The banking sector has been reluctant to adopt cryptocurrencies for a long time. However, Bitcoin’s stellar performance over the recent years has significantly altered the institutional investors’ perceptions of crypto. Bitcoin has demonstrated a strong potential as a reliable transaction currency and a safer investment asset than traditional investments. Several crypto-friendly banks have integrated their platforms with trusted crypto exchanges such as quantum-ai-trading.com, to enable their customers to buy and transact Bitcoin seamlessly.
That has inspired several traditional financial institutions to adopt Bitcoin. Contrary to what some people may think, most banks that offer crypto-related services today are conventional institutions that have been around for decades. Crypto integration has enabled banks to increase their portfolios and generate extra incomes with fewer risks.
Various options exist for buying Bitcoin through a bank. Some banks have also introduced OTC crypto brokerage services for customers to buy Bitcoin in person from their outlets. The following are guidelines on how to buy Bitcoin through your bank.
Visit a crypto exchange platform
Most banks that provide cryptocurrency exchange services do so through Bitcoin exchange companies. Thus, the first step would be visiting a reliable online exchange platform and creating an account. That will ensure greater convenience in buying Bitcoin and cashing out the funds in fiat currencies. Coinbase is among the leading crypto brokers integrated by most Bitcoin-friendly banks.
While some crypto exchanges are peer-to-peer-based, many are centralized. Thus, most banks and crypto exchanges require their customers to adhere to Know Your Customer (KYC) rules. That means you must provide personal details such as your real name, address, and contacts for verification when creating an account. However, the process will take minutes since the procedures are digitized and do not require filing paperwork.
Add payment method
Several crypto exchanges will allow you to buy Bitcoin directly through debit cards and credit cards directly with fiat currencies. Some also accept bank and wire transfers. Nevertheless, you should select the most suitable payment method from your account settings interface. Most platforms have listed the options, so you only need to check one box.
Also, the dashboard will allow you to set your payout method. Like deposits, you can also withdraw Bitcoin in fiat currencies to your bank account. That is why you should also select a suitable payout method. Apart from transfers to your bank account, some banks also provide Bitcoin debit cards that you can load with crypto for point-of-sale transactions.
You can start buying Bitcoin as soon as you set up an account. Your dashboard will show the buttons for buying Bitcoin that you only need to click. Then, the platform will direct you to a page on where to enter the transaction details. Most venues will even show you the amount of Bitcoin you will receive after making the purchase, based on the current market prices.
Buying Bitcoin through a bank
Although you can easily buy Bitcoin through your bank, there are several things that you should keep in mind. For instance, the transactions attract fees, mainly calculated based on the volume and frequency of your transactions. Thus, you should consider the fees levied by a few banks to get better rates. Besides, some crypto exchanges have withdrawal limits that you should also know about to avoid inconvenience. You will also need a secure Bitcoin wallet to store the funds after purchase.
Buying Bitcoin through a bank is easy and fast. However, find a crypto-friendly bank in your area first to purchase Bitcoin successfully.