How to buy Bitcoin with Paysafecard
As cryptocurrency adoption becomes more common, an increasing number of payment platforms and crypto exchanges are enabling users to buy crypto.
This is especially true with Bitcoin. But these platforms in large require the user to link a bank account and thereby provide their personal information – complying with what is known as know-your-customer (KYC) protocols.
Paysafecard is a platform that allows users to make purchases online, including cryptocurrencies such as Bitcoin, without a bank account or divulging any personal information.
Top brokers to buy Bitcoin with Paysafecard
Here are a few brokers which accept Paysafecard, where you can buy Bitcoin and cryptocurrencies:
What is a Paysafecard Bitcoin broker?
Bitcoin brokers facilitate the initial purchase of Bitcoin, typically using fiat currencies such as USD and GBP. Brokers most often are also Bitcoin exchanges (where you can exchange Bitcoin for another cryptocurrency) but not always.
Most brokers either ask you to link an account which they draft, or you can purchase coins or tokens with a credit or debit card. As a result, these brokers collect information on who is purchasing crypto from them and have records of the bank accounts used to buy crypto assets. They often also ask you to confirm your identity by providing an ID that matches the account information as a part of KYC protocols.
If you want to buy Bitcoin without ID, Paysafecard might be the right choice for you. Because Paysafecard doesn’t require you to have a bank account or divulge any personal information, brokers which accept Paysafecard allow you to purchase Bitcoin without a bank account or revealing your personal information.
What Bitcoin platforms accept Paysafecard?
Paysafecard enables the initial purchase of Bitcoin on both exchanges and P2P platforms that accept Paysafecard for purchases. Often, the brokers who accept Paysafecard are major exchanges. However, there are also P2P options.
How to buy Bitcoin with Paysafecard?
Below is a step-by-step guide to purchasing Bitcoin with Paysafecard.
Step 1: Download the Paysafecard app – available on iOS and Android.
Step 2: Use the app to locate a retail location near you.
Step 3: Pay cash for a Paysafecard PIN (up to $300).
Step 4: Go to one of our recommended brokers.
Step 5: Select purchase, and then select the amount you want to deposit.
Step 6: At checkout, pick Paysafecard as your checkout method.
Step 7: Enter your 16-digit Paysafecard PIN and buy your coins.
How to deposit and withdraw via Paysafecard
Depositing funds to a broker account using Paysafecard is as simple as purchasing on their site, but you select Paysafecard as a payment method at checkout.
Withdrawing funds from a broker account to your paysafecard PIN is equally easy — for most crypto brokers, select the amount you want to withdraw, and when you execute the transaction, the funds should revert to your PIN.
What should I look for in a Paysafecard Bitcoin broker?
Low or no transaction charges
Before buying Bitcoin or any crypto on a platform, you should check the fees structure. Most platforms offer a trial period without fees or waive fees if you invest enough. Some have a paid Pro version which has reduced fees. Typical prices are between 0.5%-3%. Also, note account closure fees if you think you won’t maintain the account indefinitely.
Variety of coins listed
While most investors start with Bitcoin, you may want to diversify into other coins and tokens as you grow your accounts and become more knowledgeable. Having a platform that offers various coins listed will save you the trouble of managing multiple accounts with different brokers.
Tools and buy/sell controls
Some apps also have notifications and watch lists which can help you keep track of the market and execute trades when major market moves occur. While some brokers only provide the ability to buy and sell at current market rates, others give you options such as buying or selling with limits. Mainly, stop losses will allow you to put in sell orders at a particular price in case the price dips, protecting you from large downward swings when you aren’t watching the market. For advanced traders, some platforms enable purchasing crypto options or buying on margin. You can also set up recurring buys on some platforms.
Ability to take crypto off-platform
Some brokers only allow you to hold Bitcoin and other cryptocurrencies in an account on their platform. In this case, you don’t really “own” your crypto assets; you can only buy and sell in their app, and you can’t transfer your crypto to other individuals. This can be particularly problematic on days where the market moves significantly; if the volume of traffic on the broker site or app is too large, you might not be able to access your accounts and make trades. Other brokers allow you to transfer your crypto assets to a wallet, where you can transfer them to other wallets, platforms, or exchanges.
Speed and ease of use
Read the reviews of various brokers to understand their user experience. Some brokers are notoriously slow to load your holdings and update your account values, which is frustrating for users who often check their accounts. Others have terrible reputations for being unavailable when traders go to withdraw en masse. Having a reliable platform that allows you to pull money out of crypto when you want to can take a lot of stress out of the trading experience.
Should I buy Bitcoin with Paysafecard?
Is using Paysafecard the best way to buy Bitcoin?
Paysafecard is not the easiest way to purchase Bitcoin. You have to physically go to a location, buy PINs (many PINs if you want to make a significant transaction) and then use 16 digit numbers to buy the right amount of coin, accounting for slippage and the changing price.
An increasing number of consumer banking and payments platforms enable Bitcoin purchases — many of which you may already have an account with — making them the easiest way to buy your first portion of Bitcoin.
If you want to purchase BTC anonymously, Paysafecard is one of the best ways to ensure your anonymity. Note: you lose that anonymity if you decide to attach a bank account or card to the same broker account later.
What are the alternative to buying Bitcoin with Paysafecard?
The major of Bitcoin exchanges provide the ability to attach a bank account or a card and start buying BTC, usually within minutes of setting up your account and logging in the first time. They also largely support bank transfer, Paypal, and other payment platforms you may be more familiar with.
P2P platforms are similar — they allow account transfers, Paypal, or purchases with prepaid gift cards. P2P platforms are regarded as the most anonymous way to purchase Bitcoin; often, they do not collect information for KYC protocol fulfilment.
Additionally, payment platforms and banks themselves are increasingly providing their customers with the capability to buy BTC and major altcoins without leaving their app or setting up an account with an exchange. For example, you can now purchase Bitcoin in Venmo, Cashapp, and Revolut.
If you are looking for a physical location to turn cash into Bitcoin because you don’t have a bank, you can also use a Bitcoin ATMs — some of which offer similar anonymity to Paysafecard purchases.
To learn more about other ways to buy Bitcoin with e-wallets, check out these guides:
Final thoughts on buying Bitcoin with Paysafecard
The best place to buy BTC depends on several factors. If you are simply looking to buy some Bitcoin to hold for investment purposes, any exchange or payment provider with low fees will do. If you are a serious investor who wants to carefully manage and watch his account, consider researching which exchange is the best for your purposes and offers the best user experience for your needs. If you want to maintain anonymity and own BTC without a record attached to your identity, purchasing Bitcoin via a P2P network like Paxful with Paysafecard is one of the most foolproof and discrete methods.