How to Buy Bitcoin with a Bank Account in 2024

One of the most cost-effective ways to buy Bitcoin is via bank account transfers. While traditionally slower than debit/credit cards, some Bitcoin exchanges support instant bank payments.

In this guide, we explain how to buy Bitcoin with a bank account in 2024. We also discuss the best exchanges for the job, in terms of speed, low fees, and user-friendliness.

Why Buy Bitcoin with a Bank Account?

Before explaining how to buy Bitcoin with a bank account, let’s explore some of the key benefits of choosing this payment type.

Very Low Fees

When compared to other payment methods, bank account transfers are by far the cheapest option when buying Bitcoin online. As we cover shortly, the best crypto exchanges charge no fees at all when depositing funds via a bank account.

In contrast, debit/credit card and e-wallet payments can attract very high fees. For example, Coinbase and Kraken charge 3.99% and 3.75%, respectively. Bitstamp is even more expensive, charging 4% of the purchase amount.

Why Are Bitcoin Credit Card Transactions So Expensive?

  • The main reason for high credit card fees when buying Bitcoin is because of risk.
  • For instance, crypto exchanges bear the risk of a credit card payment being reclaimed as a chargeback.
  • The user will report the credit card payment as fraudulently to their bank, and if successful, the funds will be returned.
  • Similarly, e-wallet providers like PayPal have ‘Buyer Protection’ schemes in place.
  • If the user reports the transaction and PayPal takes the buyer’s side, the payment can be refunded.

In comparison, the same risks do not apply to bank account transfers. Additionally, bank account transfers are also more cost-effective for crypto exchanges. When the payment is made domestically, no fees are borne by the platform. This is in contrast to credit cards and e-wallets, which charge merchants processing fees.

Local Bank Transfers Are Often Processed Instantly

Many crypto exchanges have a global client base. In turn, exchanges often support local bank transfers.

Not only does this save fees and avoid foreign exchange rates, but it speeds up the payment process considerably.

Higher Level of Security

Buying Bitcoin with a bank account is also a lot safer than using e-wallets or credit cards to buy BTC.

For example, consider that stolen credit card numbers are rife on the dark web. Once in the wrong hands, this allows someone to use the credit card to make purchases online. This is also the case with e-wallets like PayPal. So for those looking to buy Bitcoin with PayPal this is something to keep in mind.

  • In contrast, bank accounts come with significantly more robust security tools.
  • While this will vary depending on the bank, this often includes two-factor authentication.
  • This is in addition to an online banking password and secret phrase.
  • Another safeguard is that new beneficiaries (e.g. a crypto exchange) must be approved before transactions can be made.
  • This prevents transactions from being sent to unauthorized locations.

In addition, buying Bitcoin with a bank account does not require investors to enter sensitive financial information into the exchange’s website. Instead, the bank transfer is made externally. This reduces the risk of investors becoming a victim of fraud.

Recurring Payments

Seasoned investors will often set up recurring buy orders when investing in Bitcoin. This allows investors to stick to a dollar-cost averaging strategy.

What is Dollar-Cost Averaging in Crypto?

Dollar-cost averaging is a long-term strategy that allows investors to avoid short-term volatility. Crypto purchases are made at regular intervals, at the same amount. For example, buying $100 worth of Bitcoin every week. In doing so, investors average out their cost price in line with broader market trends.

Dollar-cost averaging is a sensible long-term strategy when investing in Bitcoin. And using a bank account is one of the best ways to achieve this. This is because many financial institutions allow users to set up recurring transfers.

Once set up with a suitable crypto exchange, the recurring deposits will be used to buy Bitcoin on a date specified by the user.

Seamless Withdrawals

At some point, investors will look to sell their Bitcoin back to cash. Then it’s just a case of withdrawing the proceeds out of the exchange. Bank accounts make this process seamless.

This is because the user will be able to withdraw the funds back to the same bank account used to make the initial deposit. And just like deposits, bank account withdrawals are often fee-free. If a fee is charged, this is usually minimal.

For example, according to Experian, credit card refunds average 3-7 business days. In comparison, ACH transfers often take several hours to process. US bank wires are also usually credited on a same-day basis. While in other countries, Faster Payments (UK) and POLi (Australia) are processed instantly.

Avoid Using Credit to Buy Bitcoin

One of the biggest mistakes made by beginners is using a credit card to buy Bitcoin and not clearing the debt in full. This can have disastrous effects.

