How To Buy Bitcoin With eCheck

Investing in Bitcoin has attracted a lot of attention in recent years. Due to it, a lot of different methods that make it easier to buy appeared. One of them is buying Bitcoin with eCheck, and in this article, we give you a detailed guide on how to do it.

What Is eCheck?

Before learning the buying guide, let’s figure out what eCheck is.

So, eCheck is an electronic version of a paper check that allows you to pay for purchases using your online bank account. eCheck allows you to pay bills and buy goods at online stores, and now it's also a popular method for buying cryptocurrency.

eCheck payments make your funds to be directly transferred from your account to the recipient's one. Therefore, you need to have a bank account and register with the payment system in order to pay with eCheck. Then all you have to do is to enter the amount of money you would like to pay and confirm the transaction. In this way, paying with eCheck is very similar to usual online payments.

Step-by-Step Guide On How To Purchase Crypto With eCheck

You can’t buy Bitcoin and other crypto with eCheck directly, but you can use it to fund your trading account. It can be easily done on a cryptocurrency exchange, where you may purchase the digital coins.

Let's look at the step-by-step algorithm of how to buy Bitcoin with eCheck.

Step 1: Choose A Cryptocurrency Exchange

The first thing you need to do is to find an exchange that supports eCheck transactions. For example, you can buy Bitcoin with eCheck on Paxful, eToro and Coinbase. While choosing, make sure that the platform is reliable and safe for using. You can figure it out by studying other users’ reviews and experts’ recommendations. Additionally, it would be useful to explore the working base and rules of the site in advance. Also, you should evaluate the service's interface to see how comfortable it is for you to work.

Step 2: Create An Account At The Chosen Platform

When you have chosen an exchange, go to the website and select the “Register” tab. Enter the information that the platform will ask for: your name, email address or phone number, country, or region if needed. Then come up with a strong password.

Some exchanges may require you to go through a verification process to increase security and protect you from scammers. This process may require a proof of identity and, sometimes, a proof of address. Follow the instructions provided to complete the verification process successfully.

Step 3: Link Your Bank Account To The Crypto Exchange’s One

The next step is to specify your bank account as a payment method on the cryptocurrency exchange. It is usually done in the “Payment Methods” section. You need to provide your bank details there, including your account and routing numbers. After that, the exchange will check the availability of funds in your account. It can take time, so it is recommended to fund your account in advance.

Step 4: Choose The Offer

If you are interacting with a P2P platform, you can select a suitable Bitcoin offer among dozens of ads. Before selecting the right one, set up your filters: specify Bitcoin as the desired coin to buy and choose eCheck as your payment method.

Then you can start choosing the reliable seller. Pay attention to his rating and other users’ reviews. What is more, on some crypto exchanges, such as Cryptomus P2P, you can see special icons next to the users’ profiles — they confirm the owners’ verification. This measure lets you be sure that your transaction with this seller will be safe.

Step 5: Make A Purchase

Once an offer has been selected, you can move to the purchasing step. First, contact the seller to discuss the details of your future transaction. You'll need to ask for the seller's bank details, where you’ll have to pay with eCheck, and share your cryptocurrency wallet address with the seller, where he'll transfer the Bitcoins.

While the procces, take into account the commission that the platform charges for the transaction. You won't have to worry too much if you use Cryptomus P2P, because the fee there is minimal — it is only 0.1%.

After the seller receives the payment, he will send you Bitcoins. Wait for the coins to be credited to your wallet, confirm the receipt, and then the transaction will be completed.

Benefits And Drawbacks Of Using eCheck For Buying Crypto

eCheck is a popular way for buying Bitcoins, but at the same time, it has some nuances. Let's take a closer look at all aspects of this method.

Pros and Cons
Benefits	Ease of using. Paying for crypto with eCheck is similar to the usual online payment, so the method is not difficult.	Security. eCheck payments use authentication, encryption and cryptography, which greatly reduces fraudulent cryptocurrency purchases.	Low fees. Transactions with eCheck charge lower fees than paper counterparts, credit cards, and many other payment methods. The average transaction fee with eCheck is 0.3-1.5 $, but the final amount depends on the bank you use.
Drawbacks	Long transaction time. Transferring funds with eCheck can take 24-48 hours, which delays getting crypto to your wallet greatly.	Limited number of accepting crypto exchanges. Not all cryptocurrency exchanges accept eCheck as a payment method, so you will have to choose from a limited list of platforms.	Additional measures. Paying for crypto with eCheck may require mailing or even physically depositing a check, which takes time of the transaction.

Buying Bitcoin with eCheck is a convenient and secure way to purchase cryptocurrency, but it comes with some inconveniences, too. For example, it will not suit those who need instant transactions, as they take quite a long time. The final decision on whether to use this method for buying crypto or not should be based only on your preferences and priorities.

Hopefully, this article has helped you understand the features of buying crypto with eCheck, and now you will be able to purchase Bitcoin using this method easily.