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.
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.
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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