How do you buy cryptocurrency easily with your bank account?
Oct 22, 2020 12:28
Buying cryptocurrency with a bank account is the cheapest and easiest method. Cryptocurrency exchange which accepts bank transfers can be used to buy cryptocurrency with Australian dollars, and also it will be more convenient for you. If you want to invest in bitcoin trading, you can visit Btc investment
Steps to be followed while buying cryptocurrency with the bank account
It is very easy to buy crypto with your bank account. By looking at this example of buying bitcoin with the Australian dollar you’ll get to know about how to buy cryptocurrency with a bank account:
1). Create a wallet-
It is necessary to create a wallet to store your private keys because it is not safe to keep it in exchange for a long time.
2). Register for an account on coin spot-
POLi Payments and BPAY are the two deposits from Australian bank accounts that are accepted by Coin Spot, a digital currency exchange located in Melbourne. You should give your email id and create a password to register on the Coin Spot account.
3). Select your deposit method-
Firstly, you should select the payment method to pay, click on the “Deposit AUD” link in your dashboard. In this example, for faster transactions, we’ll use POLi Payments because BPAY transactions have less speed as compared to this.
4). Deposit AUD-
What you have to do next is to select the bank account where you want to deposit funds and after that, you have to enter the Australian dollar’s amount. To enter the online banking service of the selected bank account, click “Continue to use POLi”. And to confirm your payment, enter your bank login details.
5). Buy BTC-
You’ll be redirected back to Coin spot automatically, once your payment is confirmed. POLi payments usually settle more or less immediately. The quantity of BTC you are willing to purchase is to be mentioned by you. Before clicking “Buy BTC” you should take a moment and review the details of all the transactions.
6). Transfer BTC to your wallet-
Please remember to transfer the bitcoins from the exchange to the private wallet after the transaction is completed. Click on the “wallet tab” and select “BTC wallet”, if you’re doing this on Coin spot. Mention the amount of BTC to be sent under the “send bitcoin” heading and after that enter your private wallet address. Before clicking "Send", please double-check that the address you entered is correct.
Using a bank account to buy crypto is safe or not?
If you’re searching for the safest and convenient method to buy cryptocurrency, then your search ends here because using a bank account to buy it is proved to be the easiest and safest way. It easily converts AUD to digital currency. Keep in mind that any platform's credentials should be carefully examined before any funds are transferred. Before transferring any funds, you must ensure that you’re dealing with a reputable seller, in case you’re planning to buy cryptocurrency from someone via a peer-to-peer platform. Therefore, it is a good idea to start trading through a trading platform that uses some kind of reputation system and has security measures to prevent fraud. Before buying cryptocurrency, make sure that you know about all the risks involved in this.
Advantages and disadvantages of buying cryptocurrency with a bank account
●You can purchase cryptocurrency with Australian dollars at once.
●Buying with a bank account is a very easy and uncomplicated process.
●It is economical as compared to credit cards.
●It is appropriate for the people who are beginners and want to use certain digital currency.
●It is a long process.
●You can purchase only a limited number of altcoins with Australian dollars.
●A high amount of fees is involved in fiat-to-crypto trades as compared to crypto-to-crypto trades.
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