Now we have reached this stage in our article, you may have decided you want to purchase some Bitcoin with a bank account. We will now take you through a step-by-step guide on how to do just that with eToro.

Step 1: Create account

The first step is to visit the eToro website and create an account. Once at the website, simply fill in some basic personal information to create your account.

Step 2: Verify your account

In order to deposit funds, your account must be verified. In order to do this, you must provide eToro with two forms of official ID. These can be a driver’s license and a copy of a recent utility bill for example. Once you have given these documents, eToro aims to have your account verified within minutes.

Step 3: Deposit funds

Now you have a verified account you can deposit funds with your bank account. To do this click on the ‘deposit funds’ option and then select bank transfer as your preferred method. You will then need to enter your bank details in order to connect your bank to eToro.

Step 4: Buy Bitcoin

Now you have funded your account with the desired amount, you can purchase Bitcoin. This is easy to do by using the search bar at the top of the screen. Type in Bitcoin and click the ‘Trade’ button. Select the desired amount by filling out an order form and then execute the transaction. You will then have successfully added BTC to your bank account!

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Cryptoassets are a highly volatile unregulated investment product.

How to Withdraw Bitcoin to Bank Account

Hopefully, after trading Bitcoin for some time, you will have generated some profitable returns for your portfolio. You may wish to reinvest these funds, or instead withdraw them to your bank, capitalising on your profits. Let’s take a look at how you can do that:

Log into your account

Visit the website and enter your username and password to log back into your eToro account.

Go to the ‘My Account’ section and withdraw funds

Now you are in your account, you can navigate to the ‘my account’ section. Once you are here, click on the Withdraw funds option and enter the amount you would like to withdraw from your account. You can choose where to withdraw the funds too, but if you have only linked one bank account then it will withdraw to that. Users who wish to deposit over $30 should be aware that a $5 fee will be incurred.

Can You Buy Bitcoin with Bank Account with No Verification?

You may be wondering if it is possible to buy Bitcoin with a bank account without verifying your account. In most cases, the answer to this will be no. Most brokers force users to verify their accounts using some form of official ID before they can deposit funds. Whilst this may seem like a hassle, it is actually a very good security measure, as it helps protect against fraudulent payments. Due to the crypto industry being a largely unregulated industry, this is a key way in which brokers can regulate payment.

All of the brokers covered in this article will ask users to verify accounts before they deposit funds using a bank account. If users aren’t asked to verify accounts, then the likelihood is that the broker they are using may not have great security measures. Security should be a top consideration when signing up to any crypto account.

Once users have verified their accounts once and linked their preferred payment method to their brokers, they won’t have to keep verifying it every time they want to deposit more crypto. When you do verify your account for the first time, it is a very quick and easy process, and most platforms will have your documents verified within the hour. eToro aims to have documents verified within minutes for example.

Conclusion

The crypto market has swelled in popularity over the past few years, and this trend is only set to continue in the future. At the current price dip, Bitcoin could be a great addition to any portfolio seeking high growth. However, investors should be aware that the crypto market is very volatile, so proper risk management should be used at all times.

There are many different brokers that investors can use to buy Bitcoin, however, we recommend using eToro. Firstly, with the crypto markets being largely unregulated, it offers the highest security protocols and is FCA regulated. In addition to this, users only pay 1% commission on crypto trades and zero commission on stock and ETF trades. It is also very easy to use, making it a great choice for beginner investors.

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