If you’re looking to buy bitcoin with Credit card, there are simple steps to follow. Multiple cryptocurrency exchanges have already partnered up with payment providers, banks, and credit/debit card makers to allow you the leisure of buying bitcoin with credit card.
We’re already knocking at the door of 2020, and luckily, buying Bitcoin is as easy as ever.
We will cover three exchange platform cases, give you the documentation and showcase the processes you have to go through. So, without further ado, let’s begin.
How to buy Bitcoin on Binance
Pros: Low fees, native hot wallet, low minimum deposit
Cons: Slow verification
In order to kickstart your journey on Binance, first you need to register, that much is obvious. Luckily though, Binance does not require too much information during the registration. All you have to do is indicate the email you’re going to use and agree to the terms of service if you’re 18+ years old.
Next, you’ll get a confirmation email to complete the registration process. Once you confirm your email address, it’s time to install a 2FA system. 2FA stands for 2 Factor Authentication. It’s basically like adding another gateway to log into the exchange; it adds safety and isn’t too time-consuming.
We suggest you use Google Authenticator as it’s the most reliable and fastest way. Are you eager to purchase Bitcoin? Well, after you’re done with setting up 2FA, you can read Binance’s guidelines on how to buy Bitcoin with credit card.
Congratulations! You’re now an official Binancer. Once you log-in to your account, you’ll notice that the website will direct you towards your dashboard.
Let’s follow the steps you need to take in order to buy Bitcoin on Binance with a Credit card:
- Click the yellow “Deposit” button
- On the right-hand side, you’ll see a button that says “Buy BTC and ETH with Credit Card Now” – Click on it
- On the next page, you will have the option to buy a minimum of $100 in BTC and a minimum of $50 of ETH
We’ll pause on the third step since the Simplex comes into play. Simplex is basically the payment middleman for Binance. Through their services, people can buy Bitcoin on Binance. Not familiar with the process? No worries, it’s not an intricate process.
Let’s assume that you’ve indicated the $100 deposit, including all the fees and charges and are sent over to the Simplex platform.
Once you press “Buy Now” you’ll be asked to confirm the terms and conditions, which is essentially their KYC rules that every exchange platform requires nowadays.
You’ll later be redirected to the personal information form, where you’ll have to fill every field required. The required information is: the credit card details (Simplex only accepts Visa and MasterCard), your name and address, for the sake of data gathering they ask for your country of residence, as well, (that’s why mine is showing Georgia), You should choose your relevant country of residence, of course.
Finally, once you confirm the payment, it will be time to verify your identity. It includes the provision of an ID card, which you can do by just taking a picture of both sides of the document. However, make sure that the pictures are taken according to Simplex’s standards, which the website gives in details. It’s mostly about the picture size, so don’t worry too much. The good news is that you don’t have to take a personal photo, just the document is enough to get you through.
If it’s your first time around Binance, then Simplex may take around 2 hours to confirm your deposit. If it’s the second time, it will take around 15 to 30 minutes. That’s it, the $100 worth of BTC will be transferred to your Binance account and you’ll be good to go for trades.
Another good news is that Binance has a hot wallet, so you don’t have to figure out where to store Bitcoin – the system will automatically send it to your account.
How to buy Bitcoin on Coinmama
Pros: Fast verification, low minimum deposits
Cons: High fees, no native hot wallet
The second best option is CoinMama platform, which allows users to purchase a minimum of $100 worth of BTC, ETH, LTC, XRP, Cardano, etc.
Once you enter the website, all you need to do is press the “Buy” button and choose your crypto of preference. Once you make your choice of the currency you want to use, the system will ask to register on the platform.
The process is quite simple. You need to indicate your email and country of residence to agree with the terms and conditions of the website, finally. Once done, verify your email through a sent letter.
Once you verify the email address, you will be asked to add some personal data: phone number, country of residence, address, etc.
To complete the identification process, upload your document of preference. It can either be your ID card, Passport, Driver’s license, or a Residence Permit.
The confirmation will take around two hours or so.
Once you’ve been verified on Coinmama, you can buy BTC almost instantly with your credit card. All that will be required is the information on your credit card and a Bitcoin wallet address where the cryptos will be sent to you.
It’s unfortunate that Coinmama doesn’t have a hot wallet, but in the modern digital world, it never hurts to be extra careful and use a separate address.
Sidenote here, don’t be surprised if you see less Bitcoin transferred than what you’ve paid for. The platform takes 5% as commission, which is sort of an industry-standard at this point. But the speed and efficiency compensate for this cost.
Once you get your BTC on the wallet, it’s up to you where you transfer it next.
How to buy Bitcoin on Coinbase
Pros: Low fees, native hot wallet
Cons: Slow verification
Coinbase is the next of the series of the largest cryptocurrency exchanges in the world.
In comparison with other platforms, Coinbase has a bit intricate process First things first, the user needs to be from a supported region – Europe, The UK, The USA, Canada, and Singapore. If you have this baseline covered, then you have access to the instant transactions.
Much like on the previous exchanges, you need to register on Coinbase first, which is quite a fast process. You will need to provide your email address, confirmation of the address and personal information (place of residence, etc.).
In order to buy BTC here, you will need to go through a photo ID verification, which means you need to take a picture of your verification document with you in it as well. The verification takes around 2 hours or so, therefore It’s not too long of a wait.
Once verified it will be time to choose your payment method through linking an account. You can link a wallet, PayPal account and finally a Credit card. Choose the credit card and provide all of the required information such as the expiry date, CVC and other.
Once you’ve completed the order by clicking “Buy Cryptocurrency”, you’ll be required to provide the address where the coins should go. The default repository will be the Coinbase hot wallet, but you can indicate another address as well.
The transaction will go through instantly or will take up to 10 or 15 minutes. See how fast it is to
Remember that it will also require 3.99% paid in fees, which is much lower than the other options we’ve mentioned above.
Is that all there is to know?
No, definitely not. There are other ways, but the three mentioned above are the most trustworthy, cost-effective, fast and user-friendly platforms we could find.
However, you can always give the following platforms a try as well:
The fact that all the platforms mentioned above have worldwide recognition and confirmed efficiency, makes the additional fees all the more worth it in the grand scheme of things.
Remember that hot wallets may be very convenient, but for the sake of safety, the usage of cold wallets is advised, but that’s a story for another day.
How do I get the best price of Bitcoin?
The actual price of Bitcoin depends on the exchange fees and live Bitcoin price. Different exchanges can display varied Bitcoin prices depending on the fees. Buyers need to keep an eye on the various price movements and make a trade at the appropriate time.
What are the disadvantages of buying a Bitcoin with a debit card?
The primary disadvantage is the high fees charged by many debit cards. For example, Coinbase’s 3.99% fees on card purchases can seem pretty steep compared to the direct bank purchases. Some exchanges also put purchasing limits on the number of Bitcoins you can buy. Such limits depend on various factors such as ‘Know Your Customer’, savings account balance or credit card limits.