Bank transfers are one of the safest ways to pay for crypto on an exchange. Platforms that accept bank deposits, allow users to deposit funds in accepted fiat currencies directly into the exchange. In just a few clicks, you can initiate a transfer from your bank app and have any cryptocurrency of your choice released to your crypto account.
While there are many alternatives in the market, we are going to walk you through one of the best exchanges for buying crypto with bank transfer – Bitvavo. Keep reading to get a step-by-step guide on how to buy crypto using Volksbank on the Bitvavo crypto exchange.
Many crypto exchanges integrate payment systems that allow crypto users to transfer from a traditional bank account. Some of these payment methods include GiroPay, iDeal, MasterCard, SEPA, and more.
While all these payment methods are secure and fast, we will focus on showing you how to buy crypto with SEPA in this guide.
Registered with the Dutch Central Bank (DNB), Bitvavo is a trusted digital asset exchange that supports over 200 cryptos. The platform allows over 1 million active users to buy, store, and trade crypto conveniently from an intuitive application. Although crypto purchases through SEPA bank transfer on Bitvavo may take one or two working days to process, the negligible transfer fees make it worth the wait. Bitvavo’s services are targeted to customers within Europe; so users from other parts of the world need to try other alternatives.
Buying crypto using SEPA bank transfer on this platform is extremely easy. Follow these simple steps to credit your Bitvavo wallet with new crypto:
Only registered users can trade on this platform. Creating an account won’t take much of your time. Go to Bitvavo’s home page and click the signup button on the navigation bar. You’ll be directed to another page where a form will be provided for you to enter your email address, password, and country of residence. Accept the terms and conditions and click enter.
Bitvavo sends a confirmation email for you to verify your email address.
After successfully creating your account, you still have to verify your identity before you can get started. In compliance with regulations, credible exchanges like Bitvavo are required to take their users through KYC verification to avoid money laundering and other illicit uses of cryptocurrencies.
After logging in, you’ll be prompted by the platform to verify your identity. Go along with the instructions to complete the verification process. You’ll be required to submit a government-issued ID card or document and provide a portrait picture or live video of yourself.
Once you have completed the verification process you are all set to make your first bank deposit on Bitvavo. Click the “Deposit” button on the dashboard.
Tick the box in the pop-up window to agree to verify your bank account and click “Continue.”
You’ll see a window listing the various payment options available on the exchange for making deposits. Select “SEPA.”
Next, enter the amount of Euros you wish to deposit and click “Continue.”
Now we are almost there! The last step is for you to initiate a transfer from your Volksbank account. Bitvavo provides a barcode you can scan to enter the transfer details automatically. Alternatively, you can input the payee information manually into your bank app.
Make the transfer and return to Bitvavo to confirm the payment. Once they process the payment, your Euro fiat balance will be updated appropriately.
You can exchange your fiat for any cryptocurrency you wish as long as it is offered on the platform. Return to the dashboard and select a crypto of your choice (use the search bar if necessary).
Bitvavo will take you to the cryptos page featuring its price action on a line chart. Click “Buy” and select the amount of crypto you want to purchase.
Volksbank is a financial powerhouse in Germany that offers many banking services to companies and individuals. From checking accounts and investment to insurance and financing, this Dutch bank provides top-notch financial products to its 3 million users all over Europe.
Volksbank customers can buy crypto using several payment methods integrated into exchanges. However, SEPA transfer is an amazing option for users who want a safe portal without transfer fees.