by: ofir beigel | last update: 1/6/22
sepa (single euro payments area) is a fast and cheap payment method that allows the transfer of euros between bank accounts of eu residents. In this post, I will review the most popular bitcoin exchanges that accept separate deposits.
Reading: Buy bitcoin cash with sepa
how to buy bitcoin with a separate summary
It is highly recommended to use saber if you are in the eu, as most exchanges will charge you little or no fees. some exchanges will also give you a much higher purchase limit when you use saber, since they aren’t worried about chargebacks.
here’s how to buy bitcoins with sepa:
- visit coinmama.
- choose which cryptocurrency and amount you want to buy.
- enter your bitcoin address.
- choose “bank transfer ” on the payment method page.
- Send funds to coinmama’s bank account.
- Coins will be sent to your wallet once the transaction is confirmed.
if coinmama doesn’t work for you, here is a list of exchanges that allow you to buy bitcoins with saber:
that’s buying bitcoins with saber in a nutshell. If you want a more detailed explanation, read on. this is what i will cover:
- why should i use saber?
- coinbase pro
1. why should I use separate transfer?
Regarding fiat currency, one of the main issues that exchanges are concerned about is chargebacks.
To address this issue, many exchanges charge high fees on credit and debit card purchases. by charging such high fees, they cover the risk of selling bitcoins and not getting paid.
However, split transfers are virtually irreversible, making them a popular choice among exchanges. With saber, exchanges will allow you to buy large amounts of bitcoin as they are not concerned about chargebacks.
By extension, due to the low risk, the fees you pay when you make a purchase through a separate transfer are very low, and some exchanges charge no deposit fees at all.
all of the above reasons make separate transfers a great alternative if you don’t have access to credit or debit cards, or simply want to pay very low fees.
For example, if you buy €1,000 worth of bitcoins on cex.io with a credit card, up to 8% of that purchase will be charged as fees. that’s €80 worth of bitcoins. on the other hand, cex.io does not charge any fees for the separate transfers, which means you will get your full €1000 value in bitcoin.
as with everything, separate transfers have their drawbacks. each transfer has to be cleared by various banks on its way to the exchange. because of this, they take much longer to complete compared to other more convenient payment methods.
A few words about fees
Most exchanges charge three different types of fees: deposit fees, trading fees (also known as processing fees), and withdrawal fees. In this part I’ll focus primarily on deposit fees, as that’s where using separate transfers has the biggest impact (often reducing deposit fees to zero).
Note that even if an exchange charges 0% deposit fees, they may still charge a fee for the transaction itself (i.e. converting fiat to bitcoin).
2. buy bitcoins with saber through coinmama
pros: good support, reputable company, 0% separate fees
disadvantages: it takes 1-3 business days to process
coinmama is a leading cryptocurrency broker. they charge a premium fee for their services, but they don’t limit you to a maximum amount of bitcoins you can buy.
one of coinmama’s strongest selling points is their prompt and professional support.
coinmama has a daily upper limit of around €11,000 for purchases made via separate transfers. they also offer 0% processing fees for all separate transactions.
visit coinmama read review
3. buy bitcoins with sepa through cex.io
pros: no deposit fees, wide selection of cryptocurrencies, no deposit limit with sepa
Cons: Relatively high fees at the brokerage service (avoid them by using the trading platform)
cex, established in 2013, is one of the oldest bitcoin exchanges in existence. The company offers a brokerage service and a trading platform. newbies will find the brokerage service much easier to use than the trading platform.
That said, the transaction fees at the brokerage service are significantly higher. therefore, if you have the knowledge, it is better to use the trading platform to receive the best price. cex also allows you to make unlimited daily deposits using sepa, with no processing fees.
visit cex.io read review
4. buy bitcoins with saber through coinbase
pros: low fees, high purchase limits
cons: slow support, slow time to execute purchase, cannot buy crypto directly with sepa
coinbase, founded in 2012, is one of the most respected and established companies in the bitcoin community. they offer a brokerage service, which sells bitcoin and other altcoins directly at a premium price (for a cheaper alternative, check out coinbase pro).
Coinbase services are available in 28 EU countries. When you use saber, coinbase doesn’t charge anything for sepa transfers, however with coinbase it can take up to 7 days if sent on weekends.
visit coinbase read review
5. buy bitcoins with saber through bitpanda
pros: brokerage service, friendly user interface, low fees
cons: the rates are not clear
bitpanda, founded in 2014, is headquartered in vienna, austria. bitpanda is perhaps the largest provider of bitcoin and other cryptocurrency brokerage services within the eurozone.
bitpanda fees tend to be a bit confusing as the price you pay already includes the transaction fee. however, depositing funds through sepa is free.
visit bitpanda read review
6. buy bitcoins with saber through coinbase pro
pros: no commissions, high purchase limits
cons: more suitable for advanced users, slow time to execute the purchase, cannot buy crypto directly with sepa
coinbase pro is coinbase’s trading platform, not to be confused with coinbase’s brokerage service. the platform allows users to trade btc and various other altcoins.
coinbase pro is aimed at more advanced users, so it is not as easy to use for beginners. When using sepa, coinbase pro charges €0.15 for both deposits and withdrawals.
visit coinbase read review
7. buy bitcoins with sepa through bittamp
pros: reputable exchange, low deposit and trading fees
cons: does not offer separate brokerage services, not suitable for beginners
bitstamp, founded in 2011 and located in slovenia, is perhaps the oldest exchange on this list. In addition to its great reputation, bitstamp does not charge any fees for deposits made via separate transfers.
The company offers commercial services all over the world. similarly to other trading platforms, the use of bitstamp services requires some trading knowledge and knowing the user interface to use the site correctly.
bit stamp deposits are free, while withdrawals incur a €3 fee when using sepa.
visit bitmark read review
8. buy bitcoins with saber through kraken
pros: good reputation, very low fees for separate deposits and exchanges, instant separate deposits
cons: no brokerage services, unstable website and app
kraken is the largest bitcoin exchange in terms of liquidity and euro volume, at least that’s what they claim.
kraken operates in the european union, canada and the united states (with the exception of new york due to the bitlicense).
Separate deposits are free, while withdrawal fees range from €0.09 to €1. in some cases deposits via sepa will be instant, depending on your bank account, and this is something not many exchanges offer.
visit kraken read review
9. buy bitcoins with saber through luno
pros: offers brokerage and trading platform services, instant buy/sell options
cons: confusing fee structure
luno was founded in 2013 (originally under the name bitx). The exchange is known for offering services to developing countries as well as EU countries.
moon fees for separate deposits are free, while withdrawal fees are €0.30.
visit luno read review
10. buy bitcoins with saber through localbitcoins
pros: vendors are abundant and very friendly user interface
cons: a greater possibility of scam when buying from individuals
localbitcoins allows you to buy and sell bitcoins through its peer-to-peer marketplace.
As expected of a marketplace, localbitcoins allows you to trade with a variety of sellers and gives you the option to pay with your preferred payment method.
One crucial thing to keep in mind when buying bitcoin using localbitcoins is choosing trustworthy sellers by looking at their reputation. Since you’re doing business with individuals rather than a company, there’s a much higher chance of being scammed.
The only way to mitigate this risk is to do a thorough reputation check of the seller before closing a deal.
This rule also applies to buyers, ie sellers are concerned about buyers with little or no reputation. Because of this, you may be forced to “start small” and build your reputation before anyone agrees to sell you large amounts of bitcoin.
It is possible to buy and sell using separate local bitcoins, assuming both parties are within the separate area. As with any other payment method, please exercise the necessary precautions when doing business on localbitcoins. prices and transaction limits will depend on the seller you decide to buy from, so do your research and compare sellers’ prices before making a deal.
visit localbitcoins read review
11. buy bitcoins with saber through coincorner
pros: reputable UK based company, responsive customer support
disadvantages: relatively high deposit and trading fees, high separation withdrawal fees
coincorner was founded in 2014 and is based in the isle of man. the company offers brokerage services as well as its own software wallet.
As for their fees, coincorner does not charge any fees for deposits made with sepa and €35 for withdrawals, which is much higher than most of the other platforms on this list.
visit coincorner review coming soon
12. buy bitcoins with saber through youhodler
pros: newbie-friendly exchange, free independent deposits
cons: fees are high and not clearly defined
youhodler is a Swiss platform that also has offices in Cyprus. offers crypto trading, savings accounts, and cash loans. the trading interface is beginner friendly, with no need to navigate charts or order books.
Separate deposits are free, with a minimum deposit of €100. separate withdrawals cost €5, with a minimum withdrawal of €50. transactions between fiat currency and cryptocurrencies must be equivalent to 30 usd or more, without clearly defined trading fees. instead, you’ll need to check the applicable fee and exchange rate when entering a trade, or using their conversion calculator tool. This $30 minimum applies to both crypto to fiat and fiat to crypto transactions.
visit youhodler read review
13. conclusion: how do I know which exchange to use?
Deciding which exchange to choose can be quite difficult as there are so many options. some are more reputable than others, some have lower fees, and some have great support, which is crucial.
In my opinion, the best way to find your ideal exchange is through trial and error. Pick an exchange (any exchange), deposit a small amount with them, and rate the overall experience you’re getting.
if not good, move on to the next online exchange.
Alternatively, you can choose to avoid micro-analysis and, from the start, choose an exchange that you know will give you great service even if they charge more.
Finally, remember that separate transfers usually take longer than credit or debit card purchases, which can be a disadvantage for some users.
If you have any further questions or comments about the methods I’ve just described, feel free to leave me a comment below.