In recent years, Bitcoin and other Cryptocurrencies have dominated the investment industries. You would be surprised to know that the Cryptocurrency industry has given more millionaires to the world over the last decade than any other industry.
Seeing the successful life of Crypto investors, people have started considering Bitcoin as a profitable investment. Unfortunately, the entry point in the Crypto industry is quite difficult because of restrictions put on its regulation. However, this restriction has been lifted, and now you can use a bank account to invest in Bitcoin.
So, how can I buy Bitcoin with a Bank Account!
How Can I Buy Bitcoin With A Bank Account?
2021 has been an excellent year for Bitcoin. 2021 marks the year when Bitcoin crossed $62,000. The exponential growth in the price of Bitcoin makes it one of the most yearned digital assets. This popularity helped with global regulation. Today, you can use your bank account to buy Bitcoin.
The Bitcoin market has been deregulated. Although governmental institutions monitor the Crypto sector closely, we have yet to hear any strict Bitcoin regulation policies. Unlike opening a bank account, you do not need to give your Social Security Number.
If we see Bitcoin in terms of legality, Bitcoin is Legal in the USA and other developed nations. Today, hundreds of USA banks accept Bitcoin purchases. That means account holders of these banks can use their bank accounts to sell and purchase Bitcoins.
However, we know that USA banks do not involve themselves directly with Crypto trade; this is where third-party platforms come into play.
eToro is a good platform for Bitcoin trading with its low fees structure and intuitive interface for beginners. Since the interface is easy to use, it interests crypto users to buy Bitcoins using this platform. It uses a mobile wallet for trading, receiving, and transferring funds.
eToro allows fast ACH transfers and global transfers within the U.S., U.K., and E.U. However, it is also true that 67% of investors have also lost money while buying Bitcoin using this platform, so make sure you are ready to face the risk when you use it. Hence, before you start using eToro to trade Bitcoin, make sure you know how Crypto Trading works.
Coinmama is a good platform for buying Bitcoin with bank accounts because it provides you good support. In addition, this brokerage firm accepts worldwide and European bank transfers. The one feature that makes this platform better than the other platform is its money transferring process.
The best part of this site is it lets you save 5% on processing fees compared to its credit card transactions. Moreover, when you use bank transfers, you get to enjoy even higher purchasing limits. The only drawback of this platform is that it is available in only a few states of the USA.
CEX.io is one of the oldest brokerage and trading companies on the list. The brokerage service may be a bit more pricey, but it is easier to use than the other platforms.
Within the countries of the European Union, this site allows for SEPA transfers. But, for the countries outside the E.U, it enables bank transfers. Hence, you don’t have to pay any extra fee for the bank account transfers for depositing money.
For U.S. customers, Gemini can be a suitable platform to buy Bitcoin with bank accounts. It is trustworthy, reliable, and overviews a regulated form of exchange. In addition, the trading price of Bitcoin on Gemini is comparatively lower than its competitors. This makes Gemini one of the top platforms to buy Bitcoin with a Bank Account.
Although it is one of the best platforms to invest in Bitcoin, it does come with its fair share of problems. For instance, the platform does not offer high security, and the withdrawal process is a lot more complex than making a deposit.
If you judge it based on daily Bitcoin trading volume, Kraken is the largest platform to buy Bitcoin with bank accounts. It is compatible with bank transfers from several countries like the U.S., Canada, Britain, E.U., and Japan.
Kraken takes pride in offering fast bank transfers and withdrawals. The trading fee is very nominal and ranges between 0% to 0.36%. Furthermore, Kraken facilitates discreet trading through its dark pool feature.
Being one of the oldest firms in crypto trading, Coinbase has quite the reputation of being reliable when you want to buy Bitcoin with bank accounts. You can connect with this platform via ACH bank transfer if you are a U.S. resident. But for European residents, you can always avail of the SEPA transfer services.
There is only a 1.49% fee on the wire transfer trading of this site. The only downside of Coinbase is that the network support is relatively slow compared to its competitors.
Bisq is a decentralized Crypto platform. Bisq’s server is spread out worldwide, which makes it almost resistant to any external attacks. In that light, you can consider this to be the best platform to buy Bitcoin with a Bank Account.
What’s more, the platform’s source code is discussed on Github and Slack, which make it all transparent. However, one thing to keep in mind is that it charges 0.001 BTC and some extra mining charges, regardless of whether you are buying or selling Bitcoin.
Putting It All Together
If you don’t want to purchase Bitcoin on your credit, you can always buy Bitcoin with a bank account. However, if you have a small amount to invest in, you are better off using your credit card. It may cost you a little more, but you will get the coins much quicker and save yourself from trouble.
If you have any further questions regarding the Bitcoin purchasing process, don’t hesitate to post them in the comment section. We will surely get back to you with an answer.