How To Buy Bitcoin With Bank Account In Under 5 Minutes!

Fact Checked by Gary McFarlane

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

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 2022

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.

  1. Register: Create a Bitcoin trading account with an online broker like eToro
  2. Upload your ID and Proof of Address: This step is necessary to activate your account and help fight fraud
  3. Deposit: Link your crypto wallet with your bank account to transfer funds into your platform
  4. 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.

Transaction Fees

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 as BTC price continues to grow.


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.


It is effortless to buy and sell bitcoin using American bank accounts through wire transfers. You can do this while sipping your coffee in the comfort of your home. When it comes to protecting your account, the convenience of bank transfers cannot be compared to other methods like credit/debit cards. You don’t need to be extra careful to protect your bank account since you cannot misplace it. Unlike cards that can get lost and you lose your funds to fraudsters, American bank accounts are not easily hackable. Lastly, you can access your account from any corner of the world as long as you have an active internet connection.

Bitcoin Bank Account Regulation

The Bitcoin marketplace is deregulated. Although the government is monitoring the crypto sector, we have not had any strict laws to control how buying and selling of Bitcoin in the US. Unlike opening a bank account, your BTC address doesn’t require a Social Security Number (SSN). There is no single mention of Bitcoin in the 2022 agendas of the SEC. What this means is that they do not intend to formulate regulations for Bitcoin in 2022.

In terms of legality, Bitcoin is legal in the US and many other developed nations. Banks have the primary role of deciding whether or not to support crypto purchases. Hundreds of US banks accept Bitcoin purchases. Customers of these banks can buy and sell Bitcoins through their existing accounts. American banks don’t involve themselves in direct BTC trading, and that’s where exchanges like eToro come in.

Where to Buy Bitcoin with Bank Accounts

1. eToro- Best Platform with 0% Commission

You can buy Bitcoin with American Bank Account using eToro at 0% commission. Always strive to invest at the lowest cost possible. This is a secret used by smart investors that target high returns. eToro understood this principle decades ago, and that’s why they do not charge you any commission when you buy Bitcoin with an American bank account. If you’re a beginner looking for an easy-to-use platform, make eToro your home. The broker has a simple platform tailored to suit beginners like you without ignoring the needs of seasoned investors. Here, you will enjoy world-class customer support through your email and phone. Since its inception in 2006, eToro has won the hearts of investors.

It has earned its place as the best exchange to buy Bitcoin with an American bank account through the years. Even without reading their reviews, the vast global network of 20 million customers tells you that there is no better choice to invest in Bitcoin with American Bank Account than eToro. If you like to spread your risk among different digital coins, head to eToro’s website today and sign up. You’ll have access to more than 16 virtual currencies and up to 2500 markets like stocks, forex, metals, energy, and CFDs.

What put eToro on the world map was its advanced social trading technology. You may have to wait until you’re confident for you to start buying Bitcoin with other platforms. Otherwise, you will get nuked for making wrong decisions. That’s not the case when it comes to eToro. All you need to do with social trading is identify profitable traders. Once done, go ahead and start copying their buy and sell positions with eToro’s copy-trader. You can continue studying from the broker’s knowledge base to perfect your skills before you can commence making your own independent trading choices. Don’t forget to join the enormous community of cryptocurrency traders on eToro’s social platform; you may learn a lot from their experiences. When it comes to the security of your finances, this platform comes with a two-factor login process for both their mobile and web trading platforms. eToro also holds multiple licenses across the globe. The broker is subjected to high compliance requirements to ensure the safety of investor’s funds.

eToro Trading fees

Commission 0%
Deposit Fee Free
Withdrawal Fee $5
Inactivity fees $10 a month after one year of inactivity


Pros Cons
 Supports 16 digital coins  Not favourable for advanced traders that like to use complex tools
 0% commission when buying BTC
 Best social trading and copy trading
 Multiple funding methods



2. Binance US

Binance US is a leading crypto provider for buying and selling of numerous cryptos at competitive fees. It is legalized is over 41 states in the US. This platform is a subsidiary of, which started in China. Because the latter lacks regulation, it was kicked out of the US. The company later resorted to establishing Binance US under America’s laws. Investors should be wary and check that they deal with Binance US and not the sister exchange,, which does not hold a single license in America.

Binance US is a young company that has been in operation since September 2019. It has performed reasonably well in the past three years, rising into the top ten largest global exchanges in trading volume. Trade up to 52 digital coins using Binance US. This is the highest number of coins offered by any crypto provider in the US. Coinbase supports only 38, while eToro and Gemini offer 16 and 26 virtual currencies respectively. Access all top ten largest coins apart from Polkadot when using this provider. Newer virtual coins like YFI are also not listed on Binance US, but they are available on which has 259 coins.

Binance US is famous for high execution speeds and stable prices due to its high liquidity. The technical analysis tools available in its platform are unmatched. They are easy to use, even for beginners. Complete amateurs without a previous history of trading BTC may need some level of guidance to trade with Binance US. Advanced traders are, however, the most prominent clients for Binance US. If you’re a programmer or a quant trader, Binance US will suit you. The platform is ideal for automated trading and customized trading tools like indicators and expert advisors.

