Buy Ethereum with Bank Transfer

Where to buy Ethereum in the UK with a bank transfer.

One of the most common methods to buy Ether is through a wire transfer. We'll guide you through it.

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Buying Ethereum with bank transfer: here's how it works.

The process of buying ether via a bank wire transfer is slighty different depending on which platform you use. You'll either pay for your coins directly, or credit your account before buying ether. We'll take you through all the options for buying ether with a bank transfer, whether that's using exchanges, brokerages, or CFD trading platforms.

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Ready to get started? Here are the top sites to buy Ethereum.


1
£2
BTC
ETH
LTC
BCH
  • Easy to buy and sell
  • Takes few minutes to start
  • Insurance protected
2
£100
BTC
ETH
LTC
XRP
DASH
BCH
CRYPTO
  • Award winning CFD platform
  • 5 million registered accounts
  • Zero commission
3
£200
BTC
ETH
LTC
XRP
EOS
NEO
ADA
CRYPTO
  • World's leading platform
  • Trade and invest
  • Millions of users
4
£60
BTC
ETH
LTC
XRP
BCH
ADA
QTUM
ETC
  • Global coverage
  • Buy with credit card
  • Safe and secure trading
5
-
BTC
ETH
LTC
XRP
  • Multiple payment methods
  • Quick sell and quick buy
  • Trade cryptocurrency in 248 countries
6
-
BTC
ETH
LTC
XRP
DASH
BCH
KMD
MIOTA
CRYPTO
  • Easy and convenient
  • Many different cryptocurrencies
  • Can both buy and sell coins
7
£100
BTC
ETH
LTC
XRP
EOS
DASH
  • Competitive swap rates
  • 20:1 leverage on crypto trading
  • World-class 24/5 customer service
8
£2
BTC
ETH
DASH
XEM
  • Can buy and sell a range of cryptos
  • Easy to use interface
  • Good security features
9
£250
BTC
ETH
LTC
XRP
  • Tax free trading
  • 0% commissions
  • Improved liquidity
10
£250
BTC
ETH
LTC
XRP
DASH
XMR
BCH
ETC
BTG
  • Trade in GBP, USD, and EUR
  • Number of coins available
  • Trade with leverage of up to 1:5
These are highly volatile investment products. Your capital is at risk.

So, how do I buy Ethereum via bank transfer in 2018?


How to buy Ethereum using bank wire transfer

Bank wire transfer is one of the best payment methods when buying Ethereum and other cryptocurrencies because it is usually the best way to buy a large number of coins one time. However, unlike other payment methods such as credit/debit cards, the process can take longer to complete, commonly up to 5 business days.

If you know how to purchase cryptocurrencies in this way, proceed to the table above or the list below to find out the best and most reliable platforms for buying ether with a bank transfer. If you want to learn the process from scratch, then we’ll guide you through all the steps right here.

Here are a list of services to buy Ethereum instantly

What’s the difference between brokerages, exchanges, CFD platforms, and wallets?

These are terms that are important to understand when it comes to buying and storing ether. They all have their advantages, which is why we’ve summarised them all for you right here.

Brokerage

An Ethereum brokerage is a company that acts as a middleman for you to buy or sell ether at a fixed price. Just like a bureau de change at an airport allows you to change pounds into other currencies.

Exchange

An exchange is a marketplace for buyers and sellers. Exchanges connect people looking to buy and sell ether, enabling peer-to-peer transactions between them. Like eBay for cryptocurrency.

CFD platform

A Contract For Difference (CFD) platform allows you to buy and sell ether without actually owning the coins themselves. This is what traders do on a daily basis (on Wall Street, for example). Similarly to exchanges, CFD platforms enable you to buy and sell quickly, taking advantage of price changes to make profit. These platforms are not designed for long term investments, but to give a fast way to capitalise daily.

Wallets

A wallet is essentially a bank account: it is an address that stores your ether and allows you to send or receive Ethereum to/from other wallets. Every wallet comes with two separate strings of numbers and letters known as ‘keys’: a public key (used to receive ether) and a private key (used to send ether to other wallets).

If you want to buy ether to store as a long term investment and aren’t very interested in constantly tracking the market to buy and sell for quick profit, a brokerage is your best option.

Alternatively, if you want to buy ether at a competitive rate and capitalise on fluctuations in price, then you’ll want to sign up to an exchange or CFD platform. The key difference between these two types of service is that on an exchange you buy and store the coins yourself, whereas with a CFD platform you trade on the value of Ethereum without the hassle of actually owning the ether itself.

What are the benefits of using a bank wire transfer?

Typically, bank transfers allow you to purchase amount of Ethereum at a time than other payment methods. Other options such as credit/debit card and PayPal payments often limit you to £100s worth of ether at a time, whereas with a bank wire transfer, you can buy £1000s, or even £10,000s worth with a single transaction.

