Use Debit Card To Buy Bitcoin
If you want to buy cryptocurrencies other than Bitcoin with your credit card, the process is almost exactly the same. Just select the coin you wish to purchase from the dropdown menu at the top of this page when getting ready to buy. And be sure to provide an address for a wallet that supports that coin. Otherwise, the process is identical to buying bitcoin with a credit card.
use debit card to buy bitcoin
What are you waiting for? Our payment processor and customer service team are ready and at your disposal. You can also visit our FAQ page if you have any lingering questions about the process or cryptocurrency in general. Or give us a call at 1-888-70-BITCOIN if you need help buying crypto with a credit or debit card, or with anything else.
MoonPay provides payments infrastructure for crypto, letting you buy and sell Bitcoin with a credit card. It is different from a Bitcoin exchange where you can swap Bitcoin and other cryptocurrencies.
Consumers in the U.S. alone made 39.6 billion credit card purchases in 2019, and chances are you have several of those little plastic squares on you right now. As the industry standard for online purchases, credit and debit cards offer a quick and convenient way for you to acquire bitcoin. While not built for heavy trading, using credit cards to buy Bitcoin is an excellent option for first-time buyers and people looking to use Bitcoin (BTC) to purchase goods.
The card allows investors like yourself to use FIAT currencies to make their purchases, and the card will automatically make any exchanges for them. Buyers can leverage their credit lines, allowing them to purchase more Bitcoin than they have liquid assets. While very risky, there are times when this strategy is advantageous.
The platforms that accept credit cards almost universally accept debit cards. Online purchases rarely distinguish between the card types as long as they are issued by a large credit company like Visa or Mastercard.
The service you are using may charge a fee to allow you to purchase Bitcoin. An ATM or exchange may give charge either a fixed amount or a percentage of the purchase price. Credit card companies have also started counting buying Bitcoin as a cash advance. Cash advance fees are typically $10 or 3-5%, whichever is greater.
Buying bitcoin with your debit card has never been easier. When you're ready, here's what you can expect of the process:First, choose the cryptocurrency exchange or broker you want to buy from.
Of the exchanges on this list, eToro is the only one that doesn't charge a separate fee to make debit card purchases. It still isn't free, however, as you'll need to pay the 1% trading fee they charge for buying or selling crypto assets.
While Kraken is a U.S.-based company, they currently only support debit card purchases made in Euros. That means if you're looking to purchase Bitcoin with USD using your debit card, you should look elsewhere.
Coinbase FeaturesBeginner-friendly interfaceEducational tools that pay you in crypto to learn about new coins and how the world of crypto worksCoinbase Visa cardCoinbase Wallet, a separate app that doesn't require Coinbase membership and lets you conveniently store your coins securely
Most exchanges allow you to buy cryptocurrency using a variety of payment methods, including debit cards, ACH transfers from your bank, PayPal, or even credit cards. If credit seems like the obvious choice, you may want to think again, since your creditor might block the purchase, or even process it as a high-interest, high-fee cash advance loan.
In short, yes you can buy crypto with a credit card. Some of the most popular cryptocurrency exchanges allow you to make purchases with credit cards when you set up your payment method in your account.
Credit card transaction fees. Cryptocurrency exchanges typically charge several fees for each transaction, including a 1% to 2% transaction fee. But when you use a credit card, they add a credit card processing fee as high as 3.75% and you might pay an additional fee based on your pairing. On top of that, your creditor may charge their own processing fee.
Simplex is an EU licensed financial institution founded in 2014 that helps merchants worldwide accept diverse payment methods, including credit card deposits and purchases, with zero exposure to chargeback risk. The company also operates a secure escrow service for large fiat-to-crypto transactions.
Simplex combines payment processing with bleeding edge fraud prevention technology that allows our wallet to offer our users the ability to purchase cryptocurrencies with a credit card right inside their Edge Wallet.
With the latest release of Edge users can buy Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) with a credit or a debit card. Litecoin is the newest addition and we expect Simpex to add more cryptocurrency options overtime.
