How to buy Bitcoin with bank account in 2024

This introductory guide explains how to buy Bitcoin with your bank account. Follow our simple three step guide to make your first purchase.
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Updated on Aug 29, 2024
Reading time 5 minutes

Firstly, the most important question to answer is: can I buy Bitcoin with a bank account?

Yes, you use use a bank transfer to buy Bitcoin with most exchanges and crypto brokers. All you have to do is select bank transfer as your method of payment when adding funds to your trending account. Bank transfers also typically make the cheapest way to buy Bitcoin.

This guide explains everything you need to know about how to buy Bitcoin with a bank transfer. We explain the steps you need to follow, investigate how much it may cost you, and list the best Bitcoin brokers that accept bank transfer.

How to buy Bitcoin with bank transfer – a step-by-step guide

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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 eToro

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We recommend eToro as the best platform to use to buy BTC with a bank transfer.

eToro review
4.6
eToro
Min. Deposit $100
Fees 1%
No. assets 50+
Demo account Yes

eToro review

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

Step 2. Create an account

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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 account

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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 Bitcoin

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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 purchase

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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 transfers

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We found 10 crypto platforms for users based in

1. eToro. Best for beginners, copy-trading & demo-account

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4.5
Ratings

$100

Min. deposit

1%

Fees

50

No. assets

Yes

Demo account

Overview

We love eToro because it’s a crypto trading platform built with beginners and casual traders in mind. The platform combines an interactive, social trading experience with an easy-to-use interface, making it ideal for novice traders.

The far-reaching catalog of 100 cryptocurrencies includes big names like Bitcoin and Ethereum, as well as smaller crypto tokens with high growth potential. Some supported tokens can be seamlessly transferred to the eToro Money crypto wallet for safekeeping.

One feature we particularly appreciate is the ability to interact with eToro’s 35 million users on any asset, market, or portfolio page. If you find traders whose strategies match your risk tolerance, you can copy their portfolios automatically using eToro’s flagship copy trading functionality. eToro crypto’s Smart Portfolios offer a great entry point into digital currencies, an opportunity to learn and potentially benefit from the expertise of more experienced traders.

If you don’t feel comfortable investing your cash straight away, you can use a free demo account, credited with $100,000 virtual dollars. This offers plenty of opportunities to try out a trading strategy that works for you across the 100 crypto tokens available.

Highlights

Fees & Costs

Pros & Cons

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

2. Coinbase. Best secure trading platform for all types of trader

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4
Ratings

$10

Min. deposit

Up to 0.6%

Fees

200

No. assets

No

Demo account

Overview

We love Coinbase because it’s the leading public crypto platform. Coinbase offers more than 170 cryptocurrencies to trade, a secure wallet to store your coins in, and automatic staking rewards on 10+ cryptos through Coinbase Earn.

Coinbase’s user-friendly platform simplifies the buying, selling, and trading processes, making it one of the top crypto exchanges for all levels of trader. But, Coinbase isn’t just an easy to use platform, it’s one of the safest and most secure. 

A public company brings transparency and renown, so you can trust that any money on Coinbase is safe and you’re sharing the platform with over 100 million other users. It stores 98% of customer assets offline in cold storage, minimizing the risk of theft. There is also insurance on all cash balances up to $250,000

The fees: Trading fees start from 0.6% but reduce the higher your trading volume. Bank transfer deposits and withdrawals are free, other payment methods may be charged. There is no fee for wallet-to-wallet crypto transactions but you will have to pay blockchain fees. Coinbase charges a 25% fee for its staking services.

Highlights

Fees & Costs

Pros & Cons

3. Kraken: Best for simple, global cryptocurrency trading from your phone

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4
Ratings

$10

Min. deposit

0.10% - 0.26% (volume dependent)

Fees

200

No. assets

Yes

Demo account

Overview

We love Kraken because it’s a beginner-friendly crypto trading platform, one that’s designed to make it quick and convenient to buy and sell crypto on the go. The Kraken mobile app provides access to over 200 cryptocurrencies making it one of the most diverse platforms around. 

