Advantages of Buying Bitcoin Cash (BCH) via SEPA Bank Transfer
The meteoric rise of Bitcoin introduced cryptocurrency to a mainstream audience and validated virtual currencies as a legitimate form of monetary trade. Several other cryptocurrencies have since been launched, hoping to follow in the success of Bitcoin. Launched at the end of 2016, Bitcoin Cash (BCH) is a fork of the original Bitcoin. BCH has its own blockchain, cheaper transfer fees, and can process more transactions per second due to its increased scalability. Bitcoin Cash is an increasingly desired commodity and for good reason; backed by seasoned developers and investors, BCH is a great starting point for anyone looking to break into the crypto market.
Using bitFlyer, a leading online cryptocurrency exchange, customers can buy and sell Bitcoin Cash quickly and securely. Our platform supports multiple payment methods, allowing you to purchase cryptocurrencies with the payment type of your choosing. This article will discuss the purchasing of Bitcoin Cash via SEPA bank transfer, specifically the advantages of this method and how it can boost your trading experience.
Three key advantages of buying BCH via bank transfer
- Security – A bank transfer is one of the most secure and reliable methods of sending money. With SEPA transfers, senders need to have adequate funds sitting in the account, ensuring that the risk of fraud or faulty money orders are minimised. The banks and bitFlyer use several modern advanced encryption and security protocols to ensure the safety and privacy of users’ credentials. Once you make the transfer you can rest easy knowing that the allocated funds will be delivered to the destination safely and confidentially.
- Speed – Speed is a core advantage of utilizing SEPA bank transfers over other payment methods. The cryptocurrency market is fast paced, so to effectively capitalize on the real time information provided by bitFlyer, the ability to quickly transfer and receive funds is essential. You can conveniently order a bank transfer online at any time, which is often processed on the same day, allowing you to trade on the market before any significant fluctuations occur. The transferred funds are also cleared as soon as they arrive, preventing any disruption or delay caused by a hold on the currency. We understand the importance of smooth and quick transactions, which is why funds are deposited into your account safely and securely as soon as the bank transfer has been cleared.
- Cost Effective – Trading in cryptocurrency can be an extremely profitable endeavor, but using a payment option that is cost heavy and riddled with extra fees could eat into your gains. This is why we don’t charge any fees for SEPA bank transfers. Banks will often charge a handling fee, but if you take advantage of a transfer service, the fee is significantly reduced. SEPA Bank transfers are one of the most practical and cost effective methods of depositing funds, enabling you to quickly and securely buy Bitcoin Cash.
Steps to Buying Bitcoin Cash via Bank Transfer
Now that we have explored the advantages of SEPA transfers, we can look at the steps required to purchase Bitcoin Cash. With bitFlyer, buying BCH via bank transfer is a simple and straightforward process. The entire process can be completed in 7 easy steps
Here’s how to do it:
- Create an account with bitFlyer. (Or Login if you already have an account)
- Verify your account and complete the required identity checks. Now you can proceed with your BCH purchase!
- Initiate the SEPA bank transfer from either your local branch or your bank’s website. To initiate a bank transfer at your local branch, simply bring bitFlyer’s bank account information with you (this can be found on the Account Funding page) and fill out the bank transfer slip. Remember to include your unique 6-digit code in the Memo or Details field, as it is needed to process your deposit.
- All bank transfers are processed in one business day. Check to see if the funds have been reflected in your account. (It may take a few hours to appear after the transfer has been submitted.)
- Use our intuitive interface to check the current price of Bitcoin Cash.
- Determine how much BCH you need. Note that the minimum transaction amount on bitFlyer is 0.001 BTC.
- Confirm your order and that’s it! You now own Bitcoin Cash!
To ensure this process occurs without error, be sure to check the following before submitting your SEPA bank transfer:
- You have included your unique 6-digit code
- The bank account is under the same name as on your bitFlyer account
- Individual accounts cannot be funded by a corporate account and vice versa
- Bank transfers cannot be made with an international bank account.
Simply follow the steps outlined above and you will soon be trading cryptocurrency like a professional!
Other Methods of Buying Bitcoin Cash
Since its creation, the development team behind bitFlyer has constantly been implementing new features to make the platform more efficient and user-friendly. bitFlyer now supports multiple payment options, making it easier than ever to buy and sell crypto. Bitcoin Cash can be purchased using bank transfer, credit card, debit card, Sofort, iDeal, and GiroPay.
Two points to keep in mind:
- bitFlyer has a 1.95% transaction fee for the Instant Buy payment methods.
- For the Trade Pro accounts, there are no limits on deposits/withdrawals or trading. Other accounts have a limit of €250 /day or €2500 /year (total).