In this article, we will explore the popular topic of how you can buy Bitcoin with a bank account.
You continuously hear someone talking about cryptos and the consequent gains, and the media also get down to it by always talking about the legal status of this asset and the future of it.
So let us find out more which are the three best sites to buy Bitcoin with bank account.
Remember that even if we experienced a significant correction last year, Bitcoin and other cryptos are back again. And Bitcoin is still the best performing asset of 2019. Bitcoin prices have more than doubled in 2019, far outpacing the 31 percent return for U.S. tech stocks, which Goldman Sachs deems the best-performing asset class year-to-date.
But you are a bit lost? Don’t worry; even today, you will stay in the “avant-garde” phase if you buy cryptocurrencies, we can compare it to the stage of Internet advancement in 1996.
And buying cryptos has never been easier!
We will be there to explain how to buy BTC with your bank account using this easy guide.
Best sites to buy Bitcoin with bank account at
Now I’m going to show you how to purchase your very first bitcoin via Binance (step-by-step):
Binance is one of the most important cryptocurrencies exchange platforms very easy to use, it allows you to buy Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) and more 500 other cryptocurrencies.
Exchange is the largest crypto exchange by trade volume and one of the fastest
in the world.
To give you an idea, nearly 1 billion (USD) is traded on average, impressive, right?
Besides, it’s a massive company with a good reputation offering various security services (2-factor authentication and safe for your cryptos, insurance against any risk). So even in case of a minor security breach (it happened in May 2019), Binance will refund the victims through its secure asset fund.
1 ) BINANCE
1st step: Registration via Binance
Click on this link and enter the corresponding information.
Tip: Choose a password that is complex enough for obvious security reasons, and don’t forget it
2nd step: Validate the registration on your e-mail
Go to your inbox and validate your registration.
Then you will just have to log in with the correct information.
The first time you will log in they will show you 2 minutes security quiz that will explain how to secure your account and how to spot scammers. I highly encourage you to do it.
Then you will see a message to enable 2FA. Do it it’s beneficial, and I would recommend using Google Authenticator rather than SMS authentication (even if it’s not usually some scammers can hijack text message).
Then I would advise validating your identity (KYC) with your identity card or driver’s license, for example, using your mobile phone or webcam, and then it will take from several minutes to several hours to verify your identity (for more information you can check this link https://www.binance.com/en/support/articles/360027287111)
Your identity documents will be entirely secure with Binance and will never be transmitted to third parties
How can I buy BTC or another crypto with a credit card on Binance?
Once your identity verification has been validated, you will be able to buy directly by credit card or wire transfer by clicking on the “buy crypto” page, you will have to enter your card information, your customer’s details and you will get your first cryptocurrencies! (pop the champagne)
If you want to buy another crypto, you have to buy some BTC, and with it, you can buy any other crypto via the “exchange” page.
How can I buy BTC or another crypto with Bank Transfer?
Another solution is to fund your account via a bank transfer, in which case you will have to buy stablecoins listed on Binance by wiring money from your account to the providers of these coins. Then, use these stablecoins to buy Bitcoin on Binance exchange.
2 ) Kraken
Kraken is another reliable exchange, they are based in the US and you can buy different cryptocurrencies with ACH transfers, SEPA transfers (great news for our European readers).
Kraken accepts the following currencies for the wires: USD, EUR, CAD, and JPY and many cryptocurrencies are available on it (such as BTC, LTC, Monero, Stellar, DASH, and others).
What do I need to register on Kraken?
An email address, your full name, date of birth and phone number. Click on this link to register;
the email and set a 2-factor authentication (Google Authenticator is the best
option by far).
Then, you will have to verify your identity, in order to trade, send and withdraw funds. There are different levels of verification (Tiers 1 to 4), and each level provides different features. Hit the “get verified” button and you will be asked you to fill the following details (see below), then submit the information.
I would recommend completing at least the 2nd-3rd level of verification. You will receive an email a few minutes later if everything is alright (it’s an automated process).
Now click on the “funding” tab and you will see something like this.
If you are from the US you will go through the etana custody:
Etana custody service integrates with Kraken, providing you access to multiple funding methods. Once your funds are in Etana custody, they can use them to fund your Kraken account.
If you are outside the US, it will be easier to make a deposit (in euros for example):
If you want to deposit some € for example, you will just have to go to the “funding” tab, select “Euro (EUR)” and you will have different options.
You can select the most convenient for you and they will give you their banking information. Then, you’ll just have to include this information during the wire process (on your bank account/website).
Now it’s the easiest part, a few days later your funds are in your Kraken account, you will just have to place an order at the best possible price.
3 ) Coinbase
And the third option on this list of best sites to use for buying Bitcoin with a bank account is of course Coinbase!
Coinbase is one of the most popular and most-used crypto platforms around. People from all over the world use Coinbase daily to buy Bitcoin with a bank account.
So having Coinbase on this list is a given. Because Coinbase has grown to become so popular due to a few key reasons. Their focus on building a great service that is easy to use. That includes adding several payment methods like bank account (or wire transfer), PayPal, credit and debit card to name a few.
So let us explore how you can use Coinbase to buy Bitcoin with your bank account step by step:
Step 1 – get started with Coinbase
Step one – head over to Coinbases’ website www.coinbase.com (note: use that link to get $10 BTC for free when buying for at least $100).
To create a new account simply click on ‘Get started’ in the top right corner. If you already have an account with Coinbase then click on ‘Sign in’ next to it. (If you haven’t created an account with Coinbase use this guide to help you get started.)
Step 2 – connect your bank account to Coinbase
When you have created an account and logged in at Coinbase then click on your profile picture in the top right corner and then click on ‘Settings‘.
And after that, you click on ‘Linked accounts’ to link your bank account, you need to do this before you can send funds from your bank to your Coinbase account.
Now click on ‘Link a New Account’ to add your bank account.
This is how it looks for me when I clicked on that link, note I’m in Europe so it might look slightly different for you if you are based elsewhere.
But add your bank account details and click on ‘Verify Your Account‘.
Step 3 – send your funds from your bank account to Coinbase
The last step that you take will be to send your funds to Coinbase so that you can buy some Bitcoin with your bank account.
First, you need to click on the blue ‘Trade‘ button in the right corner. And then you click on ‘Deposit Funds‘.
After that, you validate your bank account by adding the name of your bank and your full name. And the amount that you want to deposit, and in which currency (USD, EUR, GBP) that you want to use when sending the funds to Coinbase.
This is how it looks like for me based in Europe. It might look slightly different for you.
After you have entered the amount and the bank details you will be redirected to a new page where Coinbase will show you the reference number that you need to use for your transactions.
Note: it is very important that you write this reference number down correctly and use it for your transaction. Without it, you risk losing the payment.
So copy the reference number and send it along with your payment. We can also recommend that you send a unique sum rather than something very common. For example €257 EUR instead of €250. This could help Coinbase track your payment down in case there would be any issues with your transaction.
That’s it. Now when you have sent the funds from your bank account they should show up in your Coinbase account within the next 1-2 days.
If you are unsure about anything when it comes to buying Bitcoin with a bank account at Coinbase then feel free to reach out and leave a comment here below.
Congratulations you just bought your first bitcoin!
It was easy, wasn’t it? We hope that by showing you these three different options with step by step guides on how to buy Bitcoin using bank account you will feel comfortable enough going for it yourself.
What are the pros and cons of buying Bitcoin with your bank account?
Pros of buying Bitcoin with your bank account?
It’s the cheapest and most secure way to buy Bitcoin, because some methods can take up to 10% of the transactions (with Localbitcoins and Paxful for example)
Cons of buying Bitcoin with your bank account?
We are in the digital era, but I can take up several days for your account to be credited, and you have absolutely no privacy, all your data are checked for AML purposes.
Personally, I think wire transfers alongside with a secure exchange is the best way to buy any cryptocurrency. Even if we have to wait a few days, the buying process is safe and cheap.
We hope that this guide on how to buy Bitcoin with bank account was helpful. If you want to ask anything about the process listed here above, or about buying Bitcoin then feel free to leave a comment below and we will get back to you!
Now if you are looking for other ways to buy Bitcoin via, then we have written a few other guides that might be of interest. For example how you can buy Bitcoin instantly with a bank card (credit card or debit card).
Or if you want to buy Bitcoin using PayPal?
Both of the two options above has advantages in that you can buy BTC quicker using those. But buying Bitcoin with a bank account has the advantage of being cheaper usually.
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Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier