Buying Bitcoins with a bank accountby Vipun bhai Guest Blogger
Buying Bitcoins with a bank account is one of the most popular ways to buy Bitcoin. You get the most out of your money by getting extremely low fees.
By buying Bitcoin with your bank account, you are purchasing Bitcoin with the lowest fees! The next way to reduce the cost of buying Bitcoin is to use the exchange that has the lowest going rate for Bitcoin.
The cost differences between Bitcoin will usually be pretty small but is an option for those looking to get the most bang out of your buck.
Always check what the current price of Bitcoin is before making a purchase on an exchange. Occasionally there is a discrepancy between exchanges.
Here's a quick walkthrough to help you create your wallet:
1st Step: Visit the following page: https://www.smartbitcoininvestments.com/coinbase
2nd Step: Select and download the option that best fits your operating system.
3rd Step: Install the software and create a new Bitcoin wallet.
4th Step: Head over to the “Receive” section and copy the “public address”, which consists of numbers and letters.
For more details, here's what you should know when choosing a BTC wallet:
If you would rather go for a safer option when making a bank transfer to Bitcoin, this is it. To use a desktop wallet, you simply download and install the wallet on a device of your choice.
Pros: Single point access - Only one device can access your wallet, but some also offer offline storage for your coins.
Cons: If any damage is done to your device, your funds may be at risk.
Best option: As mentioned above, we recommend using Electrum.
This is a great option for people looking to buy a relatively low amount (say $100 worth) of Bitcoin.
Pros: Created and accessed by any device, very convenient, especially for first-time buyers.
Cons: Needs more layers of protection, such as two-factor authentication and SMS verification.
Best option: Blockchain.com has a great online wallet that stores, among other cryptocurrencies, Bitcoin
When buying Bitcoins in larger amounts, you will probably need something better than online and desktop wallets. For that reason, we recommend using a hardware wallet.
Pros: Physical device with manual authorization, more layers of security, best protection.
Cons: Costly ($60-$200).
Best option: Trezor and Ledger are known to be the most popular hardware wallets.
If your budget is somewhat low but you still want maximum security, you can also create a paper wallet. This type of wallet is a physical copy of your public address and private key printed on a piece of paper.
Pros: Offline Bitcoin storage, unhackable.
Cons: Made from paper, the contents of the wallet need to be sent in a single transaction.
Best option: You can easily create a Bitcoin wallet at BitAddress.
This information should be enough to help you choose your first Bitcoin wallet.
Now that you have your wallet ready, it’s time to buy Bitcoins with WIRE transfer.
To do so, you will need to find a cryptocurrency exchange that’s safe, reliable and is easy to use
Finding the ideal Bitcoin exchange
When your wallet is set up, you're ready to make a transaction.
- For that, you will need to find a cryptocurrency exchange platform that allows its users to buy Bitcoin with a WIRE bank transfer.
- Before you choose an exchange, make sure you check the following:
- Read reviews from existing customers with regards to their experience. You can do so on Trustpilot.
- Make sure the platform has a customer support department that quickly solves customers' issues.
- The exchange should be easy to use for investors of all experience levels.
- If you are planning to use other exchanges, do your research prior to making a purchase.
- Having said that, at Paybis, we pay attention to our customers' needs and do our best to offer the best transaction experience.
So here's why you should consider us for your next transaction.
How to buy Bitcoin with bank transfer
Now you know everything you need to know prior to buying BTC, and you should also have your wallet ready to receive your Bitcoins.
If that’s done—great!
You are ready to proceed to the next step.
And here is the process you need to follow to buy Bitcoin with bank account:
1st Step: Enter the amount of Bitcoin you wish to purchase.
2nd Step: If this is the first time you are buying crypto with bank transfer, you will need to verify your identity.
3rd Step: Once you pass the verification process, make a bank transfer from your account to the IBAN provided by Paybis.
4th Step: When your payment is processed, you will receive your Bitcoins.
The process is really that simple!
From start to finish, the transaction shouldn't take more than 10-15 minutes to complete.
Keep in mind that each bank has different processing times and your funds may take anywhere from 1-5 working days to arrive in our account.
Q1. How do I buy Bitcoin instantly with my bank account?
Due to the outdated processing times involved with bank accounts, purchasing Bitcoin instantly with your bank account is not exactly possible.
Expect to wait around three to five days for Bitcoin or other purchased cryptocurrency to reach your account. If you are concerned with locking in your price, most exchanges do that upon checkout anyway.
Q2. Why should I use a bank account to buy Bitcoin?
Buying Bitcoin via a bank transfer or bank wire is the lowest fee option when purchasing from an exchange.
Although you do not receive your funds instantly, the price you purchased at is saved. Unless you want to purchase Bitcoin and quickly move it off the exchange, a bank account is the best method for purchasing Bitcoin.
It also is the highest limit option, allowing users to purchase huge amounts of cryptocurrency on certain exchanges.
Q3. Are there disadvantages to buying Bitcoin with a bank account?
Besides the time it takes for Bitcoin to arrive in your wallet, there is no real downside to using your bank account. For those concerned with privacy, a bank account purchase may not be your best option.
Q4. Can I sell Bitcoin back to my bank account?
Yep! After you decide to sell your Bitcoin, you can keep the funds on the exchange, or send it back to your bank account! Certain exchanges charge a fee for this process, so keep an eye out for that.
Q5. What exchange should I use to purchase Bitcoin for the first time?
We recommend Coinbase, due to its low fees, good purchasing limits, and the extremely simple user interface. It’s CEO is Brian Armstrong, and is very well known in the cryptocurrency community.
Created on Apr 24th 2020 15:47. Viewed 196 times.
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