The fees charged when paying with a bank transfer are also often lower compared to other methods. Although they vary from one platform to another, you’d expect to pay around 1.49% on popular exchanges such as Coinbase, compared to credit card/debit card, which can attract fees of up to 5%.

Buying Ethereum through bank wire transfer does take longer, however. The general window of time it takes a platform to process a bank payment is between 1 and 5 business days.

How fast is to use bank transfer?

That will depend on your bank on your bank and the platform you’re using. As stated above, it will commonly take between 1-5 business days for the funds to transfer.

And, is buying Ethereum with bank wire transfer the best method?

In some ways yes, but not if you are looking to buy ether instantly. If you want to purchase a large number of coins with the lowest possible fees and don’t mind about waiting for a few days for the transaction to go through, then bank transfer is probably the best method for you. If you want a smaller amount of ether quickly, then buying with a credit/debit card would be a better option.

A quick and easy guide to buying your first ether

Now you know what your options are, you need to know how to use them to buy ether. That’s why we’ve outlined all the steps right here. If you’re already familiar with how it’s done and have specific questions you need answering, then skip to our frequently asked questions section at the bottom of the page.

What do I need to do before I get started?

You’ll need to provide some information to sign up to a service. Spending ether is completely anonymous, but in order to verify your account and to combat fraud there are a few things you need to have with you. To get started you need to prepare your:

Method of payment

Whether buying Ethereum with a credit/debit card, bank transfer, or PayPal you’ll need to have your account details to hand and make sure there are no restrictions on payments of that type through your chosen service.

Proof of identity

You’ll almost always be asked to supply valid photo ID to prove your identity when signing up to a platform. A passport or driving license is most commonly required and you’ll often be asked to supply a selfie of you next to it to verify it’s yours.

Proof of address

Along with photo ID you’ll be asked to supply proof of your address, generally in the form of a utility bill or a bank statement. If you don’t have access to these documents, others are sometimes accepted. This will, however, depend on the platform so be sure to check you have the right forms of ID before signing up for a particular service.

Exchange, brokerage, or CFD platform

Now decide which type of platform you want to use for buying Ethereum. Consider what you want to get out of your investment, and then find the service that best matches your aims from the summaries above.

Buying Ethereum: the steps

Alright, you’re ready to sign up and buy your first ether. Let’s get started.

  1. Visit the platform and open a free account. Select a service from our list and click the link. Once you’ve arrived on your chosen platform, select the option to register an account.
  2. Fill out personal details. Fill out the required details to register a new account. This will usually be your name, email address, and country of residence. On most platforms this form will also be where you set your account password. If not, then:
  3. Create password. It’s very important to have a solid password, especially on an exchange as your account will be used to store your ether. Make sure to include a mixture of letters and numbers and make your password memorable. In a few cases there won’t be an option to create a password at this stage. This will mean one has been randomly generated and in your confirmation email (see next step) there will be a link to change your password. Make sure you do this as nothing is more important than the safety of your account.
  4. Activate account. In the majority of cases the next step is to check your inbox for an account verification email which will include a link to activate your account. As mentioned above, for some services this will also be the point at which you set or change your password.
  5. Fund account or make payment. In most cases, to buy ether you’ll have to transfer money into your account balance, and in other cases you’ll be able to make a direct payment. Either way, there are a variety of methods to pay for your ether. We’ve summarised them for you here:
    • Bank transfer. You’ll need to acquire the destination bank details from the site, key in your own account details and the amount of money you wish to transfer. Bank transfers commonly take between 1 and 5 days to go through.
    • Card payments. Depending on the platform you’ll either have to add your card details to your account, or simply enter your card details and make a one-off payment. The process is the same as using your card on any online shopping site.
    • PayPal/other. If your platform accepts PayPal (many of them don’t), then you’ll simply have to select the option to pay with PayPal. This will direct you to a page that will enable you to pay from your PayPal into the account you’ve created on the platform. You’ll want to ensure that your PayPal account is active, funded and has no restrictions.
  6. Buy ether. If you’ve made a payment, congratulations! You’ve bought your first ether. If you’ve transferred funds into your account then you’re just one small step away: simply follow the link on the platform to buy ether using the money deposited in your account. Choose how much Ethereum you want to buy and confirm the transaction. Done!
  7. Additional: withdraw to wallet. If you’re using a brokerage to buy Ethereum, you’ll need to set up a wallet to which they can send your coins. If you’re using an exchange there will be an integrated wallet you use to store and trade coins, but you can create an external wallet into which you can transfer your ether for extra security. If you’re using a CFD platform, you don’t need a wallet as the coins are handled within the platform. For more information about wallets and the different options available, check out our handy guide here.


Need more information?

If you need some more guidance, or are just interested in finding out more information, then head along to our reviews. We have guides to every major cryptocurrency platform and coin to help you can make informed investments and see better returns when investing in Ethereum.

