HOW TO BUY BITCOIN WITH CREDIT CARD
HOW TO BUY BITCOIN WITH CREDIT CARD
These days it’s getting much easier to purchase Bitcoin with a credit card. The problem of chargebacks has been mitigated through anti-fraud companies, and more and more exchanges allow credit cards as a valid payment option. In this post I’ll review the most popular methods for buying Bitcoin with a credit card.
BUYING BITCOIN WITH A CREDIT CARD SUMMARY
The easiest way to buy Bitcoins with a credit card would probably be Coinmama. Here are the steps:
Choose the amount you want to buy.
Submit your ID for verification.
Enter your Bitcoin address.
Enter your credit card details.
The coins will be sent to your wallet.
ADDITIONAL EXCHANGES THAT ACCEPTS CARDS
Coinmama specializes in Bitcoin purchases through a credit card since 2013. They take a premium fee for their services, and you can buy up to $1 million worth of Bitcoin with a fully verified Coinmama account. They provide fast and reliable service with Bitcoins are received instantly after your purchase confirmation. Support is pretty responsive.
HOW TO USE COINMAMA
1. Get a Bitcoin wallet, as Coinmama doesn’t hold the Bitcoins for you.
2. From Coinmama’s homepage, choose how many Bitcoins you’d like to buy. Enter the price either in BTC, USD, or EUR. Alternatively, you can choose one of the offered packages.
3. Click Buy BTC, and you will be taken to the sign-up page.
4. After you fill out your initial details, you’ll need to go through an additional verification by submitting a photo ID. Verification is usually pretty quick (it took me 1.5 hours to get verified).
5. Verified users can buy bitcoins pretty easily with your credit card through the friendly interface. I suggest you use Visa or Mastercard since it’s the fastest option. With level 3 verification you can buy $7,500/day and up to $40,000/month.
6. Next you’ll need to enter your own Bitcoin address.
7. Finally, enter your payment details and place your order.
eToro supplies different cryptocurrency services such as a wallet, CFD services and also a regulated exchange. You can speculate on Bitcoin’s price through eToro using your credit card with relatively low fees. This means you can buy and sell Bitcoins for fiat currency only (USD, EUR, etc.). You won’t be able to withdraw the actual coins.
75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Established in 2013, CEX.IO is a cryptocurrency exchange trusted by over 2 million users. CEX.io works in the United States, Europe, as well as in some countries in South America and Asia. The site supplies a complete trading platform as well as a brokerage service.
CEX.IO also offers instant withdrawals of USD, EUR, GBP, and RUB to payment cards, meaning you can deposit and withdraw funds in and from your payment cards once they’re linked to your CEX.IO profile. Withdrawal requests are processed automatically right after their placement, and they do not require you to log in to any third-party services. In most cases, withdrawals are processed instantly, enabling you to gain convenient access to the funds on your Visa or Mastercard right away.
Bitpanda is an Austrian startup company that was founded in October 2014. The company allows you to buy Bitcoins and a variety of other cryptocurrencies with a credit card as well as with wire transfers, Neteller, Skrill, SEPA, and more. The company supplies its services to European countries a handful of other countries only at a relatively low fee
Coinbase is the largest Bitcoin broker worldwide. It has over 30 million customers around the world. Coinbase charges a 3.99% convenience fee on all credit card transactions and is open to 100+ countries around the world. When buying more than $100 worth of Bitcoins, you will receive an additional $10 Bitcoin bonus.
HOW TO USE COINBASE
1. Create a Coinbase account.
2. Go to Settings, then Payment Methods, and then click Add Payment Method.
3. Click Credit/Debit Card.
4. Enter your card’s information. 5. Once the card is confirmed, you can go to Buy/Sell and buy your Bitcoins. 6. The Bitcoins will be sent to your Coinbase wallet. Credit card purchases of Bitcoin are charged an additional 3.99% processing fee. In order to connect your card, you’ll need to verify your identity by uploading a government-issued ID.
Binance is a crypto only exchange. However, you can buy Bitcoins with a credit card on Binance thanks to a partnership they have with Simplex. Even though it is considered a relatively young exchange, Binance has surpassed most veteran exchanges in its popularity and trading volumes.
7. LOCAL BITCOIN
LocalBitcoins is a peer-to-peer marketplace for buying and selling Bitcoins. You can think of it as eBay for Bitcoin. The site offers a wide variety of sellers that accept various payment methods, including credit cards. The main issue when using LocalBitcoins is that you have to filter sellers wisely so that you won’t get scammed. One thing to keep in mind is that if you’re new to LocalBitcoins, not a lot of sellers will want to do business with you since they’re likely afraid of scammers as well.
HOW TO USE LOCAL BITCOIN
1. Sign up to local bitcoin.
2. Search for a seller who accepts a credit card.
3. Verify that the seller has enough of a reputation, and read the terms of the trade.
4. Enter the amount you’d like to buy, and click Send trade request.
5. Follow any additional requests as required by the seller.
Established in 2011, Bitstamp is one of the oldest and most reputable Bitcoin exchanges out there. The exchange is fully licensed by the Luxembourg ministry of finance. Bitstamp accepts credit card purchases via Simplex. Its service is open to over 80 countries globally including Europe and USA plus a selection of Asian and South American states.
HOW TO USE BITSTAMP
1. Click on Deposit.
2. Choose Credit Card as your payment option.
3. Deposit the required amount.
4. After the deposit is cleared, click on Buy/Sell.
5. Choose Buy BTC.
6. Enter the amount you want to buy and click on Buy BTC. To finish your order, you’ll need to use a 3D Secure credit card. Also, some banks may consider your credit card deposit as a cash advance. If that’s the case, your bank or credit card provider may charge extra fees.
Coinhouse is the “House of Bitcoin” in Paris. You can buy Bitcoins by Visa, MasterCard, with cash, or with a Neosurf prepaid card, which is available in most European countries.
Indacoin is a UK-based exchange that allows users worldwide to buy Bitcoins with a credit card. The minimum amount is $50, and the limit for the first week is $500. After 14 days, your limit increases to $2,000 and after one month there are no buying limits at all. In order to use your credit card, you’ll need to verify your phone number and your five-digit code which is on your credit card statement. The process is fairly simple, but I haven’t tried the exchange out myself, so I can’t vouch for it. Even though the site states that it doesn’t charge any fees, its exchange rate is pretty high due to credit card processing.
CoinCorner is a Bitcoin broker established in 2014, located in the Isle of Man. The exchange services several countries around the world. You can buy up to €1000 of Bitcoin without any verification for very competitive fees. CoinCorner also has a supporting mobile app that allows you to send and receive Bitcoins from your account using your mobile phone.