Phemex Blog
Phemex Crypto Blog: Learn the latest news, updates, and industry insights on bitcoin futures, bitcoin trading, crypto derivatives exchange, and related blockchain technology.
  1. Home
  2. Getting Started
  3. Buy Crypto
  4. How to Buy Crypto with Bank Transfer?

How to Buy Crypto with Bank Transfer?

Bank Transfer represents a secure method of purchasing or selling crypto via wire transfer.

Phemex has partnered with Legend Trading, a fast, secure, and fully licensed Money Services Business (MSB). As a legally compliant vendor, Legend Trading enables Phemex users to safely purchase crypto through USD/GBP/CHF/EUR/JPY/CAD bank transfers.

Here is a step-by-step guide on how to buy crypto with Bank Transfer:

  1. Register or make sure you are logged into your Phemex account.
  2. On the header menu, hover over ‘Buy Crypto’ and click ‘Bank Transfer’.

NOTE: *Completion of KYC is mandatory for purchases via Bank Transfer

For New Users:

  1. In the I want to pay field, enter the amount of fiat you want to spend, then select the desired fiat currency from the drop-down menu.
  2. The I will receive field will auto-populate based on the fiat amount and currencies selected. Click on the drop-down menu to find and select your desired cryptocurrency.
  3. Click the Buy button when ready.
  4. Finish KYC identity verification.

For Users who have completed bank transfer transactions before:

  1. Select your desired cryptocurrency and “BUY” order type, enter the amount of fiat you want to spend, then select the desired fiat currency from the drop-down menu.
  2. The I will receive approx field will auto-populate based on the fiat amount and currencies selected.
  3. Click the REVIEW ORDER button when ready.

Note: On this page, you can view your fiat balance and also submit request for fiat withdrawal.

Confirm Order:

After your KYC identity verification is approved, the next window will display a summary of your order and all the available payment options with their respective prices. Select your preferred method.

  • Note:Two transaction methods exist: My Fiat Balance(Bank Transfer) and Credit/Debit Card. My Fiat Balance is recommended as the rate is lower.

Buy With My Fiat Balance(Bank Transfer)

  1. Choose My Fiat Balance, When the balance is insufficient, you need to Click the ADD CREDIT button to complete account deposit.
  2. There are different options (ACH vs Wire Transfer) in which you send money to Legend Trading. The Wire Transfer option is recommended and the fastest. In most cases, funds can arrive on the same day.
  3. When choosing  Wire transfer, firstly select the currency you want to deposit. Supported currencies :USD/GBP/EUR/CHF/JPY/CAD/AUD. Click the CONTINUE button.
  4. Then you will be directly to a page showing you how to complete deposit recharge. Please follow the instructions to make a deposit by wire transfer.

Initiating a Wire Transfer:

  • Sign into your bank account, locate the Transfer menu and initiate the transfer.
  • Enter the corresponding bank information from the screen below.
  • **IMPORTANT** Include the corresponding Reference Code below in your wire message. In most cases, you can enter it in the “Additional information”, “Memo” or “Instructions” field. This code is used to match the deposit to your account. Without it, the deposit may be delayed or returned.
  • Click on the “YES, I JUST MADE A DEPOSIT” button when you complete the fund transfer.
  1. When choosing Bank Transfer(ACH),  you will first see how instructions on how to complete your deposit. Please follow the instructions to make a deposit by bank transfer(ACH).
  • Sign into your bank account, locate the Transfer menu and initiate the transfer.
  • Enter the Account Name, Account Number, and Routing Number below.
  • Click on the “YES, I JUST MADE A DEPOSIT” button when you complete the fund transfer.


Note: Arrival time of deposit to fiat account

Type Deposit Arrival Time Supported Fiat
SEPA 1-2 Working days EUR, GBP
FPS (Faster Payments, UK only) 1 minutes – 2 Hours GBP
Bank ACH (US Domestic Banks only) 3 – 5 Working days USD
Wire Transfer (US Domestic) 2 Working days USD
Wire Transfer (International via SWIFT) 2 – 3 Working days USD, EUR, GBP, CHF, AUD, CAD, JPY
Debit Card/Credit Card (Global) Instant USD, EUR, GBP, CHF, AUD, CAD, JPY
  1. When deposit to fiat account is successful,you can use “My fiat balance” to initiate crypto purchase transaction. After a purchase transaction is successful, the crypto will be deposited to your Phemex Spot Wallet within 1 hour.

 

Buy With Credit/Debit Card

  1. Choose Credit/Debit Card. You need to first Click the ADD Card to bind a card.
  2. Enter billing address
  3. Enter card details
  4. Complete 3ds verification
  5. The Credit/Debit card should be added now and you can buy crypto instantly.  Click GO TO TRADE and return to the Confirm Order Page.
  6. Please confirm the order details, then click Confirm, and complete 3ds verification. After a successful purchase, the crypto will be deposited to your Phemex Spot Wallet within 1 hour.

For any inquiries contact us at support@phemex.zendesk.com
Follow our official Twitter | Join our community on Telegram
Trade crypto on the go: Download for iOS | Download for Android
Phemex | Break Through, Break Free

 

Was this article helpful?

Related Articles