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Author : Crypto Income Staff 10 August 2017
You will also be able to withdraw funds in fiat currency in much the same way. Large bitcoin miners such as Genesis Mining, allow payment via bank transfer following a similar process. Places where you can Buy Bitcoin via Bank Transfer. Here are some good places where you can buy bitcoin via bank transfers. Coinbase at https://www.coinbase.com/ – One of the world’s most popular altcoin wallets is very use. It lets residents of some countries; but not Canada, buy bitcoin via bank transfer through ACH. Be careful because Coinbase charges a 1.49% fee on all US bank account transactions. It also charges a 1.49% fee on all wallet transactions. cex.io at https://cex.io/limits-commissions – The British exchange is very popular because it allows for free bank transfers for larger amounts of money, depending on the verification level. CEX.IO does this because unlike Coinbase it makes most of its money from trading and traders. Paxful at https://paxful.com/buy-bitcoin/bank-transfer-from-any-bank?gclid=EAIaIQobChMIoP25wo7B1QIVB1p-Ch0SoAWiEAAYASAAEgKupfD_BwE – This service claims that it will accept transfers from any bank. Be careful because Paxful charges fairly high fees sometimes up to 20%. Many people like this service because it lets you buy altcoins with gift cards and even iTunes. localbitcoins.com – another smaller exchange that allows for US bank transfers. You will have to search around because there is no flat rate available. Instead, like Paxful this site will connect you with a variety of altcoin traders.
So rates can vary widely from day to day. Genesis Mining at https://www.genesis-mining.com/customer-service – The largest and most popular altcoin cloud mining solution allows you to mine several currencies including bitcoin, Ethereum, Dash (Darkcoin), Litecoin, Monero and Zcash. Different levels of mining are available and Genesis will accept debit card payments from bank accounts MasterCard or Visa. Unfortunately, it does not accept direct payments at this time. TIPS TO PROTECT YOURSELF WHEN USING A BANK TRANSFER TO PURCHASE BITCOIN. Even though bank transfers are fast and convenient they come with a lot of potential risks. Hacking and overdrafts are the biggest dangers, but there can be other problems. Fortunately, you can avoid most of these problems if you use a little common sense and follow a few precautions. A few tips for protecting yourself while cryptocurrency shopping with bank transfers include. Consider setting up a separate account for bitcoin purchases. A good resource for doing this is the many free savings and checking accounts offered online. That makes record keeping easier and it prevents the bad guys from stealing all of your money if they hack your account. Never use a bank account connected to other accounts such as your savings to purchase altcoins online. This includes any account with so-called “overdraft protection.” The danger from these accounts is that you can lose all your money to overdrafts or thefts. Check your account online on a regular basis to make sure nothing is wrong.
Remove the account from the bitcoin wallet the minute you find anything wrong. Report all problems to the wallet operator as soon as you find them. All reputable wallets will have a direct means of connect such as an email available. Read the fee schedule. Compare the fees charged to those listed. Make sure they are the same and there are no hidden charges. Be aware of banking regulations. Banks have some rigid rules they have to follow and some of them will shut down any account with suspicious activity. Some banks and regulators will regard any altcoin transaction as “suspicious activity” and shut it down. Keep in your cryptocurrency in two or three different wallets so you will be able to access it if something goes wrong with your bank. Consider getting another bitcoin wallet with a debit card connected to it. Such a card can enable you to make purchases at places like the grocery store with bitcoin. Bitpay and TenX are offering wallets connected to popular cards such as MasterCard and Visa. Instead of depositing bitcoin into a bank account consider using it to purchase other kinds of cryptocurrency. Popular altcoins such as Litecoin and ethereum are cheap right now and they are widely accepted. The value of some those coins is exploding, Ethereum gained 2,134.9% in value in the 12 months between August 5, 2016 and August 5, 2017, according to Coinbase. An ethereum coin that sold for $7 in 2016 was selling for $235.87 a year later. If you want an extra layer of security consider using a bitcoin hardware wallet.
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