With an intuitive interface and many advanced features, the Kraken crypto app is suitable for those just starting, or experienced traders wanting to enhance their trading experience. The Kraken mobile app caters to different trading styles and preferences with spot, margin, and futures all available. 

Kraken’s mobile app also supports up to 5:1 leverage allowing you to amplify your position and potentially increase your returns. With such a wide selection of tokens available and a solid range of features and tools, the Kraken app is one of the top cryptocurrency trading platforms while on the go. 

The fees: Kraken charges a fee of between 0-0.26% on every crypto trade. There are no costs to set up an account and no flat trading fees.

Highlights

Fees & Costs

Pros & Cons

Quick answers to key questions

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Can I buy crypto with a bank account?

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Yes, using a bank transfer is one of the most common ways to buy Bitcoin online. To begin you’ll need to find an exchange that accepts bank transfers as a payment method. You can then add funds to your trading account and buy Bitcoin. 

You’re also not limited to just BTC, most crypto exchanges that support bank accounts as a payment method offer 50+ cryptocurrencies and many offer hundreds more. Here is a selection of tokens available when using bank transfer:

Cryptocurrency Cryptocurrency Cryptocurrency
Bitcoin (BTC) Ethereum (ETH) Bitcoin Cash (BCH)
Doge on Pulsechain (DOGE) Litecoin (LTC) Ethereum Classic (ETC)
Stellar (XLM) Cardano (ADA) Polkadot (DOT)
Cronos (CRO) SKALE (SKL) Immutable (IMX)
IOTA (MIOTA) EOS (EOS) TRON (TRX)
Zcash (ZEC) BNB (BNB) Tezos (XTZ)
Maker (MKR) Compound (COMP) Chainlink (LINK)
Uniswap (UNI) yearn.finance (YFI) Dash (DASH)
Aave (AAVE) Filecoin (FIL) Algorand (ALGO)
Cosmos (ATOM) Decentraland (MANA) XRP (XRP)
View more > eToro >

Is a bank transfer safe?

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Using a bank transfer is one of the safest ways you can buy Bitcoin. Banks are regulated financial institutions which means they follow strict rules for keeping customer funds safe. The main risk of bank transfer to buy crypto is using an unregulated exchange or broker. 

Before you buy BTC with bank transfer, make sure you’re using a trusted and regulated crypto exchange or broker, such as the platforms we’ve recommended above.

How much does it cost to buy Bitcoin via bank account?

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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.

Here are the fees you may encounter with the top three crypto platforms accepting bank transfers:

Asset eToro fees Coinbase fees Kraken fees
Cryptocurrencies 1% Up to 0.6% 0.10% – 0.26% (volume dependent)
Commodities From 2 pips
Currencies From 1 pip
Indices From 0.75 pts
Stocks 0% commission
Stock CFDs 0.15%
ETF CFDs 0.15%
View more > eToro > Coinbase > Kraken >

Can I store Bitcoin in my bank account?

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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?

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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?

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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.

Pros

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  • 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

Cons

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Is there an alternative to buying cryptocurrency with a bank transfer?

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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.

FAQs

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01

Can I buy Bitcoin with a bank transfer on Coinbase?

02

Can I buy Bitcoin with a bank transfer on Cash App?

03

How do I fund my crypto account with a bank transfer?

04

Can I buy Bitcoin with a bank transfer instantly?

05

Can I buy Bitcoin with a bank account anonymously?

06

Are there low fees when using bank transfer to fund your account?

07

Can I hold cryptocurrency in my bank account?

08

Can I get other cryptos using bank transfer?

09

Are bank transfers instant?

10

Is bank transfer the easiest method to use?

11

What’s the biggest pro and con of using a peer-to-peer exchange that accepts bank transfers?

12

How easy is it to find a peer-to-peer exchange that accepts bank transfers?

13

Is using a bank transfer recommended for shorter-term Bitcoin traders?

14

Is using a bank transfer a viable strategy if you plan to hold Bitcoin for the long term?


Sources & references

James Knight

James Knight

Editor of Education

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James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets. His main focus is on improving financial literacy among casual investors. He has been with Invezz since the start of 2021 and has been...