How To Buy Bitcoin With Bank Transfer

Bitcoin is the very first and highest valued digital currencies 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. It been especially profitable compared to open a savings account with a bank, which have seen interest rates decline in recent years to lower than the inflation rate.

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. Fortunately the best regulated 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. 

How to Buy Bitcoin with Bank Transfer

How to Buy Bitcoin with Bank Transfer Step-by-Step

In this section, we will detail step-by-step how to go through the deposit process with OKX.

Sign up with OKX

OKX is one of the best crypto exchanges around and offers free accounts. News users can either download the mobile app or visit the website on a desktop and create an account.

The first step is to enter an email address.

Verify Your OKX Account

Next, OKX will ask users to verify their account – this includes verifying the email address given and a phone number, as well as photo ID to comply with Know Your Customer rules. Some users will also need to provide a proof of address.

Fund your Account via Bank Transfer

Once the account has been checked and is active, users are able to transfer funds via their bank – transfers come with no fees and a minimum amount of $1 (fees may be charged by a bank).

Other methods are available, including debit/credit card, e-wallets, and directly transferring crypto from another exchange/wallet.

Buy Bitcoin with a Bank Account

With funds in the bank, search Bitcoin or BTC in the search bar. Then select ‘Buy’ and enter the amount to purchase (minimum $30).

A list of trusted brokers will appear, offering a different rate – select one and then complete the transaction by following the steps. Purchased BTC will appear in the wallet under ‘Portfolio’.

Pros & Cons of Using Bank Transfers to Buy Bitcoin

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. 

Pros

• It’s a widely accepted payment option, so you will find several brokers supporting bank account transfers.
• It’s a cost-effective option – top brokers usually don’t charge additional fees for it.
• Bank transfer is a perfect method for buying bitcoin in large amounts.
• It’s a straightforward and secure process. You can do it in some simple steps.

Cons

• Transactions usually take longer to complete – up to 7 business days.
• No limitation on the amount of BTC you can buy can be a bit challenging, as you may invest more money than you can afford.

How to Withdraw Bitcoin from a Brokerage Account

When you register for an online account on a brokerage platform, in most cases, you need to create a personal account where your purchase is transferred. Sometimes crypto exchanges do not provide personal accounts and require that you transfer your coins to a digital bitcoin wallet. But you can create a personal account with most of the top brokers and even on the CFD trading platforms. 

With so many brokers providing this service, you may be a bit confused about which one to choose. For more information about the best bitcoin accounts, visit our guide, where you will also learn how to open your free BTC account.

Where to Buy Bitcoin with Bank Account in December 2024

Selecting an appropriate broker to buy bitcoin with a bank account is one of the essential factors in the whole process. A good broker will allow you to complete your transactions simply and quickly. Plus, it offers pretty competitive trading fees, which means less money on the extra costs and more profit. 

However, with hundreds of cryptocurrency exchanges, it becomes difficult to find the best one. For this purpose, you need to check many of their features including pricing system, safety, regulations, etc. Still, this may take a world of time. We have good news for you – to ease the process, we have already researched and checked several crypto brokers and introduced below top brokers to buy bitcoin with a bank account.

OKX – Buy Bitcoin with Bank Transfer for an Established Crypto Exchange

OKX is one of the most popular and well-established cryptocurrency exchanges in the world, catering to millions of users in over 100 countries. The platform has been around for several years now and has a wide variety of features that makes it an investor-preferred entity.

OKX is a cryptocurrency exchange that prides itself on prioritizing security. To ensure the protection of its users’ assets, OKX has implemented advanced security measures, such as cold storage and multi-factor authentication. This focus on security has enabled the platform to become one of the most reputable and dependable exchanges in the industry.

Headquartered in Malta, OKX has a significant global presence, with offices in Hong Kong, Seoul, Tokyo, and San Francisco. The exchange offers an extensive selection of cryptocurrencies, along with multiple payment methods, including bank transfers.

OKX’s unwavering commitment to security, a diverse range of cryptocurrencies, and varied payment options make it an attractive option for traders and investors looking to participate in the cryptocurrency market. So if you are an investor looking to start investing in BTC right now using your bank account, then you can click on the link below to get started.

MEXC – Buy Bitcoin While Enjoying a Competitive Fee Structure

MEXC stands as a dependable exchange for purchasing cryptocurrencies. Established in 2018 and based in Seychelles, this exchange has rapidly climbed the ranks to become one of the leading 20 platforms in the crypto realm, boasting assets valued at over $1.6 billion. Notably, it offers access to trading and investment opportunities for a vast selection of over 1700 cryptocurrencies, firmly positioning itself as a premier exchange with an extensive array of listed digital assets.

The platform’s popularity surge in recent years can be attributed to its high-speed transaction capabilities, facilitating a staggering 1.4 million transactions per second. Catering to a user base exceeding 10 million across 170 countries and regions globally, MEXC provides a seamless avenue for individuals to acquire their desired cryptocurrencies. Notably, the platform supports various payment methods, including bank transfers, among its multiple payment options, ensuring convenience for users.

