How to buy Bitcoin without bank account or approval? Since its launch more than decade ago, Bitcoin has gained a lot of attraction from individual investors and institutions alike who are looking for an alternative and safer payment system as well as a means of store of value.
In its initial days, it was very easy to buy Bitcoin but over time things started to change dramatically and it became quite hard to lay hands on Bitcoin as well as other crypto coins.
Now, one needs to meet the specific requirements of the crypto exchanges to get hold of them.
Over time, a lot of rules and regulations were imposed on the crypto exchanges as well as on crypto trading and investing.
However, no matter how badly the regulators have been trying to intervene, the crypto space has continued to evolve just as the innovative blockchain technology underlying the digital coins.
Today, crypto investing and trading may still be risky but may be not as risky as keeping your money in a traditional bank.
That is why people are looking for all possible ways to invest in them.
The good news is that, with each passing day, investing and trading in crypto is becoming easier all the time.
And now, you can even invest in Bitcoin and other crypto coins even without a bank account or waiting for an approval.
Though it is hard to buy Bitcoin without a bank account, there are lots of services out there that allow the unbanked people to buy Bitcoin.
If you do not know about these services, you are fortunately in the right place because this article will let you know all about them.
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How to Buy Bitcoin Without Bank Account or Approval?
You will simply have to find those services that allow buying crypto and Bitcoin without a bank account.
The good thing about these services is that they ensure that your privacy is maintained and the coins are delivered faster.
As you may know Bitcoin and other crypto coins are typically designed for the unbanked, but wrong decisions and careless approaches while investing in crypto or Bitcoin can also make people unbanked!
Therefore, before you take a look at these services and the ways in which you can buy Bitcoin and other crypto coins with a bank account, you should take a deeper look into some other aspects of it for a better and more comprehensive understanding.
There are lots of different ways to make payments for the Bitcoin or other crypto coins you buy.
You can pay cash, use bank transfer or a credit or debit card of your bank.
However, the two best ways to buy Bitcoin and other crypto coins without a bank account are:
- With a credit card or
- With cash.
There are lots of crypto exchanges out there that work for both these methods.
However, a lot of crypto traders and investors face a lot of difficulty while paying for their crypto purchases through a bank credit or debit card and the reason behind this is pretty clear.
The banks do want you to buy crypto in the first place!
There are lots of reasons for the banks to disallow you and other people to buy Bitcoin and crypto coins.
A few of these reasons are:
- The banks probably think that too many people investing in Bitcoin and crypto coins will disrupt the conventional fiat currency and
- They fear that the crypto investors and traders will start to claim dedicated space and freedom in the trading market.
The banks think that allowing crypto purchases will eventually result in a significant drop in the value of fiat money which will make it quite difficult for the banks to survive.
Therefore, the banks have a fairly strong motive to disallow using their services for crypto purchases and payments.
Moreover, they also think that cryptocurrencies can be used for illegal purposes such as purchasing illegal goods, funding terrorism or simply as a means for laundering money.
In this case they are absolutely true but then cryptocurrencies can also be used for other dynamic purposes which they tend to overlook.
Therefore, it is utterly wrong for the banks to disallow crypto purchases simply on the basis that it can be used for gambling and buying illegal products.
No matter whatever the reason is, the bottom line is that the crypto investors and traders face a lot of difficulty while buying crypto coins with their credit cards simply due to the several restrictions imposed by the banks.
Still, people are hell-bent to buy crypto because it is beneficial for them in terms of low transaction charges and tax benefits.
As a result, they tend to find ways to get around the restrictions imposed by the banks and buy Bitcoin or any other crypto coins without going against the policies of the bank.
However, in that case, there are other ways to go ahead and buy Bitcoin or other crypto coins.
Use any of these following methods and you will have your own crypto easily.
If you are one of them and desperately looking for a way out of the confines of your bank, here are the ways in which you can buy crypto coins if your bank is not allowing you to do so.
These methods will ensure that the bank cannot put a legal case on you.
Online Crypto Platforms:
The P2P crypto exchange platforms work as a third party when you want to buy crypto coins and Bitcoin through your credit card.
In this process, the crypto exchange buys the crypto coins for you and you pay the exchange from your credit card.
However, this is a risky process, especially if you are doing it for the first time with any exchange, because it is quite hard to trust the exchanges simply by their words.
It is therefore paramount that you do some research to choose a reputed and reliable peer-to-peer platform or consult with professional investors or crypto experts.
During your research make sure that you analyze the facilities offered by the exchange, the tools provided by it and, most importantly, the transaction charges.
Crypto ATMs:
Just like the ATMs of traditional banks, the crypto ATMs will also allow you to buy and sell crypto coins and Bitcoin with your cash or card very easily.
Depending on the features of the ATM machine, you may even trade crypto through it.
Operating on blockchain technology, your transactions will remain anonymous and, of course, in the distributed public ledger.
Though it is an easy option, it comes with a fee ranging from 5% to 10% for each purchase.
Payment Portals:
There are also a lot of payment portals such as PayPal that support and allow buying crypto coins.
You can use them to buy Bitcoin or other crypto coins without needing a bank account.
You will find a lot of them on the internet but make sure you do adequate research to find the most reliable one.
