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  • How to buy cryptocurrency with a credit card

    Published on July 15, 2021

    Yes, you can Bitcoin with your credit card. It offers an easy and convenient way to buy cryptocurrencies.

    The question is where and how can you purchase cryptocurrencies like bitcoin, and ethereum? Are there anything I should avoid when buying?

    How to buy crypto with a credit/debit card

    Among the several methods you can use the most convenient is simply through a cryptocurrency broker. We are going to go through how you can buy bitcoin from Coinbase using your credit or debit card.

    To register for an account go to Coinbase website. Click on sign up and fill in your email address and a password.

    Email verification

    You will be sent an verification link to the emails address you provided. Simply click on it an allow two-factor authentication.

    ID verification

    You have to provide an ID proof like a passport or a driver’s licence.

    Connect you debit or credit

    You have to check if you have the option of linking your debit or credit card. If you do, all you have to do is click on “Add a Payment” method which you can find in the Buy/Sell tab. Click on credit/debit card and the put in the name registered with your card, its number, CVV, expiration date and your zip code. As soon as this is done,  Coinbase will give you two temporary approvals on your debit/credit card. After that you have to confirm the amount of these approvals then you will receive confirmation that you have added your card.

    Buying crypto with your credit or debit card

    Select the buy or sell tab and locate the buy page then put in the details of the transaction you want to do. pick the cryptocurrency you want to purchase, including the amount, the card you want to use to buy it and the location where the crypto will be deposited.

    Use a few moment to inspect everything you have done and the whole cost of the transaction. If you’re okay with everything complete your purchase by clicking the buy button.

    Platforms that allows you to buy crypto with credit card

    You can use credit card for crypto purchases for three types of services. Each type of service have a little different method and its own advantages and disadvantages.

    Cryptocurrency brokers

    This is probably the most convenient and easiest way to buy bitcoin and other cryptocurrencies. Brokers purchase cryptocurrencies at wholesale prices and they sell it for a little profit. You can simply buy crypto using a Fiat paper currency.

    New crypto buyers can easily use this method to purchase cryptocurrency and some brokers offer support purchases with your debit card. Broadcast can either offer only cryptocurrency purchase services or in addition to sell-side services.

    The primary disadvantage of buying crypto via a broker is that they charge higher fees compared to other purchasing platforms. So they offer higher costs for their speed and convenience.

    Cryptocurrency exchanges

    These are simply trading platforms like british bitcoin profit website, that allows you to buy and sell cryptocurrencies with other people and take their share of all transactions through trading fees. Some of these sites only permit crypto to crypto trading. However, there are others that allow you to transact digital currencies for Fiat currency as well as allow credit card payment.

    You simply trade with a market order or limit or with the use of advanced tools such as stop-loss orders.

    Crypto exchanges offer a more improved exchange rate compared to brokers. You also get to enjoying Lesser trading fees and access to numerous digital currencies. A major drawback of this method of buying is that it is more complex compared to buy from a broker. This means that people new to cryptocurrency trading may find it difficult using this method.

    Peer-to-peer exchanges

    Peer-to-peer exchange allows transaction between users worldwide. As a seller you’re free to determine your price and the method of payment. The exchange simply acts as a Middleman to connect you and buyers.

    With this transaction method you can get fast and flexible trades and you can buy crypto with some level of and anonymity.

     The major disadvantage using this type of method is that you have to go with a price above the market rate. Still there some websites that comes with built-in Escrow features which help to increase the legitimacy of buyers and sellers