Distinguished among exchanges, MEXC stands out for maintaining nominal charges and navigating a smooth regulatory compliance trajectory. Investors seeking a platform that accommodates bank transfers for account funding can confidently consider MEXC as an advantageous option to venture into the crypto landscape.

KuCoin – Buy Bitcoin With Low Fees Via Bank Transfer

KuCoin, established by seasoned individuals in 2017, stands as a prominent global crypto exchange known for its array of features and user-friendly design. Among the few exchanges offering a wide selection of over 725 cryptocurrencies and supporting 48 fiat currencies, it simplifies investment through bank transfers for desired cryptos.

Primarily catering to intermediate and advanced investors, KuCoin boasts low trading fees, which contribute to its appeal. Recently, it has expanded its ecosystem by incorporating extensive educational content, attracting beginners to join the platform. With transparent fee structures—up to 0.1% for spot trading of Class A coins and lower rates for futures trading, starting at 0.02% for makers and 0.06% for takers—alongside free crypto deposits, withdrawal fees vary based on the network and transaction specifics.

KuCoin offers diverse trading opportunities, including derivatives, margin trading, staking, lending, and automated trading bots. Additionally, it provides avenues for earning interest in crypto through staking, appealing to users keen on growing their crypto assets. Headquartered in Seychelles, the platform serves over 30 million global users. Offering bank transfers and various payment methods, investors can easily register and start purchasing cryptocurrencies for as low as $1.

Bybit – Emerging Crypto Exchange to Buy Bitcoin

Founded in 2018 in Singapore, Bybit is a cryptocurrency derivatives exchange that has experienced consistent growth and is currently competing with top crypto exchanges like Binance and Coinbase. The platform’s focus on innovation and education sets it apart, providing newcomers with a comprehensive understanding of cryptocurrency concepts while also enabling them to earn money.

Bybit offers several exciting features and services, along with an attractive 5030 USDT signup bonus for new users. The platform’s strong commitment to security is apparent in the measures it employs to safeguard user funds. Bybit undergoes an audited proof of reserves conducted by a third-party auditing firm, ensuring that the exchange holds sufficient reserves to cover its users’ balances.

The platform supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and has several payment methods, including bank transfers. Bybit’s fee structure is highly competitive, making it an ideal choice for any type of crypto-enthusiast looking to buy Bitcoin through their bank accounts. Additionally, the platform is ISO certified and has insurance coverage to protect users’ assets, further solidifying its reputation as a trustworthy and reliable platform.

Bitpanda – Best Platform to Buy Bitcoin in the EU

Bitpanda is among the first cryptocurrency exchanges that come to your mind when looking for a good platform to buy bitcoin through bank transfer. Founded in 2014, BitPanda has soon become one of the most reputable exchanges due to its exceedingly easy-to-use platform and fast registration process. It’s primarily famous inside the EU as the platform offers very cost-effective trading in European countries. 

If you want to be one of the 1.2 million people using Bitpanda, you can register as a new member in 2 easy steps. First, insert your personal details; after submitting, the system prompts you to have your personal identification document in hand. Secondly, a short video call notification will pop up on your screen. Once you accept the call, a Bitpanda customer care agent will personally verify you as the original account holder. This safe account validation system is one of the fastest compared to other platforms.

Bitpanda’s ease of use is also featured in its simple trading platform, where even the most inexperienced can easily get the hang of online trading and purchasing digital assets. Plus, it has a good customer support service that usually responds quickly and appropriately. Currently, Bitpanda features 50 different cryptocurrencies, and the company is currently investing in growing even further.

The platform supports various payment options that include bank transfers and accepts payments in different fiat currencies. As for its fees, it charges payment for order flows or otherwise known as taker and maker fee, which is already incorporated into the cryptocurrency price. BitPanda also charges deposit fees, but it’s completely free when using a bank transfer option inside the EU.

Coinbase – Best Platform to Buy Bitcoin in the US

If you are a US citizen, Coinbase can be your best choice to buy bitcoin with a bank account. Founded in 2012, Coinbase is a licensed cryptocurrency broker operating in all United States, except for Hawaii. The platform can boast of its simple-to-use interface and a wide selection of crypto assets to trade. 

Coinbase can be a bit confusing when it comes to its fee structure. Still, it is pretty much easier to understand when you pay through bank transfer, as long as there are no fees for this payment option. The exchange also takes trading fees which vary from $0.99-$2.99 depending on the amount of BTC you buy. Apart from its standard account, Coinbase also offers a Coinbase Pro account which charges less fee and provides a more advanced platform than a Standard account.