Few Dedicated Sites
Apart from the above, here are a few dedicated sites that you can visit and use in order to buy Bitcoin or other crypto coins as supported by these different websites without needing a bank account or an approval.
eToro – Easy to Use and Clean User Interface
If you want to use your credit card then using eToro is probably the best option to buy Bitcoin without a bank account or approval.
The primary benefit of using this service is that the delivery of coins will be super fast.
The other benefits of it includes support for Bitcoin, Ethereum and fifteen other types of crypto coins, high limits offered, faster trading, and an easy to use and clean user interface.
However, credit card purchases are not supported for US users. Also, the fees charged for such purposes may vary depending on the type of crypto and the spread. Also, the account minimum is $50 on this platform.
LocalBitcoins – Provides Escrow
If you want to buy Bitcoin with no bank account but with cash then you should go for LocalBitcoins.
This platform offers a number of other payment methods apart from cash such as Western Union and Amazon gift card just to name a few.
It also provides escrow but when you buy just make sure that you do from sellers having positive feedback and a good previous trade history.
The benefits of using this platform are the ability to make fast, easy and private in-person trades without needing any personal or financial information.
The downsides of it include the difficulty to buy larger amounts of Bitcoin as compared to other large exchanges, and possibilities of scams if the rules are not followed properly and higher transaction costs compared to regular exchanges.
And, if you want more privacy, you will need to go premium.
LibertyX – Reasonably High Daily Limit
You can buy Bitcoin for cash at a number of retail stores spread all over the United States by using LibertyX as well.
However, you will need to prove your identity before buying, which makes this option a little less private than the others.
You can buy Bitcoin worth up to $1000 and pay a fee of 1% on all purchases.
However, you can make Bitcoin worth $1000 for free if you sign up with Facebook.
The coins will be delivered within a couple of minutes after making your payment.
The benefits of using this platform is it is easy, fast and offers quite a high daily limit of $1000.
The fees are also quite low for cash purchase. However, the significant downside is that the participating stores may add variable fees of their own.
Also, the verification or attaching your Facebook account degrades the privacy level while making cash purchases.
A Few Smaller Yet Useful Resources
Wall of Coins – Easy to Use
This is a good platform that you can use to buy crypto coins without a bank account very easily. All you have to do is:
- Set up the zip code
- Mention the amount of coins you want to buy and
- Provide your phone number.
The site will send the password which you will have to enter on the website in order to confirm your order.
After that, you will have 3 hours to deposit the cash into the bank account of the seller.
Once you deposit, you will have to send back a confirmation code to the platform for the deposit that you have made and your coins will be delivered immediately from the escrow.
Paxful – No wait Times
This platform will coordinate buyers and sellers from across the globe.
The good thing about this platform apart from the fact that you do not need to make any deposits on it is that there are no wait times.
You can use the live chat service to get connected to the buyers and sellers all over the world to coordinate the digital transfer of Bitcoin for various purposes which include and are not limited to gift cards, bank transfers, Walmart2Walmart, WebMoney, PayPal, Reloadit, and cash bank deposits.
Mycelium Local Trader – Trade and Build a Reputation System
You will now find a specific section known as Local Trader in the Mycelium wallet.
Here you can view all buy and sell orders placed by all of the users of Mycelium near you.
The good thing about this platform apart from helping you to make trades is that you can also create a reputation system that will protect the users in the marketplace in the future.
BitQuick – Simple Service
This specific service is pretty simple to use when you want to buy Bitcoin without a bank account or approval.
On this platform you can look at the list of all available buy and sell orders.
You are also allowed to make your cash deposit in the bank account of the seller.
Depending on the wish of the sellers, you can also use any credit union for making payments.
And, users in Europe can make a SEPA or Single Euro Payments Area transfer alternatively.
The good thing about BitQuick is that it not only acts as an escrow agent but also offers a Proof of Reserve.
Bitcoin-OTC – Good for Advanced Traders
And then there is the Bitcoin OTC or Bitcoin Over the Counter.
This site typically operates on Freenode Internet Relay Chat or IRC.
The chat room of this service will allow the buyers and sellers to see the orders as well as the reputations of one another.
However, this site is more suitable for the advanced traders rather than the beginners in crypto because it needs using an IRC client or at least the basic knowledge of using and interacting with the browser-based version.
An Additional Resource
And finally, there is another good way to buy Bitcoin without needing any bank account.
This is through the Bitcoin meet up in your locality.
You will find at least one such meetup featured in most, if not all, of the major cities in North America.
You can also search on the internet for such a meet up in your locality and their updated listings.
These meet ups are usually held weekly and are in some informal places such as a pub.
These are often considered to be the prime spots to buy Bitcoin.
In addition to the above, there are lots of other ways in which you can buy Bitcoin and crypto coins but these are probably the safest options which will save you from going against your bank’s policies.
However, the good news is that several banks have started to believe in the potential of Bitcoin and other crypto coins and are now letting their cards, such as MasterCard and VISA cards, to pay for crypto purchases.
However, make it a point to be absolutely sure that your bank does not view it as illegal, though it is actually not.
Conclusion
So, there are quite a few ways in which you can buy Bitcoin without a bank account or an approval.
However, as it pointed out in this article, there are pros and cons of each and risks as is trading with strangers! Therefore, do not forget to do your due diligence.
I have special interest in crypto and intend to help common people to gain knowledge about the digital asset as well as its potential. Follow Me at Linkedin.