Tap on Simplex and complete their onboarding process. Keep in mind some cards/banks decline cryptocurrency related transactions. We know for a fact Chase, Wells Fargo, Bank of America, and Citi deny these transactions. You may have to try multiple cards.
Like gold in the 1850s and dot-com stocks in the 1990s, crypto is having a moment as the hot commodity of the day. Purchasing cryptocurrency with a credit card is possible but can be a dangerous financial undertaking. Cardholders can expect fees from both sides of a transaction involving cryptocurrencies and credit cards, plus face the risk of losing money quickly because of volatile currency values and high interest rates.
In addition to checking with your credit card company, you should also look for a cryptocurrency exchange willing to accept credit cards for deposits or purchases. Some only allow direct deposits from banks, cash deposits or debit card purchases. Limitations also exist as to what types of credit cards may be accepted by exchanges. Some exchanges may only take Visa or Mastercard credit cards.
Several major U.S. credit card companies will not allow cardholders to purchase cryptocurrency with a credit card. Reports show that Citibank, for example, blocked cardholders from using credit cards to purchase Bitcoin and other cryptocurrencies in 2018, perhaps fearing its volatility and the potential for fraud. Some credit card companies may even issue cash advance fees if a cardholder attempts to make a crypto purchase.
Not all platforms will allow you to use a credit card to make your cryptocurrency purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.
Cardholders can expect to pay fees to both the exchange the currency is purchased with and fees to the credit card issuer. Before making any purchases with a credit card, research the exact cost for each purchase and what the monetary benefit will be (or will not be) before incurring the charge.
The exchange may charge a commission fee and/or a service fee for using a credit card to purchase or deposit crypto. Depending on the exchange, vendors within the exchange may also design fees for purchasers depending on a few factors, like where the vendor is located, the purchase amount and what type of credit card is used.
Some credit card companies allowing cardholders to make crypto purchases treat the purchases as a cash advance (cash advances usually involve a cardholder using a credit card to withdraw money from an ATM). This has several critical disadvantages.
As the cryptocurrency market evolves, so does the standard financial market. A few start-up credit card issuers offer Bitcoin or other cryptocurrencies as bonuses or rewards. Other cards that earn crypto rewards include the Crypto.com Visa Card*, The Gemini Credit Card* and the Status Money Credit Card*.
Few advantages come with using a credit card to buy cryptocurrency. Among them is convenience. Because cryptocurrency can be a volatile, risky investment, taking on debt to make such an investment is ill-advised. It can also be quite expensive. Platforms accepting credit card payments often tack on additional fees for credit card transactions, and since credit card companies often treat cryptocurrency purchases as cash advances, you can expect to be charged a higher interest rate and see interest accrue immediately.
Credit card purchases of cryptocurrency often come with high fees. This can reduce the value in a good investment or minimize returns by a significant margin. Cardholders also face a high risk of burrowing themselves into deep debt that can be hard to climb out of. For those who insist on using a credit card, we advise contacting a credit card representative to discuss what the repercussions will be with a specific credit card issuer and look for a cryptocurrency exchange with the best credit card rates.
Crypto rewards cards are a new form of credit card reward program. Some programs allow you to earn cryptocurrency as reward for using the card while other programs may allow you to trade the reward points you earn for cryptocurrency.
You can use cryptocurrency to make payments if the vendor you wish to purchase from accepts cryptocurrency directly. Some websites allow you to exchange cryptocurrency for gift cards, which you can use to pay for purchases, instead. You can also sign up for a cryptocurrency debit card.
If you must use a credit card, we advise contacting a credit card representative with your card issuer to discuss what fees may apply. Look for a cryptocurrency exchange with the best credit card rates and ensure you do not spend more money than you already have available to pay down your credit card balance.
Chauncey grew up on a farm in rural northern California. At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. He remains most at home on a tractor, but has learned that opportunity is where he finds it and discomfort is more interesting than complacency. 041b061a72