  • For example, consider an investor buying $5,000 worth of Bitcoin with a credit card.
  • By the time the credit card statement is received, Bitcoin has plummeted by 50%.
  • In this scenario, the Bitcoin investment is worth just $2,500, but they owe the credit card company $5,000.
  • If this isn’t paid in full, interest will be charged on the investment. This increases the cost basis even further.

The same risks are not present when using a bank account to buy Bitcoin. This is because the investor is using money they actually have in their account, rather than credit.

How to Buy Bitcoin with a Bank Account – Quick Steps

Wondering how to buy Bitcoin with a bank account in the safest, fastest, and most cost-effective way possible? Here’s a quick overview of how to complete the process of purchasing BTC with MEXC.

  • Step 1: Open an account with MEXC – First, visit the MEXC website and open an account. Enter some personal information and contact details when prompted. Choose a suitable username and password.
  • Step 2: Deposit Funds via Bank Account Transfer – Next, choose the preferred bank method. MEXC will then display the account details to transfer the funds into.
  • Step 3: Buy Bitcoin – When the bank account deposit is credited to the MEXC account, search for ‘Bitcoin’ and click on ‘Trade.’ Type in the amount of Bitcoin to buy and click ‘Confirm’ to complete the investment.

Further down, we offer a more detailed explanation of how to buy Bitcoin with a bank account.

Where to Buy Bitcoin With a Bank Account

It is important to use a suitable exchange when electing to buy Bitcoin with a bank account. Important factors to consider include regulation, deposit fees, trading commissions, and payment speeds.

Below, we explore the best places to buy BTC with a bank transfer.

1. MEXC – Overall Best Place to Buy Bitcoin With a Bank Account

MEXC is the best place to buy Bitcoin with a bank account, catering to over 10 million users across more than 170 countries (excluding the US). 

Renowned for its 0% spot trading fees and minimal 0.02% taker fee for futures trading, MEXC positions itself as an ideal platform for day traders and investors with lower trading volumes, offering significant cost savings compared to other exchanges.

The platform offers an extensive selection of over 1,600 cryptos, including popular options like Bitcoin, providing traders with a wide range of trading possibilities. 

Experts from the banking industry have developed MEXC to support 1.4 million transactions per second, ensuring efficiency and performance.

MEXC Homepage

For traders of all skill levels, MEXC offers advanced charting features with multiple indicators, drawing tools, and the option to use TradingView charts. The user-friendly interface enables easy navigation for beginners while providing depth for more experienced traders.

MEXC introduces a unique Savings feature, allowing users to lock in cryptos, like USDT and XRP, for interest earnings up to 8.8% APR.

This feature offers the flexibility to unlock tokens whenever desired, similar to staking but with added convenience.

Additionally, the platform’s copy trading feature enables users to replicate the strategies of successful traders, improving the potential for profitable trading experiences.

The exchange’s competitive fee structure is particularly advantageous for day traders, with zero fees for spot trading and a low taker fee for futures. 

MEXC Copy Trading Feature Banner

MEXC’s mobile app, available for iOS and Android devices, is crucial for traders who need to manage their portfolios on the go. 

The platform also offers the MX token, which provides users with governance participation and additional benefits.

The platform supports various purchasing options, including bank transfers, SEPA, credit and debit cards, and peer-to-peer transactions, with third-party payment processors like Moonpay facilitating direct crypto purchases.

Pros pros

  • 0% spot trading fees, minimal 0.02% taker fee for futures.
    Extensive crypto selection, over 1,600 options including Bitcoin.
  • High-performance platform, supporting 1.4 million transactions per second.
  • Advanced charting features, user-friendly interface with TradingView integration.
  • Unique Savings feature with up to 8.8% APR and flexible unlocking.

Cons cons

  • Not available to users in the United States.

Crypto assets are highly volatile and unregulated in most countries. No consumer protection. Tax on profits may apply. Your capital is at risk.

2. OKX – Popular Exchange With Advanced Trading Tools And Low Fees

OKX is a peer-to-peer crypto exchange that differentiates itself as an emerging trading platform with some of the most competitive fees in the market.

With over 370 markets, including various long-term and low-cap cryptos, OKX caters to short-term traders as well as long-term investors.

The platform charges only 0.1% for market orders and an even lower 0.08% for limit orders, making it a strong contender for the best Bitcoin exchange based on fees alone.

