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How to Buy Bitcoin in the Netherlands Using iDEAL [2024]
If you are a Dutch Bitcoin investor or enthusiast, and would like to gain exposure to the world's largest cryptocurrency by market cap, then the usual route to buy and sell Bitcoin is through a crypto exchange or investing platform.
However, signing up to an exchange is just part of the process, and in order to actually convert your fiat currency into Bitcoin, you will need to go through a payment method. But not every payment processor is the same in terms of speed and cost, and not every exchange has compatibility with multiple payment options.
When it comes to converting fiat from a Dutch bank account into Bitcoin, there are few payment methods better than iDEAL (if any), and this article will delve into what iDEAL is, its advantages, and the best place to buy Bitcoin in the Netherlands using iDEAL.
We’ll talk about:
- What is iDEAL
- Advantage of Using iDEAL for Bitcoin and Crypto Purchases
- Crypto Exchanges and Platforms that Use iDEAL
- Buy Bitcoin in the Netherlands Using ICONOMI
Let's dive right in!
What is iDEAL
iDEAL is the most widely used payment method in the Netherlands that allows users to make instant payments from their bank accounts, and without having to manually input credit or debit card details. iDEAL facilitates this by linking directly to one's online banking in order to facilitate seamless bank transfers for various purchases; including when you buy Bitcoin with iDEAL.
To highlight how popular iDEAL is, in early 2021, 96% of all Dutch online shoppers used iDEAL to purchase goods and services, which is hardly surprising given its zero fees, and instant confirmation process.
So whether you're looking to pay for services or goods, or even Bitcoin, iDEAL allows for a fast, secure and seamless online shopping experience.
Advantage of Using iDEAL for Bitcoin and Crypto Purchases
When it comes to buying Bitcoin or other cryptocurrencies, iDEAL offers several clear advantages.
Firstly, its processing time is incredibly quick. Payments are processed almost instantly, meaning as soon as you confirm a transaction via your online bank, funds are immediately moved over to the exchange you are using; allowing you to seamlessly buy Bitcoins or other crypto with iDEAL.
iDEAL is also highly secure. Because it operates directly through your bank, there’s no need to share sensitive card details with third-party platforms, reducing the risk of fraud. Furthermore, iDEAL supports bank transfers across Dutch banks, which is a faster alternative to traditional SEPA transfers.
But perhaps the biggest selling point of iDEAL is that its service is fee-free for users. This makes it a highly cost-effective method for users looking to buy Bitcoin or invest in Bitcoin without additional charges.
So due to its seamless compatibility, speed, security and non-existent fees, iDEAL has become the preferred method for Dutch residents looking to convert fiat into BTC and other cryptocurrencies.
Crypto Exchanges and Platforms that Use iDEAL
Although iDEAL is one of the most optimal methods for those wanting to buy crypto like BTC, not every crypto exchange is iDEAL compatible, and even if they are, not everyone is equal in terms of ease-of-use, trading pairs, fees and utilities.
For this reason, we have collated a list of the top three crypto exchanges and platforms for investors in the Netherlands to securely convert euros into digital assets like Bitcoin; which they can then sell or store in a Bitcoin wallet of their choice.
1) ICONOMI
ICONOMI is one of Europe’s leading crypto investment platforms, making it an excellent choice for Dutch investors looking to buy Bitcoin and other cryptocurrencies. Although ICONOMI is not a crypto exchange per se, it more than makes up for this through its built-in exchange aggregation system that pulls data from leading crypto exchanges to provide the best Bitcoin price.
Besides being DNB-compliant (through its acquisition of Triaconta) and allowing Euro deposits through iDEAL, what sets ICONOMI apart from other crypto exchanges in the Netherlands is its expertly-managed crypto strategies, which allows both new and experienced users to invest efficiently and effortlessly. So with support for over 150 cryptocurrencies and 10,000+ trading pairs, Dutch crypto users can either purchase and store Bitcoin, or diversify their crypto portfolios with ease.
2) Bitvavo
Bitvavo, headquartered in Amsterdam, is one of the largest exchanges in the Netherlands, and is also the global leader for EUR crypto spot trading. Supporting over 230 cryptocurrencies, Bitvavo offers Dutch users a broad selection for buying, selling and trading digital assets, including Bitcoin.
The exchange is also regulated by the DNB, and gives users the option to deposit euros via iDEAL, meaning Dutch users can buy, sell and store Bitcoin with minimal fees; especially when you consider Bitvavo's competitive trading fees.
3) Coinbase
Perhaps the most well-known crypto exchange in the world alongside Binance, Coinbase is another trusted exchange where Dutch users can buy Bitcoin with ease.
Since registering with the DNB in 2022, Coinbase provides fully compliant and secure services for buying, selling and trading cryptocurrencies, and Dutch investors can also take advantage of iDEAL to make quick and free Euro deposits in order to purchase Bitcoin safely.
However, users should be aware of higher fees on Coinbase's basic platform.
Buy Bitcoin in the Netherlands Using ICONOMI
Buying Bitcoin through ICONOMI is a very easy process for Dutch investors, and below is a step-by-step guide to help you buy Bitcoin using iDEAL:
1) Open an account with ICONOMI: Visit the ICONOMI homepage and click the "Get Started/Register" button. Follow the on-screen instructions, then check your inbox for a confirmation email. Review and agree to the disclaimer.
2) Log into your ICONOMI account: Once registered and verified, head over to the ICONOMI website or open the mobile app (available on iOS and Android) and log into your account using your credentials.
3) Access the 'Invest' section: Once logged in, navigate to the ‘Invest’ section on the dashboard. This is where you’ll find a variety of assets to buy, including Bitcoin.
4) Select Bitcoin: In the ‘Cryptocurrencies’ tab, scroll through the list of available assets until you find Bitcoin. Click or tap on Bitcoin to proceed.
5) Choose payment method: iDEALAfter selecting Bitcoin, you’ll need to choose your payment method. Under the Fiat currencies section, select iDEAL for a quick and fee-free deposit.
6) Enter the amountYou can choose either to enter the amount you want to spend in euros or the amount of Bitcoin you want to buy. ICONOMI’s platform will display the exchange rate and show how much Bitcoin you will receive.
7) Complete the purchaseFollow the on-screen instructions, and you’ll be redirected to your online banking environment. iDEAL will automatically fill in the payment details for you. Simply confirm the payment through your bank’s security process, and the euros will be transferred to ICONOMI.
8) Bitcoin is added to your ICONOMI portfolioOnce the transaction is confirmed, the Bitcoin will be added to your ICONOMI portfolio.
Conclusion
As can be seen, buying Bitcoin in the Netherlands has never been easier, thanks to the seamless integration of iDEAL with leading exchanges and platforms like ICONOMI, Bitvavo, and Coinbase. iDEAL’s fast, secure, and cost-effective payment system allows those in the Netherlands to quickly convert euros into Bitcoin without the hassle of fees or complex processes. This means easy access to the world of Bitcoin and cryptocurrency — just with a few clicks!So whether you're looking to buy and HODL Bitcoin, or include it as part of a diversified portfolio, iDEAL offers a smooth and efficient way for Dutch investors to do this stress-free.
Enjoy your seamless Bitcoin purchase!
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