How to Buy Bitcoin With a Bank Account

There are a variety of methods individuals use to buy bitcoin (BTC). One of those ways is simply purchasing bitcoin by transferring money from your bank account.

Purchasing bitcoin by way of a bank account provides multiple advantages. Namely, significantly lower fees than what an individual would pay if they use some of the other methods available, along with a relatively simple fund transfer process. In addition, the buying limits associated with bitcoin is notably higher when purchasing with a transfer from a bank than say another purchasing method, such as a credit card or gift card trade. This last benefit is great for those who want to invest in bitcoin in large amounts.

As with other fund transfers from your bank account, it can take up to 3-4 business days for your money to transfer from your bank to an actual bitcoin exchange. Once you establish a good relationship, some exchanges will allow you to buy bitcoin instantly and not wait at all.

However, for those who prefer to make regular purchases while avoiding high fees, the slower processing time is a minor nuisance at best. Once your exchange of choice receives the necessary funds, the time it takes for the exchange to make your BTC purchase is minimal.

If you want to buy bitcoin through your bank account, you need to find an exchange or brokerage that will make the actual transaction for you. Continue reading for a list of the places where you can buy and sell bitcoin online using your bank if you live in the United States.



Coinbase is the world’s largest broker for buying and selling digital currency like bitcoin. Coinbase accepts funds from connected bank accounts by way of ACH transfers in 3 to 5 business days for a small, flat fee. Long term customers are offered the ability to make instant purchases of up to $25,000. You can also fund your account with a debit card.



Robinhood is a mobile app that offers commission-free stock market trading. They make a profit from interest on uninvested cash and account upgrades instead of trade commissions. Within the same app, Robinhood Crypto offers the ability to buy and sell bitcoin, ethereum, litecoin, and other cryptocurrencies. You can fund your Robinhood account with money from your bank account and then make a bitcoin purchase with the money. If you have Robinhood Gold for $5 per month, you bank funds will be available immediately and you can buy the bitcoin instantly.


Circle Pay

Another mobile app that offers the ability to buy bitcoin is Circle Pay for iPhone and Android. There are no extra USD to BTC conversion fees. Also, there are no deposit or cash out fees if you use money from your bank account or debit card. How do they make money? Though their Circle Trade and Poloniex exchanges.



Kraken is another US based broker site that conducts the buying, selling and trading of bitcoin for its customers. Along with Coinbase, they have an excellent reputation for reliability and security, and they accept large transactions as well.



This broker is based in Slovenia, but does offer its services to U.S. customers. Bitstamp is one of the longest running bitcoin brokers in the world and is also one of the largest available. A bank wire transfer to Bitstamp typically takes 2-5 days. They also offer very attractive (low) fees for transactions and have a range of choices for deposit and withdrawal methods.



If you think of yourself more as a trader than just an average investor, Bitfinex might be a good choice. For those who want to invest large amounts, Bitfinex accepts these types of transactions through SWIFT international financial payment network. They also charge very low fees, as well as offering a price very close to the fair market rate for bitcoins.



This company is the first US exchange licensed for bitcoin trading. They have a trusted reputation and some of the lowest fees available. On the downside, some buyers find their user interface difficult to work with and at one point their services were not available in all U.S. states. A first-time buyer would want to confirm with Gemini if their particular state was in their coverage area or not.



Bittrex is a crypto exchange founded by former Microsoft employees. They allow for US dollar deposits in all but a handful of states. To enable bank deposits you will submit a copy of your government ID along with proof you reside in one the allowed states.



GDAX is an attractive broker choice for those who wish to avoid fees as much as possible. They offer some of the lowest fees available, with some transactions incurring no fees at all. Some first-time buyers find their user interface initially confusing, so some investors might experience a longer learning curve until they feel completely comfortable with the site. GDAX is now Coinbase Pro.



Binance is the world’s most popular exchange for trading crypto, offering a staggering number of different coins including bitcoin, Ripple (XRP), EOS, and BinanceCoin. If you wish to trade bitcoin often, you should consider opening an account at Binance. One negative is that to get started, you will need to use a credit card (3.5% fee) or transfer your bitcoin from a different exchange.


Which to Bitcoin Exchange to Use

Each individual investor must determine those attributes which are most important for them to have in a bitcoin exchange. Are you a long-term holder or a day-to-day trader? Individuals should consider their level of investing expertise and whether they need an instantly intuitive user interface, or if they feel comfortable learning a more challenging exchange system. Some investors might find that slightly higher fees for a more intuitive system is an acceptable trade off when making their decision as to which exchange is right for them.

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