20+ easy ways to buy bitcoin with a bank transfer | finder.com
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How to buy cryptocurrency with your bank account

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Read our step-by-step guide to buying bitcoin and other digital currencies with a bank transfer.

If you want to buy cryptocurrency with US dollars, using a crypto exchange that accepts bank transfers can be one of the cheapest and most convenient solutions. But if you’re new to cryptocurrency, it can be tough knowing where to get started.

Read on for a list of which exchanges accept bank transfers and how you can buy crypto with your bank account.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy cryptocurrency with a bank transfer

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
xCoins P2P Bitcoin Lending
Bank transfer
Credit card
Debit card
eCheck
PayPal
USD
BTC
Buy bitcoin instantly with credit card, PayPal or bank account on this peer-to-peer lending platform.
BitQuick P2P Bitcoin Marketplace
Cash
Western Union
USD
BTC
Buy and sell bitcoin fast through a cash deposit at your local bank branch or credit union, or via a money transfer service.
Coinbase Pro
Bank transfer (ACH)
Bank transfer (SEPA)
Wire transfer
USD, EUR, GBP
BTC, BCH, ETH, LTC, ETC, ZRX, BAT
Formerly known as GDAX, Coinbase Pro is a US-based exchange which offers fiat currency payment options, including wire transfer, ACH bank transfer and SEPA.
Bank transfer
Credit card
Debit card
Bank transfer (SEPA)
USD, GBP, AUD, EUR, INR, ARS, BRL, CAD, CNY. NZD, DKK, HKD, ILS, JPY, KES, CHF, MXN, NOK, PHP, PLN, SGD, SEK, AED
BTC, LTC, ETH, BCH, BAT, DASH, BTG, XRP, VOX
Buy, send and convert more than 35 currencies at the touch of a button.

Compare up to 4 providers

Quick guide to buying bitcoin with your bank account

  1. Register for an account with an exchange like Coinbase.
  2. Enable two-factor authentication.
  3. Verify your account.
  4. Go the “Settings” menu and click on “Linked Accounts.”
  5. Click on “Link a New Account” and add a payment method.
  6. Click on “Buy/Sell” at the top of the screen.
  7. Select “Bitcoin.”
  8. Enter the amount of BTC you want to buy or the amount of USD you want to spend.
  9. Review the transaction details.
  10. Click “Buy Bitcoin.”
Go to Coinbase's website

This is our quick guide to just one way to buy with a bank transfer.
Compare some other options in the table below.

How to buy cryptocurrency with your bank account

Buying crypto with your bank account is actually quite easy. To show you how to do it, let’s look at an example of how to buy bitcoin (BTC) with US dollars.

Choosing the right exchange

There are a number of platforms to choose from when purchasing crypto with your bank account, so compare your options to see how each exchange performs across a range of key areas:

  • Payment methods. How can you send USD to the exchange: bank transfer, debit card and/or PayPal? Look for an exchange with your preferred method.
  • Fees. How much will it cost you to complete your transaction? Remember to also consider the trading fees the exchange charges.
  • Transaction limits. Are there any minimum or maximum limits on the amount of crypto you can purchase? When you want to transfer the crypto you purchase away from the exchange, what is the minimum withdrawal limit?
  • Processing times. How long will it take for you to complete your crypto purchase from start to finish? For example, bank transfers can take four to five business days on Coinbase, though debit card purchases are almost instant.
  • Supported cryptocurrencies. Which cryptocurrencies can you purchase directly with USD? Some platforms will only provide access to one or two popular digital currencies while others will offer a much wider range.
  • Ease of use. Does the platform have a simple and intuitive user interface that you can navigate without any problems?
  • Signup and verification. What information and documentation will you need to provide to register for an account? How long does the verification process take?
  • Security features. What protective measures are in place to ensure the security of your funds? For example, does the platform support two-factor authentication? Where are your funds stored? Has the exchange ever been hacked?
  • Customer support. How can you contact the customer support team? What contact methods are supported and during what hours is the team available? Is there an online help center where you can easily find solutions to a range of common problems?
  • Reputation. Check out online forums and reviews to gauge what level of community trust the platform has. Would other users recommend it?

Answering these questions should help you narrow down your choices and find a platform that will work for you.

Compare exchanges now

How to store your crypto

If you want to store your newly acquired crypto coins on the exchange where you bought them, you can. However, this is not recommended for a couple of reasons:

  • You don’t control your private keys, the exchange does.
  • Exchanges are frequently targeted by hackers and there have been numerous incidences of security breaches.

With this in mind, the safest course of action is to move your digital coins into a secure wallet that allows you to retain control of your private keys. From desktop and mobile wallets to online and hardware wallets, there are plenty of options to choose from. Make sure you do your research before picking one that’s right for you.

Find out more about choosing a cryptocurrency wallet.

Is it safe to buy crypto using a bank account?

Buying crypto with a bank account offers a safe and secure way to exchange USD for digital currency, but only if you’re certain you’re dealing with a reputable exchange provider. With this in mind, it’s essential that you thoroughly research the credentials of any platform before transferring any funds.

You’ll need to find out the following:

  • Who are the people behind the platform?
  • Where is it based?
  • How is it regulated and is it properly licensed?
  • How long has it been in business?

Of course, if you plan on buying cryptocurrency from someone through a peer-to-peer platform, you’ll need to be certain you’re dealing with a reputable seller before transferring any funds. This is why it’s a good idea to set up the trade through a marketplace that uses some sort of reputation system and has security measures in place to protect against fraud.

From a broader point of view, you should also be fully aware of the risks associated with buying cryptocurrency before you make a purchase. Cryptocurrencies are complicated and volatile assets, so there’s a risk of losing some or all of the money you spend.

Pros and cons

Pros

  • Buy crypto directly with USD.
  • Relatively simple process.
  • Cheaper than buying with a credit card.
  • Suitable for beginners looking to get their hands on some digital currency.

Cons

  • Bank transfers can take several business days to process.
  • Only a limited selection of altcoins can be purchased with USD many digital currencies can only be exchanged for other cryptocurrencies.
  • Fiat-to-crypto trades usually attract higher fees than crypto-to-crypto trades.

Next steps

If you want to buy crypto with your bank account, the first thing you need to do is start comparing a range of cryptocurrency exchanges. Compare their features, accepted payment methods, transaction limits, fees and level of community trust to find a platform that’s right for your needs.

Compare exchanges now


FAQs

Is it legal to buy cryptocurrency with my bank account?

Yes, at the time of writing, it’s legal to buy crypto with your bank account in the US.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Images: Shutterstock

Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping people find the right products for them. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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