How to Buy Bitcoin With American Express Card
If you want to become part of the Bitcoin community and call yourself a proud owner of “digital gold,” you’re on the right page. Chances are you have an American Express card and want to use it to buy Bitcoin, and that’s exactly what we’re going to explore in this guide.
First of all, we will show you some of the top Bitcoin brokers that accept American Express. Then we’ll guide you through the entire process to invest in Bitcoin using this payment method, pointing out important pieces of information to help you get the best possible experience when buying Bitcoin with Amex. We’ll also answer popular questions regarding the purchase of Bitcoin using the Amex card.
Top Bitcoin Brokers That Accept American Express
First things first, let’s examine some of the best brokers that let you buy Bitcoin with American Express card.
What Is an American Express Bitcoin Broker?
American Express is a popular brand that offers credit, debit, prepaid, and gift cards. It’s one of the most popular card brands, next to Visa, Master Card, and Discover, and if you’re in the US, the chances are you already have an Amex card. The brand is also available in many other countries, so millions of people worldwide use Amex daily.
That’s also the reason why many online cryptocurrency exchanges and brokers accept it as a payment method. Mind you, these brokers accept fiat money, as that’s the only type of money that you can store in an Amex card.
American Express Bitcoin brokers allow you to deposit fiat funds and then use the funds in your balance to purchase Bitcoin — simple as that. We’ll explain the depositing and withdrawal process in more detail below.
What Crypto Platforms Accept American Express?
As stated above, the crypto platforms that accept American Express are the ones that can process fiat money, usually centralised exchanges, and brokers.
On the other hand, their decentralised counterparts cannot accept fiat, only cryptocurrency, and that’s why they never list American Express among its deposit and withdrawal methods.
Apart from the Bitcoin exchanges and brokers, there are plenty of other peer-to-peer (P2P) lending platforms, marketplaces, and more that allow you to acquire Bitcoin in some way using American Express as a preferred payment option.
How to Buy Bitcoin With American Express in 2023?
Buying Bitcoin using American Express is no different from buying anything else with credit and debit cards on the internet.
Using Bitcoin brokers can be complex if you’re new to the world of online cryptocurrency trading, but if your goal is just to buy Bitcoin with American Express credit card, then the entire operation is relatively simple.
Let’s take a look at how to buy Bitcoin with Amex below:
Step 1: Pick a platform
Step 2: Open an account
Step 3: Connect your Amex card
Step 4: Buy Bitcoin
How to Deposit and Withdraw via American Express
In this part of the guide, we’ll walk you through the deposit and withdrawal processes when buying Bitcoins using American Express in online cryptocurrency brokers.
Deposit: Depositing fiat currency with American Express is a pretty quick process, and deposits are instant in most cases (although that also depends on the broker of your choice). Here’s what you need to do:
Step 1: Find a broker
Step 2: Log in
Step 3: Select American Express as your preferred deposit method
Step 4: Connect your card
Step 5: Deposit the amount you want
Step 6: Buy Bitcoin
Withdraw: The withdrawal process is more straightforward compared to depositing. Please take into account that you cannot actually withdraw your cryptocurrency to American Express directly.
You need an appropriate Bitcoin wallet to do it. We’ll describe below how to withdraw your fiat funds from the broker to your Amex card.
Step 1: Log in
Step 2: Select Amex as your preferred withdrawal option
Step 3: Withdraw the amount you want
Step 4: Confirm your transaction
What Should I Look for in an Amex Bitcoin Broker?
It’s no secret that some brokers are better than others, and you want to have the best possible experience when buying Bitcoin with American Express.
Once you check all the essential traits of a Bitcoin broker and ensure that they are of high quality, you’ll be able to buy BTC effortlessly.
Here’s what to take into account when buying Bitcoin with Amex:
Fees: Certain brokers are more expensive than others. If you’re on a budget, your job is to find the platform with the lowest fees. However, if you don’t mind paying more, try looking for the best price/quality ratio.
Limits: All brokers have transaction limits when depositing, withdrawing, buying, or selling. Please take all of them into account when choosing the best trading site for you.
Security: You should verify that your broker of choice has all the security protocols in check. This is essential for keeping your funds and your sensitive data safe and secure.
Speed: Sometimes, transactions can take a couple of minutes, especially when trading Bitcoin, which is one of the slower cryptocurrencies. However, various brokers have different speeds, and you definitely want to avoid the slow ones.
Ease-of-use: Check the broker’s user interface and see how easy or difficult it is to use the platform to buy Bitcoin with American Express. If you’re new to the world of crypto trading, go for the simplest-looking ones.
Should I Buy Bitcoin Using American Express
American Express is one of the most popular fiat payment methods, but it also comes with a couple of disadvantages.
Let’s take a look at the main benefits and drawbacks of using Amex to buy BTC.
Pros & Cons of Amex
Is Using American Express the Best Method to Buy Bitcoin?
Using American Express is one of the easiest methods out there. We wouldn’t dare call it the best method, as there are plenty of other credit and debit card brands that are just as good. Essentially, there isn’t much difference between using Amex and Visa or Mastercard — the main competitors to American Express. Still, there are subtle differences, and some people just prefer using one brand of cards over the other.
What Are the Alternative Payment Methods to Buy Bitcoin With?
Some of the alternatives you’ll often find available in online brokers are:
Other credit /debit cards: As mentioned above, apart from American Express, you can use other popular card brands for deposits, including Visa, Mastercard, and Discover.
E-wallets: Many brokers accept e-wallets, such as PayPal, as deposit and withdrawal methods. What’s more, PayPal has recently become a cryptocurrency wallet as well.
Bank transfer: Some brokers allow you to transfer your funds directly from your bank account to them. However safe, this payment method is usually much slower compared to other options featured in this article.
Apple Pay: If you own an Apple device, you’ll be happy to know that many brokers accept Apple Pay. It’s a convenient and highly secure payment option.
Following the information mention above, we created the following guides on alternative payment methods to Buy Bitcoin with:
What to Consider Before Buying Bitcoin with American Express Card
You should be aware that most exchanges restrict major credit card purchases of cryptocurrencies. American Express, for example, has a daily and monthly cap on Bitcoin purchases. Users cannot spend more than $200 per day and $1,000 per month.
Depending on the exchange, the cost of buying Bitcoin or other cryptocurrencies with a credit card varies. Coinbase charges 3.99%, while Coinmama charges almost 5.9%. CEX IO charges only 0.2%, but using this exchange requires a time-consuming verification process.
There may also be additional fees, such as foreign transaction fees and exchange rates. A trustworthy exchange will disclose all fees before you complete your purchase.
To sum up, using American Express to purchase Bitcoin is a great way to become a proud owner of the most popular cryptocurrency in the world. Amex is easy to use, and millions of people worldwide make daily transactions using this payment method. The good news is that many great online brokers also accept American Express payments, and we listed many of them on this page, so we encourage you to explore the list and pick the one that works best for you.