OKX supports a range of advanced trading products, including perpetual swaps, futures, and options, catering to sophisticated trading strategies.

OKX - Homepage

The platform also offers a noncustodial crypto wallet app, giving investors full control over their private keys.

Additionally, traders can access advanced analysis tools, including integration with TradingView and various charting timeframes ranging from one second to three months.

Traders can buy Bitcoin and other cryptos and then deposit these tokens into savings accounts to earn attractive annual percentage yields (APY).

For beginners or those looking to refine their trading strategies, OKX offers a demo account perfect for learning and practicing. 

The platform also includes trading bots, programmable for automated trading based on predefined rules, ideal for traders looking to leverage algorithmic strategies.

Pros pros

  • Competitive fees: 0.1% for market orders, 0.08% for limit orders.
  • Broad market range with over 370 crypto options.
  • Advanced trading products: perpetual swaps, futures, options.
  • Noncustodial crypto wallet app for full control over private keys.

Cons cons

  • More suitable for experienced traders.

Crypto assets are highly volatile and unregulated in most countries. No consumer protection. Tax on profits may apply. Your capital is at risk.

3. Binance – Fast Bank Account Deposits and Super-Low Trading Commissions

Binance is also worth considering when exploring how to buy Bitcoin with a bank account. It is important to note that fees and supported banking methods vary depending on the country of residence. For example, Americans going through the Binance US website, will not be charged any fees to use ACH or a domestic bank wire.

All other nationalities will need to use the global Binance website. Investors based in Europe will be able to deposit funds near-instantly via SEPA. Binance charges just €1 on SEPA payments, irrespective of how much is being deposited. UK investors, however, are no longer able to deposit funds with a bank account. Binance recently removed its GBP banking facility, as per pressures from UK regulators.

Binance review

Nonetheless, those that can deposit funds into Binance will benefit from competitive commissions. Each buy-and-sell order is charged just 0.1%. What’s more, Binance is another great option for diversification. It supports more than 350 cryptocurrencies, including some of the best utility tokens. Binance also stands out in the customer service department, with live chat support available 24/7.

Pros pros

  • Low-cost bank account transfers are supported in many countries
  • No minimum deposit requirement on bank transfers
  • Trading commissions of just 0.1%
  • More than 350 cryptocurrencies are supported

Cons cons

  • Some nationalities cannot deposit funds via bank transfer – including those from the UK
  • Payment gateways are constantly being removed due to regulatory pressures

4. Coinbase – Buy BTC with this Popular Crypto Exchange Boasting over 100 Million Users

Another popular cryptocurrency exchange that supports Bitcoin purchases with a bank account is Coinbase. Founded in 2011, Coinbase has developed a massive user base globally – as it is used by more than 100 million users. 

This cryptocurrency exchange allows users to buy Bitcoin and more than 150 altcoins. Bitcoin can be purchased with a bank account – leading to a fee of only 1.49% per transaction. Furthermore, this cryptocurrency platform also accepts ACH transfers and credit/debit card payments. 

coinbase

However, the credit/debit card fee is a hefty 3.99% per transaction. Notably, Coinbase stores 98% of user’s assets in cold storage/offline. This prevents the user’s funds from online hacks or breaches. Coinbase also uses two-factor authentication methods every time users want to deposit or withdraw funds. 

On Coinbase, users can store all their assets through the Coinbase wallet – giving you complete autonomy over your holdings. NFTs can also be traded and stored on the crypto wallet. On Coinbase, users must pay a fixed fee on trades below $200.

For instance, trades under $10 result in a $0.99 fee + the payment method fee. The fees start from just 0.40% on transactions above $200. A further spread-based fee of 0.50% is also applied to trades. 

Pros pros

  • Over 150 cryptos supported
  • Used by more than 100 million people
  • Offers multiple payment options
  • Supports a crypto and NFT wallet
  • 98% funds stored in cold storage 

Cons cons

  • Complex fee structure

How to Buy Bitcoin With a Bank Account on MEXC – Tutorial

Looking to buy crypto with a bank account right now? Below, we explain the step-by-step process with the regulated Bitcoin broker, MEXC.

Step 1: Open a MEXC Account

Head over to the MEXC website and open an account.

You’ll need to enter some basic details like your email and mobile number to start with the sign-up process.

