Bitcoin purchase with debit card

Buy Bitcoin with Debit Card

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Buying Bitcoins (BTC) by using a debit card was really tough work. However, the process of purchasing BTCs with debit cards has been made smoother and faster by many leading cryptocurrency exchanges such as Coinbase, eToro, Bitpanda, Coinmama, and many others.

This article will show you how easy and fast it has become to buy and sell Bitcoins with the use of debit cards (both Visa and Mastercard). Before checking the best crypto exchanges to buy Bitcoin with debit cards, let’s first check some of the frequently asked questions by the crypto community.

Frequently Asked Questions (FAQs) ?

What are the Benefits/Advantages of Buying Bitcoin with a Debit Card?

Debit cards are the easiest and fastest way of buying Bitcoins (BTC). The less technical persons, who mainly have experience in shopping online, find the use of debit cards as the easiest way of buying BTCs.

What are the Disadvantages of Buying Bitcoin with a Debit Card?

You can’t buy large amounts of Bitcoins with debit cards. Higher risks of frauds and scams associated with debit cards in buying cryptos. The cryptocurrency exchanges charge higher fees for processing BTC buying requests because they have to take appropriate steps for safe buying.

Is it possible to Buy Bitcoin with a Stolen Debit Card?

It is almost impossible to buy Bitcoin (BTC) with a stolen debit card because you will not pass the ID verification stage. Buying cryptocurrencies with a stolen card is absolutely illegal. Hence, stop thinking about doing or even thinking about it.

Is it Possible to Buy Bitcoins Anonymously with Debit Cards?

Buying cryptos with a debit card anonymously is illegal. In fact, you’ll have to provide your ID verification at the time of buying. Your identity will be revealed once you go through the ID verification process.

How should I determine whether Buying Cryptos with Debit Cards is the Best Way for me?

Debit card processing for purchasing Bitcoin and altcoins attracts more fees from the crypto exchanges. Also, check whether the debit card facility is available for buying Bitcoins in your country. If you are okay with the fees, you can go ahead. To get a feel of the exchange’s services regarding debit cards, get free accounts in multiple exchanges and compare with the one where you have originally opened your account.

Is it possible to use Debit Cards for Buying BTC on Bitcoin ATMs (BATMs)?

No, currently you can’t use your debit card for buying Bitcoins from Bitcoin ATMs. They accept cash only for making BTC purchases.

Is there any Risk associated with buying Bitcoins with debit cards?

Yes, there are risks of fraud and scams associated with purchasing BTCs with debit cards on crypto exchanges. There are many sketchy companies that are selling Bitcoins only to collect debit card information. They collect debit card information for making fraudulent purchases with your card. Many users have reported that they have been charged cash advance fees. That’s why it is very important for you to understand how your debit card company handles the buying of Bitcoins. Also, always use a cryptocurrency exchange that is reputed, reliable, and has a high rating.

Top 3 Best Cryptocurrency Exchanges that Accept Debit Cards

1. Coinbase

Coinbase is the largest crypto exchange in the US and the world. It gives you the option to buy Bitcoin by using debit cards. However, buying the coins with your card will cost you a fee of 3.99%. Also, you have to verify your identity by uploading a government-issued ID. Only after that, you’ll be allowed to buy BTCs with cards.

To buy cryptocurrencies with a debit card, you have to follow the below-mentioned steps:

Step #1: Create a Coinbase account

Step #2: Visit the “settings” page and then click on the “Payments Method” tab.

Step #3: Now, click “Add Payment Method”.

Step #4: Add your debit card details and confirm.

Step #5: Go to “Buy/Sell”

Step #6: Choose the number of Bitcoins you want to purchase and complete the payment to receive the coins at your preferred wallet address.

• The interface is user-friendly.
• Fees are relatively low.
• It has a renowned and reliable name in the crypto industry.

• The support team takes time to respond in case of any glitch or problem.

2. eToro

eToro is the most affordable and easiest option to buy Bitcoins, especially if you are into BTCs and other cryptos just for price speculation. For daily trading , it is the best platform and low fees make it that more lucrative.

A wide array of services are provided by this platform including:

If you are a hodler or long-term investor, eToro may not be a suitable platform for you. It takes several steps for the investors to withdraw their bought coins on this platform. A majority of retail investors reportedly lost money while trading CFDs through eToro. That’s why it is best to avoid trading CFDs through this. In fact, US users are not offered CFDs by eToro.

