A Step-by-Step Guide to Buying Crypto with a debit card
For many people, the idea of buying cryptocurrency with a debit card seems like an impossible task. It can be difficult to find exchanges that offer this service, and even more difficult to navigate registration pages and payment methods. The process is different at every exchange, so it’s important to do your research before you begin.
This guide will provide everything you need to know about how to buy bitcoin instantly with a debit card!
How to buy crypto with a debit card
Buy bitcoin directly on the best exchanges, there are many exchanges out there but we will focus on the popular, established ones with the smallest market risk that lets us buy bitcoin instantly at the current price. After reading this guide you will be able to purchase bitcoins, send bitcoin, sell bitcoins, spend bitcoin and work your way around a bitcoin broker. This also goes for different altcoins listed on the cryptocurrency exchange. So let’s get you started with this digital money.
Coinbase Buying Tutorial (Credit Card Or Debit Card)
Coinbase lets you buy bitcoins using a credit card or debit card. There are step-by-step instructions for you to buy bitcoins. Here are the instructions to help you make the buying process easier for you. First, select “Get Started” on the signup form and create your account.
-Do not forget to add a phone number and email address where you can be reached, as well as the country of residence. Next, enter in your card details on Coinbase’s website at “Buy/Sell” > “Coinbase Account”. Verify that everything is accurate before pressing submit by noting down what was entered into: * Card type* Credit or debit?*. Once submitted, you will have four days to cancel any purchase made without incurring fees.
Once verified with your bank information linked up, you are ready to buy cryptocurrency! Coinbase makes it simple enough for first-time buyers; just follow these steps…
First, select which currency you would like to buy. BTC, ETC or USDT is often used as trading pair and is easy to trade for other coins on other exchanges later on.
Next, enter the amount that you would like to buy.
Click on “Trade” and then select “Ethereum”. Press confirm. The ETH coins will be credited automatically into your account within a few minutes (save some time by waiting for them to fully load before attempting the next steps).
And there we go, you now own crypto and have bought it with your credit card.
If you would like to buy other coins using your ETH then click on “Buy/Sell” > “ETHEREUM”, change the type of trade from “Limit” to “Market” if it is not already set as such. Enter in how much Ethereum you would like to sell at or above/below market price and press submit! This transaction should go through almost immediately and may take up to an hour depending on fluctuations across exchanges.
Note, Coinbase also offers a mobile app where you could buy bitcoin without any “know-how”, this leaves us with zero excuses to not buy bitcoin online, it’s that simple.
Binance Buying Tutorial (Credit Card Or Debit Card)
Binance is a trading platform where you can buy bitcoin, sell crypto, and exchange crypto with a credit or debit card. (or bank transfer for that matter)
To purchase bitcoins (or any altcoin) on Binance.com using a credit card just follow these easy steps.
First, sign up for an account here:
When you sign up, make sure to use a valid email address and password because Binance will need it in the next steps. It’s also worth noting that when signing up for an account on Binance (or any exchange) you should enable two-factor authentication by entering your phone number or downloading Google Authenticator. This security feature ensures greater peace of mind as it generates codes that can be used every time there is suspicious login activity from an unrecognized device.
After signing up you have to purchase some crypto, still. The main trading pair on every exchange is BTC/ETH, but you actually get rewarded with cheaper transaction fees on Binance if you use their own coin Binance coin (BNB). So to buy BTC/ETH or BNB simply head over to Binance BUY & SELL page, search for the currency you want to buy, and then choose yo puy with euro. This will prompt you to pay with a debit card.
After you purchase your first crypto coins, it’s time to trade them for whichever ones you want with one of two transaction types: a limit or market order. A limit order is when you set an exact price and quantity that will be bought (or sold) at once; while a market order means just selling whatever amount there is currently in your wallet without setting any constraints. You can also make new trades by using these exchanges as “wallets” where what are called altcoins like LTC, XMR etc can be stored if they’re not being traded right now- this makes things much more convenient because instead of having to send cryptos back and forth between different platforms all day long which would incur hefty fees, you just trade the coins on their main platform.
Do note that coins stores online could be stolen by hackers, so it’s always a good idea to keep your coins offline in what are called “cold wallets” which can be either hardware or paper-based. More on that later.
As well as Coinbase, Binance also offers us a solid mobile app where we can buy bitcoin, sell BTC and access our crypto wallet address and the bitcoin exchange.
Gemini Buying Tutorial (Credit Card Or Debit Card)
Gemeni.com is a crypto exchange where you can buy bitcoin, sell bitcoin, and trade bitcoin as well as many other cryptocurrencies (altcoins).
First, we need to sign up for a free account on Gemini.com, you do this by entering your email address, creating a password, and providing an ID or driver’s license number.
Next, you’ll be asked to complete the KYC (know-your-customer) process by uploading two forms of identification such as a photo of your passport or driver’s license with the date of birth visible). You can upload more pictures in case one doesn’t pass verification but at least one needs to for this step.
Now that we have our Gemini account created and verified it is time to deposit funds directly with our debit card into their system which will then allow us to purchase Bitcoin on the platform itself: First, click “Deposit” under Balances & Order Types on the homepage.
