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Category: Cryptocurrency

How To Buy Bitcoin Without Bank Account

Bitcoin has made a lot of noise in the financial markets for completely revolutionizing the way people look at financial instruments or money. A lot of us don’t know how to purchase Bitcoins without a bank account though. Numerous ways exist through which we can purchase Bitcoins without a bank account. You can just select an exchange medium through which you can transact Bitcoins for money. 

Points To Consider Before Selecting An Exchange


  • Fees- Some of the exchanges provide the services for a very high expense that has to be borne by people who purchase Bitcoins. You should always select an exchange which has nominal charges. Not too high and not too low would work. But if it is low, then it is just an advantage to your end. 
  • Security- Since all the Bitcoins are transacted online, all of its data is stored online. There is no actual physical property that you get when you purchase Bitcoins. Everyone knows that almost everything can be hacked through online. So make sure that the medium you choose isn’t insecure and is prone to be hacked. However, the automated crypto trading bots are catching attention of young traders as they are convenient to use and time saving. Have a look at www.bitcoinrevolution.org to learn more about the working concept of these bots.
  • Limits- There will be limits to how many Bitcoins you will be able to purchase. It is because you are not buying from the source. You are buying from an exchange which has peer to peer buying and selling services. So select a one which has a high volume of trades daily. 

Here are some of the ways you can purchase Bitcoins without having a Bank account: 

  1. LocalBitcoins:

LocalBitcoins is one of the best service exchanges you can choose from. It provides several options for payment options such as cash deposit, Amazon gift cards and more. One of the advantages of using this platform for purchasing Bitcoins are:

  • It does not consume a lot of time. After the customer has signed the agreement with the exchange, they can start making cash deposits and obtaining Bitcoins. 

Some cons of using it are: 

  • There might be scammers in the platform as If you are not aware, you might end up losing your money. 
  • It charges a high price in return for a very secure experience. But the cost has to be borne by the customer only. 
  • You will face several problems when you choose to buy large quantities of Bitcoins. 
  1. BitQuick: 

BitQuick is one of the best escrows for buyers and sellers. You can make cash deposits in their bank locations in the various destinations all across the U.S. If you deposit the amount in cash, the coins will be delivered to you in less than two hours. 

Some of the advantages of using the exchange are: 

  • It is very fast since after the cash deposits, you will be handed the coins in no time. Even people who live in Europe can get Bitcoins fast using SEPA transfer. 
  • It is a very secure exchange since the money is deposited with a depository teller and a receipt is provided against it. 

There are cons for using it as well:

  • A 2% fee is levied on the cash transactions, which is quite expensive. 
  • Without a Bank, prices of the Bitcoin can be very high since they vary there. 
  1. Coinbase:

Coinbase covers its operations around many countries. They don’t provide you Bitcoin through a trading platform, but they do it directly. There is a 1.49% fee levied on every wire transaction that occurs within the 103 countries they operate in. For this exchange to people living in Europe can buy Bitcoins by SEPA transfers. 

One of the advantages of using Coinbase is: 

  • It allows fast and time-saving transfers and also accept EU currency with low fees. 

One of the disadvantages of using it is:

  • Customer support is very slow and it is not available throughout the world and only for selected countries. 
  1. Wall Of Coins

It is a person to person exchange where exist several payment options and one of the options is a cash deposit. The best thing about Wall Of Coins is that it has around 1,00,000 deposit locations all over the world. It has a very quick service. You will receive your Bitcoins within 15 minutes from when you deposit cash. 

Some of the advantages of using Wall Of Coins are: 

  • It is a very easy process to purchase Bitcoins. 
  • To purchase Bitcoins, you don’t have to provide anything more than your phone number. 

Some of the disadvantages of using it are:

  • It is not available worldwide. 
  • There are usually not many sellers trading in high volume. 
  1. Liberty X

Liberty X has a lot of deposit locations throughout several retail stores across America. You just have to present identity proofs before you are authorized to buy. In a day, the maximum you can buy is $1000 worth of Bitcoins. 

Some of the advantages of using it are: 

  • Very easy to purchase Bitcoins and also fast at the same time.
  • The expense of purchasing it is just 1.5%. 
  • A daily $1000 limit is very good. 

Some of the disadvantages of using it are:

  • Sometimes the participating retail stores add their convenience fee. 
  • Since the verification process is very minimal, the privacy of cash transactions lower.
  1. Mycelium Local Trader:

It is one of the best wallet applications for iOS and Android. For the android, the application is named, ‘Local Trader’. It connects you with the local people around you who are looking to sell or purchase Bitcoins. You also have the convenience of asking a face to face trade-off and buy the Bitcoin using cash. 

Some of the advantages of using it are:

  • It is very cheap to purchase Bitcoins using it. 
  • It is very private since there is no additional information is required except your mobile number. 

One of the disadvantages of using it is:

  • People living in areas where there are fewer people in general or fewer people who use this application won’t find it easy to trade Bitcoins.