In this article, I will explain how to buy Bitcoin through the Wise platform, which is a reliable international money transfer service.
Wiser, however, allows users to fund their accounts and exchange them. I will take you through the process from A to Z and show you how to pick an exchange.
How do you fund the exchange account, how do you buy Bitcoin with Wise specifically, and much more?
About Wise
Wise, previously known as Transferwise, is a worldwide service that simplifies the process of sending money overseas and makes it affordable.
You can send money in more than 50 currencies, open a Wise multi-currency account to keep and exchange funds, and worldwide use the Wise debit card, which allows transactions at actual currency rates.
It’s popular because it’s clear about everything- all fees are laid out beforehand; it’s great for personal and business payments.
The bank is also considered pro-crypto, having never banned or blocked any customer accounts that were invested in digital assets.
How to Buy Bitcoin with Wise?
I am going to explain the procedure of how Wise (Transferwise) can be used to buy Bitcoin.
Wise is a well-known international money transfer service, but it has no built-in solutions for purchasing cryptocurrencies.
Nevertheless, it is still possible to utilize Wise to add funds to a cryptocurrency exchange or buy Bitcoin. Let’s go over the process and check the details.
Steps to Buy Bitcoin with Wise:
Select an Appropriate Crypto Exchange. Pick a crypto exchange platform that offers the option to switch with bank transfers or card payments conducted through Wise. Coinbase.com, binance.com, kraken.com, to state a few.
Verify Your Wise Account Make sure that your Wise account is confirmed and activated as well and that the bank account or the credit or debit card to be used for topping up the account is active as well.
Top Up Your Exchange Account
Move Wise funds to your cryptocurrency exchange account. Wire transfers or card payments should be conducted using the details provided by your exchange.
Any errors can be avoided by having them follow the exact payment instructions that the exchange has provided.
Make a Purchase of Bitcoin After you have made such a deposit and the funds appear in your exchange wallet, visit the Bitcoin trading page, enter how much money you are willing to spend, and buy it.
Key Considerations:
- Exchange Rates and Fees: It is advisable to seek cost-effective transfers and compare them against Wise’s transfer rates and charges.
- Supported Regions: It is necessary to verify if your country permits Wise to transfer to the exchange.
- Transaction Speed: Such transfers are, in most cases, quick, but this may be impacted by the amount of time that the exchange takes to process the transaction.
Understanding the fees and timelines involved, Wise can be considered if consistency is what you are after.
What are the Fees?
When using Wise to purchase Bitcoins, the fees tend to be different based on the payment method:
- Bank Payments: Bank transfers are usually free, but fees for sending funds to non-Wise accounts may be charged.
- Wise Debit Card Payments: Fees equal to 2.99%, determined by the issuing card company (VISA).
- Credit Card Payments: Payment procedures are subject to variations based on the issuing card company.
Also, it seems there is a charge by the cryptocurrency exchange platform one makes use of, in this case, Bybit, for example, 0.1% for spot trading and 0.02% for futures trading.
Ways To Buy And Send Bitcoin Successfully Through Wise
The cryptocurrency world involves a lot of volatility and high-risk investments. Thus, before purchasing Bitcoin using Wise, you ought to be sure that your investments are viable and secure in the following ways:
Keep track of your investment. Watch for trends and research Bitcoin’s charts so as to be updated on any increases or decreases in the prices of bitcoins;
Only invest what you can afford to lose. Circumstances exist whereby the volatility of the market leads to a decline in bitcoin’s price.
Make sure you read our financial strategy guide to understand better how to develop a proper economic strategy;
Pick a trustworthy exchange. Check if a particular exchange has a verified license and tested practice;
Secure your wallet. Ensure that your crypto is kept in a wallet, which renders it hard for hackers to infiltrate it.
For instance, on Cryptomus, all clients can unlock two-factor authentication, PIN, and other prevention systems complementing the safety of all clients’ personal information and wallet accounts;
Avoid public networks. The use of internet-enabled public computers, or Wi-Fi, is not only unsafe but also risky for the security of transactions. Use your personal computer all the time, and use a VPN if possible.
Using Wise, you can buy and send Bitcoins easily through a reliable cryptocurrency exchange.
Besides, possession of a Wise card also makes it easier to buy digital coins. However, it is always the customer’s choice what payment option to use.
Can I Buy Bitcoin Through Wise Transactions?
Yes, it is possible to buy Bitcoin using Wise, but not directly. With Wise, clients can send funds to crypto exchanges that use their local fiat currencies – for instance, USD, Euros, or British pounds.
After a user has transferred money from Wise to a licensed exchange, purchasing Bitcoin, Ethereum, and other cryptos becomes an option.
Why Use Wise to Buy Bitcoin?
Low Fees
There are low transaction fees, in fact, Wise has been regarded as such a legitimate way to fund deposits on a crypto exchange like Cryptomus.
Speed
There is speed in Wise transactions since you can deposit money into your exchange account and start trading without much hassle.
Security
Theft of money is avoided using Wise when sending or receiving money. It will never be an issue since Wise is a secure way to send funds.
Global Access to All Countries
Internationally available and comfortable to make transactions in various currencies, it is not that hard to buy bitcoins, no matter which country you are in.
User Friendly
It does not have anything complicated; the procedure to link the Wise account with the exchange and move money is easy.
Conclusion
This brings me to the end of the article, where I would suggest that buyers willing to acquire Bitcoins using Wise’s services first deposit funds in their Wise account and then purchase Bitcoin through an appropriate cryptocurrency exchange.
Even though Wise does not support crypto transactions, it is still worth using because it is fast and cost-effective.
By selecting a well-known exchange, depositing using the given information, and being aware of the fees, you can conveniently buy Bitcoins using Wise.
