{"id":5887,"date":"2019-02-10T16:05:59","date_gmt":"2019-02-10T16:05:59","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=5887"},"modified":"2020-07-08T10:36:46","modified_gmt":"2020-07-08T09:36:46","slug":"buying-bitcoin-bank-account","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/02\/buying-bitcoin-bank-account\/","title":{"rendered":"Buying Bitcoin with bank account"},"content":{"rendered":"<h1><\/h1>\n<p style=\"text-align: right;\"><i><span style=\"font-weight: 400;\">2 min read<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5888 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/buying-bitcoin-with-bank-account-e1549814601828.jpg\" alt=\"Buying Bitcoin with bank account\" width=\"800\" height=\"432\" \/><br \/>\n<span style=\"font-weight: 400;\">Buying Bitcoin with a bank account is actually quite easy. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The most important, it isn&#8217;t too late! Bitcoin billionaire <a href=\"https:\/\/en.wikipedia.org\/wiki\/Changpeng_Zhao\">Changpeng Zhao<\/a> has an encouraging message for crypto fans who fear they missed the boat on the cryptocurrency bandwagon: The bitcoin revolution is still \u201cat the beginning of the beginning,\u201d so you haven\u2019t missed anything yet.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/buying-bitcoin-bank-account\/#So_how_to_buy_Bitcoin_with_your_bank_account\" >So, how to buy Bitcoin with your bank account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/buying-bitcoin-bank-account\/#Why_buy_Bitcoin_with_the_bank_account_instead_of_a_credit_card\" >Why buy Bitcoin with the bank account instead of a credit card?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/buying-bitcoin-bank-account\/#Why_should_you_use_a_bank_account\" >Why should you use a bank account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/buying-bitcoin-bank-account\/#Before_buying_Bitcoin_with_the_bank_account\" >Before buying Bitcoin with the bank account<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/buying-bitcoin-bank-account\/#The_bottom_line\" >The bottom line<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"So_how_to_buy_Bitcoin_with_your_bank_account\"><\/span><strong>So, how to buy Bitcoin with your bank account?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you want to buy Bitcoin or other cryptocurrencies, using a crypto exchange that accepts bank transfers can be one of the cheapest and most convenient ways. But if you\u2019re new to cryptocurrency, it can be tough knowing where to get started.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s easy to learn how to buy bitcoin with the bank account because bank transfers are quite popular in the bitcoin market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The benefits of using a bank account are fees. The bank account is usually the cheapest deposit method for buying coins. Limits are also usually higher when using a bank account, assuming you have verified your account.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_buy_Bitcoin_with_the_bank_account_instead_of_a_credit_card\"><\/span><b>Why buy Bitcoin with the bank account instead of a credit card?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The credit card will be faster but has higher fees. The bank account is slower but has lower fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yes, buying Bitcoin with bank account sounds absurd because the concept of Bitcoins is quite contrary to what banking is.<\/span><br \/>\n<span style=\"font-weight: 400;\">However, if you ignore that fact for a while, you will find how to get your bitcoins if you have a bank account. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Maybe you will need it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some services 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Depending on where you live there are different exchanges that will be best adapted for you. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The procedure is quite simple for many exchanges. \u00a0What you have to do is:<\/span><\/p>\n<p><b><i>Visit an exchange and open an account<\/i><\/b><\/p>\n<p><b><i>Go to \u201cSettings\u201d find \u201cLinked accounts\u201d<\/i><\/b><\/p>\n<p><b><i>Add your bank account<\/i><\/b><\/p>\n<p><b><i>Go to \u201cBuy\/sell\u201d<\/i><\/b><\/p>\n<p><b><i>Enter the BTC amount you want to buy<\/i><\/b><\/p>\n<p><b><i>Select the wallet you wish to have your funds deposited into<\/i><\/b><\/p>\n<p><b><i>Confirm the buy order is correct<\/i><\/b><\/p>\n<p><b><i>Buy Bitcoins<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">It is almost the same for all exchanges that provide such a service.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_should_you_use_a_bank_account\"><\/span><b>Why should you use a bank account?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Maybe you are one of the people who want to buy huge amounts of bitcoin. But you don\u2019t have access to credit or debit cards. You will reasonably look for buying Bitcoins with your bank account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There\u2019s considerably less risk involved for exchanges when people purchase Bitcoins with their bank account. Like what? Well, the fees for that a process are lower. Unlike credit cards, bank transfers are supposed irreversible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let&#8217;s say if you want to buy $1000 via a bank transfer you will pay $15 in fees. At the same time, if you want to buy the equivalent amount with a credit card you will pay $40 in fees. You can save 50% and more when using a bank account. