How to Buy Bitcoin and Crypto with a Bank Transfer
The best way to buy Bitcoin and Cryptocurrencies with a bank transfer is with a globally licensed and regulated trading platform. As mentioned above, we recommend the eToro exchange because they hold digital asset licensing from key financial regulators in the USA, UK and Europe which makes them compatible with all major banks.
The guide below is a simple 4-step guide to investing in cryptocurrencies with an ACH or SEPA bank transfer in any country.
Step 1: Sign up to a Regulated Broker
The first step is to sign up for a regulated broker or exchange that offers the ability to buy cryptocurrency with a bank transfer. The best way to find a reputable platform is by checking online broker reviews or by looking for an exchange that is listed on a major stock exchange like the Nasdaq. To simplify things, we recommend eToro which is licensed in over 140 countries.
Step 2: Select your Bank Transfer Method
Once you have signed up and logged in, the next step is to select your preferred bank transfer method and the fiat currency you want to deposit. For European investors this will be SEPA and for US investors this will be ACH. Depending on your country of residence, you may also have the option to use a wire transfer.
Step 3: Complete your Bank Transfer
After you select your bank deposit method, eToro will provide you with unique deposit details to complete your transfer. You will now need to log in to your online banking account to complete the bank transfer to send funds to the platform.
Step 4: Execute your Crypto Trade
Once you complete the bank transfer to the details provided by eToro, your funds will arrive in minutes and you will be able to make your trade. Simply navigate through the eToro Crypto dashboard, find the coin you want to buy and execute your trade.
Is Buying Digital Assets with a Bank Transfer Safe?
Buying Bitcoin and other digital assets with a bank transfer is safe, if your bank is crypto-friendly. Fortunately, since the institutionalization of cryptocurrencies, most major banks have started to take a positive stance toward the asset class. This means that you should be able to easily deposit funds into regulated platforms like eToro, Coinbase or Kraken.
Even if your bank is not currently crypto-friendly, there are a few workaround methods you can use to buy digital assets with a bank transfer. The most common method is to use an intermediary service like Paypal or Skrill that allows you to easily convert your fiat currency into Bitcoin or Ethereum.
The Bottom Line
Investing in digital assets with a bank transfer is safe and easy if you use a regulated broker or exchange like eToro. If your bank is not currently crypto-friendly, there are workaround methods that you can use to buy Bitcoin and other digital assets. The most popular methods are to use an intermediary service or a peer-to-peer trading platform.