SEPA (Single Euro Payments Area) offers a standardized structure for euro-denominated banking transactions within the European Union and its member countries.
For cryptocurrency users, SEPA facilitates quick fiat-to-crypto transactions, enabling them to deposit euros into trading platforms such as Bybit. SEPA transfers allow customers to fund their accounts safely and effortlessly while also benefiting from harmonized processes and lower transaction costs within the SEPA zone.
Can I Buy Crypto with SEPA?
Yes, you can buy crypto with SEPA. This payment gateway is a good fit for European users as most exchanges will charge very little to nothing in fees. Since they don’t worry about chargebacks, some exchanges will also give you a significantly bigger buying limit when you use SEPA. Bybit is a recommended, safe and dependable exchange platform for buying crypto using SEPA.
With Bybit, cryptocurrency purchases can be made using SEPA. The payment gateway enables clients to access the global market of cryptocurrencies through their bank accounts.
How to Buy Crypto with SEPA
When making a SEPA (Single Euro Payments Area) deposit on the cryptocurrency exchange Bybit, an individual would normally transfer euros from a bank account located in the SEPA zone to the exchange’s designated bank account.
Similar to numerous other exchanges, Bybit can accept SEPA deposits as an easy and affordable option for consumers to fund their trading accounts with fiat money.
In order to buy crypto with SEPA on Bybit, users usually have to do the following:
Step 1: Register an account
Create an account on Bybit. Before making a fiat currency deposit, certain exchanges, like Bybit, demand that users fulfill Know Your Customer (KYC) procedures. In order to comply with Know Your Customer (KYC) rules, provide the relevant information and finish the requisite verification process, which usually involves identity verification.
Step 2: Configure Two-factor Authentication.
Turn on two-factor authentication (2FA) to improve account security. This provides an additional degree of protection by requesting a second verification step, usually via an SMS or mobile app.
Step 3: Use SEPA Transfers to Deposit Money
Go to Bybit’s platform’s deposit area and select SEPA transfer as your mode of payment. Create Deposit Information: Bybit will give you the account number, IBAN (International Bank Account Number), BIC (Bank Identifier Code), and recipient’s name, among other banking information.
Step 4: Await the Deposit Confirmation
SEPA transfers typically take one to three business days to finalize upon receiving confirmation that the funds have been successfully deposited into your Bybit account.
Step 5: Purchase Your Preferred Cryptocurrency
After the funds are available in your exchange account, go to the trading section and choose your preferred cryptocurrency. You can then specify the quantity you want to buy and complete the trade. Depending on your trading preferences, you can either place or set specific buy orders.
Before you initiate funds transfers, make sure the following information is the same in the SEPA and ByBit accounts: name, last name, phone number, email address, and document utilized. If the information differs from what is on your accounts, you need to correct it.
What Are the Fees?
Bybit charges a deposit fee of 0.19% of the total amount deposited, with a minimum deposit of 1 euro. Trading fees on Bybit vary based on some criterias such as the user’s VIP level, region, and trading method. At a certain VIP level, users can enjoy zero maker fees for futures and options trading.
Spot Trading Fees
Spot trading fees range between 0.015% to 0.1% and 0.005% to 0.1% for taker and maker fee rates respectively.
Perpetual & Futures Contracts Trading
Perpetual & Futures Contracts Trading fees range between for taker fees 0.0250% to 0.055% and 0% to 0.02% for maker fees.
USDC Options Trading
Users interested in Bybit options trading must prepare to pay between 0.01% to 0.02% and 0% to 0.02% for takers and makers transaction fees respectively.
Recommend Alternative Exchanges
BitGet and OKX are alternative crypto exchanges where you can buy crypto with SEPA. The steps for depositing fiat on these exchanges through SEPA bank transfer are similar to the highlighted steps mentioned above.
For BitGet, the deposit fee is zero, the withdrawal fee is 1 euro, and the arrival time of funds is 1-2 working days. OKX has a deposit fee of 0.937 euros, withdrawal is free, and OKX’s deposit is instant, while withdrawal can take up to 2 business days.
About SEPA
Launched in 2008, SEPA (Single Euro Payments Area) is a European effort designed to facilitate bank transactions in euros between 36 participating nations, including non-EU members of the EU. It unifies payment methods, procedures, and regulations so that companies and individuals can transact electronically in euros under uniform guidelines wherever they are.
SEPA facilitates interoperability and efficiency in cross-border transactions by covering a range of payment methods, including direct debits and credit transfers. The European Payments Council, which oversees SEPA, intends to promote competition and innovation in the European payments industry while streamlining and speeding up euro payments.
Bottom Line
For Europeans looking to get started with cryptocurrencies, purchasing cryptocurrencies through SEPA transfers offers a quick and easy way. Speed, affordability, and wide acceptance throughout the SEPA zone are some of the advantages of SEPA transfers.
You may quickly acquire cryptocurrency and get started with cryptocurrency investing by following the step-by-step instructions in this article and selecting Bybit, the suggested cryptocurrency exchange.
