How to Buy Bitcoin Cash (BCH) with Giropay on bitFlyer?
The crypto-market in 2020 is quite a comfortable place for both beginners and professionals, some of whom have been trading for more than eight years, since the beginning of the crypto market. Apart from Bitcoin, the most well-known coin, the choice of available altcoins and tokens can be overwhelming. There are almost 1,000 coins to choose from, each with their own uses and benefits. However, this wide variety means that the choice of which coin to invest in must be made carefully.
Fortunately, the coin featured in this page is well known on the market, and is backed by a professional team of developers, as well as thousands of devoted traders. We are talking about Bitcoin Cash or simply BCH by its trading ticker. With our guide, you will learn how to buy Bitcoin Cash with the German payment service Giropay. This online third-party payment system is simultaneously safe as a bank transfer, and quick as a credit card payment.
Advantages of buying Bitcoin Cash (BCH) with Giropay
What is the Giropay payment method exactly? Fundamentally, it is quite similar to a secure online bank transfer, but allows you to make payment almost instantly. It's a good choice for those who don't want to wait for funds to be deposited into their account via a traditional SEPA transfer. All the user needs to have in order to use Giropay is an online account with their bank. They also need to know the bank's BIC code, which stands for the Bank Identifier Code and is sometimes called SWIFT. It's a specific bank ID for international transactions, which ensures that your money is going to the correct place.
Depending on the user’s bank settings, the transaction can be additionally protected with a TAN (Transaction Authentication Number) or 2FA token to authorize the payment.
The second good thing about Giropay is the fact that Giropay conducts transactions of up to 50,000 Euros. Quite practical if you want to make a large investment.
Steps of buying Bitcoin Cash (BCH) with Giropay on bitFlyer
At bitFlyer, Giropay is included in the list of Instant Buy services. When making a Giropay payment, you do not need to deposit funds into your trading account for further transactions. Instead, you immediately get crypto into your account via Giropay.
To buy Bitcoin Cash:
- Users must have an active trading account. This means that they have filled in all required fields and provided an email and a valid phone number during registration. Please note that for Trade Pro accounts, users have to provide an ID and proof of residence (in order to pass the KYC policy, and enjoy limitless trading).
- To use Giropay as a payment method, go to the Instant Buy tab, and choose the desired cryptocurrency. Under the BCH ticker, you will see the current price for one BCH coin. After selecting the asset, choose your preferred payment method by clicking on the Giropay logo. Enter the amount (at least 10 EUR) and click Confirm.
- After the bill is formed, you will see the number of coins you are going to receive as well as the amount of our transaction fees. Now, you can proceed to payment. As we mentioned before, depending on the settings of your bank, Giropay may require some verifications.
- Once the transaction is complete, you can use your crypto assets, which will be immediately deposited to your trading account.
Other methods to buy Bitcoin Cash (BCH)
Giropay is just one way to buy BCH on bitFlyer. For example, you can use a standard bank transfer via SEPA (available for clients of almost all European banks), buy crypto assets with a VISA/Mastercard credit or debit card, or use any other online service similar to Giropay. At the moment, bitFlyer supports transactions via Ideal and Sofort.