• Fees are extremely low.
• Most suitable for newbies in crypto traders and investors.
• Best for speculative crypto trading.
• Amazing support facility.

• Available in a limited number of countries.
• The process of withdrawing your bought crypto coins to your wallet is long drawn.

3. Bitstamp

A fully licensed Bitcoin exchange, Bitstamp has been in the crypto market since 2011. Trading services are mainly offered by it. When you are buying BTC with your debit card, this entity provides you a brokerage option of selling Bitcoins directly. 3D Secure facility is available and therefore your debit card must have this feature to enable BTC buying. Bitstamp exchange is open in both the United States and the European Union. In fact, in Asia, their presence is growing fast.

• Bitstamp is one of the most trusted and also oldest cryptocurrency exchanges.
• They provide good support to their users.

• The process of buying Bitcoin through this exchange is not very user-friendly.
• The verification process takes a lot of time.

Few Additional information about Bitcoin Buying with Debit Cards

You can definitely buy less than 1 Bitcoin with a debit card or any other payment option. You can buy Satoshis, which is the unit of Bitcoin. 1 BTC is equal to 100,000,000 Satoshis. Therefore, you can buy Bitcoins in fractions or Satoshis. Cryptocurrency exchanges such as Coinbase allow you to buy Bitcoins as low as US$1.

When buying Bitcoin through exchanges , it is not recommended to keep your bought coins there. This is because the exchanges are more prone to get hacked. In that case, you’ll lose all your coins and your investment. That’s why it is recommended for you to store your bought coins in your own wallet (hard wallet or soft wallet).

If you think that the debit card charges are going to get lower, then it should be clear to you that it’s almost not possible. Whether you are using a Visa, Mastercard, or any other debit card payment processor, they charge at least 2.9% per transaction. So, it is highly unlikely that any of the crypto exchanges will internalize that cost and not pass it on to the customer.

These exchanges generally charge a bit more through their fees so that they can make a profit out of it. So, the chances of fees getting lower in case of debit card purchases of BTC is almost non-existent.

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6 Ways to Buy Bitcoin with a Debit Card

By: Ofir Beigel | Last updated: 2/28/21

Buying Bitcoin with a debit card has become relatively easy in the past few years with the introduction of anti fraud systems for Bitcoin exchanges. However, these systems are quite expensive to operate and therefore exchanges will usually charge a premium for buy Bitcoin with a debit card.

Post summary

The fastest way to buy Bitcoin with a debit card would be through CEX.io. Here are the steps:

1. Visit CEX.io
2. Decide on a deposit amount
3. Complete the id verification process
4. Enter your Bitcoin address
5. Complete the payment with your debit card

If you’re looking for additional options here’s a complete list of exchanges that allow Bitcoin purchases with a debit card.

If you want a summarized review of each exchange with its pros and cons keep on reading. Here’s what I’ll cover:

1. Where Can I Buy Bitcoins with a Debit Card?

Using your debit card to purchase Bitcoins isn’t as easy as it sounds. Some exchanges are afraid of fraud and therefore don’t accept debit cards. However, many exchanges have started implementing services to detect fraud and are more open to credit and debit card purchases these days.

As a rule of thumb and exchange that accepts credit cards will also accept a debit card. If you’re not sure about a specific exchange you can just Google its name + “payment methods” and you’ll usually land on a review covering what payment method this exchange accepts.

2. CEX.io

Pros: Reputable company, high buying limits

Cons: Limited countries available, relatively high exchange rate

Cex.io supplies trading services and brokerage services (i.e. buying Bitcoins for you). If you’re just starting out you may want to use the brokerage service and pay a higher fee. However, if you know your way around exchanges you can always just deposit money through your debit card and then buy Bitcoin on the company’s trading platform with a much lower fee.

Buying Bitcoins with a debit card through CEX.io

1. Visit CEX.io and sign up
2. Go to “Finance” -> “Deposit” (make sure to select your own currency)
3. Use your debit card to fund your account
4. If you want to use the easy but expensive brokerage service go to “buy/sell”
5. If you want to use the complex but cheap service go to “trade” and choose BTC/USD (or any other currency)

3. eToro

Pros: Suitable for beginners, great support

Cons: Limited countries available, long process to withdraw your coins

If you’re into Bitcoin (or any other cryptocurrency) just for price speculation then the easiest and cheapest option to buy Bitcoins would be through eToro. eToro supplies a variety of crypto services such as a trading platform, cryptocurrency mobile wallet, an exchange and CFD services.

When you buy Bitcoins through eToro you’ll need to wait and go through several steps to withdraw them to your own wallet. So, if you’re looking to actually hold Bitcoins in your wallet for payment or just for a long term investment, this method may not be suited for you.

Important!
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. CFDs are not offered to US users.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

4. Coinmama

Pros: Good support, fast turnaround, respectable company

Cons: Limited countries in the US

Coinmama supplies an easy way to buy Bitcoins with a debit card while charging a premium. The company has been around since 2013 and supplies a wide variety of cryptocurrencies aside from Bitcoin. Recently the company has improved its customer support substantially and has one of the fastest turnarounds for buying Bitcoins in the industry.

Buying Bitcoins with a debit card through Coinmama

1. Visit Coinmama and choose the number of Bitcoins you want to buy
2. Sign up on the site and verify your identity
3. Get a Bitcoin wallet and an address (Coinmama does not hold Bitcoin for you)
4. Supply Coinmama with your Bitcoin address
5. Complete debit card information
6. Coins will be sent instantly

5. Coinbase

Pros: User-friendly interface, Relatively low fees, Established reputation

Cons: Support takes time to respond

Coinbase is a well known Bitcoin broker that gives you the option to buy Bitcoins with a debit or credit card on their exchange.

Purchasing the coins with your debit card has a 3.99% fee applied. Keep in mind you will need to upload a government-issued id in order to prove your identity before being able to buy the coins.

Buying Bitcoins with a debit card through Coinbase

1. Create a Coinbase account
2. Go to “settings” – “payment methods” and click “add payment method”
3. Add you debit card
4. Confirm your debit card
5. Go to “buy/sell” and select the amount of Bitcoins you want to buy

6. Bitpanda

Pros: Low fees, intuitive interface, multiple payment options

Cons: Better suited for EU customers

Bitpanda was founded in October 2014 and it allows residents of the EU ( and a handful of other countries ) to buy Bitcoins and other cryptocurrencies through a variety of payment methods (Neteller, Skrill, SEPA etc.). The daily limit for verified accounts is €2,500 (€300,000 monthly) for credit card purchases. For other payment options, the daily limit is €10,000 (€300,000 monthly).

Buying Bitcoins with a debit card through Bitpanda

1. Visit Bitpanda and sign up
2. Choose a cryptocurrency you want to buy (e.g. Bitcoin)
3. Choose the “Visa/Mastercard” payment provider
4. Enter the amount your wish to buy
5. Click on “Next step”
6. Confirm your order

7. Bitstamp

Pros: One of the oldest and most reputable exchanges around, good support

Cons: Not very user friendly, verification process can take a while

Bitstamp is a fully licensed Bitcoin exchange that has been around since 2011. The website provides mainly trading services however they do have a brokerage option to sell you Bitcoins directly when buying with your debit card.

To finish your order you have to use 3D Secure. Some banks may consider your credit card deposit as a cash advance. If that is the case, your bank or debit card provider may charge extra fees. The exchange is open to the US and EU plus a growing presence in Asia.

Buying Bitcoins with a debit card through Bitstamp

1. Visit Bitstamp and sign up
2. Got “Deposit”
3. Choose “Credit Card” as your payment option (this will work with a debit card as well)
4. Deposit funds from your debit card
5. After deposit is cleared go to on “Buy/Sell” and choose “Buy BTC”
6. Enter the amount you want to buy and click on “Buy BTC”

8. Conclusion – Is It Safe to Buy Bitcoins with a Debit Card?

As long as you’re using a trusted exchange using your debit card to buy Bitcoins is perfectly safe. The main thing I would advise is not to keep the Bitcoins on the exchange after you buy them, but move them to your own Bitcoin wallet.

Keep in mind that while using your debit card may be convenient but it’s also more expensive. If you’re buying a relatively large amount of coins and you have the option I suggest always using a bank transfer. However if the amount isn’t that big sometimes paying the extra 3%-5% is worth the time saved.

If you have any questions or comments about the process feel free to leave them in the comment section below.

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