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- 1. How to buy Bitcoin with bank account in 2024
- 2. How to buy Bitcoin with bank transfer – a step-by-step guide
- 3. Top Bitcoin platforms that accept bank transfers
- 4. Quick answers to key questions
- 5. Should I buy Bitcoin using my bank account?
- 6. Is there an alternative to buying cryptocurrency with a bank transfer?
- 7. FAQs
How to buy Bitcoin with bank account in 2024
77% of retail CFD accounts lose money.
Firstly, the most important question to answer is: can I buy Bitcoin with a bank account?
No, your bank account doesn’t allow you to purchase cryptocurrency directly. However, you can use a bank transfer to fund a trading account and buy Bitcoin that way.
You just need a crypto exchange that accepts bank transfer deposits. And we’re here to help.
How to buy Bitcoin with bank transfer – a step-by-step guideCopy link to section
It takes about 15 minutes to buy BTC with a bank account. Have a copy of your photo ID to hand and follow this guide to get started.
Step 1. Sign up with eToroCopy link to section
We recommend eToro as the best platform to use to buy BTC with a bank transfer.
77% of retail CFD accounts lose money.
Step 2. Create an accountCopy link to section
You need an account before you can buy anything. Sign up with your contact details and a form of ID for verification.
Step 3. Make a deposit via bank accountCopy link to section
Enter how much you want to deposit and select bank account as your payment method from the list of options.
Step 4. Use the search box to find BitcoinCopy link to section
Use the search box on the home page to search for Bitcoin and the currency you want to pay in (such as GBP).
Step 5. Make your purchaseCopy link to section
Enter how much Bitcoin you want to buy, check the details and process the transaction. Once the payment goes through, your new Bitcoin will show up in your exchange account.
Top Bitcoin platforms that accept bank transfersCopy link to section
1. eToro. Best for beginners, copy-trading & demo-account
Pros & Cons
We love eToro because it makes it simple to trade crypto at home or on the go. If you’ve never bought cryptocurrency before, then eToro makes it simple to buy 75+ of the leading coins, including the likes of Bitcoin, Ethereum, and Dogecoin. Every crypto trade comes with a flat 1% fee, which makes it one of the cheapest crypto brokers on the market to boot.
As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the crypto market every day, browse the latest technical analysis about every one of those tokens, and copy other people’s trade suggestions from your desktop or the eToro app.
The fees: You will be charged a 1% fee every time you buy or sell crypto. The charge is included in the market price that’s displayed on eToro. CFD trades may be charged an overnight or weekend fee if you leave the position open.
77% of retail CFD accounts lose money.
2. Plus500. Best for international CFD trading*
Pros & Cons
We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to over 2800 instruments, including CFDs on stocks, forex, commodities, and cryptocurrencies among several others.
Plus500 has something for all types of traders, no matter what level of experience. It’s zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting.
For accurate instrument availability, visit plus500.com.
The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% or 0.9 pips and varies depending on the instrument. Additional fees include overnight funding which is dependant on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months.
*Based on a comparison of 60+ leading brokers and trading platforms.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
3. Public. Best for sharing beginner trading ideas
Pros & Cons
We love Public because it’s a social platform where you can share trading tips and get ideas from other people. Public offers 9,000+ financial instruments, including cryptocurrencies and stocks from around the world.
Alongside a community of other investors all sharing their ideas, Public offers real time news and information so that you can see the full picture before you invest. And the assets don’t just include your run-of-the-mill assets; you can make alternative investments in things like handbags and comic books as well.
The fees: Cryptocurrency trades are charged a 2.5% fee per transaction.
Quick answers to key questionsCopy link to section
Can I buy crypto with a bank account?Copy link to section
Yes, you aren’t limited to buying Bitcoin alone. The only limit is which coins are available on the exchange you’ve chosen. Most crypto exchanges that support bank account as a payment method offer 50+ cryptocurrencies and many offer hundreds more.
Is a bank transfer safe?Copy link to section
Yes, it’s completely safe to use a bank transfer. The only risk to look out for is to make sure you sign up to a regulated bank account Bitcoin broker when buying Bitcoin. Using an unregulated broker platform can put your money at risk.