Unlike most virtual currencies providers, Binance US displays the entire order book for Bitcoin; hence users get to see real-time tick data while trading. You will only part with 0.10% when buying Bitcoin with an American bank using Binance US. The platform offers two account categories for investing in BTC with an American bank. Binance US Basic and Binance US Advanced. Anyone with an idea of buying digital coins through exchanges can comfortably use both basic and advanced accounts. The main variation is that the advanced account comes with sophisticated premium trading tools for the pro traders who like to conduct in-depth technical analysis. Both basic and advanced views are appealing and well laid out. Information presentation is clear, with charts displaying on the right while real-time prices run on the left.

Binance fees

Commission At least 0.1% commission
Deposit charges 0%
Withdrawal charges Between $1 to $15
Inactivity charges $0


Pros Cons
 Binance is regulated by US authorities  Charges trading commissions
 Unmatched analysis tools
 Supports custom trading tools
 Best for auto-trading
 Competitive trading rates



eToro- Buy Bitcoin with Bank Account Commission Free

Step 1: Register

Create an eToro account to start buying Bitcoin with American bank today. Anyone can do it. All you need to do is fill in your personal details in the broker’s sign-up form and click submit.



You can now log in to your newly created– easier than tic tac toe! See our new eToro account below. Beautiful, right? If you’re thinking of trying this with eToro’s competitors, let us warn you this early that the registration procedure might be a catch 22. We are not saying this to promote the broker, no! This is from actual experience with hundreds of brokers. You don’t have to go through the hustle because we did it for you. eToro is home to seamless Bitcoin trading. Don’t take too long before getting started.

Step 2: Upload ID and Proof of Address

Upload a clear picture of your ID or driver’s license and a proof of address document to verify your identity and address. No one is trying to steal your personal details; relax! Any crypto provider operating under America’s skies has a responsibility to share client information with the government. You think it’s for taxes, right? Well, the main reason is to keep money laundering under control. A lot of times, financial fraud is used to fund terrorism. So let’s always comply with this step and help the government keep us safe from the bad men. Do you have an option?

In most cases, no! eToro is, however, exceptional. Since it has maintained a clean reputation over the years, eToro clients can transact up to $2,000 before passing this mandatory stage. Once you hit that limit, there is no way out; either comply or quit. This is why we insist that you must find a US-compliant broker. That way, you’re sure that your details are safeguarded by the US financial watchdogs. Your account will get upgraded to verified status within ten minutes of submitting your documents. There are rare cases where the broker might require additional information from you. That only happens when the documents you sent them had a problem.


Step 3: Deposit Funds

We are in our final stage before buying BTC with an American bank account today. Your eToro trading wallet needs to have money before you can buy Bitcoin in the US. To complete this stage, you need to link your eToro wallet to your bank account. eToro has multiple security layers, so you can rest assured that your bank account is safe. First, click on deposit, then select bank wire transfer. Specify the amount you want to deposit and click continue to view a list of different banks details. Here, you will choose your bank and add it to your eToro to authorize a bank transfer. Find out from your banks about their fees for this process ahead of time. eToro is only interested in your success, so it doesn’t deduct a fraction of a penny from your funds when you fund your account.


Step 4. Buy Bitcoin

Funds from wire transfers may be available in your wallet the same day, and ACH transfers could take up to three days. Regardless of your banks’ policies, you will be able to buy Bitcoins as soon as your money lands in your eToro wallet. Simply search “BTC” in the search bar at the top of the platform, and click on “trade.” Next, define how much you want to invest and proceed. eToro offers fractional investing. So, you can start with as little as $50 for your first trade. The minimum investment amount for BTC is $25. This is ideal for beginners. It’s prudent to invest smaller amounts in the beginning and increase your stakes as you grow familiar with the market.



Now that you know how to invest in BTC with your American bank account, what’s holding you back? Many of us have never invested in BTC because we don’t know how to do so. Crypto trading was a hard nut in the early days, but now, anyone can buy digital coins seamlessly in the US. The only prerequisites are a stable internet connection and a reputable cryptocurrency exchange like eToro. Sign up with eToro and start buying Bitcoin with an American bank account today. Bitcoin has a high potential of outperforming its own record soon. Make sure you will be on that ride to the skies. Don’t forget to share our guide with your friends and family. Happy Trading! – #1 Platform to Buy Bitcoin With Bank Account

Mobile AppYes
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly


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About Eugene Abungana PRO INVESTOR

Eugene Muyonga Abungana is an investment analyst, forex trader, MQL programmer, and financial writer. He is a graduate in economics and finance and currently pursuing studies in sustainable retirement investments. In addition, he has a background in literary journalism and experience in private fund management, institutional trading, and online broker setup. Eugene is a specialist at breaking down complex finance and investment topics into a simple read for everyone.