Cryptocurrency has become a famous investment option in recent years. Because of the convenient and simple procedure, people use a debit card to purchase bitcoin. Remember, the central bank does not control the digital currency, so you need to understand that every provider has its transaction fee. Crypto exchanges will charge a higher fee for purchasing BTC with a debit card. Those who desire to Buy Bitcoin with a debit card should have a crypto wallet.
Bitcoin through a card can differ from one exchange to another. Instead of mining BTC, it is easy to purchase the bitcoin via debit card for both the experienced person and newbie. If you are buying a small amount of BTC, it is comfortable. Many sites complete the transaction process immediately, while some sites might take a few hours or days to finish. Continue reading the post to learn how to buy BTC with a debit card.
Steps to Buy Bitcoin With Debit Card:
If you desire to Buy Bitcoin with a debit card, you can follow the below-given steps. The verification procedure is required while buying BTC with a card. Here are some steps to buy BTC through a debit card for beginners:
1. Select Exchange or Broker: The first step is to choose the exchange and broker to buy BTC via debit card. Buying the crypto through an online broker is safer than the crypto exchange. The exchange can be hacked and stole your Cryptocurrencies. You can place your order in the brokerage account on the platform. The broker enables you to utilize the debit card to buy the cryptocurrency.
2. Open a New Account: You want to open a new account with the exchange to buy or sell bitcoin. The procedure is similar to creating a brokerage account. Thus, you should give personal information like name, phone number, social security number, and others. After opening an account, you will prepare the tax, track the investment and handle the finance.
3. Verify Identity: Now, you need to verify your identity by providing scanned photo IDs. It includes a passport, driver’s license, and other documents to verify identity and buy BTC. After completing the verification process, you will see the payment options on the exchange. You can choose the payment method which perfectly suits your requirement.
4. Link Debit Card: Now, many brokers offer debit card payment methods. So, you can link the debit card in the exchange by entering the cardholder name, CVC code, card number, expiration date, and others. Some brokers support visa payment cards, Mastercard and others.
5. Get a Crypto Wallet: There are two types of crypto wallets such as software and hardware wallets. Both wallets have the same operation, enabling you to send safely and receive and hole digital coins. Those who don’t trade crypto regularly can go with the hardware wallet. It is easy to access the software wallet through a web browser.
6. Buy BTC: You need to enter the wallet adds you want to send money to. You can select how much BTC you need and hit on the buy now option. The process takes a few minutes to complete and sends the crypto to your wallet.
Where to Buy Bitcoin Using Debit Card?
People can buy bitcoin through a card from an ATM worldwide. It is similar to receiving money at the end of transactions, and bitcoin will send to the crypto wallet. Transactions on crypto ATMs are useful for tourists, and purchasing bitcoin with a card takes less time. Many crypto exchanges enable you to add a debit card and utilize it to purchase the BTC. Not all exchanges are the same! Here are popular cryptocurrency exchanges for Buy Bitcoin.
Coinbase: One of the top crypto exchanges in the market is coinbase. Its user-friendly interface makes the platform simple: create an account, add a debit card, and link a crypto wallet. The best payment method in this trading platform is buying BTC with a debit card. You should check the fee structure because it can differ from other payment options.
CEX.io: Another famous crypto exchange to purchase BTC with a debit card is CEX.io. The company offers brokerage and trading services for customers. Many people use this platform to buy cryptocurrency due to its security. The exchange has multiple security layers, such as a PGP key, two-factor authentication, and others. But this exchange rate is expensive compared to other crypto exchanges.
Coinmama: Coinmama is the perfect choice for an investor who needs to Buy Bitcoin with a debit card. The company provides plenty of digital currencies to the customer. Besides, they offer excellent customer support service with experienced professionals. You can buy BTC quickly using a card from this crypto exchange without any hassle.
eToro: If you need to trade digital currency using a debit card, eToro is the best platform. It is a good option for new trader to start their journey in digital currency. The transaction fee is cost-effective so that you can buy the crypto without difficulty. Besides, eToro offers a mobile wallet to the completely safe user. You will go through many steps to withdraw the crypto from this platform.
Bitpanda: Bitpanda is a reputable crypto broker which enables you to purchase BTC with different payment methods. It consists of SEPA transfer, debit card, credit card, Skrill, and more. Those seeking the exchange with a lower transaction fee can prefer Bitpanda. With a few steps, you can complete the verification process and create an account in the crypto exchange. Additionally, daily transaction limits are approximately £3,000.
Benefits of Buying Bitcoin Through Debit Card:
The following are some benefits that you can gain by purchasing bitcoin via debit card:
- Purchasing BTC with a debit card is seamless and quick. You don’t need technical things when buying bitcoins online if you use a debit card. It offers a user-friendly experience for beginners and experienced traders.
- You can receive many rewards while buying crypto through a debit card. Rewards depend on the type of card you are using to Buy Bitcoin.
- Besides, using a debit card eliminates the middleman in the process. Bitcoin will transfer to the crypto wallet after completing the process.
- You must pay the fee in real time if you are buying crypto with the card. However, you can get a trouble-free trading experience.
Also Read: How To Buy Bitcoin With a Credit Card?
Things to Consider While Buying Bitcoin With Debit Card:
Have you decided to Buy Bitcoin with a debit card? If yes, you should keep important things in mind that help you to complete the process smoothly.
- First, you should get a debit card from the bank if you don’t have one. Those who have the debit card already ensure that the crypto exchange accepts your debit card or not.
- When choosing the broker, you should consider reputation, user experience, and fee. The best broker can help you to get the most out of the returns.
- Pay attention to the pricing system in the capital gains and trading method. Check for any hidden fee for buying BTC with a debit card.
- When purchasing bitcoins, you need to consider safety as an investor. The major problem is that the investor gives their debit card details to the website, unknowing how they will use it. Consequently, it would be best to choose a reputable broker that legally uses your information.
- Bitcoin wallet is another critical thing for crypto trading. It would be best if you had a good wallet to store digital currencies safely for the short or long term. In addition, a crypto wallet keeps your Bitcoin away from third parties.
- Knowing how long it takes to finish a transaction using a debit card is also important. Debit cards are free, quick, and hassle-free compared to other payment methods. The transaction speed might vary from platform to platform.
Does Buying Bitcoin While Through a Debit Card Provide Security?
Of course, it is safe to purchase crypto via debit card. It is a simple way to purchase digital assets in recent times. Crypto trading is different from bonds and stock markets. The BTC has high volatility, which makes it dangerous to use debit cards to purchase coins without experience. Those who understand the risk involved with the BTC transaction can use the debit card for purchasing crypto.
You must complete the verification process to purchase bitcoins using your card. The transaction fee can vary at any time in this method, so you should be aware of price changes. Therefore, when you see a chance to purchase BTC, please don’t wait for a long period because it never waits for you. In addition, one can purchase bitcoin immediately with any debit card. An individual’s identity is verified twice before the process is completed to ensure they meet industry safety standards.
Conclusion: Bitcoin is the leading cryptocurrency and used for different purposes. Buy Bitcoin with a debit card from the best broker or exchange safely. Before choosing the brokerage platform, you should consider the pricing system and privacy. It will help you to select the right platform to purchase BTC.