With the many top platforms out there for buying Bitcoin, it can become hard to choose the right platform for you, especially when you don’t know much about them. Well, what we can tell you is that each platform’s quality firmly depends on its transaction fees.
Platforms with lower transaction fees will usually be the best ones and those that offer a high level of security. After all, you don’t want to buy crypto on a platform that isn’t secure and has hidden costs behind it.
Furthermore, today, we will show you the eight ways you can buy and sell Bitcoin by using a credit or debit card.
8 Ways you can buy and sell Bitcoin with a debit and credit card
If we have to recommend one of the most secure platforms for buying and selling Bitcoin with your debit or credit card, it would be MoonPay. It was launched only three years ago and managed to deliver more than 2 billion cryptos with more than 1700% growth. The platform has more than 5 million customers and is supported by more than 80 assets.
Moreover, you’d be surprised that MoonPay is actually trusted by large businesses such as CNN, CNBC, Coindesk, Techradar, Business Insider, and more.
Binance is a top-rated platform for cryptocurrency exchange. Alongside Bitcoin, it allows you to purchase many other cryptocurrencies and has a super user-friendly interface. For example, it shows you the amount of money you have invested in each cryptocurrency and offers charts of the coin’s price for the past 12 months.
Moreover, Binance has a secure payment method; it deposits the crypto you invested in directly into your wallet within the app. Therefore, the process of purchasing crypto is safe and straightforward.
The steps to buying Bitcoin with a credit card on Binance are:
- Log in to the platform and choose the options of “Buy Crypto” or “Credit/Debit card.”
- After, you’ll be transferred to another page for purchasing Bitcoin, where you’ll need to enter the amount you want to spend.
- You can select the cryptocurrency of your choice (In this case, Bitcoin)
- Click “Buy BTC”
- After, you’ll need to fill out important debit or credit card information & click “next.” Once everything is done, you can click “Pay Now.”
Additionally, the transaction fees are pretty low in comparison to their competitors. The transaction fee is 3.5% and gives you the option to buy crypto with any payment method. Moreover, what is beneficial about Binance is that it’s widely used and not only supports debit/credit cards but also cash and bank transfers.
Coinbase is a decade-year-old. It initially was available in the United States but is now available across 36 countries. Users find the interface easy to work with, and a massive advantage of Coinbase is its high liquidity rate.
However, you have to know that Coinbase only accepts payments by debit card and not by credit card. So, you can’t buy Bitcoin with credit cards, allowing institutions to stake large volumes of Bitcoin and many other cryptocurrencies.
Anyone who seeks to hold Bitcoin and other cryptocurrencies for long periods of time will find the platform super helpful.
Coinsmart is an easy-to-use and straightforward crypto trading platform that beginners and experts can use. The application is available both on desktop and mobile. It allows you to buy and sell Bitcoin and other cryptocurrencies and provides one of the most advanced crypto trading tools.
Similar to other platforms, the steps to buying Bitcoin with a credit card are pretty similar:
- Set up an account on the platform
- Verify your account
- Link your bank account information and credit or debit card as a payment source
- Deposit your funds
Comparatively, the fees on CoinSmart might be pretty high. For example, the transaction fees go up to 6%, so if you deposit $100, your transaction fee will be $6.
Bitpanda is an Australian-based Bitcoin broker who used to stand by the name “Coinimal.” Since its launch, many people have turned to it as a trusted source for buying Bitcoin with a credit card.
In fact, credit card purchases for Bitcoin are the most common on BitPanda compared to other methods. Moreover, the exchange platform serves more than one million customers worldwide and has scored a relatively high positive rating.
The same way you buy Bitcoin on other platforms is almost the same way you would do so on BitPanda:
- Register and verify your identity
- Link your credit/debit card
- Deposit the money
Fees on BitPanda range from 3-4% for every credit card purchase. However, if you want to sell Bitcoin, fees will be up to 1.49%.
Gemini is undoubtedly one of the best exchanges for investors concerned about the security levels of a platform. Gemini has top-notch security protective measures and is built for those who prioritize security above anything else.
Investments will always have risks associated with them, including losing money. So even though some people may find it hard to purchase Bitcoin, it all depends on the platform, but above all, if the security isn’t at the proper level, there will always be concerns.
Bybit is a cryptocurrency platform for purchasing cryptocurrencies, including Bitcoin. In addition, it supports up to 60 fiat currencies and supports many payment methods such as Visa and Mastercard credit, cash deposits, and more.
Similarly, the process of how you can buy Bitcoin on Bybit is almost the same as on other platforms:
- Verify your account
- Open Fiat Gateway to be able to make any purchases
- Select the type of currency you want and the amount you want to invest
- Select the service provider and payment method
A huge advantage over competitors is that Bybit doesn’t have transaction fees. The only slight fee you pay is for spot trading pairs, which is very low- 0.1%.
Last but definitely not least is the popular platform for buying crypto, crypto.com. Moreover, instead of only buying Bitcoin, Crypto.com allows you to get crypto loans of 50% of the held cryptos. Furthermore, you can trade crypto instantly and trade with margins up to ten times more of your order capital.
The steps of buying Bitcoin on Crypto.com are quite similar:
- Log in and tap the trade button. You’ll then be displayed with an option to buy crypto.
- Add your debit/credit card information.
- Verify your card information with a small deposit.
- Enter the amount you want to invest
Transaction fees with Crypto.com are about 2.99%.
What risks are there when you buy Bitcoin with a credit card?
Above all, whenever you complete a purchase, you have to make sure the platform you are purchasing Bitcoin from has a good reputation and a high level of security. Unfortunately, there are many companies out there that sell cryptocurrencies. Still, every time you make a purchase, they’re trying to collect your credit card information and commit fraud and possibly use your credit card to make fraudulent purchases.
There are many reported fraud cases, and it’s something pleasant to undergo. However, you should only consider investing in globally trusted platforms, aka the platforms we mentioned above.
Is buying Bitcoin a good idea?
In addition to the exchange’s daily limit, you have to pay attention to your card’s limits as well. For example, Binance has its own coin, called the ‘Binance coin (BNB),’ and if you own any Binance coins, you will be paying a lower fee when using the Binance platform.
However, before you start buying any Bitcoin, here are the following things you should take into consideration:
- Before buying Bitcoin, familiarize yourself with common frauds and how the world of cryptocurrencies works.
- Read and research carefully about the platform you are going to invest in. You don’t want to invest in a platform that looks sketchy and might steal your card information or the money you invest in.
Wrapping it up
That’s all for this article. These are our eight ways you can buy and sell Bitcoin with a debit or credit card. With many platforms on the web, you have many choices of where you can buy or sell Bitcoin. However, it’s important you choose a secure platform, so you don’t invest thousands of dollars and lose them in the end.
There are plenty of excellent platforms for investing in Bitcoin, but the best bet you have is to compare transaction fees among platforms. The lower the transaction fee, the better it’ll be for you. Especially if you are someone who is going to trade often.