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hands, bank transfers are usually less convenient to execute. They take more time to process because the transfer needs to go through several banks on its way to the exchange.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you use the iOS or Android apps when buying Bitcoin with the bank account you have to create an account and download iOS or Android app. In the case of Coinbase, for example, it looks:<\/span><\/p>\n<p><em><span style=\"font-weight: 400;\">Tap the menu icon near the top left of the screen to open the navigation bar (Navbar)<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">Select Buy from the navigation bar (Navbar)<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">Enter the value in bitcoins that you want to buy<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">Select the bitcoin wallet you want to deposit into<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">Select your preferred payment method (credit\/debit card or bank account).<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">Review your order and tap Buy bitcoin button<\/span><\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Before_buying_Bitcoin_with_the_bank_account\"><\/span><b>Before buying Bitcoin with the bank account<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are a number of platforms to choose from when buying Bitcoin with your bank account. So, examine your options to see how each exchange performs:<\/span><\/p>\n<p><b><i>Payment methods. <\/i><\/b><span style=\"font-weight: 400;\">How can you send fiat money to the exchange? Look for an exchange with your favored system.<\/span><\/p>\n<p><b><i>Fees.<\/i><\/b><span style=\"font-weight: 400;\"> How much will cost you to complete your purchase? Also, consider the trading fees the chosen exchange charges.<\/span><\/p>\n<p><b><i>Transaction limits.<\/i><\/b><span style=\"font-weight: 400;\"> Is there a minimum or maximum limits on the amount of crypto you can buy? What is the minimum withdrawal limit?<\/span><\/p>\n<p><b><i>Processing times.<\/i><\/b><span style=\"font-weight: 400;\"> How long will it take to complete from start to finish? <\/span><\/p>\n<p><b><i>Supported cryptocurrencies.<\/i><\/b><span style=\"font-weight: 400;\"> Which cryptocurrencies can you buy directly with fiat money? Some platforms will only provide access to one or two popular digital currencies. <\/span><\/p>\n<p><b><i>Ease of use.<\/i><\/b><span style=\"font-weight: 400;\"> Does the platform have a simple user interface? You have to navigate it without any problems.<\/span><\/p>\n<p><b><i>Signup and verification.<\/i><\/b><span style=\"font-weight: 400;\"> What documentation will you need to provide to register for an account? How long does the verification process take?<\/span><\/p>\n<p><b><i>Security features. <\/i><\/b><span style=\"font-weight: 400;\">Does the platform support two-factor authentication? Where are your funds stored? <\/span><\/p>\n<p><b><i>Customer support.<\/i><\/b><span style=\"font-weight: 400;\"> How can you contact the customer support team? And, also, during what hours is the company available? Do they have an online help center?<\/span><\/p>\n<p><b><i>Reputation.<\/i><\/b><span style=\"font-weight: 400;\"> Check out online forums and reviews to know what level of community trust the platform has. Do other users recommend it?<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_bottom_line\"><\/span><b>The bottom line<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Bitcoin is the oldest <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/monetizing-bitcoin\/\">cryptocurrency<\/a>, and over the years it has become easy to buy Bitcoin from anywhere in the world. Okay, except a few countries.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But, you need to find out reliable services to buy Bitcoin. The scammers in this space are not a new thing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, never store your bitcoins in any of the services because these are all hosted by third-party services. Preferably, use Bitcoin hardware and software wallets.<\/span><\/p>\n<p>You might want to know <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/01\/dont-invest-bitcoin\/\">Why you should not invest in bitcoin under any circumstances<\/a><br \/>\n<a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/money-risk-trading\"><b>risk disclosure<\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2 min read Buying Bitcoin with a bank account is actually quite easy. The most important, it isn&#8217;t too late! Bitcoin billionaire Changpeng Zhao has an encouraging message for crypto fans who fear they missed the boat on the cryptocurrency bandwagon: The bitcoin revolution is still \u201cat the beginning of the beginning,\u201d so you haven\u2019t [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1015,1012],"tags":[760,75,761],"class_list":["post-5887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","category-traders-secrets","tag-bank-account","tag-bitcoin","tag-buy-bitcoin-with-bank-account"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Buying Bitcoin with a bank account has the benefits, they are fees<\/title>\n<meta name=\"description\" content=\"Buying Bitcoin with a bank account is actually quite easy. 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