How much does it cost to buy Bitcoin via bank account?Copy link to section
It depends on the broker but the cost can be between nothing and 2-3% of the transaction amount. You may have to pay a deposit fee but for a bank transfer it’s usually between 0-1% per deposit.
For that reason, a bank transfer is normally the least expensive way to buy Bitcoin. The overall fees are less than any other option, including card payments.
Can I store Bitcoin in my bank account?Copy link to section
Not in any high street bank account, no. However, if you use a crypto bank like Nexo then you can hold your Bitcoin in there, and even earn interest on the crypto you hold.
Why don’t more crypto platforms support bank transfers?Copy link to section
Virtually every crypto platform accepts bank transfers. The ones that don’t are likely to be crypto only, so you have to make a deposit in cryptocurrency in order to use it.
Should I buy Bitcoin using my bank account?Copy link to section
A bank transfer is a simple way to buy Bitcoin and is available on most crypto platforms. It’s an inexpensive option, with only the small risk that you might have to wait for the money to show up in your trading account.
Here is a summary of the pros and cons of using a bank transfer to buy Bitcoin.
ProsCopy link to section
- Simple to use a bank transfer with any crypto platform
- The cheapest option with the lowest transaction fees
- A bank transfer is an option for most people around the world
Is there an alternative to buying cryptocurrency with a bank transfer?Copy link to section
There are plenty of alternatives, whether you want to pay through an online payment provider or go down a more traditional route. Here are some of the different ways to pay for your Bitcoin purchase.
- Buy Bitcoin with Afterpay
- Buy Bitcoin with American Express
- Buy Bitcoin with Apple Pay
- Buy Bitcoin with bank transfer
- Buy Bitcoin with cash
- Buy Bitcoin with Cash App
- Buy Bitcoin with Discover Card
- Buy Bitcoin with gift card
- Buy Bitcoin with Google Pay
- Buy Bitcoin with Neteller
- Buy Bitcoin with Payoneer
- Buy Bitcoin with PayPal
- Buy Bitcoin with Paysafecard
- Buy Bitcoin with Paytm Wallet
- Buy Bitcoin with Revolut
- Buy Bitcoin with Skrill
- Buy Bitcoin with Swish
- Buy Bitcoin with Venmo
- Buy Bitcoin with Zelle
- Buy Bitcoin with Zippay
FAQsCopy link to section
Yes, you can buy Bitcoin with your bank account on Coinbase.
Yes, you can buy Bitcoin with your bank account on Cash App.
Go to the account settings to make a deposit. Enter the details and choose a bank account from the list of payment options. If it is available, you’ll then be asked to add your bank account account details before confirming the payment.
It’s normally fast, within the hour, but sometimes the first bank transfer on a new crypto platform can take a lot longer. If you want speed, then a card payment is often a better option.
No, your bank account includes plenty of personal details about you, including your name and address. If you use a bank transfer to fund a crypto account then it’s quite easy to track.
Usually, yes. It’s about as inexpensive a deposit option as you can get. Still, the rates can vary, with fees ranging from 0.2% to about 2%.
No, you cannot. You will need to convert the fiat currency in your bank account into cryptocurrency, then convert back to fiat currency when you make withdrawals.
Most definitely. Examples of different cryptocurrencies available are Ethereum, Bitcoin Cash, and Tether.
In some cases, but it’s still nowhere near a universal practice, though, so if instant purchases are a high priority for you, make sure the broker you choose offers this option.
It’s easy in the sense that it merely requires linking your bank account. That said, that process can take several days, so while it might be easy, it’s not necessarily fast.
There’s no ID required to set up your Bitcoin trading account on a peer-to-peer exchange, so that’s a huge plus if you want to start immediately. The biggest con, though, is that peer-to-peer exchanges are more vulnerable to fraud.
In major financial centers such as the United States and the UK, you’ll have no trouble finding peer-to-peer exchanges. Countries with emerging economies are less likely to offer that option.
To some extent, as transaction fees are relatively low. Those low transaction fees mean you can take advantage of price swings over just a few days (or in some cases even just a few hours) and still have a good chance to make a profit.
Absolutely. While swing trading is certainly doable, Bitcoin’s long-term trend has pointed upwards for years. So a patient approach could deliver a healthy profit over the long haul.
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