Should I buy Ethereum via bank transfer?


Advantages

  • Bank transfers usually have the lowest transactions fees
  • You can buy more ether at a time
  • Bank transfer is a commonly accepted payment method
  • You can spend ether anonymously

Drawbacks

  • Transactions take a while to go through (usually between 1-5 days)
  • The value of ether fluctuates
  • Ethereum has no guaranteed value against fiat (normal) currency

Frequent questions.


Can I send ether back to my bank account?

No, not directly. What you can do is transfer your ether to an exchange and trade it for fiat currency (such as GBP), which you can then transfer over to your bank account.

Can you buy other cryptocurrencies using bank wire?

Yes, you can, but usually only the biggest cryptos (such as Bitcoin, Litecoin, and Ripple). If you’re buying a smaller coin, then you’ll usually have to buy another cryptocurrency and use an exchange to pay for the cryptocurrency you’re looking to buy.

Can I buy ether with a bank transfer on Coinbase?

Absolutely. What you have to do is transfer money into your Coinbase account, and then use that to buy ether. You can also use Coinbase to sell your ether and transfer the funds into your bank account.

What are the risks involved when buying Ethereum with a wire transfer?

To be honest, there aren’t many. But it’s wise to look out for scams that are there to take advantage of beginners and steal their money. As long as you’re using a reliable platform, such as those we have reviewed, bank wire transfer is certainly one of the most reliable ways to buy ether.

Will buying with bank transfer actually work?

Yes, as long as you are buying your ether from a reliable platform. That’s why we review and compare all the different options available, taking you through the pros and cons of each method and providing the platforms we believe to offer the best service to their customers. If you encounter any problems, then please contact us and we’ll do everything we can to help.

Can I buy anonymously with no ID?

This is technically possible, but not on most platforms. The reason for this is that, in order to keep their services secure, most exchanges and brokerages (along with all CFD trading platforms) require you at least to provide an email address, and usually photo ID and address details if you wish to buy more than a small number of coins. If you want to buy ether anonymously, then peer-to-peer platforms such as LocalBitcoins are the best places to look.

Why are there no easier methods of buying Ethereum?

It’s easier than it used to be to buy ether and other cryptocurrencies, but it’s true that it still isn’t as simple and frictionless as other online purchases. Cryptocurrency, and the blockchain technology that supports it, is still less than a decade old, which means that progress to this point has been quick and it will get easier and more commonplace to buy Ethereum in the future.

What’s the fastest way to buy Ethereum?

If you’re looking for an instant way to buy ether, then it’s best to use a credit/debit card. With most platforms this will mean you’ll have your ether credited to your account immediately after making a payment. Debit cards are accepted pretty much universally, but it can be harder to find platforms that will process debit card payments. If you’re looking to buy ether with a credit or debit card, then we have a page to tell you exactly how to go about it.

Are there fees for buying ether?

Yes, there will usually be fees applied when buying ether. The level of these will depend on the platform you’re using and the method by which you’re paying for your coins. For card payments, fees are generally between 1% and 5%, with bank transfers typically having the lowest fees (and sometimes none at all).

What are the fees for depositing funds?

This is again dependent on the platform and payment method you are using. Some exchanges will charge you for depositing into your account via any method, some only for specific payments (e.g. credit card), and some will have no fees at all. You’ll be able to find accurate information regarding each platform’s fees in our reviews.

What are the fees for withdrawing funds?

These will usually be the same as, or very similar to the fees charged for deposits. Withdrawal fees as such will only apply if you are selling your Ethereum for fiat currency and withdrawing that to your bank account. If you’re moving ether from one platform to another, or to a wallet, then there will usually be no fees from the platform but you will have to pay ‘gas’, the small transaction fees charged by the Ethereum network itself.

Should I leave my ether on an exchange after buying the coins?

It depends on what you want to do with your ether and how much you’re buying. If you’re looking to trade your coins often or exchange them for other cryptocurrencies, then leaving them in your exchange account makes sense. However, if you want to keep hold of ether as an investment, then it’s a good idea to transfer your Ethereum to a safer storage option such as a hardware wallet. Exchanges are prone to attacks from hackers, so are not recommended for holding large amounts of coins.

If the limits aren't high enough, can I buy ether on multiple exchanges?

Absolutely. There’s no limit to the number of services you’re allowed to use, so if you want to buy lots of ether quickly, you could sign up to a number of exchanges and buy coins on each. You would then be able to transfer from all of these accounts to one wallet to hold all your ether in one place.

Do I have to buy Ethereum in order to buy other cryptocurrencies?

Sometimes. It’s difficult to pay with fiat currency for any but the largest cryptocurrencies (such as Bitcoin, Ethereum, and Litecoin). This means if you want to buy a lesser known altcoin then you’ll usually have to buy Ethereum or another major coin and then use it to buy different cryptocurrencies on an exchange such as Binance.

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