The Bitcoin price has seen an unprecedented surge over the last few months and continues to grab the attention of people from all around the world. Today, it is everywhere and many analysts think that it is the currency of our future. Therefore more and more people are getting their hands dirty in the world of cryptocurrency. Despite its widespread adoption, many people are still wondering about how to buy Bitcoin, where to buy Bitcoin and a lot of other related questions. In the early days of Bitcoin, it was really a hard job to buy Bitcoin with credit card or direct bank transfer. But now many platforms allow you to purchase Bitcoin with a wide range of payment methods. Moreover, out of these places, which one should you choose from is another great challenge.
No worries!! In this guide, I'll be explaining to you how to buy Bitcoin with a credit card instantly, the best places to go, and start making investments in cryptocurrency right now. Moreover, we'll also talk about cryptocurrency exchanges, Bitcoin ATM, and peer-to-peer platforms. In addition to that, you'll learn about the pros and cons of buying bitcoin with credit card and its pros and cons. Read on and at the end, you'll have a great understanding of how you can own this fastest-growing digital currency and become a part of the revolution.
How to Buy Bitcoin with Credit Card Through Exchanges
To buy and sell cryptocurrency including Bitcoin, you need to use a bitcoin exchange. These online exchanges are websites that allow you to purchase Bitcoin with your bank card (Credit card/ Debit card). If you're new to the world of cryptocurrency then it is the best way to buy Bitcoin & crypto with Credit Card or Debit Card. The best Credit Card Bitcoin exchange is secure, cost-effective, quick to set up, easy to use, and accepts a variety of funding sources. But before buying bitcoins, you'll need to have a Bitcoin wallet as many platforms don't have an in-built wallet to HODL. If you're intending to invest in a small amount then using a hot wallet will be a good option. Whereas, bitcoin cold storage wallet (hardware and paper wallet) is best for storing large amounts of Bitcoin. You'll also need personal identification documents if you are using a Know Your Customer (KYC) platform.
However, there are also exchanges that allow users to remain anonymous and do not require users to enter personal information. For a certain group of people, this may help to ward off regulations and taxes. Today, at most websites you have to complete the KYC process in order to purchase bitcoin with a Credit card. Once you find a platform that meets all your needs, create an account and buy some coins. Remember that it is not necessary that you buy the whole 1 Bitcoin, you can buy a small portion of 1 Bitcoin known as micro bitcoin or Satoshi. Even on certain exchanges, there are various packages of $100, $500, and $1000 worth of Bitcoin.
Let's walk through the necessary steps for getting started with buying Bitcoin on a KYC platform.
- Create an account on the crypto exchange that allows you to buy Bitcoin with credit/debit card or bank transfer. This will require your name and email address.
- Now to verify your account you'll have to complete the KYC process.
- Provide personal information such as an ID (driving license, NIC, passport).
- You'll also need to provide a mobile number to receive a verification code.
- Once you're done, you can now buy bitcoin on the exchange via credit card.
- Depending on the platform, you'll incur a certain amount of transaction fees.
Remember that buying Bitcoin with a credit card is the most expensive method because card issuers and banks treat Bitcoin as normal cash. So you'll have to pay extra fees. If you don't want to undergo a complicated and long KYC verification then it is also possible to buy Bitcoin with Credit Card without verification or ID in some places. They're known as P2P trading platforms.
How to Buy Bitcoin with Credit Card via P2P
When you trade cryptocurrencies on a P2P platform, there is no verification needed because you purchase Bitcoins from other people online. A peer-to-peer platform is a marketplace where buyers and sellers meet and carry out transactions. Once you create an account on these services, you can post advertisements to sell your cryptocurrency and provide details about the price and how to pay. It provides a sort of more direct connection between users. People can check our thousands of buy and sell orders, pick one that matches your needs. However, the legitimacy of the seller must be checked with feedback and rating. Localbitcoin is one of these platforms where you can locate a seller and make payments with a credit card. It works this way: You'll arrange a meeting with the buyer nearby you and buy Bitcoin with PayPal or by making a bank transfer. It is one of the most anonymous ways to buy bitcoin from people all around the world.
This is who you've learned about buying Bitcoin with a credit card with no ID required. The best thing about these services is that you can choose to pay with any payment method including credit card, debit card, MasterCard, and Visa Card. If you're still not sure about how to find a trustworthy seller then you can go for a Bitcoin ATM either.
