How To Buy Bitcoin With Wire Transfer

A wire transfer is a digital method of sending money from one account to another. It’s a popular way to make purchases online, and in the last few years it is actively used for buying cryptocurrency. In this article we tell you how to buy Bitcoin and other crypto using a wire transfer easily and efficiently.

Why Buying Crypto With Wire Transfer Is Good?

As we’ve already mentioned, wire transfers are becoming popular for buying crypto. It is connected with a range of essential advantages of this method. Let's take a closer look at them:

• Support for different cryptocurrencies. You can buy various cryptos, such as Bitcoin, Bitcoin Cash, and Bitcoin Gold with a wire transfer.

• Wide acceptance. A wire transfer as a payment method which can be used on a variety of cryptocurrency exchanges, including Paxful, Kucoin, Cryptomus, and others.

• Security. The use of wire transfers allows you to send digital funds directly from your account to a crypto exchange without any intermediaries. It reduces the risk of your personal data leaking.

• Low fees. Compared to other payment methods, wire transfers charge quite low fees that reach a maximum of 1.5%.

Despite all the benefits of wire transfers in case of buying crypto, you should remember that transactions can take a long time. It applies mainly to international transactions, where one operation may last several days. Nevertheless, wire transfers offer a secure and reliable way to transact with cryptocurrencies.

Step-By-Step Guide For Buying Bitcoin Using A Wire Transfer

A wire transfer allows you to buy Bitcoin using a third party such as a crypto exchange. Let's look at the detailed algorithm on how to buy Bitcoin with a wire transfer.

Step 1: Choose A Cryptocurrency Exchange

Firstly, for buying crypto you need to use a reliable and reputable exchange where your data and assets will be safe. Therefore, try to check each platform thoroughly while choosing: look at its working base, read other users’ reviews, explore whether it is recommended by market experts. The more experience and positive reviews the exchange has, the higher its reliability is.

Step 2: Create An Account On A Chosen Exchange

Go to the exchange website and click on the “Register” option. You will need to enter your name, email address or phone number, and come up with a strong password. Some exchanges require verification or passing the KYC procedures, so have an ID document ready — a passport or driver's license will do.

Step 3: Choose A Wire Transfer As A Payment Method

Your next step is to select a wire transfer as your payment method. To do it on the exchange, go to “Payment Method” or similar page and select your preferred payment system option (e.g. SWIFT). After that, you can make a deposit to your account. Follow the instructions provided to perform everything correctly.

Step 4: Select An Offer

When you interact with a P2P platform, you can choose a Bitcoin offer from a variety of ads. Before you start searching for a suitable option, you need to set up the filters: select Bitcoin as the desired cryptocurrency, enter the number of coins you want to buy, and specify wire transfer as the payment method.

While choosing an offer, consider the seller’s reliability. You can easily check it on many exchanges: for example, Cryptomus P2P exchange has a special icon next to each seller's profile, which confirms his verification. Moreover, you can see the seller’s successfully realized transactions number and read other users' reviews about him. It will help you make a decision on whether to work with him.

Step 5: Make A Purchase

When you have selected an offer, you can move on to making a purchase then. Contact the seller to inform him about your intention to buy Bitcoin and ask any questions you may have. Inquire his account details, where you will transfer funds, and give him your Bitcoin wallet address. Then make a payment, and wait for the Bitcoins to be credited to your wallet. After that, the transaction will be considered complete.

Tips For Successfully Buying Bitcoin With A Wire Transfer

Investing in Bitcoin and cryptocurrency in general is always risky, as the market is constantly changing. Therefore, you should buy digital coins wisely. Follow our recommendations to make your investments successful:

• Monitor the Bitcoin exchange rate. Bitcoin is the most volatile coin on the cryptocurrency market, so you should choose the most profitable period for its purchase with a wire transfer. To be confident, follow the BTC rate for some time and read expert forecasts.

• Invest small amounts of money. Due to market volatility, there may be Bitcoin price hikes sometimes, so there is always a possibility of losing your investment. Whether you buy the crypto with a wire transfer or not, you have to protect yourself from any risks, so you should invest in buying BTC as much money as you are willing to lose.

• Choose a reliable crypto exchange. For a profitable investment in Bitcoin, you can also save on commissions for the purchase. For example, when you buy the crypto with a wire transfer on the Cryptomus P2P exchange the transaction fee is minimal and is only 0.1%. Also check user reviews and expert recommendations to make sure the exchange is reliable.

• Protect your data. While working on a crypto exchange, enable two-factor authentication as an additional measure to protect your wallet and personal information. It’s also important to use only wired Internet connection and enable VPN while using a wire transfer.

A wire transfer is a convenient and safe way to buy Bitcoin and other cryptocurrencies. This method is widespread and therefore it is available to almost every account holder, wherever he or she is located. Nevertheless, you also need to remember that the transaction in some cases can take a long time. Anyway, the decision whether to use a wire transfer to buy crypto or not is up to you.

We hope this guide was useful for you, and now you understand the advantages of a wire transfer to buy Bitcoin, and can easily do it yourself. If you still have any questions, you can ask them in the comments below.