How to Buy Cryptocurrency With a Credit Card
If you’re thinking of buying cryptocurrencies with a credit card, this guide will show you how. Discover the platforms supporting credit cards and what the considerations are along with a step-by-step guide.
Top Cryptocurrency Brokers That Accept Credit Cards
Almost every platform accepts credit cards so it can be difficult to sift through the many options available.
To save you time, we’ve listed the top beginner-friendly platforms below to help you get started right away:
What Crypto Platforms Accept Credit Cards?
Apart from brokers, there are many other types of platforms that let you buy cryptocurrency using a credit card, such as:
Exchanges let you buy crypto using traditional currencies, like USD. They retain control over any coin you buy until you send it to a wallet that you control. Coinbase is an example.
P2P platforms connect buyers and sellers directly. You can try Paxful, which lets you buy a range of cryptocurrencies.
Wallets let you buy crypto, view your balance, send transactions and connect to applications. Bitcoin.com Wallet, for example, is beginner-friendly and lets you buy your first BTC directly from the wallet.
How to Buy Cryptocurrency With a Credit Card?
Here are the specific steps involved in buying cryptocurrency from eToro:
Step 1: Create an account
Step 2: Verify your account
Step 3: Fund your account
Step 4: Make your first Cryptocurrency purchase
Step 5: Confirm
How to Withdraw
Clients of eToro can withdraw their positions from the eToro platform to the eToro money crypto wallet. This process is called ‘Transfer’:
Step 1: Click on the "Portfolio" button on your eToro account.
Step 2: Click on a coin of choice.
Step 3: On the list of open trades for that crypto, click on the specific trade you would like to transfer.
Step 4: Visit the "Edit Trade" screen
Step 5: Touch "Transfer to Wallet".
Step 6: Finally, click on "Transfer" to start the process.
What Should I Look for in a Credit Card Cryptocurrency Broker?
Here are some things you should take into consideration when choosing a platform to make your crypto purchase:
Find platforms that offer the lowest fees for the services you require. Credit card payments usually incur some of the highest fees.
Read online reviews to check a platform’s reputation and level of customer service.
Some brokers are faster than others. In the rapidly-changing world of crypto trading, where prices fluctuate every second, you should aim for the quickest broker possible.
Some crypto trading platforms feature a better user interface and are more user-friendly than others. eToro for example is beginner-friendly.
You want to ensure the provider you use is not restricted in your location.
Always first check that the platform supports credit card payments before you sign up.
Should I Buy Cryptocurrency Using Credit Cards?
Is Using a Credit Card the Best Method to Buy Cryptocurrency?
It is one of the most convenient methods, but the high fees associated with credit card payments are something you should consider. The inability to earn rewards is another deterring factor.
Cryptocurrency Credit Cards to Earn Rewards
Different crypto trading platforms offer their own credit cards so that users can earn rewards. But you must always read the terms and conditions before signing up, especially those related to fees. Some of these cards include:
BlockFi Visa Card
What Are the Alternative Payment Methods to Buy Cryptocurrency With?
Most cryptocurrency exchanges and brokerage platforms support many other payment methods including:
Many brokers accept mobile payment methods, such as Apple Pay, which are fast and convenient. However, they are less popular compared to credit cards at the moment.
Many platforms accept PayPal as a payment method. If you have an account already, this may be a preferred option.
Many cryptocurrency platforms will let users deposit and withdraw money using a bank transfer.
Digital wallets like Skrill let you buy certain cryptocurrencies.
This is accepted by many platforms.
Finding a platform that accepts credit card payments is relatively easy. eToro offers this option and the process as outlined above is often seamless even for beginners.
It is always worth noting that profits are not guaranteed and you should only invest with money you can afford to lose.