Using Debit Card to Buy Bitcoin on Bitcoin ATM
Buy Bitcoin with ATM is the most convenient way. A Bitcoin is similar to ordinary banking ATMs but instead of fiat currencies (USD, EUR, JPY, AUD, EURO), it will send Bitcoin to your wallet address on insertion of cash. It doesn't need any KYC process of verification. Buyers will typically scan a quick response (QR) code corresponding to their own bitcoin wallet address, to which purchased coins are transferred. But an important consideration is transaction charges on these ATMs as they can charge up to 10% for trading bitcoins. If you don't have a wallet then Bitcoin ATMs will create one for you.
These Bitcoin ATMs are owned by different companies dealing with cryptocurrencies. They may have their own hot and cold wallets. These are becoming more popular with every passing day and the number of BATM is on a rise. You can locate a nearby ATM machine by using services like ATM Radar Service etc.
Pros and Cons of Buying Bitcoin with Credit Card
Buying Bitcoin with a credit card is one of the easiest methods to invest in cryptocurrencies. However, there are some serious advantages and disadvantages that you should proceed with caution.
Pros of buying Bitcoin with a Credit card
- It allows you to buy Bitcoin with fiat currencies such as USD, EURO, JPY, and AUD.
- It is an easy and fast method, particularly for first-time buyers who want a hassle-free option.
- The speed of purchasing with credit and debit cards gives more security to users.
- Even if you don't have cash in your hands, you're able to buy Bitcoin.
- It’s pretty straightforward and doesn't require visiting a third-party platform.
Cons of buying Bitcoin with a Credit Card
- Using credit and debit cards to purchase Bitcoin will cost you more amount of transaction charges.
- Card issuers such as American Express card treat buying crypto as normal cash. It means if you purchase $100 worth of Bitcoin using an American Express card, you will pay $10 along with an annual service charge.
- You can overspend money and end up in debt.
- Putting credit card information on platforms may be a security risk as some exchanges are just scams.
How to Secure and Sell Bitcoin with Credit Card?
Now, you've owned Bitcoin, it is equally important to know how to secure and sell it. For a small fraction of 1Bitcoin, using online wallets will be convenient and good enough for day-to-day transactions. However, if you've acquired a large holding then do get a hardware or paper wallet to store Bitcoin offline. Cryptocurrency is a lucrative investment and a good arbitrage opportunity. You can make a profit by selling Bitcoin on the same day of buying it or just anytime. If you want to cash out Bitcoin then btc-to-usd-converter.com and bitcoinscashout.com are the most popular and reliable exchange services. It is simple and involves these simple steps to sell Bitcoin with a Credit Card.
- Visit btc-to-usd-converter.com official site.
- Head over to the exchange button.
- Hit on the exchange button.
- Provide the amount of Bitcoin that you wish to sell.
- Choose a Credit/Debit card as a payment method.
- Indicate necessary information and follow the guide.
- Sell Bitcoin there.
- Confirm and withdraw the fund to your credit card.
Now that you've reached the end of this guide, I hope this reading has been helpful for you to buy Bitcoin with credit card. There are various methods to purchase Bitcoin with a credit and debit card, each has its advantages and drawbacks. You can head over to a third-party crypto exchange, a Bitcoin ATM, or a P2P platform depending on your needs. Using a credit card to buy Bitcoin is one of the fastest and secure methods available. But you need to proceed with serious caution. You have to put extra focus on the security of the platform before going to buy Bitcoin. If you've anything to say then do leave a comment below.
Can you buy crypto with a credit card instantly?
Yes, you can buy crypto with a credit card instantly. There are many platforms that allow users to pay with credit and debit cards while purchasing Bitcoin. It is pretty fast and instant buy comes with high transaction charges.
How does buying crypto with a credit card work?
Buying Bitcoin with a credit card is just like purchasing any other stuff online. The hard thing can be finding a crypto exchange and credit card issuer allowing you to buy Bitcoin with a credit card. You'll simply choose the credit card as the payment method on crypto services, create an account and provide the necessary details to complete the transaction.
Are there any drawbacks to using a credit card to buy crypto?
Though it is the most convenient way to buy bitcoin, however, there are certain drawbacks to it. Firstly the number of online platforms supporting credit and debit cards is limited. Secondly, the fees are very high.
How long it will take to buy bitcoin with a credit card?
Exchanges that support MasterCard and Visa Card complete transactions in a short time period. It may take around 5-10 minutes on some platform for buying Bitcoin with credit cards.
Can you buy Bitcoin with Prepaid Debit Card?
Most exchanges will not allow you to use a pre-paid debit card. To buy bitcoin with a pre-paid debit card you will have to exchange it locally via in-person trading.