Pros And Cons of Different Platforms to Make Bitcoin Purchases
Bitcoins can be bought with bank account details or by bank transfer methods. Here are listed several companies that can help you buy bitcoins with bank transfer or with a bank account besides other kinds of payments. The pros and cons of each company are discussed in this light.
1. Coinbase
This is the largest broker of Bitcoin in the world and it offers bitcoin purchases to be made in the US by ACH bank transfer. All that someone needs is a bank account connected to this platform. For European customers, the platform offers purchases by SEPA transfers. There is a flat fee of 1.49% that is charged on transactions done on this platform. The advantages of the platform are high buying limits and high liquidity as well as an Instant buy option when using debit and credit cards. When you make purchases on this platform using bank transfer it can take a period up to 5 days of the purchase to be completed.
2. Bittylicious
This platform is known to offer great advantages to UK residents. Such people can make bank transfers online and complete Bitcoin purchases within 15 minutes. Advantages include being one of the fastest platforms to buy Bitcoins when one is a UK resident. Limitations include the unavailability of Natwest PYC and RBS payment methods.
3. BitPanda
This is a platform that offers Bitcoin and accepts different kinds of payment methods including online bank transfers. It also accepts payments through bank accounts via SOFORT and SEPA. One of the advantages of using this platform is that its fees are the lowest when you purchase through this platform using debit or credit card. It is a trusted broker to buy bitcoin with a bank account. Limitations are that it does not showcase the fees openly.
4. Coinbase Pro
This platform, along with Coinbase Exchange, allows US customers to fund their trading accounts which can be done by bank wire or ACH. The UK and European residents can fund accounts using the SEPA transfer method. Advantages include zero fees on certain Bitcoin buying transactions and low fees for EU and US customers. Cons include a confusing interface for those who are first time buyers on this platform.
5. CEX.io
CEX.io is a platform which offers bitcoin purchases. These can be done using SEPA for EU residents and ACH for US customers. Advantages include support for several countries and low trading fees. It is a trusted exchange, but it does include an extensive verification process.
6. Gemini
Gemini is a platform for US customers where Bitcoins can be purchased through bank account funds that can be transferred through ACH. Advantages include the platform being regulated and trustworthy. Instant deposits will help you make quick purchases. The cons include a confusing buying process for new buyers on this platform. It also offers low fees to customers in Canada and the US, but its services are not made available for all US states.
7. Coinfinity
Coinfinity offers Austrian residents chance to buy bitcoin with online bank accounts that they can do using the SOFORT transfer method. It is a trusted exchange, but the payment options are limited.
8. Paymium
Paymium is a France based Bitcoin exchange and all residents of the country can make a bank transfer and buy Bitcoins on this platform. It also offers a mobile app through which transfers can be made; it is a trusted and established exchange for Bitcoins. ID verification is required only for high-value transactions and hence privacy could be an issue on this platform.
9. Bity
Bity is a brokerage of Bitcoin which makes possible for Bitcoin purchases with SEPA. Verification is done by using a phone number preliminarily. After that, the purchasing of Bitcoin is easy on this platform. However, payments above a certain limit do require intense verification to be completed.
10. Safello
Safello is available across 32 countries and offers several payment methods, bank transfers being one of them for buying Bitcoin. The liquidity levels are high on this platform and it guarantees fair rates. ID verification is a requirement on this platform and fees are included in the buying prices which are limitations of this platform.
11. Bitstamp
Bitstamp offers a large exchange platform for Bitcoin. Europeans can purchase Bitcoins in large amounts and fast through this platform using SEPA bank transfer. The pros of this platform include it being one of the largest and longest running exchanges for Bitcoin. There are lots of withdrawal and deposit options; liquidity levels remain high. Cons include the possibility of hacks as it has suffered such setbacks in the past.
The above platforms are some of the popular and well-established Bitcoin exchanges and companies that make purchases of Bitcoin easy with bank accounts and transfers.
I found this great podcast by The Expat Money Show – Paul Rosenberg on Security & Safety
I hope you enjoyed reading: Pros And Cons of Different Platforms to Make Bitcoin Purchases. If you require assistance in the offshore market, please contact our office HERE. I have included some really great reading for you, I know you’ll love it!
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