This article will discuss the 5 simple ways to buy Bitcoin from bank account. Traders and investors can buy Bitcoin from their bank accounts by using an exchange platform available for trading.
5 Best Exchanges that Allow you to Buy Bitcoin from your Bank Account
Buying Bitcoin from your bank account would require you to create and verify your account with an exchange platform.
Below are the 5 best exchanges that allow you to buy Bitcoin from your bank account:
#1. Coinbase
Coinbase is one of the best crypto exchange platforms, which is known and used by millions of traders and investors all over the world. The platform is suitable for trading activities and has numerous features.
Pros
- The exchange platform is well secured and safe.
- The exchange platform’s user interface is very friendly.
- The exchange platform is open to trading activities on multiple crypto assets.
Cons
- The fees on transactions are normally high.
- The exchange platform’s customer care service is slow to respond.
#2. Kraken
Kraken is one of the biggest Bitcoin exchanges that enables investors and traders to trade on a wide selection of cryptocurrencies and accepts different funding methods.
Pros
- The platform’s customer care is very reliable.
- The fees on transactions on the platform are affordable.
- The exchange platform offers easy access to multiple crypto assets.
Cons
- Some fees are charged on withdrawals.
- The exchange platform is currently unavailable in the United States.
#3. eToro
eToro is a multi-asset platform where investors and traders can conduct trading activities on different financial assets, including stocks and crypto-assets.
Pros
- The exchange platform is well known and trusted.
- The exchange platform is suitable for copy trading.
- There are lower fees on transactions conducted on the platform.
Cons
- There are huge fees on non-trading activities.
- US users are limited to some options provided by the exchange.
#4. Cex.io
Cex.io is an excellent crypto exchange platform that boasts increasing users. The platform allows for credit/debit card payment methods.
Pros
- The platform is easy to use for trading.
- The platform’s customer care service is reliable.
- There are lower fees for conducting various transactions.
Cons
- Their verification process is tasking.
- There are a limited number of crypto assets available on the platform.
#5. Paybis
Paybis is a crypto exchange platform that mainly focuses on offering fast pace execution of transactions with multiple payment options available for users to fund their accounts easily.
Pros
- The platform is safe for trading.
- Their customer care service is active 24/7.
- There is a wide range of payment methods on the exchange.
Cons
- Bank transfer takes a long time to complete.
- The platform’s fees on transactions are hugely expensive.
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How to Buy Bitcoin from Bank Account
Traders and investors can easily buy Bitcoin from their bank accounts through an exchange platform. Below are the steps on how to buy Bitcoin from a bank account.
Choose and Create an Account with an Exchange Platform
To purchase Bitcoin, an investor or trader must create an account with an exchange platform. Numerous exchanges are available that a trader or an investor can pick from, including Coinbase and Coinmama.
Verify your Account
Verifying your account is very important if you want to have access to purchasing Bitcoin. Ensure you verify your account by providing the required documents with the exchange platform.
Set Your Payment Method
After the third step of verifying your account, go to the deposit page and set the payment method to ACH Bank Transfer. You can suitably use SEPA Transfer as it only takes 2 days for your asset to be delivered.
Make the Purchase
After setting your payment method, go to the Buy/Sell page, select “Bitcoin,” and enter the worth you intend to purchase. Then pick the method you intend to use, follow the instructions, and conclude your trade.
List of Banks that Allows you to Buy Bitcoin in the US
Although most people see crypto as a threat to the financial industry, many prominent banks allow for buying Bitcoin in the US. Below is a list of banks that are crypto-friendly in the US.
#1. Ally
Ally is an online-based bank that offers a wide range of financial services, including investing, auto, and home finance. Users of this bank can easily link their accounts to Coinbase to make purchases using their debit card.
#2. CHASE Bank
JP Morgan’s Chase is an investment bank based in New York that provides clients with a long list of banking services, including home loans, investing services, and savings accounts.
#3. Morgan Stanley
Morgan Stanley is another investment bank that offers access to Bitcoin-related funds, including Galaxy Institutional Bitcoin Fund LP, The Galaxy Bitcoin Fund LP, and FS NYDIG Select Fund.
#4. Bank of America
One of the largest banks in the US is the Bank of America which has strong support for cryptocurrency.
Despite not allowing one to invest directly, they have various partnerships that make it easy to trade on ETFs.
FAQ
Below are some frequently asked questions about buying Bitcoin from a bank account.
Can I Buy Bitcoin Directly From my Bank Account on Cash App?
Yes, you can buy Bitcoin on your Cash App account by adding funds from your bank account to the Cash App. Get on the Cash App, click the option to “Add Cash,” and then enter the amount you intend to add.
Is it Safe to Link Bank Account to Coinbase?
Yes, it is safe to link your bank account to Coinbase. The exchange platform is well secured and protects its customers’ private details.
Does Coinmama Accept Bank Transfer?
Yes, Coinmama accepts bank transfers through SEPA (Europe), SWIFT (Worldwide), or Faster Payments (UK) for one to easily purchase a crypto asset.
Which Bank Account is Best for Cryptocurrency?
Many bank accounts are suitable for crypto trading, including Revolut, Bankprov, Monzo, and Nuri, amongst others.
What Banks Allow Crypto Purchases with Debit Card?
Some banks allow crypto purchases with a debit card, including Ally Bank, Chime Bank, and Goldman Sachs.
What Banks Work With Coinbase?
The banks that work with Coinbase include Chime Bank, USAA, Goldman Sachs, and Ally Bank.
Where Can I Buy Crypto With Bank Transfer?
Traders and investors can buy crypto with a bank transfer on Coinbase, Paxful, Coinmama, Coingate, Cex.io, and many other exchange platforms.
How Do I Buy Bitcoin with my Bank Account on Coinmama
For an investor or trader to purchase Bitcoin with a bank account on Coinmama, they need to open and verify their account with the exchange platform.
After that, they would need to deposit funds into their account. Once their deposit reflects, they can then purchase the worth of BTC by filling their order on the exchange platform.
Purchasing Bitcoin from a bank account is easy if you create and verify your account with an exchange platform.
One can consider the above-discussed exchange for their purchase of Bitcoin. We hope this article will help you purchase Bitcoin using your bank account.
Kindly visit our comment section for your questions and further clarification.
Watch the video below to know how to buy Bitcoin from bank account:
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