A bank transfer is one of the most hassle-free and inexpensive ways to buy Bitcoin. There are many brokers that accept funds via bank transfers.
Scroll down for our step-by-step guide to buying Bitcoin with a bank transfer in Australia.
Unsure about what exchange to use?
Where to buy Bitcoin with a bank transfer
First time buying?
How to buy Bitcoin with a bank transfer
Step 1: Choose what exchange to use
The first step is to open an account with an exchange that supports Bitcoin and accepts deposits via a bank transfer.
It’s easy to compare crypto exchanges with Finty. Things to consider include their fees to trade, deposit and withdraw fiat, and available coins.
Step 2: Verify your account
Once you have completed your account setup, you’ll need to verify your identity. This typically requires proof of identification, such as a driver’s licence.
Step 3: Decide how much to allocate
Bitcoin is a volatile asset that is notoriously difficult to forecast, oscillating from bull runs to bear markets.
It’s important to keep this volatility in mind and only allocate what you can realistically afford to an investment in Bitcoin.
Step 4: Deposit funds in your account
Bank transfers are one of the most widely-supported methods of depositing funds in your account. Be careful when setting up the transfer so the funds are sent to the correct account.
Step 5: Configure an order
After transferring funds to your account, you can configure an order to buy Bitcoin.
Most crypto exchanges offer a choice of orders. Market buys are the easiest way to buy Bitcoin. They require very little, if any, configuration. Once submitted, your exchange will buy at the next available price.
You can set up a trigger order to buy Bitcoin at a target price or, alternatively, set up a recurring order to buy more Bitcoin on a regular basis. You’ll need to make sure you have adequate account funds to execute this strategy.
Step 6: Buy
With everything completed, fill out the order form and buy Bitcoin.
Still not sure?
Pros and cons
- Low deposit fees. Fees charged by exchanges to deposit funds with a bank transfer are significantly lower than they would be to do so with a credit card.
- Widely supported. Bank transfers are supported by practically every crypto exchange.
- No interest. Unlike credit card payments, bank transfers are drawn from funds you already have, so you are less likely to get into debt.
- Multiple options. Various types of bank transfers are available including POLi and SWIFT.
- May have a longer processing time. Bank transfers can take several days to clear into your account.
How long does it take for funds to transfer using a bank transfer?
It can take several days for funds to clear into your exchange account depending on the type of bank transfer used.
Can I buy Bitcoin with a bank transfer anonymously?
Yes, you can purchase bitcoins with a bank transfer anonymously on some platforms.
Can I buy other cryptocurrencies with a bank transfer?
Yes, you can buy other cryptocurrencies with a bank transfer. After funding your account, select the desired cryptocurrency and execute the transaction.