If we go back to 2008, not many people had faith in the concept of cryptocurrency. When Bitcoin was launched, a few people took a chance and invested, and a few kept going in circles. But will you ever be able to get any returns if you do not take a risk at the beginning? As you start buying Bitcoins and other cryptocurrencies, it is very important to have a reliable platform to invest in using a convenient payment method. In this article, you can find out how you can easily buy Bitcoin with credit card.
A Few Steps Before You Start Buying Bitcoin with Credit Card
1. Find a Reliable Wallet
Since most cryptocurrencies are not regulated in the same way as fiat, there is always the chance to take risks because of their uncertainty. Many people come with the notion that you cannot really confront anyone in this environment if you lose your money. This thought can be easily avoided if you just use a reliable platform known for its efficiency. A wallet that is secure and can protect your investments at all times is simply what you need. You can sign up online for a wallet, or you can opt for a hardware wallet, which is considered to be more secure than the others.
2. Transfer Your Purchased Bitcoins to a Wallet
You should never leave the Bitcoins that you buy on the platform’s wallet. It can be a task to maintain two things simultaneously, but it is recommended to take proper steps to ensure that your BTC are safe. So, make it a habit to transfer them to your personal wallet as soon as you make the purchase.
Earlier, many exchanges did not allow their users to buy Bitcoin with credit card because of the chargeback issue. That has changed due to a few modifications and updates; let’s have a look at some of the widely used trading platforms that you can use with credit cards.
Buy Bitcoin with eToro
eToro is a crypto exchange platform that was founded in 2007. The interface is extremely easy to use and is excellent for beginners. From the moment you sign up, you would be welcomed to a page wherein you can see posts by eToro’s users; stats explicitly created for all users to understand the trend. You can also get your hands on investment strategies, market research and get real-time updates about what is happening with crypto in and around the world.
You can use a chart to review real-time prices and use BTC research blocks if you are a funded account. Using eToro is safe, as all the transactions are facilitated with an SSL technology and are CySEC, FCA & ASIC licensed. If you want to buy Bitcoin with credit card, then eToro will not charge additional fees.
How to Buy Bitcoin with Credit Card Using eToro
- Create your profile on eToro and complete the deep verification process (unless and until you do not meet the verification process, the platform will not allow you to start trading on it).
- Link your credit card with eToro.
- Click on “Trade” and select the number of Bitcoins you want to purchase.
- You will be directed to the Simplex page, where you have to select your credit card and complete the verification process.
- Your Bitcoins will be added to the eToro wallet.
Buy Bitcoin with Changelly
This platform is relatively new if we take the prominent crypto exchanges into consideration. It has grown up to be a reliable source with its secure and user-friendly interface. Changelly can be accessed from your web browser or via the mobile applications available on iOS and Android mobile operating systems.
How to Buy Bitcoin with Credit Card Using Changelly
- Create your account on Changelly. All that you need is your email ID and a strong password.
- Click on “Buy,” select “Bitcoin,” and set the amount you want to buy.
- You would be redirected to a page where you can select the payment method. Since you want to buy Bitcoin with credit card, choose your card and enter the details.
- Once you have added valid information, you would be through with the purchase.
On the Changelly payments page, you can also review the offers made via different payment methods. For example, you can buy BTC at a lower price if you use Apple Pay than Moon Pay, although the offers and prices change from time to time.
Buy Bitcoin with Coinbase
Coinbase was founded by Fred Ehsram and Brian Armstrong in 2012. It has turned out to be one of the top exchanges used by millions in less than a decade. It supports a wide range of digital currencies that you can buy and sell. The interface is user-friendly and is compatible with all the leading operating systems, such as Windows, macOS, Linux. You can also download the Coinbase mobile application on your Android and iOS devices.
It is protected by insurance coverage, so all your funds are safe at all times, even if the platform discharges at some point. Another important aspect of using Coinbase is that all your sensitive information and assets are never stored online as they are broken and stored in safe deposits as per the geographical locations with AES-256 encryption. It allows its users to opt for different payment methods, so you can buy Bitcoin with credit card or any of your regular payment methods, such as PayPal, SEPA transfer etc.
How to Buy Bitcoin with Credit Card Using Coinbase
- Create your account using the official site of Coinbase.
- Verify your email address as well as your phone number.
- Click on “Buy and Sell” and then fill up all the details as per your national identity card.
- Select “Bitcoin” and the amount of coins you want to purchase.
- Choose the payment method, which in our case will be a credit card. Add all the credit card information and buy Bitcoins.
Buy Bitcoin with Bitstamp
Bitstamp is one of the oldest trading platforms, which was founded in the year of 2011. Unlike most of the other exchanges, it is licensed by the Luxembourg ministry of finance. The services are issued to over 28 EU countries, and it also operates in the US under an ancillary company Bitstamp USA. There are currently only a few payment methods accepted on the platform, so you can buy bitcoin with credit card or SEPA bank transfers.
Bitstamp offers seamless transfers with a very minimal deposit fee of just 0.05% for international wire transfers if we consider the additional fee. The trading fees are calculated as per the amount of crypto you are willing to purchase, whereas credit and debit card purchases will cost you around 5%. You will have to go through a full-fledged security protocol by verifying all your information with a photo ID card before you start trading.
How to Buy Bitcoin with Credit Card Using Bitstamp
- Create your account on Bitstamp.
- Complete the verification process.
- Click on “Buy/Sell” and choose the order type.
- On the next page, click on Bitcoin and set the amount that you want to purchase.
- Enter your credit card details and complete the verification process to transfer BTC.
Conclusion
The world of crypto is full of mysteries, and there is always something for someone. There’s no harm in trying out different exchanges, cryptocurrencies, and payment options as long as you are not losing something. So make sure that you check all the pros and cons of the platforms before you start using them. Check the security status, availability in your region, your preferred payment methods, and all you consider important in order to have a great experience.
Featured image: Photo by rupixen.com on Unsplash
Note: This post was originally published on 23 January 2018 and has been totally updated for the completeness and veracity of the content on 8 June 2021.
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