Advice to buy bitcoin, i am new in cryptp..many doubts

[Zaupa]

Hi to everyone,
I just want to buy some crypto. I live in Central America so i found some crypto exchange  that can  accept my country. However  i red in many posts in internet  that some banks not allowed to buy crypto with cards  or banking transfer  as well some banks do not accept deposit if the money comes  from a crypto exchange etc. (when you want to withdrawal ..cash out)  Is it true? For example i have a bank account  in Asia with Citi and i would like to make a banking transfer to an exchange to buy crypto.  Do i have to ask to the bank if  i can do it?  Many exchanges accepts  payments by credit/debit  cards or banking transfer;   so i do  not understand if  my bank can allow me to do the banking transfer.   HELP ME  PLEASE..any advice is very appreciated.. In youtube you can see people that easily to transfer or payment to cryptoexchange with cards or banking transfer.. but are there any problems? I do not want that my bank can lock my account to do so.

[1715198074]

1715198074

[1715198074]

1715198074

[1715198074]

1715198074

[wack slacker]

If you want to buy cryptocurrencies, you need to comply with the relevant policies for cryptocurrencies in your country. The next thing after buying cryptocurrencies is to learn about Bitcoin and blockchain technology, learn about the charts and laws of the market, and follow the instructions in transactions to trade securely.

[Pffrt]

This depends on your bank. It would be good if you check with your particular bank, try to get their rules and regulations on crypto currency. Contact with their customer support. As you are in country where BTC is legal, I think it should not be an issue with any bank.

[BrewMaster]

you have to be careful about two things as you start.
first is the place you want to buy bitcoin from, aka the exchange. google its name and try to find feedbacks about the service you want to use. you can also start a topic and ask about inputs here (since you didn't mention any exchange name). there are a lot of scam exchanges.
secondly be careful about what you buy. you want to buy bitcoin only and not "crypto" as you keep saying. in fact as a beginner you should stay away from everything else. there is a lot of scam altcoins with high prices and false promises too.

[passwordnow]

Somehow that has to be true. There were experiences that I've read before that have a bias bank towards crypto and if they have found out that you did a transaction through cryptocurrency, they might actually lock your account. That was based on those experiences shared that I've read. But it can also be not particular to your bank.

[Husires]

Search using https://www.buybitcoinworldwide.com/ You will find a lot of platforms that you can use, but most of these platforms are centralized and you need identity verification.

You can use centralized platforms such as LocalBitCoin, which make you find people to buy or sell currencies while providing the site offer escrow to ensure that fraud does not occur.

you can use both of them if your country supported by them. yo can ask support for more information

[Sterbens]

sorry if I am wrong

The point that I got is, first you want to buy crypto with the balance in your account, but you are afraid that the account will be locked because the bank in your country does not allow exchange with crypto.
second, what if you create an account in ASIA, then do a crypto exchange, because banks in Asia allow exchanges with crypto.

means the solution is you have to find a bank that supports crypto exchanges. and that means you have to create a new account.
Second, if you create an account in Asia, that means you have to go to Asia first, and create an account there.

I thought it was too complicated. Aren't there currently crypto exchanges that use fiat money directly, for example, try to buy it from a closest friend, then send it through the exchange wallet you are using.
I think it is quite effective to avoid things that are not allowed in your country.

[Lanatsa]

This depends on your bank. It would be good if you check with your particular bank, try to get their rules and regulations on crypto currency. Contact with their customer support. As you are in country where BTC is legal, I think it should not be an issue with any bank.

One of the best things to be done is to know about the regulation or the reputation of bitcoin or crypto into your country and also banks are mainly attached to it neither
they do accept such transactions or do prohibit.

Just like into my country where there are banks that do really prohibit on attaching transactions with crypto and once you have caught then youre account neither
would be on hold or you would need to face and give out some explanation on where those funds came from.

When it comes to exchange and since op do live on America then Coinbase would be the best place.

[DdmrDdmr]

<...>

Just a few minutes ago, @womanderful started a thread on my/our local board on the matter (see Mover dinero entre bancos y exchanges). The context is currently Spain, and does not currently seem to extend to other latam countries, although anyone is welcome to chip-in in Spanish, regardless.

It’s seemingly difficult to create an updated list of people's experience that crosses the bank name on one axis, and the experience to/from a given Exchange on the other. First, there’s the issue of the sheer low volume of people on my/our local board. Then there’s the privacy concern to come forward with the experience, and then there’s the varying result for people transferring to/form a given <bank,exchange> pair, being positive is some cases and quite the opposite in others.

One should probably resort to consulting with the bank itself to make sure they won’t have any issue with to/fro TXs with a given Exchange. If there’s written proof, all the better. Nevertheless, not all bank personnel are likely to be well informed, so I’d try to contrast in addition with other people using the same <bank,exchange,[country]> touple.

