Elon Musk tweeted recently that he supports the growth of Bitcoin and investors are on a high alert for every sign of bullishness. Do you know about “the Elon Musk Effect?” Anyone who has experienced Bitcoin in the past would not want to miss the train when the coin starts appreciating. This is one virtual currency that has the potential to pay off your debts if you catch it at the right time. As such, none of us wants to be an observer when it hits the road to the next high. On the flip side, most beginners face a challenge selecting the best payment method for buying Bitcoin in the US. Data from Federal Insurance Corporation reveals that only 6% of Americans are unbanked. We could also interpret this as only 6% of people in America can’t purchase bitcoin with an American Bank Account. For the rest of us, this is the most accessible method for investing in BTC. This guide will take you through everything you need to know about buying Bitcoin with an American Bank Account.
Buy Bitcoin with Bank Account– Step by Step Guide 2021
Buying Bitcoin with a bank account takes just a few minutes. Let us start by introducing you to four quick steps you can follow to purchase Bitcoin with your American bank account now.
- Register: Create a Bitcoin trading account with an online broker like eToro
- Upload your ID and Proof of Address: This step is necessary to activate your account and help fight fraud
- Deposit: Link your crypto wallet with your bank account to transfer funds into your platform
- Buy Bitcoin: Buy Bitcoin with American Bank Account as soon as your money reflects in your trading platform.
Benefits of Buying Bitcoin with Bank Account
The different methods of buying BTC available today can leave you mixed up. Using a bank transfer is the best method for investing in Bitcoin. You may not understand us. So we decided to compile the pros of putting your funds in this virtual coin using an American Bank Account. There you go.
It is generally safer to use a bank account to purchase Bitcoin in the US than every other method. All crypto purchases using a bank account in America follow standard regulatory procedures to protect the sender and the receiver from financial loss. Investors can transmit any amount of money without limitations using this method. No one can hijack your transaction between your bank account and your trading wallet. You’ll have a tracking number to help you monitor your payments until they arrive on your platform. So you don’t have to worry about losing your money, in case it delays to reflect in your wallet.
Investing in BTC with an American bank account could be the best choice ever. You stay away from high transaction costs by using this method. Most banks don’t charge more than 1% to 1.5% for bank wire transfers. Let’s do the maths. If you want to transact $1,000 using an American bank, your costs might not surpass $15. Someone else using credit cards to buy Bitcoin might spend $30 to $40 for the same transaction. If both of you buy BTC ten times in a month, you will save $150 to $250 compared to a credit card user. Some crypto providers like Coinbase also add an extra fee for credit transactions. Learn to invest in Bitcoin with American bank accounts to keep your trading costs low.
One of the primary reasons investors prefer buying BTC with American bank accounts is high transaction ceilings. Different payment providers set transaction limits to their users according to the risks they are likely to face. For example, American Express has a limit of $1,000 in Bitcoin purchases per month. This is not practical for a serious investor. Since bank transfers are safe and generally reliable, you can buy as much as $100,000 worth of the asset in one go using an American bank. Whether you’re new to this business or not, a bank account is the best method to buy Bitcoin in the US if you intend to keep growing your portfolio.
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