Best Bitcoin Brokers For Bank Transfer Deposits and Withdrawals

Many Bitcoin brokers offer the option to deposit or withdraw money by bank transfer. USD and EUR are standard in the list above. In this case you can buy Bitcoin on the broker website, incase you don't own BTC yet for trading. So you don`t need to own Bitcoin in advance to start trading on such broker sites, as you can just do a USD deposit, and exchange USD into BTC, which would be your first trade on the platform. Same is with EUR.

After successfully trading BTC against the US Dollar to make more Dollars out if it, you can directly cash out your USD profits to your bank account.

If your BTC trading purpose is to make Dollars, bank transfer is a good choice for deposits and withdrawals, as the brokers usually don't charge extra fees for fait money transfers. Exceptions are Cex.io and Etoro, for example, both charge different fees depending on the amount you want to withdraw. Cex also supports other currencies than USD. Those are EUR, GBP and RUB.

Different Kinds Of Bank Transfers

• Domestic / Wire transfers
• ACH transfers
• SEPA (Europen international transfers)
• SWIFT (Global international transfers)

We are curious when it will be possible to simply use the new virtual banks for money transfers, too. If you don't know what virtual banks are, check this site.

It really depends on the specific broker what kinds of bank transfers are possible, or if and how much they charge for bank transfer deposits and withdrawals. This also depends on the the currency in which you want to deposit. For instance, kraken.com charges no extra fees for EUR transfers, but for USD. Just check on the specific broker website how much they charge for the different kinds – it could also happen that deposits are free but bank withdrawals could come with certain fees.

And check what currencies are supported. USD and EUR are usually standard, other currencies have to be checked out. You find the information in our reviews.

Possible Issues With Bank Transfers

For banks in general Bitcoin must be a serious threat as it's offering a new financial system which would make banks needless in the future. Bitcoin currency transfers are peer-to-peer which means that no company is needed to manage Bitcoin transactions.

Those are managed automated by the Bitcoin network. This might be the reason why some banks here and there try to make it difficult for their customers to have something to do with Bitcoin by blocking bank transactions which are related to Bitcoin purchases. Many people already had that problem with their bank, that bank transfers weren't executed and they had to discus the transaction with the bank.

Such behavior of course makes Bitcoin even more attractive for people with free minds, as they don't want anybody to be able to decide what they do with their money. A bank shouldn't be able to decide what their customers do with their money at all. But that's not the case, so cryptocurrencies might get more and more attractive.

So if you do your first bank transfer deposit at a Bitcoin broker, be prepared that the transaction might not be executed. You can search for such issues in advance to be prepared. But maybe your bank is cool and there is no need to worry. It's also possible that those issues disappear as Bitcoin seems to start getting into mass adaption phase at the moment, so banks won't be able to act like that anymore ( - treating Bitcoin purchases like illegal transactions or something like that.)