There are several ways to buy Bitcoins, but nothing is as easy as buying it from your bank account.
I know it sounds absurd when I say that you can buy bitcoins using a bank account because the concept of Bitcoins is quite contrary to what banking is.
However, if you ignore that fact for a moment, you can get your bitcoins if you have a bank account.
Plus, it is less risky for the seller to sell BTC by receiving fiat directly into bank accounts than dealing with chargeback frauds of credit/debit cards.
How To Buy Bitcoin With Bank Transfer
Some services around the world allow you to deposit fiat in their accounts for BTC in return. Such services have fiat linked crypto accounts, and almost all of them provide an inbuilt BTC wallet too, where they give you the bitcoins.
Let’s take a look at such services and what they offer.
CEX.io is an old cryptocurrency exchange service operational since 2013, from London, UK. The list of cryptocurrencies available on the platform includes Bitcoin, Ether, Ripple, XLM, Bitcoin Cash, Dash, Zcash, and Bitcoin Gold.
Coinbase is a popular name in the world of cryptocurrencies and is a digital currency exchange in operation since 2012. It is a broker exchange which serves 32 countries with four digital currencies including BTC.
EXMO Finance LLP established in England, UK is running EXMO exchange for some time now and has a diverse team of developers and financial advisors from Spain, Russia, India, Thailand, Great Britain, USA, Lithuania, and Singapore.
Servicing Countries: +100 countries except for China, Middle East Countries & North Korea
Supporting Fiat: EUR, USD, PLN, RUB, UAH
AML/KYC Requirements: Verification is mandatory to deal with fiat.
Fees Structure: 0.2% flat trade fee and fiat fee schedule is here.
Bitfinex is a cryptocurrency exchange operating from Hong Kong since 2012. It is also one of the busiest exchanges in terms of USD volume for BTC.
Servicing Countries: Bitfinex serves all countries except the United States, Bosnia and Herzegovina, Democratic People’s Republic of Korea (North Korea), Ethiopia, Iran, Iraq, Syria, Uganda, Vanuatu, and Yemen.
Supporting Fiat: USD, EUR, GBP, JPY
AML/KYC Requirements: KYC is mandatory.
Fees Structure: It follows the maker & taker fee schedule as shown below:
LocalBitcoin is a popular Bitcoin start-up that facilitates over the counter buy/sell of bitcoins for a nominal fee. They also provide escrow services and have been in this space since 2012 with a network of Bitcoin buyers & sellers around the world.
Servicing Countries: All countries
Supporting Fiat: All fiat currencies
AML/KYC Requirements: KYC is not mandatory.
Fees Structure: Buyer/Sellers who create ads are charged 1% fee for every completed trade.
Founded in 2011, Bitstamp is a bitcoin exchange based in Luxembourg. It allows trading between USD currency and bitcoin cryptocurrency. It allows USD, EUR, bitcoin, litecoin, ethereum, ripple or bitcoin cash deposits, and withdrawals.
Servicing Countries: Available worldwide
Supporting Fiat: USD & EUR
AML/KYC Requirements: KYC is mandatory to deal with fiat.
Fees Structure: It has maker & taker fee model; see fiat fee schedule here.
Coinfloor is a London-based Bitcoin exchange functioning since 2013 and is run by an experienced team as elucidated here. On Coinfloor, a UK resident can easily buy Bitcoins after a KYC, using fiat currencies such as GBP, EUR, USD.
Supporting Fiat: GBP, EUR, USD
AML/KYC Requirements: KYC is mandatory to deal with fiat
CoinSpot is Australia’s native Bitcoin exchange operating in this space since 2013. If you are an Australian, it is effortless to start on CoinSpot as verification barely takes any time, and one can easily buy/sell BTC on it.
Servicing Countries: Australia
Supporting Fiat: AUD
AML/KYC Requirements: Yes, KYC is required
Fees Structure: The fee for buying and selling coins is 1% (Instant buy) and When buying or selling on the BTC markets, the fee is 0.25%.
To conclude, Bitcoin is the oldest cryptocurrency, and over the years it has become easy to buy Bitcoin from anywhere in the world (except few countries).
But, you need to find out reliable services to buy Bitcoin because scams in this space are not a new thing.
Lastly, a quick head-ups from our side: Never store your bitcoins in any of the services because these are all hosted by third-party services. Instead use Bitcoin hardware and software wallets such as Ledger Nano S, Trezor, and Exodus for the same.
If you have some questions or doubts about these listed services, feel free to ask away in the comment section below 🙂
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Harry is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets and Journalism he decided to become a half time trader half time journalist in the financial and cryptocurrency sector.He can be contacted at email@example.com