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6 months agoHow to Buy Bitcoin with Bank Transfer – Beginner’s Guide.
One of the easiest ways to buy Bitcoin is to use the bank transfer option. Buying Bitcoin with bank transfer is smooth, cryptocurrency easy, and anyone can get it done quickly.
This beginners guide will show you where and how to buy Bitcoin with bank transfer and the best platform to buy Bitcoin UK. Make sure you read the full guide so you don’t miss out on key details about Bitcoin UK bank transfer.
Key points on buying Bitcoin with with bank transfer.
There are very few regulated platforms that allow bank transfers, but a trusted and secure broker that does is eToro. Buying Bitcoin with Bank Transfer is a cost-effective option compared to the alternatives. Bank transfer is a secure and straightforward process of buying Bitcoin UK. Our recommended broker eToro allows you to buy Bitcoin with bank transfer with 0% commission.
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
How to Buy Bitcoin with Bank Transfer – Quick Steps.
Step 1 : Open an account with eToro – Visit the eToro homepage and click on ‘Join Now’ to create a new account. Enter your email and choose a username and password. Step 2 : cryptocurrency Verify your account – Since eToro is a fully regulated broker you’ll need to go through the KYC process which involves uploading proof of ID and proof of address. Step 3 : Deposit – Set aside capital that you can afford to invest, then make a minimum deposit of $500 via bank wire transfer with zero deposit fees. Step 4 : Buy Bitcoin – After depositing via bank transfer on eToro, you can buy Bitcoin from the comfort of your own home within minutes. Just search for BTC, enter the amount you want to invest and tap on ‘Open Trade’.
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
Why Buy Bitcoin with Bank Transfer?
There are several advantages for investors who choose to buy Bitcoin UK bank transfer, some of them include:
1. High Security.
A bank transfer is generally safer and secure than when you choose to buy Bitcoin with a debit card, A bank account cannot be easily compromised or accessed online as easily as your debit card details could, making it more secure option for buying Bitcoin`.
2. Withdrawal and deposit limits.
If you choose to buy Bitcoin bank transfer UK on eToro, you can place orders of up to $1,000,000 (£751,880) single deposit, unlike when you use the debit card option with a maximum deposit figure of $40,000 (£30,075.2).
3. Safer deposits and withdrawals.
While bank transfers are not the fastest way to fund your account, the option offers you safer deposits and withdrawals in multiple currencies (USD, GBP, EUR). When you choose the bank transfer payment option, you can expect your eToro account credited within 4-7 days. To avoid unnecessary bank charges, users should also ensure that the bank account they are transferring funds from and the receiving account is in the same currency denomination.
4. Mobile app.
You don’t have to leave your phone or switch to a computer to transfer funds from your bank to your cryptocurrency trading account. You can easily use the bank’s mobile app to send swift transfers to your eToro account at your convenience.
5. Lower fees.
You can enjoy much lower fees when using the bank transfer option than other methods when buying Bitcoin on eToro. When you buy Bitcoin using bank transfer on eToro, you are charged trading fees in the form of spreads. It is currently pegged at 0.75%.
You also get to process withdrawals into your bank account for a flat fee of $5 (£3.76) but note that the minimum withdrawal amount on eToro is $30 (£22.55). Once your withdrawal request has been completely processed, you will receive an email confirmation containing the details of the payment method used. You will be able to get your funds within ten business days.
Where To Buy Bitcoin with Bank Transfer?
1. eToro – Overall Best Crypto Broker To Buy Bitcoin.
eToro is a social trading and private investment management platform founded by Yoni Assia and David Ring in 2007. The social trading giant specialises in the delivery of financial investment services, buy bitcoin online trading, and cryptocurrency exchanges.
eToro is considered the overall best platform to buy Bitcoin UK bank transfer because the platform allows users to perform transactions with minimal to no fees.
The platform does not charge users for any deposits made or for account maintenance. Users are expected to deposit £37. This fee is very low compared to other platforms such as Coinbase, which charges up to £18 for withdrawals.
eToro comes with a unique feature that helps users to maximise profit regardless of their proficiency level. eToro’s CopyTrade technology allows users to copy the trading patterns of more experienced investors. This feature enables inexperienced traders to follow and adopt the trading strategies of expert traders.
With this unique, low-cost feature, new investors can easily place trades and get a substantial Return on Investment (ROI).
eToro is secure to buy Bitcoin UK with bank transfer. The platform is regulated and licensed by top-tier regulation bodies in the UK such as the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and Australian Securities and Investments Commission (ASIC). The platform is also regulated in the US by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
The social trading platform grants users access to 27 cryptocurrencies for buying, selling, conversion and transfers.
Besides the bank transfer option,eToro also supports a wide range of everyday payment methods that permit users to buy Bitcoin with PayPal, debit cards, Neteller, and others.
Onboarding on eToro is intuitive as opening an account on the platform is free and simple, and user details are usually verified in a few days. The website and mobile app versions have user-friendly interfaces and are available for both Android and IOS devices.
Pros.
Transaction fees are low and within the range of 0.75% to 5% User-friendly Heavily regulated.
Cons.
Spreads for cryptocurrency trades are wide. eToro services are only available in 44 states in the US.
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
2. Coinbase – Best Platform For Crypto Newbies.
Coinbase is a top US-based Bitcoin exchange platform specialising in buying, selling, and holding cryptocurrencies.
Coinbase is the best platform to Buy Bitcoin UK bank transfer for beginners because it is built with a simple and user-friendly interface that makes it convenient for users to navigate. Signing up on the platform is also very straightforward.
Coinbase provides learning materials and programs to educate users about the financial crypto market, how it works, and how to make money.
This unique feature that provides novice traders and crypto enthusiasts the opportunity to learn and understand the financial market has enabled Coinbase to accrue a total of 43 million verified users and secure a net revenue of £855 million in 2020.
Coinbase has a £1.5 minimum for deposits and charges 0.5% to 4.5% per trade as the transaction fee and can be higher or lower due to market fluctuations.
Coinbase’s e-money services are regulated and licensed by the UK’s Financial Conduct Authority (FCA). The exchange has a wide range of tradable assets as the platform currently supports over 100 cryptocurrencies and offers Coinbase Pro users 81 crypto-to-crypto trading pairs.
The platform currently allows users to fund their accounts using the Bitcoin bank transfer UK, debit cards, PayPal, Apple Pay, and Google Play.
Pros.

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