How to buy Bitcoin with a credit or debit card

To buy Bitcoin with a credit or debit card, it is necessary to know the best platform to use and the process involved. We will guide you through both. Other options, like bank transfer, can take up to 5 business days to complete, while credit and debit card transactions take place instantly, making them a very popular option to buy Bitcoin.

If you're new to this, don't worry - we've put together a comprehensive and easy-to-understand guide for you on this page. If you already know the ropes, then you will find a selection of platforms where you can buy Bitcoin by credit or debit card below. Let us begin!

What is the difference between broker platforms, exchanges and wallets?

Choosing whether to use an online broker platform or a bag to buy Bitcoin depends on what your intentions are.

Deal

A bag is a market for buyers and sellers. Businesses connect people looking to buy and sell Bitcoin, allowing peer-to-peer transactions between them, never knowing who they are.

The corridor platform

A 'broker' or Contract for Difference (CFD) platform allows you to buy and sell Bitcoin without owning the coins themselves. This is what traders do on a daily basis (on Wall Street, for example). Like exchanges, CFD platforms allow you to buy and sell quickly, taking advantage of price changes to make a profit. These platforms are not designed for long-term investments, but to provide a quick way to capitalize on a daily basis.

Purse

A wallet is essentially a buy bitcoin with credit or debit card: it is an address that stores your Bitcoin and allows you to send or receive Bitcoin to / from other wallets. Each wallet comes with two separate strings of numbers and letters known as 'keys': a public key (used to receive Bitcoin) and a private key (used to send Bitcoin to other wallets). You need them if you want to buy coins to store as a long-term investment and are not keen on constantly following the market to buy and sell for a quick profit.

Therefore, if you want to buy Bitcoin at a competitive rate and capitalize on price fluctuations, then you will want to sign up for an exchange or CFD platform. The key difference between these two types of service is that in an exchange you buy and store the coins yourself, while with a CFD platform you exchange Bitcoin without the hassle of owning it.

Should I buy Bitcoin with a credit or debit card?

It depends. Cards are a fast and convenient way to buy coins, although keep in mind that transactions usually have rates of 1-5%. Most platforms also have a limit on the amount of Bitcoin that can be purchased in one day, and many only accept debit and do not allow credit card payments.

Why are credit cards no longer accepted?

Due to the way credit cards work, buying Bitcoin with one carries more risks than with a debit card. Unlike debit cards, where money is loaded directly from your balance, credit cards load funds to your line of credit. Given the fluctuations in the price of Bitcoin, this means that the value of any currency you buy can be significantly different when it comes to paying off debt. This is one of the reasons why many banks and platforms do not allow you to use a credit card to buy Bitcoin.

Also, credit card payments are reversible, while Bitcoin transactions are not. This poses the risk of someone buying Bitcoin with their credit card and canceling the payment after receiving the coins. Even if you find a platform that accepts credit card payments, it is not certain that your bank will allow the transaction to take place, so it is always a good idea to check with your bank.

How about prepaid cards?

Most companies allow their users to use prepaid cards to buy Bitcoin. Like debit cards, prepaid cards provide a certain sense of security, as funds already in the account are used instead of billing the transaction to the line of credit.

And, is buying Bitcoin with a card the best method?

It depends on why you are buying Bitcoin. If your main concern is the speed of transactions, buying with a card is a great option. If you are looking to buy a large number of coins at once, other options may be preferable.

The limits on the number of Bitcoin coins that can be purchased at one time with a card usually start at around £ 100 a day (although they can increase over time and are considerably higher on some platforms). Transaction fees can also be quite high, especially when using a credit card. Typically, these rates are between 1 and 5%, but they vary and can be more.