How to Buy Bitcoin With Debit Card
As Bitcoin (BTC) continues to dominate the crypto market, there has been growing interest in different payment options to purchase “digital gold”. While peer transactions and bank transfers are the two common ways to buy Bitcoin, this guide so you can buy bitcoin with a debit card instantly.
Top Bitcoin Brokers That Accept Debit Card
You can use your debit card(s) at different brokerages to buy Bitcoin. Below are some of the best brokers that allow you to buy bitcoin with debit card:
What Is a Debit Card Bitcoin Broker?
There are two primary platforms to buy Bitcoin. These are the brokerages and cryptocurrency exchanges, each with its advantages and disadvantages.
A broker is a mediator in a relationship between the traders of Bitcoin. Debit card Bitcoin brokers allow you to interact and transact with other traders who use the same payment method.
What Crypto Platforms Accept Debit Card?
You can use your debit card on both brokerages and cryptocurrency exchanges. At the same time, ensure that these platforms have measures in place to protect your details while ensuring that the transactions are seamless.
These are some of the platforms where you can buy Bitcoin with your debit card:
P2P Lending Platforms: These are platforms that allow you to borrow Bitcoin with your debit card details as collateral. You can then repay the Bitcoin you borrowed to reclaim your debit card.
Also, you can use the P2P lending platforms to lend your Bitcoin to borrowers who use their debit card for the transaction.
P2P Marketplaces: Paxful is one of the leading cryptocurrency Peer-to-Peer (P2P) marketplaces. Through such platforms, you can directly transact with merchants who will request your debit card details to fund your crypto wallet with Bitcoin.
Brokerages: You can also use the services of brokers, including Coinbase and eToro. Through these platforms, you will have real-time access to purchase Bitcoin with your debit card.
Cryptocurrency Exchanges: It is also possible to use certain cryptocurrency exchanges to acquire Bitcoin with your debit card, like Binance.
Cryptocurrency Wallet: Some cryptocurrency/digital wallets have been designed in a way that the users can buy cryptocurrencies, including Bitcoin using their debit card.
Trust Wallet, the native cryptocurrency wallet of the Binance exchange is an example of a crypto wallet enabling debit card purchases.
How to Buy Bitcoin With Debit Card
The process of buying Bitcoin with a debit card is mostly similar across various platforms.
This is how to use your debit card for a Bitcoin transaction:
Step 1: Choose a Trading Platform
Step 2: Create an Account
Step 3: Verify your account
Step 4: Link your debit card
Step 5: Make your payment
Step 6: Use your bitcoin
How to Deposit and Withdraw via a Debit Card
Step 1: Choose the platform to use
Step 2: Add your debit card
Step 3: Specify the amount you want to add to your new account
You can choose to withdraw your Bitcoin either to an external wallet or another wallet on another platform.
If you are withdrawing to either the external wallet or another Bitcoin wallet on a cryptocurrency exchange, simply copy the address of any of those wallets and transfer the Bitcoin.
However, it is possible to withdraw your Bitcoin to a bank account. In this case, you want to follow the steps below:
Step 1: Convert your Bitcoin to a stablecoin
Step 2: Ask a metchant to convert the Bitcoin
Step 3: Make sure that the cryptocurrency trading platform you are using supports debit card withdrawals
What Should I Look for in a Debit Card Bitcoin Broker?
Although there are many cryptocurrency trading platforms out there, including brokerages, not all of them may suit you.
Here are some things to consider:
Cryptocurrency Storage: One of the options to consider is the availability of convenient storage for your Bitcoin. Note that some cryptocurrency trading platforms (brokerages and exchanges) do not offer Bitcoin wallets or any cryptocurrency wallets for that matter. Consider choosing one that offers a wallet to store your newly acquired Bitcoin.
A Variety of Debit Card Transaction Options: The other factor to consider is the availability of debit card transaction options. This is important because you want to choose from various ways to buy Bitcoin with a debit card. Some will only offer the option to exchange the funds in your debit card before buying Bitcoin. Others may allow you to immediately buy Bitcoin without converting your funds.
Transaction Fees: Most cryptocurrency trading platforms make profits by charging transaction fees. Check if using a debit card to buy Bitcoin incurs additional charges.
Mobile Application: Find out if the cryptocurrency trading platform has a mobile application. You will need this if you want to trade on the go.
Regulation: The Bitcoin broker or exchange should comply with the regulations within the jurisdiction it operates.
Should I Buy Bitcoin with a Debit Card?
Is Using a Debit Card the Best Method to Buy Bitcoin?
Debit cards are convenient and you can use them to buy Bitcoin across multiple cryptocurrency trading platforms.
The simplicity of the debit card makes it easier for both beginner investors and experienced investors to use it. With the provision of an intuitive platform by the trading platform, it is unlikely that you will run into challenges when paying for Bitcoin with your debit card.
What Are the Alternative Payment Methods to Buy Bitcoin?
There are several other options to buy Bitcoin. Here are some of them:
Buy Bitcoin with PayPal: PayPal, one of the world’s leading payment processors, has recently allowed its users to buy Bitcoin with their PayPal funds. This option is currently limited to the United States, but will soon be extended to the other parts of the world where PayPal has a presence. If you want to learn more, you can read or guide on Buy Bitcoin with PayPal.
Bitcoin ATMs: Automated Teller Machines (ATMs) for Bitcoin transactions are rare but slowly becoming popular. This payment option is ideal for Bitcoin enthusiasts who cannot access cryptocurrencies because of the absence of a trading platform in their countries. It is also ideal if you find it hard to access a reliable banking system.
Bank Transfers: Some cryptocurrency exchanges and brokerages allow the users to pay for Bitcoin by making bank wire transfers to their accounts on the platforms.
Trade Crypto for Bitcoin: You can also trade any other cryptocurrency you have for Bitcoin.
Buy Bitcoin with Cash: It is also possible to buy Bitcoin with cash. This is ideal for cryptocurrency enthusiasts who are still learning the ropes and are not yet ready to take the risk of transacting online. Find a Bitcoin trader/seller offline and pay cash for the Bitcoin you want to buy.
Use a Credit Card: Consider using a credit card instead of a debit card. With this, you can enjoy almost the same privileges as when you use a debit card. Note that credit card transaction fees can also be costly.
Buying Bitcoin is a good investment because the value/price of Bitcoin is on an upward trend. With this in mind, you may want to buy the coin and keep it for some time so you can make some profits.
Using a debit card to buy Bitcoin is one of the best ways to start. The process is fast, and the card can be used across several cryptocurrency trading platforms.
Buying Bitcoin with a debit card can also be risky, especially when the trading platform (cryptocurrency exchange or broker) is not fully regulated. So, ensure that the trading platform is reliable.
Otherwise, consider the various alternative payment methods available to buy Bitcoin.