With the rise and acceptability of the digital market globally, crypto transactions can be done seamlessly from virtually anywhere in the world even more so in the Netherlands.
Knowing how easy it is to lose money in the crypto market, it is only proper one does transactions only with legit brands and companies and this satisfaction is what iDEAL brings to you in the Netherlands.
iDEAL is a low-cost payment processor, in the Netherlands used for online crypto transactions.
Buying Bitcoin using iDEAL
There are currently two ways of buying bitcoin with iDEAL
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Bank Transfers
Bank transfers are the most popular payment method since they are one of the most cost-effective and secure ways to purchase cryptocurrency.
It’s no surprise that many individuals and businesses use the iDEAL Online Bank Transfer mechanism to process Bitcoin transactions.
If you live in the Netherlands, iDEAL Online Transfer is one of the quickest ways to get any quantity of BTC.
This transfer is however enabled by some crypto exchanging apps. These apps support iDEAL online bank transfer, regardless of whether you are in the Netherlands or not.
Processes Involved
These are the processes involved in buying bitcoin with iDEAL using online bank transfer
- Create an account on the official iDEAL website https://www.ideal.nl/en/
- Connect your iDEAL account to your bank account.
- Open a trading account on a stock exchange (e.g. Binance or LocalBitcoins)
- Fill out the purchase form on the ‘Purchase‘ page.
- Select iDEAL as your preferred payment option.
- If necessary, verify your account.
- Purchase BTC and wait for it to be sent.
- Obtain Bitcoins and deposit them into your cryptocurrency wallet.
- Congratulations! For the first time, you’ve successfully acquired the desired amount of Bitcoin!
However, there are two platforms that accept payment, as well as key exchange aspects including verification criteria, iDEAL fees, and service availability.
1. LocalBitcoins
LocalBitcoins is a peer-to-peer (P2P) marketplace platform that connects consumers and sellers while also acting as an escrow service for their transactions.
Vendors can build offers in any of the currencies available in their region using the platform.
Advantages
- It is available in every country on earth.
- There is a wide range of buyers and sellers.
- It accepts a variety of payment ways.
- Bitcoins are delivered quickly to buyers.
- Private.
Disadvantages
- There isn’t a lot of variety in terms of cryptocurrency.
- Both sellers and purchasers have the potential to be conned.
- LocalBitcoins is a website where you can buy Bitcoin.
2. LocalCryptos.
This platform is similar to LocalBitcoins, however it is a non-custodial peer-to-peer marketplace.
LocalCryptos is a peer-to-peer (P2P) marketplace where users can trade cryptocurrency with one another.
People use LC to buy and sell Bitcoin, Ethereum, Litecoin, Dash, and USDT cryptocurrency on their own terms and with any payment method. There are over 40 payment options available.
LocalCryptos, unlike other P2P marketplaces, puts you in control (i.e. you are totally in charge of your cryptocurrency investment).
However, LocalCryptos adopts a different approach by giving you authority over your wallet keys, they eliminate a platform risk. Only you have access to your private key when trading, and they never have control of your coins.
Advantages
- Extremely safe.
- Multiple coins are supported.
- Your keys are in your possession.
- Buyers receive their crypto-coins quickly.
- It accepts a variety of payment ways.
- Every country on the planet has it.
Disadvantages
- A small number of cryptos are available.
- Scams can target both buyers and vendors.
These are the most trustworthy exchange sites for buying bitcoin using an iDEAL online bank transfer as a payment option.
iDEAL transactions have a very basic and transparent payment flow. Which allows you to also buy other coin such as Ethereum, Ripple, or Litecoin and then swap it for any other cryptocurrency you want.
Protecting Your Coins
When purchasing Bitcoins, however, you should take numerous precautions to protect your funds from cyber-theft, frauds, and online criminals.
To protect it, the first step is to constantly utilize security measures (such as a VPN, two-factor authentication (2FA), and an email notification system). Most exchanges should have these tools available, and passwords and other public keys should be reset on a regular basis.
More importantly, when storing and transferring Bitcoins, or any other cryptocurrency, you should use hardware (HD) wallets.
Ledger Nano X/S, Trezor, and KeepKey storage devices are designed to work in both online and offline situations.
They also provide a recovery phrase, PIN codes, and password, all of which are produced anonymously. Take a look at my guide to crypto hardware wallets.
HD wallets are more expensive than other wallet types, but they provide a service that hackers cannot access, keeping your crypto-coins offline and secure at all times.
Meanwhile, save this website to your bookmarks since I’ll be updating it as more cryptocurrency exchanges that support iDEAL payment become available.