Gemini – Buy Bitcoin with a Top Secure Crypto Exchange

Founded in 2014 and regulated by the New York State Department of Financial Services, Gemini allows traders to buy, sell and store digital assets. Gemini goes strong on security and is the world’s first SOC 1 Type 2 and SOC 2 Type 2 crypto custodian. As Gemini stands as one of the safest ways to Buy Bitcoin with Bank Transfer, the platform is very concise on its fee schemes and doesn’t hinder any information from their 13 million users.

Besides being a good trading platform for beginners and advanced traders, Gemini also offers peer-to-peer trading. One minus for the platform is that it charges a bit higher fees. Trading fees, for instance, may reach up to 1.49%, depending on the trading platform. The platform also has a low minimum to start trading, a simple-to-operate interface, and a mobile trading option for Android and iOS users.

Coinmama – Buy Most Popular Cryptos with Bank Account

Coinmama is among the most famous cryptocurrency exchanges and has ten crypto assets available for trading. It can be a good selection for newbies in this field, as long as it offers a simple platform to conduct transactions quickly and easily. 

The company boasts of multiple payment options where you can also buy Bitcoin with a Bank Account. Coinmama has also been praised for their excellent customer service, which they call “Happiness Heroes.” Coinmama is a secure platform in the sense that it does not hold any personal information from its users. Additionally, it does not offer you a crypto wallet, which means your funds are not stored on the Coinmama platform, so they cannot even be hacked.

What to Bear in Mind When Buying Bitcoin Through Bank Transfers

All in all, here is what you need to know if you want to buy bitcoin with a bank account. 

Popularity: Buying bitcoin with a bank account is a trendy method nowadays. As long as several cryptocurrency exchanges accept this payment option, you won’t have a problem finding a good broker for this purpose. 

Safety: This factor is among the most crucial ones you need to consider when making online purchases. The bank account is among the most secure options for buying bitcoin. Bank accounts cannot be easily hacked, plus your bank will follow so that your transfer is completed without any troubles. 

Broker: If you want to trade Bitcoin, almost half of your success depends on the brokerage platform you select for it. Though the net is filled with several brokerage platforms that accept bank account options, not all of them offer valuable services. So, you need to do thorough research to find the broker that best suits you, or choose a broker from our list of the top brokers to buy bitcoin with a bank account. 

Limitations: Bank transfer option is also best for buying bitcoin in large amounts as long as there are no limitations on the amount of BTC you can purchase. In contrast to this, there are usually limitations when you use e-wallets or bank cards. 

Fees: Here is one more plus for the bank account option – it’s considered one of the most cost-effective options, as long as you can deposit or withdraw money through this payment method almost free. 

Speed: Perhaps, speed is the most striking disadvantage when buying bitcoin with a bank account. It usually takes 3-5 business days to transfer money to your brokerage account using a wire transfer method, which is typically a bit longer than other payment methods. 

Buying Bitcoin with Bank Transfer – Safety and Security<

Buying bitcoin with a bank account is one of the most secure methods in the US. When you conduct a transaction in Bitcoin, it usually goes through a standard regulatory procedure that protects both the buyer and seller from being cheated. You will also be given a tracking number to follow your funds and know when they will be transferred to your brokerage account.

How to Store Bitcoin on a Digital Wallet

Unlike stocks or other trading assets, cryptocurrencies have an advantage – you can withdraw them from your brokerage account and store them in a digital wallet. It allows you to keep your crypto assets more secure as long as crypto wallets are decentralized and there is less possibility of being hacked. 

So, if you have a large amount of bitcoin and aim to store it for a long time, it would be more reasonable if you create a bitcoin wallet and transfer your coins from your brokerage account. You can select either a hot storage wallet or a cold storage wallet. The difference between these two is that hot storage wallets are apps you download and install on your device. In contrast, cold storage wallets are physical equipment that keeps your access to your bitcoin offline. 

For more information about BTC wallets and to learn how to create your own BTC wallet, visit our guide about the best bitcoin wallets for beginners. 

Buying Bitcoin Anonymously with Bank Account

When you buy bitcoin through crypto exchanges, you cannot remain fully anonymous, as long as you provide some personal information, your card or bank account details, etc. But the top brokers, who collect all these details about you, have a strong privacy policy not to provide any of your information to a third party. It means that only you and your broker may know about your Bitcoin purchase. Plus, when you withdraw your BTC from your brokerage account, even your broker cannot track how you use it further.

Conclusion

In short, the bank account payment option is one of the most widely accepted methods to buy Bitcoin. There are two reasons why this method is so popular. Firstly, it’s safe; secondly, it’s very cost-effective. If you choose to deposit or withdraw money from your brokerage account through wire transfer, you can do it either free or at low prices. 

If you want to buy Bitcoin with a bank account, you will find several brokers that accept this payment option. But to make your trades more effective, you need to select the one with better policies and conditions. To help you during your selection process, we have researched and made a list of the top brokers that stand out in their fee structure, regulations, and safety – our top recommendation is OKX.

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