How to buy Bitcoin with bank transfer

This guide explains how you can get your hands on Bitcoin by using broker that accepts bank transfers. Read on to get help choosing one and tips on what to look out for.
By: Jonah Keri
Jonah Keri
Jonah Keri is a trader and analyst who spent 11 years at Investor's Business Daily covering the markets. He… read more.
Updated: Jun 23, 2021
Tip: our preferred broker is, eToro: visit & create account

A bank transfer is one of the simplest ways to deposit money into your broker account. Almost all the brokers that offer Bitcoin accept deposits via a bank transfer, and here we break down what to consider when you’re deciding which one of them to use.

Where can you buy Bitcoin with a bank transfer?

These brokers all accept bank transfers and are some of the best platforms around. Our experts have been through all the top brokers to compare their features and have selected the very best of the best to make up this list. If you don’t want to dive straight in yet, keep reading to learn more about how to choose between them.

1
Min. Deposit
$50
Exclusive promotion
Our score
10
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Start Trading
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Wire Transfer, Bank Transfer
Full regulations list:
CySEC, FCA
2
Min. Deposit
$20
Exclusive promotion
Our score
9.3
Margin Trading with full legal compliance
Cryptocurrency staking
Various Payment options
Start Trading
Description:
Cex.io offers exchange of fiat currency for Bitcoin Ethereum, Tether, and 23 other cryptocurrencies, as well as Bitcoin/Ethereum trading against the USD.
Payment Methods
Credit Card, Debit Card, Wire Transfer, Cryptocurrencies, Skrill
Full regulations list:
3
Min. Deposit
$10
Exclusive promotion
Our score
8.7
The broker offers access to a trusted MetaTrader trading system
Pricing is ensured to be completely transparent, also providing accuracy and speed
Trade a Wide Variety of Assets with Leverage up to 1:500
Start Trading
Description:
LonghornFX is a true ECN STP broker dedicated to delivering a superior trading experience to traders no matter their level of experience. Their services are based on transparency, innovation and efficiency, ensuring an unparalleled trading experience for all.
Payment Methods
Credit Card, Debit Card, Visa, Bitcoin
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.

What is a bank transfer Bitcoin broker?

A broker that lets you fund your account with a transfer of funds from your bank. On a more basic level, a Bitcoin broker is a service that executes trades for you. Brokers tend to offer lower transaction fees when you pay with a bank transfer compared to other payment methods such as credit cards and Apple Pay.

How to deposit and withdraw via bank transfer

Deposit

Not all brokers and exchanges have the exact same procedures for making deposits. Generally speaking though, you must follow these steps to deposit money:

  1. Open an account and then verify your account.
  2. Go to your broker’s website, and select the bank transfer option on the “Add money” screen. 
  3. After that, you’ll be prompted to link your bank account to your brokerage account.
  4. Add money to your wallet by entering an amount and selecting bank transfer as the payment method.

Withdraw

You cannot usually withdraw Bitcoin to your bank account, because most standard bank accounts will not allow you to hold cryptocurrency. However, if you’re selling Bitcoin and need to withdraw your money afterwards, you can simply select bank transfer as the withdrawal option if you’ve already linked your bank account to your brokerage account. If not, then select “withdraw” and follow the same steps as above.

What should I look for in a bank transfer Bitcoin broker?

Beyond merely accepting bank transfers as a method of payment, here are some key factors to consider when choosing a broker.

  • Low withdrawal and deposit charges. Unlike other methods such as credit cards and Apple Pay, the fees you’ll have to pay to use a bank transfer are about as low as you can get. Still, those rates can vary. Our guides will help you find the best deals around.
  • Speed. Some brokers will take a long time – even up to a week – to accept your deposit via a bank transfer. If you want to move faster than that, you’ll likely need to look for alternative payment methods.
  • Ease of use. Pick a broker that makes the process as easy as possible. After doing all of your research to find the right time to make a trade, you shouldn’t have to spend long periods of time fiddling around on a broker’s website trying to figure out how to complete your transaction.
  • A strong reputation. You should treat picking a broker like picking a restaurant or a real estate agent or a lawyer: use Internet reviews to guide your path. Positive reviews and industry awards are two great ways to narrow down your search. 
  • A verifiable track record. The broker you choose should have a verifiable track record, so you can know that the process will be done properly and efficiently.

Should I buy Bitcoin using bank transfer?

Pros

  • Low transaction fees. Bank transfer transaction fees are lower than the fees you’ll have to pay if you use a credit card or Apple Pay, with one prominent broker offering a bank transfer transaction fee as low as 0.2%.
  • Greater inclusion. There are far more people in the world who have bank accounts compared to the number of people who use, say, Apple Pay or an American Express card.
  • No interest. Bank transfers allow you to access funds without having to pay interest, the way you would if you used, say, a credit card. 

Cons

FAQs

Can I buy Bitcoin anonymously with bank transfer?
How fast is using a bank transfer?
Do I need a crypto wallet?
Are there low fees when using bank transfer to fund your account?
Can I hold cryptocurrency in my bank account?
Can I get other cryptos using bank transfer?
Are bank transfers instant?
Is bank transfer the easiest method to use?
Does Coinbase accept bank transfers?
What’s the biggest pro and con of using a peer-to-peer exchange that accepts bank transfers?
How easy is it to find a peer-to-peer exchange that accepts bank transfers?
Is using a bank transfer recommended for shorter-term Bitcoin traders?
Is using a bank transfer a viable strategy if you plan to hold Bitcoin for the long term?

Fact-checking & references

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Jonah Keri
Financial Writer
Jonah Keri is a trader and analyst who spent 11 years at Investor's Business Daily covering the markets. He now writes about stocks, cryptocurrencies, and other… read more.