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. Now, there are various ways of funding your crypto exchange account for buying cryptocurrencies. While bank transfers remain the most popular and cost-effective, credit or debit cards are also becoming popular in purchasing bitcoins. While I have discussed buying bitcoins with credit card instantly, in this article I’ll discuss buying bitcoin and ethereum with debit cards.
This article will show you how easy and fast it has become to buy and sell Bitcoins and other digital assets with the use of debit cards (both Visa and Mastercard). Before checking the best crypto exchanges to buy Bitcoin with debit or credit 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 to buy and trade 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. If you find it difficult to buy Bitcoin with your bank account, try using a debit card to buy Bitcoin Ethereum Litecoin, Ethereum Classic, Dogecoin, Binance Coin, and other crypto assets.
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.
Which are the Most Popular Debit Cards to Buy Bitcoin Ethereum and other Digital Assets?
- Wirex Bitcoin Debit Card
- Binance Visa Card
- ZenGo Debit Card
- Bitpay Bitcoin Debit Card
- Cryptopay Debit Card
- Nexo Debit Card
- Bitwala Debit Card
- Paxful Debit Card
- SpectroCoin Debit Card
These debit payment cards can be used in different cryptocurrency exchanges and P2P crypto sites to buy and sell cryptocurrency.
Which are the Top 3 Best Cryptocurrency Exchanges for Buying Bitcoin with Debit Cards?
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:
- Trading Platform
- Cryptocurrency Mobile Wallet
- Crypto Exchange
- CFD Services
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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If you still need assistance, you can refer to the following guides: