Summary
iDEAL is an online payment method that enables Dutch residents to make real-time bank transfers without the need for credit or debit cards. It is the most widely used payment method among Dutch consumers. However, iDEAL is solely a payment method and does not allow users to directly buy or sell cryptocurrencies on its platform. Instead, you need to use it to fund your crypto purchases on exchanges regulated by the Dutch Authority for Financial Markets (AFM). Platforms like Bybit, which is registered as a Virtual Asset Service Provider (VASP) with De Nederlandsche Bank (DNB) and offers support in Dutch, can be used to buy cryptocurrencies with iDEAL.
Can I Buy Bitcoin with the iDEAL?
Yes, you can buy crypto with iDEAL, but indirectly! iDEAL does not support cryptocurrencies directly on its platform. Instead, it serves as a payment method, connecting your Dutch bank account to facilitate online payments directly from your account. To buy and sell cryptocurrencies in the Netherlands using iDEAL, you’ll need to create an account on a cryptocurrency exchange like Bybit, which operates under Bybit.nl in the Netherlands. Other leading crypto exchanges in the Netherlands also allow users to fund their accounts using iDEAL.
How to Buy Crypto with iDEAL on Bybit
For Dutch residents looking to buy crypto with iDEAL, creating an account on Bybit is a great way to get started. Bybit, established in 2018 by Ben Zhou, is a highly reliable platform with a very high Safety Index. It is a preferred choice for over 30 million users worldwide and offers a wide range of crypto services and products. Once you fund your account with iDEAL, you can easily buy and sell over 660 cryptocurrencies on Spot Trading or explore other services like bot trading, staking, or copy trading.
Why choose Bybit?
To buy crypto with iDEAL on Bybit, you’ll need to familiarize yourself with their on-ramp platform, which allows users to fund their accounts using iDEAL or other payment methods, including bank transfers and SEPA. Simply follow these steps to buy crypto with iDEAL on Bybit:
Buy Crypto with iDEAL
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1Begin by registering on Bybit and completing the KYC process to ensure compliance with regulations.
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2Once your Bybit account is set up, go to their website, hover over the Buy Crypto tab, and choose the Fiat Deposit option from the menu.
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3You'll be directed to Bybit's on-ramp platform. Select EUR as your currency and enter the amount you wish to deposit to fund your crypto purchase.
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4After selecting your currency, you'll see a list of available payment methods under the Payment Method section. Choose iDEAL as your payment option.
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5Click Continue and proceed to fund your Bybit account using iDEAL.
Alternatives to Bybit
Having alternatives within the crypto space is always considered a plus. Here are some Bybit alternatives that support iDEAL as a payment method for Dutch users looking to buy cryptocurrencies:
Bitvavo
Bitvavo is an excellent alternative and a prominent Netherlands-based exchange, established in 2018. With a high security index, it offers iDEAL deposits and provides access to over 390 cryptocurrencies for spot trading. Trusted by over 4 million users, Bitvavo is fully regulated, making it a solid choice for beginners looking to start their crypto journey in the Netherlands. While it doesn’t offer futures trading and has slightly higher fees (0.10%–0.25%), it remains a user-friendly and reliable platform for newcomers.
MEXC
Another great alternative is MEXC, a top global crypto exchange known for its vast selection of cryptocurrencies available for spot trading. Founded in 2018, MEXC supports iDEAL deposits and offers more than 3,137 cryptocurrencies. With competitive fees of just 0.05% for both makers and takers, MEXC stands out not only as an excellent altcoin exchange but also for its range of services, including futures trading with up to 300x leverage, staking, and other crypto-related products. Whether you’re a beginner or a professional, MEXC is a strong choice for buying, holding, and trading cryptocurrencies in the Netherlands.
What are the Fees?
Before making your purchase, it’s important to understand the fee structure associated with buying and selling cryptocurrencies. When it comes to funding your Bybit account using iDEAL, Bybit does not charge any deposit fees. However, note that iDEAL has its own fee structure for online payments, which will be applied accordingly.
Additionally, buying and selling cryptocurrencies on exchange platforms generally incurs fees. In the case of Bybit, it offers a highly competitive fee structure compared to other top exchanges, charging a flat 0.10% for both maker and taker fees.
iDEAL Cryptocurrency Policy
iDEAL does not have a specific cryptocurrency policy but serves as a payment facilitator, allowing real-time bank transfers for Dutch users. While it doesn’t directly impose restrictions on cryptocurrency transactions, users must ensure they are using exchanges registered as Virtual Asset Service Providers (VASP) with De Nederlandsche Bank (DNB). Additionally, users should be aware of iDEAL’s payment fees and any trading fees charged by the exchange.
Bottom Line
iDEAL is the most preferred payment method in the Netherlands, holding over 70% of the online payment market share. With iDEAL, buying and selling crypto is quick and straightforward, with no restrictions imposed by iDEAL for such transfers. However, users must ensure that the exchange they use is registered as a Virtual Asset Service Provider (VASP) with De Nederlandsche Bank (DNB) to ensure compliance. Platforms like Bybit meet this requirement.
FAQs
1. Is it legal to buy crypto in the Netherlands?
Yes, buying bitcoin is legal in the Netherlands. Cryptocurrency exchanges must be registered with the Dutch Central Bank (DNB) and adhere to strict anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.
2. Can you buy crypto with iDEAL?
Yes, you can buy crypto with iDEAL. Many crypto exchanges in the Netherlands offer iDEAL as one of the payment methods to fund your account, such as Bybit.
3. What should I do if my bank doesn’t support iDEAL?
If your bank does not support iDEAL, you can explore alternative payment methods on the exchange, such as SEPA transfers or credit cards.
4. Can I buy stablecoins like USDT or USDC with iDEAL?
Yes, you can use iDEAL to fund your account on platforms like Bybit and then purchase stablecoins like USDT or USDC on the exchange.
5. What is the minimum deposit required to buy crypto with iDEAL on Bybit?
The minimum deposit to fund your Bybit account using iDEAL is €10, making it an accessible option for beginners and experienced traders alike.