Select “Credit Card” or “Debit card” as your payment method, then enter in your information using either an actual credit card or debit card, depending on which you want to fund with. Note that this will charge you hefty transaction fees of around 12% for whatever amount is being sent over. So for example, if I put $1000 into a wallet at GEMINI they would take off about 120 bucks right away so it’s always best to keep any crypto funds separate and not mix them up with your daily money because you’ll just lose it and you won’t even know.
Now that your card is funded, go back to the homepage of GEMINI and search for Bitcoin under “Exchange markets.” Select BTC/USD pair in the right-hand column to put a market order in for what amount of Bitcoin you want to purchase. After the transaction has been done, you’ll be able to see it in your account and your ready trade bitcoins.
Why are fees so high when I use a credit card for bitcoin purchases?
When you use a credit card, you are actually borrowing money from the card issuer. The merchant cannot reverse the transaction to get it back when you purchase Bitcoin. Chargebacks, fees, and fraud all must be considered when accepting credit card purchases. This means that a merchant must also consider if it accepts Bitcoin in order to receive it from the issuer. This is especially difficult when Bitcoin is purchased because it is too expensive for the merchant to reverse it.
Will the fees for buying bitcoins with a debit card or credit card ever get lower?
Bitcoin exchanges are charged high transaction fees since buyers are so likely to make chargebacks. Visa, Mastercard, and American Express charge high rates because they have to eat fraudulent charges when you report fraud. Credit card companies pass that cost to the exchanges – they then pass it on to you. Could get lower fees if exchange deals with credit card processing company to get lower rates. After all, if someone steals your credit card, buying Bitcoin is about the best place to charge money to your card, which is about to go to your bank account at the expense of your card issuer.
Is it risky to give up my ID to buy Bitcoin?
Bitcoin exchanges have the best security and protections in place. Even Yahoo was hacked in 2013 and information on 400 million accounts was stolen. There is always a risk of hackers taking control of personal info online. Bitcoin exchanges have a reputation and they’re constantly under attack, so they can be the best in keeping data safe from the hacking of your identity. The exchanges offer the best protection against information being stolen or compromised from any site you give it to. They are always under attack constantly.
What are the risks of buying crypto with a debit card?
Transactions may take longer, but this is not necessarily an issue. There are often fees involved when purchasing cryptocurrencies with a credit card or debit card. Cash advances usually incur smaller transaction and processing fees than standard purchases; however, some retailers charge higher rates for cash withdrawals from their bank accounts. So it’s important to be aware that there might be lower purchase limits if you’re using your actual checking account instead of just another payment method like PayPal linked to your bank account.
The most common risk with buying Bitcoin, in general, is volatility – i.e., its price going up and down wildly over short periods of time (sometimes as little as hours). That can make it difficult to enter the market at the “correct time”.
Other risks to be aware of are sketchy sites and hackers. One of the best ways to minimize risks is to not transact in person and instead use your debit card. If you’re going to be dealing with a lot of money then it would probably be safer for you as well if you set up an account at Coinbase, Gemini, or Binance which are some of the most reputable exchanges.
Should I leave my bitcoins on the exchange after I buy them?
Many Bitcoin exchanges have been hacked and lost customer funds. The easiest way to store coins is to keep them in a wallet that you control. We really recommend storing any bitcoins you want to keep safe in your own wallet. See our list of hardware wallets here.
Bitcoin wallet and crypto wallet, a must-have for the experienced trader
You could either use software or a hardware wallet to store and spend your coins.
The software wallets are easier to use, but they can be affected by malware or ransomware if not kept updated with the latest security patches (this applies even for Windows).
In contrast, the hardware wallets are more robust because they provide an extra layer of physical security when compared to their digital counterparts: you have two-factor authentication in order for transaction confirmation. You will also need this device nearby whenever you want access to your wallet.
Can I buy crypto with a stolen credit card?
You won’t pass ID verification because it is illegal. You have to be ID-verified to get an ID through your passport.
Why should I buy Bitcoin?
Most people buy it for the same reason they buy anything: to make money. If Bitcoin is up tomorrow, the person who owns it could sell it for a higher price than he or she paid for it today and profit. As simple as that.
Another reason to buy crypto could be that you are interested in the blockchain and the technical part of it. It is a technology that can disrupt almost every industry, and you might want to be on the ground floor of this new revolution.
What can I spend bitcoins on?
You can spend bitcoins on anything where the seller accepts them. You could buy a coffee at Starbucks with your Bitcoin, or you might want to get some food delivered from an online restaurant store that offers delivery and lets customers pay in crypto.
In addition to these common uses for bitcoin, there are many other niche industries (for example music) that have found ways of accepting cryptocurrency as payment for their goods/services.
Some people also use bitcoin because they believe it is more stable than fiat currency – this is down to peer-to-peer networks which allow digital transactions without going through any middlemen such as banks. This leads to lower fees and less risk of fraud by cutting out third-party financial institutions often associated with chargebacks and credit.
Wrapping things up
We hope you’ve learned something from this blog post and now know exactly where to buy crypto. If not, we encourage you to do some more research before making your purchase decision. When buying crypto with a credit card or debit card there are many things that need consideration such as fees, ID requirements, transaction risks and security concerns. Let us help make the process easier for you by guiding you through all of these considerations so that when it comes time to buy bitcoin or any other cryptocurrency, whether Bitcoin (BTC), Ethereum (ETH) Litecoin (LTC), Ripple XRP) , Dash DASH) or Monero XMR) everything is simple and straightforward!