How to easily buy monacoin (MONA) with Bank Transfer at bitFlyer
If you have ever wondered "Where can I buy Monacoin", feel free to scroll through this part and go straight to the detailed instructions for the bitFlyer users. Otherwise, If you are only slightly familiar with Monacoin concept, it is highly recommended to study this crypto before reading the guide.
To begin with, it is worth saying that the name Monacoin is not very familiar to European and American users. For now, this project is trendy mostly in Japan. Monacoin first appeared in December 2013 and was the first cryptocurrency created in this country. Its path is very similar to Bitcoin because the open-source code of the coin was posted on the local forum by the developer "Mr Watanabe", who to this day remains anonymous. The project's network was based on the source code of Litecoin, which is why the cryptocurrency is sometimes called its fork.
From a technical standpoint, today's Monacoin is a fully decentralized peer-to-peer network managed by its users. The main task is to serve as a reliable platform for fast and confidential payments. The main advantages of the MONA are:
- User Recognition. According to statistics, more than 70% of coin users are located in Japan, so this asset is overwhelmingly popular there. Most services and stores that accept cryptocurrency consider Monacoin as a means of payment.
- Simplicity and security. To make a payment, the user needs a few clicks only. They don't need to indicate any data except the transfer amount. Moreover, during the existence of the coin, only a couple of cyberattacks are known to have happened.
- High performance. Transactions take place without delay, and it takes a few seconds to fully approve them. On the one hand, this is due to the SegWit protocol. Additionally, the developers integrated the Lightning Network protocol into the Monacoin blockchain. As a result, network bandwidth and scalability have increased several times.
- Transparency. The project hasn’t been involved in black schemes or frauds. The MONA coin itself is positioned as a digital currency, and therefore there is a stable, large and friendly user community around it.
Advantages of buying Monacoin (MONA) via a bank transfer
Monacoin is chosen by investors who value convenience, transparency and security. Therefore, the process of buying an asset should be up to scratch. The most convenient way for European users, who are wondering how to buy Monacoin, is to use a bank transfer at bitFlyer. This process is also called a SEPA transfer.
This type of transfer, which stands for the Single Euro Payments Area, is a new bank transfer format explicitly designed for cross-border payments in EUR. SEPA aims to make transfers within Europe equivalent to a domestic transfer within your own country.
There are several benefits of this method:
- Today all banks in the EU support SEPA payments. Even if you are outside the SEPA zone, many virtual banks allow such transfers.
- Transparent commissions. Wherever you are, the fee for using such a transfer is fair and low enough.
- Improved consumer protection.
- Easy entry point. The simplicity of this method is that you do not need to transfer money into digital assets. You can plan your trading efforts several steps ahead, knowing that the transfer will arrive on time and in the amount that you indicated (without additional commissions or interest).
Steps to buying Monacoin (MONA) via Bank Transfer
To buy Monacoin online you need to complete several simple steps:
- First, create an account. It is absolutely free and requires only your email address. However, it is worth noting that our platform adheres to the KYC policy, so in order for you to trade on the platform, you will need to fully fill in your profile.
- Decide how much you want to invest. At the moment, bitFlyer has two types of trading accounts. These are Trade and Trade Pro classes. In the first case, there is a deposit limit which is €249.99 worth (per transaction) and €2,499.99 worth (cumulative within a one-year rolling window). Using a Trade Pro account, the maximum amount of EUR for deposit or withdrawal is unlimited.
- To make a bank transfer go to the "Account Funding" section which can be found at the left side of the menu and choose the Bank transfer method of deposit.
- On the opened page, you will see the details for depositing. Usually, the bank requires three main components for the SEPA transfer. They are IBAN, BIC-code, and a unique Recipient message, which you should add to your transfer exactly as shown on the site. Thanks to the last, bitFlyer will know where the transfer is made from and in which account it should be deposited.
- Use the "Buy/Sell" altcoins section, input the amount of Monacoin you want to buy and click the "BUY COIN" button.
- Your order will be executed instantly while purchased assets will go straight to your bitFlyer wallet.
Other methods to buy Monacoin (MONA)
In addition to wire transfers, you can buy Monacoin in at least three other ways without leaving bitFlyer. Let's take a closer look at them:
- You can use your credit or debit card. We accept both Visa and Mastercard from most banks across Europe.
- You can use third-party providers. Today bitFlyer allows you to buy crypto using one of the popular online services such as Sofort, Ideal, and Giropay.
- You can buy cryptocurrency using other cryptocurrency. If you already have an asset in your trading portfolio with an available trading pair on bitFlyer, you can convert it into fiat currency and buy any other digital asset.
All of these methods, as well as bank transfer, are protected by our security system, however you should remember that different methods imply different fees.