{"id":347,"date":"2022-02-25T19:21:55","date_gmt":"2022-02-25T19:21:55","guid":{"rendered":"https:\/\/insidebitcoins.com\/au\/?page_id=347"},"modified":"2024-07-16T06:37:49","modified_gmt":"2024-07-16T06:37:49","slug":"bank-transfer","status":"publish","type":"page","link":"https:\/\/insidebitcoins.com\/au\/buy-cryptocurrency\/buy-bitcoin\/bank-transfer\/","title":{"rendered":"Buy Bitcoin in Australia with Bank Transfer \u2013 Full Guide"},"content":{"rendered":"

Bitcoin is the very first and highest valued digital currency in the online cryptocurrency space, and over the last decade has taken the financial markets by storm, outperforming the S&P 500, Gold, Oil, and any other common investment option.<\/p>\n

It has been especially profitable compared to opening a savings account with a bank, which has seen interest rates decline in recent years to lower than the inflation rate.<\/p>\n

It’s no surprise that many retail investors are looking to transfer some of the funds in their bank account to an exchange to buy Bitcoin<\/a> in Australia. Fortunately, the best cryptocurrency exchanges support this payment option. Deposits and withdrawals via bank transfer are instant and incur fewer fees than using a debit or credit card.<\/p>\n

Buy Bitcoin with an <\/strong>Australian<\/strong> Bank Transfer – Quick Guide<\/strong><\/h2>\n
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  1. Choose a Bitcoin exchange – we recommend eToro<\/a><\/li>\n
  2. Create an account<\/li>\n
  3. Deposit funds into your account, selecting Bank transfer from the payment method drop-down menu<\/li>\n
  4. Search ‘Bitcoin’ in the top menu<\/li>\n
  5. Click ‘Open Trade’ and select an amount of Bitcoin to buy<\/li>\n<\/ol>\n<\/div><\/div>\n

    How to Buy Bitcoin with Bank Transfer Step-by-Step<\/strong><\/h2>\n

    Based on our research, we consider eToro as the best broker to buy bitcoin via a bank transfer. In this section, we will detail step-by-step how to go through the deposit process with eToro.<\/p>\n

    Sign-up with eToro <\/strong><\/h3>\n

    To register on eToro, click any of the sign up buttons on eToro’s homepage<\/a>. This will open you a registration window where you must fill in the necessary information, including your email, username and create a password.<\/p>\n

    You also need to provide some personal details (name, surname, phone number, etc.) to complete the registration process.<\/p>\n

    \"eToro<\/a><\/p>\n

    Verify Your eToro Account<\/strong><\/h3>\n

    Once you have verified your account through your phone number and email, you need to complete the more complex verification process. The latter requires you to verify your address and identity. It is a must-do step on eToro as the platform is secure, and this information is needed to protect your account from fraud.<\/p>\n

    Fund your Account via Bank Transfer<\/strong><\/h3>\n

    To fund your account, obviously, you need to click on the “Deposit Funds” button at the bottom left of the platform.<\/p>\n

    As a payment option, you must select a bank transfer in response to which you will get an email and a transaction ID, which you need to use to transfer money from your bank account. If you do everything correctly, as explained on the eToro<\/a> website, your account will be charged within 4-7 business days.<\/p>\n

    \"eToro<\/a><\/p>\n

    Buy Bitcoin <\/em>Australian<\/em> Bank Transfer Option on <\/em>eToro<\/em><\/a><\/p>\n

    Buy Bitcoin with a Bank Account<\/strong><\/h3>\n

    Now when you have a verified and funded account, you can start buying bitcoin. For this purpose, write down BTC on the search bar. Then click “Trade” at the top of the screen and insert the total amount you’d like to invest.<\/p>\n

    Make sure to double-check everything before you finally press “Open Trade.” After this, the broker will take care of your trade. If you see the amount of BTC on your account, it means you have successfully completed the trade.<\/p>\n

    \"Buy<\/a><\/p>\n

    Pros & Cons of Using Bank Transfers to Buy Bitcoin<\/strong><\/h2>\n

    In this section, we detail some of the advantages and disadvantages of buying bitcoin with a bank account. These factors will make it easier for you to decide if this payment option meets your needs or not.<\/p>\n

    Advantages<\/strong><\/p>\n