[Zaupa]

thanks for your answer, probably i have to check with my bank if it is crypto friendly. My point is...i live in Dominican Republic and for example Binance and Blockchain.com are accepted in this country (Coinbase no,  or better accept Dominican Republic just to convert crypto but no deposit and no withdrawal). I do no want to use my banks here in Dominican Republic to transfer ecc. because the fees (if i want to transfer Usd) are huge. For that  reason i would like to use an account in Citi Singapore, because the fees are minimum (in the past i lived in Asia).  For that reason i would like to use that account to buy ecc bitcoin.  If you have some idea please feel free to comment

[Yatsan]

If you want to buy cryptocurrencies, you need to comply with the relevant policies for cryptocurrencies in your country. The next thing after buying cryptocurrencies is to learn about Bitcoin and blockchain technology, learn about the charts and laws of the market, and follow the instructions in transactions to trade securely.

Certainly this is agreeable. Before engaging or deciding to buy Bitcoin. First do a background check about the policies that is existent in your country to avoid trouble concerning legal matters because there are certain countries that already have existing legal policies concerning cryptocurrency usages to protect the welfare of their people. By doing this, you can also know what exactly your country stands about Bitcoin and other cryptocurrency as well. After knowing that, now learn from the basics before you decide on purchasing Bitcoin. You must know first basic information you must know about Bitcoin so you can effectively make use of it once you have already purchased it. Buy only on trusted exchanges and avoid strange or newly established exchanges for your own safety. Better secure yourself on engaging first on well-known exchanges that suits your preference since you are just new in the industry.

[SquirrelJulietGarden]

You have to start slowly but in a good movement.

Bitcoin's Whitepaper
[General] Bitcoin Wallets - Which, what, why?

You should choose non-custodial wallets that help you have control on the keys or mnemonic seeds of your wallets. Most of crypto exchanges only give you custodial wallets that you should not use. With custodial wallets, the keys or the seeds are hold and controlled by exchanges, not you. If they want to run away (shut down or scam exit) or their exchanges are seized by governments, your bitcoin is lost.

Learn to verify wallets:
Verifying Bitcoin Core
How to Safely Download and Verify Electrum

Download non-custodial wallets
Bitcoin Core: https://bitcoin.org/en/bitcoin-core/
Electrum: https://electrum.org/#download

Verify wallets and store your bitcoin on non-custodial wallets if you don't want to trade bitcoin. Never store your bitcoin on exchanges if you don't trade it.

Electrum (SPV) is lighter and easier for you to use.

[manfredmann]

Well you can buy or invest in bitcoin of money in which you can afford to lose. There is no need to worry about bitcoin scam concept in my opinion. There are many here that can attest that investing in bitcoin might be good. However, if you wish to earn then buying later part like when market is low and then sell when market is high. Bitcoin can be one of the best form if investment but with its risks you should do your own research.

[Darker45]

It is quite impossible to respond with a clear-cut answer to your question because we have different local laws and bank policies. Well, it is true that even if Bitcoin is accepted in your country, banks may not accept money coming from Bitcoin. That's what is happening here in my country. Even bank account applications might be outright rejected by the mere mention of Bitcoin.

It is best to just communicate with your bank and raise the same question. Nobody can give you any assurance here.

[Yogee]

thanks for your answer, probably i have to check with my bank if it is crypto friendly. My point is...i live in Dominican Republic and for example Binance and Blockchain.com are accepted in this country (Coinbase no,  or better accept Dominican Republic just to convert crypto but no deposit and no withdrawal). I do no want to use my banks here in Dominican Republic to transfer ecc. because the fees (if i want to transfer Usd) are huge.

The conversion rates to USD and transfer fees is what I was thinking while reading your main post. Most banks usually charges a lot since it involves more work.

For that  reason i would like to use an account in Citi Singapore, because the fees are minimum (in the past i lived in Asia).  For that reason i would like to use that account to buy ecc bitcoin.  If you have some idea please feel free to comment

This means you already have an existing account in Citibank am I correct?
I found a survey about crypto friendly banks at Singapore and it isn't looking good https://moonbanking.com/bank?country=SG&bankKey=6ZFLlV7NpSbbov1&bankName=Citibank
It was only 3 votes and I don't know when was it taken so you can either ignore it or be warned.

There is a wallet called Abra where you can buy bitcoin directly through their app. It appears that they support direct local bank transfers such as Citibank and also accepts Singaporean Dollar so there's no need to convert to USD.

Check it out
- https://support.abra.com/hc/en-us/articles/115005236627-Which-banks-credit-unions-does-Abra-work-with-
- https://blockonomi.com/abra-review/

[CryptopreneurBrainboss]

The next thing after buying cryptocurrencies is to learn about Bitcoin and blockchain technology, learn about the charts and laws of the market, and follow the instructions in transactions to trade securely.

