Bitcoin is exploding in popularity. But unfortunately, the process of buying Bitcoin is still far from perfect. People trying to get into the market are often stopped by long times, fees, and their digital payment providers not allowing Bitcoin purchases.

Fortunately, that is changing as more and more money transfer platforms allow for easier and better Bitcoin purchases. These institutions becoming increasinglyBitcoin-friendly is an excellent sign for the crypto market. Today, we’ll be looking at a digital payment provider at the forefront of this change in mentality, Transferwise. So just how does it work? Read on and find out!

1. Open an Account with Wise

First of all, you have to open a Transferwise account, but if you already have one, skip this step.

To sign up, you can use your email address, Facebook, or Gmail. Once you do, Transferwise will have to verify that you’re an actual person.

2. Choose a Bitcoin Platform

To buy Bitcoin with Wise, you can use a P2P platform to buy it at a predetermined price or use a crypto exchange.

But always make sure the platform lists Wis as the payment option. Fortunately, most do.

3. Type the Amount of Bitcoin to Buy

Next, type in how much Bitcoin you want to buy. On a P2P platform, you will see all Bitcoin seller listings with different prices, fees, and conditions. While on a crypto exchange, all Bitcoin will be priced at market value and sold on the spot.

4. Select a Bitcoin Dealer

If on a P2P platform, the next step is to choose a Bitcoin seller you best see fit. Remember to always check the terms and conditions.

Sellers usually mention the payment options in their listing, so check if he accepts Wise payments.

5. Ask for the Dealer’s IBAN

Now that you’ve made sure the sellers accept Wise, ask for his IBAN so you can transfer the amount to their bank account.

6. Go to Transferwise Website or Application

Now go back to your Wise account and set up your payment by entering the amount and the seller’s IBAN

7. Send the Amount

First, enter the seller’s details. So their name, address, bank account details,  how they want to pick their money, and other information. And choose how to fund the purchase, be it credit, debit card, or bank transfer.

Binance is one of the biggest crypto exchanges on the market. Made for experienced traders and rookies alike.

Investors can access more than 166 cryptocurrencies, both for small and big caps. Binance also offers a wide array of trading tools and exchange pairs available.

Binance users can deposit over 50 FIAT currencies such as USD, EUR, JPY, KRW, GBP, AUD, RUB, and many more.

Pros

• Among the most trustworthy crypto exchanges
• High volume exchange
• Very low fees
• A wide array of crypto pairs

Cons

• Not many payment options
• Lack of riskier small-cap gems
• The exchange is centralized

Visit Binance Now

Paxful is a P2P (person-to-person) exchange that offers over 300 payment methods.

The platform is used to buy and offer Bitcoin at a specific price not bound to market fluctuations.

Pros

• Top-notch Security
• A lot of payment methods
• Simple user interface (UI)
• Wide variety of sellers

Cons

• Sometimes fees are very high
• If you’re not careful, you risk getting scammed

LocalBitcoins is a P2P bitcoin trading platform where buyers of sellers can list their Bitcoin offerings.

Like Paxful, on LocalBitcoins, vendors can create offers in all currencies and enjoy the benefits of a P2P exchange.

Pros

• Available all around the world
• A diverse selection of buyers and sellers
• Has many payment methods
• Buyers receive bitcoins fast
• All transactions are private

Cons

• There isn’t much diversity as the only Bitcoin is offered
• Both sellers and buyers have a chance of being scammed.

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Crypto.com is an online digital asset exchange well known among crypto enthusiasts. The platform offers a wide array of tokens and services, even launching its debit card.

Pros

• Low fees
• Exchange crypto with fiat, credit/debit card, or cryptocurrency
• Regulated and trustworthy platform
• Beginner-friendly

Cons

• The exchange is centralized.
• Crypto.com exchange is not available to U.S. residents.

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Hodl Hodl is a P2P decentralized exchange that allows users to buy Bitcoin without ever holding a user’s funds. By doing so it increases security and reduces trading time.

Pros

• Completely decentralized
• Anonymous
• It does not require identity verification
• Accepts Fiat payments

Cons

• It’s only been on the market since 2016

Currencies Supported For Sending And Receiving Money

Clients can use the following FIAT currencies for sending and receiving money on Wise:

AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD

Countries You Can Send Money To With Transferwise

TransferWise customers can send and receive money to bank accounts in the following countries: Argentina, Australia, Bangladesh, Benin, Brazil, Bulgaria, Burkina Faso, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Egypt, Europe, Georgia, Ghana, Guinea-Bissau, Hong Kong, Hungary, India, Indonesia, Israel, Ivory Coast, Japan, Kenya, Liechtenstein, Malaysia, Mali, Mexico, Morocco, Nepal, New Zealand, Niger, Nigeria, Norway, Pakistan, Peru, Philippines, Poland, Romania, Russia, Senegal, Singapore, South Africa, South Korea, Sri Lanka, Sweden, Switzerland, Thailand, Togo, Turkey, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Vietnam, and Zambia.

Conclusion

Bitcoin is the future, we’ve heard that, and we know that. And Transferwise is leading the competition. With Wise you can use any digital payment provider and can easily buy Bitcoin, paving the way for a more accessible crypto market.

If you invest with Transferwise, please remember to always trade responsibly. And don’t invest more than what you are willing to lose. Now, good luck!

In case you are looking for different ways to buy Bitcoin, read the guide below: