How to Buy Bitcoin With a Credit Card

how to buy cryptocurrency using credit card

After buying crypto, manage your assets with the all-in-one BitPay Wallet app featuring industry-leading security. Plus, your credit card issuer might treat the purchase as a cash advance, which usually means higher fees and interest rates. Always check the fee structure of both the exchange and your credit card issuer. Also, ensure there are no hidden fees that you will pay during the transaction. In this guide, we’ll take you through a step-by-step process of buying crypto with your credit card.

Whether you want to pay less interest or earn more rewards, the right card’s out there. Just answer a few questions and we’ll narrow the search for you. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page.

  1. Some platforms may also require billing address verification.
  2. The Securities and Exchange Commission (SEC) approved 11 ETFs in January 2024 for trading on several exchanges, including the NYSE Arca and the Nasdaq.
  3. All in all, buying crypto with credit cards is the ultimate example of can versus should.

That means you’ll need decent returns on your investment just to get back to even value. Here’s a quick guide to what you should know before buying crypto with a credit card, a debit card, or Binance Pay. There are a variety of reasons people choose to buy cryptocurrency. Bitcoin had a 300% return in 2020, outperforming many popular investment vehicles.

How Long Does It Take to Buy Bitcoin With a Credit Card?

Buying Bitcoin with a credit card is not only easy, but it also comes with certain benefits. However, there are things investors must consider before purchasing Bitcoin with credit cards to ensure they are doing it correctly. You can use cryptocurrency to make payments if the vendor you wish to purchase from accepts cryptocurrency directly.

how to buy cryptocurrency using credit card

You can buy crypto with a credit card, debit card, Apple Pay or Google Pay. After you complete your purchase, your crypto will be held in your wallet. In the volatile world of crypto, this kind of delay may not be ideal. Several major U.S. credit card companies will not allow cardholders to purchase cryptocurrency with a credit card.

Here’s a guide to check balance and transfer funds in your wallet. Deciding which cryptocurrency you should buy depends on what you want to do with your crypto. If you’d like to spend crypto, you may want to buy Bitcoin, Litecoin or Bitcoin Cash as these are the most widely accepted cryptocurrencies. Ethereum and ERC-20 tokens can be used to create smart contracts, buy NFTs and many other creative use cases. Dogecoin and Shiba Inu coin have strong communities behind them that make them fun coins to buy, hold and swap.

Citibank, U.S. Bank and Credit One had no comment to a Forbes Advisor inquiry about their policies regarding crypto purchases. If your issuer isn’t listed here, contact the number on the back of your card and ask a representative. BitPay supports Bitcoin, major altcoins, tokens and stablecoins. We are constantly evaluating and adding new cryptocurrencies to our platform.

Can You Buy Crypto With a Credit Card?

Some credit card companies may even issue cash advance fees if a cardholder attempts to make a crypto purchase. Some crypto exchanges charge higher fees for credit card transactions compared to other payment methods. When swapping dollars for Bitcoin or any other cryptocurrency, it’s important to understand that an exchange may charge a fraction of the transaction cost. In most cases, an additional fee is charged when investors decide to fund their accounts using credit cards. Remember, buying cryptocurrency with a credit card can have additional fees and risks compared to other payment methods. Always check with your credit card provider to understand the terms and potential additional costs.

how to buy cryptocurrency using credit card

Stablecoins like USD Coin and PAX Dollar are pegged coins meaning their value is tied to the U.S. Dollar, carrying less volatility than traditional cryptocurrencies. Buy crypto with a credit card, debit card, Apple Pay or Google Pay. Delivered quickly to any wallet, no hidden fees or third-party custody. If you want to buy Bitcoin with a credit card without ID verification, you’ll still need a wallet where you can safely store the coins. Wallets such as Exodus, Mycelium, and Ledger Nano X are great choices since they support Bitcoin.

Finally, you’ll input your card information and complete the transaction. Your credit card issuer is likely to consider the crypto purchase a cash advance, as if you used your credit card to take money out of an ATM. Instead, pay for cryptocurrency purchases with cash — via a bank account or wire transfer, for example — or with other crypto you already own. Cardholders can expect to pay fees to both the exchange the currency is purchased with and fees to the credit card issuer.

Step 1: Research the Credit Card

After buying crypto, you can choose to hold, swap or spend your crypto. Hold and grow your assets in BitPay’s non-custodial wallet to gain a return on your crypto investment. Spend crypto through the BitPay Card, buy gift cards or spend directly with BitPay merchants. When you can buy cryptocurrency on INX with credit cards, you get a daily limit of up to $20,000 if you have a VIP account, $10,000 with a Pro account, and $1000 with a basic account. What does the law say about buying crypto in your country/state? The regulatory environment for cryptocurrencies is still evolving, and some jurisdictions are still against buying crypto with fiat currency.

How to Buy Crypto With Credit Card

Be sure to check with your local laws and regulations before buying cryptocurrency. BitPay offers a safe and secure way to buy, store, swap and spend crypto. Unlike wallets offered by many popular exchanges, the BitPay Wallet is a non-custodial crypto wallet.

This can be reassuring and helpful, especially for new buyers in the crypto space in case of scams. Since buying Bitcoin with a credit card is convenient, one will expect it to be instant. However, this doesn’t seem to be the case because the exchange must verify the transaction and ensure no scam is involved. Once you’ve found an exchange that meets your requirements, verify your account by providing your personal information to meet know-your-customer (KYC) requirements. To do this, enter your full name, card details, and billing address. Mercuryo allows you to buy cryptocurrency seamlessly and hassle-free.

With 24/7 customer support, rest assured you will get all the help you need whenever you use OWNR wallet. In a roundabout way, these products could be a method of using a credit card to earn Bitcoin. Again, it depends on the issuer of the card whether a cryptocurrency purchase is considered a cash advance. Before making a purchase, it’s a good idea to call the number on the back of your card and ask. However, paying with credit cards also comes with certain risks.

Even if you don’t have a credit card, you can still buy crypto with a debit card through BitPay. Yes, after buying cryptocurrency with a credit card, you can transfer it to your private wallet. However, some exchanges may have a holding period before you can transfer out your newly purchased crypto. When it comes to purchasing cryptocurrency with a credit card, you can choose from several platforms. But you want to be sure you’re choosing the right and secure exchange. INX is the first fully regulated trading platform for digital securities and cryptocurrencies.