These days, cryptocurrencies are the new craze – from Bitcoin to Dogecoin, there truly is a wealth of choice. But Bitcoin will always be the original, and just because it was the first cryptocurrency to be successful doesn’t mean that it hasn’t kept up with its younger and (arguably) more modern competitors.
In fact, Bitcoin is still leading the industry, and it does so by keeping up with the times and giving consumers what they need and want. And one of the most valued features of crypto coins is ease of use – that is, convenience.
There are many different ways in which Bitcoin contributes to this, but today, we’re going to talk about bank transfers. Of course, it all starts with buying Bitcoin, so the easier it is to do this for both Bitcoin and its traders, the more business Bitcoin will get.
Now, we all know what a bank transfer is in general terms, but how exactly does it work in relation to Bitcoin and cryptocurrencies in general?
In simple terms, a standard bank transfer is a payment that is made via your bank in order to transfer money online. Essentially, the process moves money from your bank account to the bank account of your chosen broker and it’s all done online.
Bank transfers are also sometimes referred to as wire or credit transfers, depending on who you ask.
So, now that we have clarified what a basic bank transfer is, what exactly is a bank transfer Bitcoin broker?
Well, since an ordinary bank transfer is a payment that occurs from your bank account to the bank account of a broker, a bank transfer Bitcoin broker is a special type of broker that allows you to buy Bitcoin with a bank transfer. Because you can’t do that with any ordinary broker.
If the idea of a bank transfer Bitcoin broker is something you’re unfamiliar with, you may be wondering what you’re supposed to be looking for when selecting this kind of specialised broker.
There are a few things that you need to consider, and we’re going to give you a run down.
We’ll start with the most obvious consideration and that is the fee that you’ll need to pay the broker, because let’s be honest, it’s always about the money. Some brokers charge more and others charge less. This all comes down to how much you’re willing and able to spend on their service. Everybody’s different. But whatever you do, make sure that you’re spending what you can afford and not overdoing it.
When it comes to money and making online payments, your first consideration ought to be security. Of course, you can rest assured that bank transfers are safe and your money will be protected. However, when you’re using a bank transfer Bitcoin broker, you’re adding another variable to the equation, which means you need to make sure that they’re secure too.
Now, this doesn’t just mean whether or not they’re trustworthy, but that is, of course, a consideration too. Rather, it’s about checking whether or not they’ve got all the important regulations and safety protocols in place to protect both you and your money.
This is another factor that largely comes down to preference, but user experience is a really important part of choosing the right bank transfer Bitcoin broker for you. Some websites are simply more user friendly, or, may simply be more preferable for you and your taste.
Therefore, it’s really important that you have a look and make a decision on the type of user experience that the bank transfer Bitcoin broker in question is able to offer you. The last thing you want to do is skip this step and realise when it’s too late that you don’t enjoy the user experience on their website.
Speed may or may not be important to you, and if it is, it’s something you should consider and question when finding your bank transfer Bitcoin broker. Bank transfers generally aren’t the quickest payments in the world. However, it is possible to find specific brokers that are able to do instant transfers. Therefore, if that’s a priority for you, make sure that you check that instant payments are possible before you commit to a specific broker.
There are always limits on how much money you can transfer by means of bank transfers, as well as trading limits. Therefore, when you’re selecting the platform that’ll best suit your needs, make sure you take this into consideration, especially if it is something that is important to you.
Just like ordinary banks don’t accept payments in cryptocurrencies, not all cryptocurrency platforms accept payments via fiat money. In fact, many cryptocurrency platforms only accept crypto-to-crypto payments – generally speaking, these are decentralised platforms.
Thus, what you’re looking for is a platform that is centralised. There are many crypto platforms that are centralised and use bank transfers. This includes:
As you’ll see in the next subsection, depositing money into your account is the most integral part of your Bitcoin purchasing journey, so we’re going to tell you just how to do that. As for withdrawing money, this is moving in the opposite direction and can only be done using fiat money that’s in your account – not direct Bitcoin.
The actual process of depositing money is quite simple. Just find the payment section on the website of the platform you’ve selected and choose a bank transfer.
Depositing money is simple and on your side, it’s quick. However, what isn’t quick is the processing time. Much like ordinary bank transfers, it can take a while, sometimes up to a day or even more to complete.
However, while this may not be the quickest process, it certainly is secure. So, when you’re deciding what to do and how to deposit money into your account, you’ll really need to decide whether you want to prioritise speed or security.
As we mentioned, withdrawing money from a cryptocurrency platform can be done on certain platforms, but you can only withdraw fiat money, not fiat money that’s been converted to Bitcoin. In addition, you need to make sure that the platform you’ve accepted allows for withdrawals by means of bank transfers. Just because they allow withdrawals, doesn’t mean it’ll be in the form of a bank transfer.
Thus, if the platform you’re using allows bank transfers for withdrawals and you’re wanting to withdraw fiat money, then the process is simple. Just go onto the payments section on the website, click on withdrawals and follow the prompts.
Once you’re ready to transfer Bitcoin, you’ll be delighted to hear that the process is actually very straightforward. In fact, it’s much the same as doing an ordinary bank transfer. Just follow these easy steps:
If you’re wondering whether or not it’s a good idea to buy Bitcoin using a bank transfer, you’re certainly asking a good question. When it comes to any financial related decision, it’s always a good idea to do your research and be confident in what you’re doing. That’s why we’re going to tell you more about both sides of the coin. We’re going to delve deeper into the pros and the cons of buying Bitcoin using a bank transfer so that you know exactly what your available options are and whether or not this is the best option for you.
Thus, if you’re wondering whether or not using bank transfers is the best way to buy Bitcoin, it really all comes down to the individual. The process has several pros and cons, and it’s up to you to decide what your priorities are and which of these things are important to you.
The important take away is that it’s possible (and safe) to buy Bitcoin online by means of a bank transfer, as long as you take all of these aspects into consideration.