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How to Buy Bitcoin with Bank Transfer – Beginner’s Guide

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One of the easiest ways to buy Bitcoin is to use the bank transfer option. Buying Bitcoin with bank transfer is smooth, 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: 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, 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.

eToro-bank-account

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 Homepage

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

  • Offers access to over 100 crypto assets
  • Low minimum deposit amount of £1.5
  • Insurance during the event of a security breach

Cons

  • Considerably high transaction fees

74% of retail investor accounts lose money when trading CFDs with this provider.

eToro vs Coinbase – Which is Best for Buying Cryptocurrency?

When deciding which broker platform is best for buying cryptocurrencies, the factors to consider should be the fees, wide range of cryptocurrencies, special features, and other compelling attributes.

Fees: When it comes to fees, eToro is a better option. eToro does not charge for deposits and will only charge a one-time fee of 0.75% to 5% of the total funds transacted depending on the crypto asset when making trades on the platform. The broker only charges £3.7 for withdrawals.

However, Coinbase charges from 0.5% up to 4.5% for transaction fees per trade depending on the payment method, cryptocurrency type, and the transaction type. Coinbase will also charge as high as £18 for withdrawal made on the platform.

High transaction fees are a drawback for most new traders, so if you are looking for a platform to buy Bitcoin at low fees, eToro is your best bet.

Trading tools: Broker platforms such as eToro and Coinbase have a large user base, and among the users are novices who are relatively new to the financial market. Although educational content can help them get acquainted with the basic concepts of the crypt market, making profits is the goal of any trader, and this is where eToro shines.

The platform’s CopyTrader tool provides users with the opportunity to observe and mirror the trade strategies of more experienced traders, enabling them to make profits even as beginners.

Coinbase does not guarantee the success of new traders. The platform is rich in educational content that will impart relevant knowledge of the financial market but require the traders to practice independently. In addition, eToro also provides an “unlosable” private key for recovering access to your crypto wallet as at when needed.

eToro Coinbase
Cryptocurrencies supported 27 100+
Trading tools CopyTrade   –
Fee Structure $5 withdrawal fee

No deposit fee

1% fee + bid-ask spreads for crypto trading fees

0.50% per trade

£7.5 for bank transfer

£18 withdrawal fee

3.99% for credit card purchases

How to Buy Bitcoin with Bank Transfer on eToro – Tutorial

Now that you know what Bitcoin is all about and what payment methods are available, let’s show you have to buy Bitcoin with bank transfer on social trading leader eToro.

1. Create an account on eToro

etoro sign up

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

The first step will be to register for a free account on the eToro platform. Navigate to the official website and click on ‘Join Now’ to open up the registration page. Here, you will need to supply your full name, email address, a verifiable mobile number, a unique username and password. You can also skip this form filling by directly signing up with your Google or Facebook account at the bottom of the registration page.

2. Verify your ID

eToro verify account

eToro is regulated by some of the top global bodies which means you will need to complete a know-your-customer (KYC) process to unlock the full potential in your new account. You will be required to upload a snapshot of your driver’s license or government-issued ID card.

You will also need to submit a copy of a recent utility bill or financial bank statement as proof of address. All these can be completed easily online and your identity will be verified within minutes.

3. Deposit Funds

eToro-bank-account

Now that your identity has been verified, you can now head down to make your deposit. eToro has minimum deposit bars depending on the region you are trading from. For the US and UK, there is a minimum deposit amount of $500 when depositing via bank transfer. Other regions have disparate deposit figures.

To fund your account with a bank transfer, click ‘Deposit Funds’ on the action tab and select ‘Bank Transfer.’ eToro has a high deposit bar and you can deposit as much as $1,000,000 (about 750,803.36 GBP) using the bank transfer option.

When you have inputted the amount you want to deposit, click on ‘Continue’ to proceed to confirm your details and complete the transaction.

4. Buy Bitcoin

Buy Bitcoin

With the funds in your trading account, you can now proceed to buy Bitcoin. To do this quickly, type ‘BTC’ into the search bar and click on ‘Trade’ on the appropriate result that pops up. You will be taken to the purchasing page for Bitcoin and you can quickly browse on the digital asset by clicking on the ‘Stats’ button.

The ‘Feed’ button will let you know what other investors think about Bitcoin and can help you better acclimatize yourself to the digital asset. Once you are ready, head over to the order page and input the amount of BTC you want to buy. Once you are ready, click on the ‘Open Trade’ button and the requisite amount of Bitcoin will be deposited into your eToro portfolio.

5. Transfer your BTC

If you want to transfer your BTC to an external digital wallet, we recommend using the eToro Crypto Wallet to store your crypto assets. The eToro Crypto Wallet is multi-currency digital storage that comes pre-approved by the Guernsey Financial Sector Authority (GFSC), making it one of the best Bitcoin wallets UK.

It also comes with a backup phrase recovery service, which is pretty uncommon in the crypto scene. This will come in handy if you lose your private key.

Other tidbits include support for over 120 cryptocurrencies alongside over 500 crypto trading pairs. Mobile support is available for both Android and iOS users making eToro Crypto Wallet the ideal digital wallet solution for any crypto user.

Conclusion

In comparison to other payment methods available for buying bitcoin, the bank transfer method is regarded as the most affordable and secure method for completing transactions. Buying Bitcoin via bank transfer also avails users of higher deposit and withdrawal limits which open up the opportunity to deal in large scale crypto transactions and investments.

This payment method is available to everyone as most people own a bank account that can be used to make payments online.
Investors can buy Bitcoin with bank transfer from several brokers, but we recommend eToro as the best broker when using this funding option

eToro is regulated by tier-one bodies and enables new traders to make the most out of their low-cost investments with the CopyTrade Technology.

eToro – Buy Bitcoin with Bank Transfer Commission-Free

etoro-new

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

Frequently Asked Questions on Buy Bitcoin With Bank Transfer UK

How Do I Buy Bitcoin With Bank Transfer?

Can I Transfer Money From My Bank Account to Bitcoin?

What Banks Let You Buy Bitcoin?

Can I Buy Bitcoin With My Simple Bank Account?

Can I Transfer Bitcoin to Bank Account?

How Long Does It Take To Transfer Money From My Bank Account to Bitcoin?

Jimmy Aki author check sign Pro Investor

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.

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