Or simply Hold. As a newbie, you'll be better off doing so than trying to outsmart the market as you would end up losing all or not partaking in the future gains they're to come in regards to price appreciation. Learning about the technology should be on your list but first getting enlightening on how to safely secure your coins and avoid scammers has to be top on the list. The trading could come in after you must have settled down in the industry.

But before adventuring until trading, you must have also enlightening yourself, taking some lessons to acquire the skills needed to succeed. The experience will come as you advance in the industry provides you're taking note of your mistakes and working on improving them.

[verita1]

One of the most complete exchange platforms to buy Bitcoin around the world is Binance. It will be convenient for you to explore the ways to buy Bitcoin and if any are familiar to you, "case solved" because some user like you is already buying Bitcoin. The recommendations of colleagues is also ideal because you must be sure if your country does not prohibit buying Bitcoin so that you avoid any sanction in your bank account. If you make a purchase in the P2P market I doubt that the bank will relate it to Bitcoin.

https://p2p.binance.com/en/trade/buy/BTC

[Lorence.xD]

If you want to buy cryptocurrencies, you need to comply with the relevant policies for cryptocurrencies in your country. The next thing after buying cryptocurrencies is to learn about Bitcoin and blockchain technology, learn about the charts and laws of the market, and follow the instructions in transactions to trade securely.

With all this out of the way, you should buy when the prices are on constant dip because you will know for sure that when the prices go down, it will eventually go up. Right now the prices is still running high so buying is not advisable, although if you plan on daytrading then it will be a different story. Do not stop learning about crypto because things are changing for crypto real fast.

[michellee]

thanks for your answer, probably i have to check with my bank if it is crypto friendly. My point is...i live in Dominican Republic and for example Binance and Blockchain.com are accepted in this country (Coinbase no,  or better accept Dominican Republic just to convert crypto but no deposit and no withdrawal). I do no want to use my banks here in Dominican Republic to transfer ecc. because the fees (if i want to transfer Usd) are huge. For that  reason i would like to use an account in Citi Singapore, because the fees are minimum (in the past i lived in Asia).  For that reason i would like to use that account to buy ecc bitcoin.  If you have some idea please feel free to comment

You can search for local sellers on social media. I am sure you can find any local sellers, and you can check one by one of them. If necessary, you can arrange a meeting with them to buy bitcoin directly face to face, and you can send the money via ATM or your mobile phone if you can access your bank account from your mobile phone. You and local sellers can use bitcoin's current rate, and I think the fee will not be too big because you only buy bitcoin directly from them.

That can prevent you from fills KYC because you don't visit the site/exchange, and you only buy bitcoin from the local sellers. Please do not start with a huge amount of money to buy bitcoin because that can make your bank suspicious with the transaction, but you can make a small transaction. Maybe less than $100-$500 will be fine as a start.

[milani]

thanks for your answer, probably i have to check with my bank if it is crypto friendly. My point is...i live in Dominican Republic and for example Binance and Blockchain.com are accepted in this country (Coinbase no,  or better accept Dominican Republic just to convert crypto but no deposit and no withdrawal). I do no want to use my banks here in Dominican Republic to transfer ecc. because the fees (if i want to transfer Usd) are huge. For that  reason i would like to use an account in Citi Singapore, because the fees are minimum (in the past i lived in Asia).  For that reason i would like to use that account to buy ecc bitcoin.  If you have some idea please feel free to comment

You can search for local sellers on social media. I am sure you can find any local sellers, and you can check one by one of them. If necessary, you can arrange a meeting with them to buy bitcoin directly face to face, and you can send the money via ATM or your mobile phone if you can access your bank account from your mobile phone. You and local sellers can use bitcoin's current rate, and I think the fee will not be too big because you only buy bitcoin directly from them.

That can prevent you from fills KYC because you don't visit the site/exchange, and you only buy bitcoin from the local sellers. Please do not start with a huge amount of money to buy bitcoin because that can make your bank suspicious with the transaction, but you can make a small transaction. Maybe less than $100-$500 will be fine as a start.

You know, reading the post I thought that good that there are no such problems in my country to buy or sell BTC. We have another nuances, but not of such kind. And after your answer new question appeared. Ok, he bought some BTC amount personally from face-to-face, and this will happen avoid different problems in BTC and laws of his country regulations. But it is very important yo find a trustworthy person to do this in his region. And it may appear a bit difficult. And the difficulty may appear when he will decide to cash it out, because yhere may be nuances with the declaring of ocomes in his region. Personally I think first it should be better to learn in deep all yhe moments before making any steps in this direction.