People are more interested in the number of ways through which they can buy bitcoins as it is the new currency that has come forward. Read more about How to Buy Bitcoins from Bank Transfer | Coin Baazar.
It is quite similar to the dollar, euro since it is used as a medium of exchange, but don’t forget that no government or a company controls this currency.
People think buying bitcoin is quite difficult but it is actually quite easy. In fact, the easiest and cheapest way to buy bitcoin is through bank transfer.
Now, the kind of bank transfer is wire transfer, which goes through SWIFT network and will cost you money. Other kinds of a bank transfer are ACH transfer in USA and SEPA transfer in Europe.
The best way to think about bank transfer is as a check that you create online rather than a checkbook. A bank transfer is simply an electronic fund transfer (EFT) or electronic authorization to deposit money in an account or withdraws funds from it.
The Big advantage of this transfers is that they are instantaneous as a result, means you will able to know instantly if the transaction has gone through or not.
Structure to Buy BTC From Bank Transfer
- Search a digital wallet to buy bitcoins through it such as Coinbase. Now simply make an account by registering yourself at the website.
- Now you will get a confirmation email in your inbox or email address that you have provided which allow you to verify your account.
- After that, you have to click on “buy your first bitcoin” and see the current exchange rate. Then select the number of bitcoins you want to buy and enter the amount.
- After this, select the ‘verify account page’ where you’ve to provide your bank account details that you have to connect.
- Then you have two options, which includes being billed for small amounts, which come up in your bank statements and then require bank verification and on the other hand, you can provide customer number and an access code which will allow verifying your bank account itself.
- Now, you have to simply verify your phone number through entering a code.
Now you are set to buy bitcoins through your bank account.
Some sites where you can buy bitcoins from bank transfer:
- COINBASE: It is one of the most popular options available to buy bitcoins through a bank account. The US customers can buy bitcoins with connected bank accounts via ACH and Europeans through SEPA bank transfers to buy bitcoins with bank accounts. It also charges a 1.49% fee on all US bank account transactions and wallet transactions.
- CEX.io: It is a British exchange that offers its services globally through SEPA, ACH, and wire transfer bank account deposits. IT allows a low fee of 0.2% for a larger amount of money, depending on the verification level.
- Paxful: It claims that it will accept transfers from any bank globally. Most people like this service as it lets you buy bitcoins with gift cards and iTunes. It allows a low transaction fee of 1% with the variety of bank transfer options.