MEXC Sign Up

Step 2: Get Verified 

When using fiat money to deposit funds into a crypto exchange or broker, a KYC process is required. At MEXC, the process takes less than two minutes.

Users will need to upload a government-issued ID and proof of address. The latter needs to have been issued within the prior three months.

Step 3: Deposit Funds

Now that the KYC process has been completed, proceed to the deposit page.

From the drop-down list of payment types, select the preferred banking method. Then, type in the amount of money to be deposited.

Note: Wondering how to buy Bitcoin without a bank account? MEXC also accepts debit/credit cards and e-wallets.

MEXC - Deposit Funds

Step 4: Search for Bitcoin 

Once the bank account transfer has been credited, it’s time to buy Bitcoin.

In the search box, type in ‘Bitcoin’. Then, click on ‘Trade’.

Step 5: Buy Bitcoin 

To complete the Bitcoin investment, an order form must be completed.

Click on the ‘Confirm’ button to complete the order.

Can You Buy Bitcoin With a Bank Account and No Verification?

The anti-money laundering regulations on fiat money payments are universal. Whether an investor is using a bank account, credit card, or any other fiat method, KYC is required. As such, it is not possible to buy Bitcoin with a bank account and routing number with no verification.

On the contrary, investors will be required to complete KYC before fiat facilities are offered by the chosen exchange. The amount of time this takes will vary widely.

Nonetheless, once the KYC process has been completed, users will be able to buy BTC with a bank account instantly. Thereon, there should be no more delays. That said, the chosen exchange might ask for additional information (such as proof of source of funds) if very large amounts are being deposited.

Note: We should also note that some peer-to-peer (P2P) exchanges claim to support bank account payments without any verification or KYC. However, not only are these platforms unregulated, but they come with additional risks. This is because P2P transfers are prone to scams and fraud.

Bitcoin ETF Token – BTC Alternative With Multiple USPs For Investors

For those looking for a Bitcoin alternative with more upside potential, Bitcoin ETF Token ($BTCETF) is the best option, as per our research. 

The main advantages of Bitcoin ETF Token over direct BTC investment include staking rewards (currently above 2,500%), definitive presale price appreciation (from $0.005 to $0.0068), and a massive burn allocation (25% of the total supply). 

And, of course, there is a strong possibility that this token could be 10x or more, if market conditions allow. Such an increase is highly unlikely with Bitcoin, which has already seen its primary price increases and will find it harder to repeat these kinds of gains.

Bitcoin ETF Token might, if SEC approval of Bitcoin ETFs takes place. After all, this is what the presale anticipates, and its marketing and infrastructure are oriented towards this specific event occurring. This also implies increased risk should approval fail to materialize or if the coin is not correlated to approval. 

It might be a good idea to make a split between both Bitcoin and Bitcoin ETF Token in an investment portfolio – if SEC approval does take place, it could be one of the best-performing coins on the market. 

Bitcoin ETF Token Presale Homepage

As regards the tokenomics, there are 2.1 billion tokens with 40% (840 million) available in the presale. There are 10 presale rounds with 84 million tokens in each round, and price increases at each stage. Of the remaining token allocation, 25% (525 million) is allocated to staking, 25% (525 million) to burn addresses, and 10% (210 million) to DEX liquidity. 

This presale also conducted a rigorous third-party smart contract audit from Coinsult, with only a single low-risk issue located within the entire code. 

For more information, investors are advised to consult the Bitcoin ETF Token Whitepaper and join the Telegram account.

Hard Cap $4.956 Million
Total Tokens 2.1 Billion
Tokens available in presale 840 Million
Blockchain Ethereum Network
Token type ERC-20
Minimum Purchase NA
Purchase with USDT, ETH, BNB, MATIC, Card

Conclusion

In summary, using a bank account to buy Bitcoin online can be a smart move. Not only in terms of reduced fees but increased safety.

We found that overall, the best place to buy Bitcoin with a bank transfer is MEXC. This broker supports fee-free USD bank payments and registration is quick and easy. Other major currencies are also supported at a small fee.

For those looking for a BTC alternative, Bitcoin ETF Token is one of the best available options. It offers great APY and a discounted presale price, while remaining intimately tied to the wider Bitcoin markets.

Cryptoassets are highly volatile and unregulated in most countries. No consumer protection. Tax on profits may apply. Your capital is at risk.

References

FAQs

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Kane Pepi

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…