs
Can I buy Bitcoin anonymously with a bank transfer?
You cannot. You need to have a bank account to use a bank transfer, and opening one requires leaving your information with the bank of your choice.
How fast is buying Bitcoin with bank transfers?
A bank transfer is actually one of the slower payment options. It can take several business days before processing your transfer.
Do I need a crypto wallet?
Yes, you’re going to need a cryptocurrency wallet if you want to withdraw Bitcoin from the trading platform. There are plenty of great BTC wallets out there, so make sure to pick the right one for you. If you’re planning to buy other cryptocurrencies, you’ll need a wallet for them as well. Luckily, there are multi-crypto wallets.
Are there low fees when using a bank transfer to buy Bitcoin?
It depends on many factors. However, it’s important to know that bank transfers can be more expensive than other payment options in some cases. We suggest learning more about possible fees before making a deposit.
Can I hold cryptocurrency in my bank transfer account?
You can’t. Bank accounts can only hold fiat money, so you’ll need to use a crypto wallet instead.
Can I buy other cryptos using bank transfers?
Yes, you can if the broker of your choice accepts cryptos other than Bitcoin.
Can I buy Bitcoin with bank transfers instantly?
Unfortunately, a bank transfer isn’t an instant payment method, so you might have to wait a while before buying Bitcoin.
Is bank transfer the easiest way to buy Bitcoin?
To an extent, yes. Despite longer waiting times, bank transfers are one of the more straightforward methods you can use to buy Bitcoin.
Does Coinbase accept bank transfers?
Yes, you can use bank transfers to make deposits to Coinbase.
Here are some more ways to Buy Bitcoin
Contributors
