This year 2017 has been a good year for the cryptocurrency market,
especially for top coins like Bitcoin, Litecoin and Ethereum. There has been a
lot of improvements, surges and exposure for cryptocurrencies, most especially
for Bitcoin. One of the improvements that has happened to bitcoin this year
include being able to easily buy the coin with your credit card.
Buying bitcoin with a credit card used to be a real hassle. But
thanks to the exposure that happened to the cryptocurrency world this year,
this hassle has now become a thing of the past. Now, while it is true that you
can easily buy the world's number one cryptocurrency with your credit card, you
still need to know who to buy from and how to buy so as to prevent things such
as scams.
There are a lot of exchanges where you can buy bitcoin with credit
cards. Most of these exchanges didn't allow the use of credit cards for the
purchase of bitcoin from the onset due to the fact that when people buy with
credit cards, some of them go to their banks to lodge complaints which result
in chargebacks, making the exchange website stay stuck at the losing end.
Most exchanges now have advanced technologies that ensure that
they are not unnecessarily charged and this is why using credit cards for the
purchase of BTC is now allowed and popular in today's world.
Before we take a deep dive into the exchanges that accept credit
card payments for the purchase of BTC, we need to let you know that it's unsafe
to leave your Bitcoin in an exchange wallet. Once you have successfully
purchased your BTC, ensure that you transfer them into a bitcoin wallet
immediately so as to minimize the risk of losing your BTC. With that said,
let's look at how and where you can use your credit card to purchase bitcoin.
1.
COINBASE.COM
Coinbase is the world's largest Bitcoin broker. They have been
able to establish a unique and trustworthy reputation over the years. Besides
the fact that they are trustworthy, Coinbase also charges relatively low fees.
The user interface of the website is friendly and their security is top notch.
You can purchase up to one hundred and fifty dollars' worth of bitcoin from
coinbase.com using your credit card. You'll be charged a 3.75% convenience fee
on every credit card transaction you make on the website. When you buy more
than $100 worth of Bitcoins, this website will give you a bonus of $10
bitcoins.
The disadvantage of using coinbase.com is that it's not worldwide,
that is, it cannot be used in every country. Trading on coinbase is allowed in
only thirty three countries in the world. Another con is that you are only
allowed to purchase just $150 worth of bitcoin per week. If you need more BTC,
you'll have to wait till the following week or try some of the other exchangers
we've listed below.
HOW TO BUY BITCOIN ON COINBASE WITH CREDIT CARD
· The first thing you'll do
is head to coinbase.com to create an account.
· Once you've successfully
created your account, go to settings, click on payment methods, click on add
payment method, then you click on the add credit/debit card option.
· Doing the step above will
provide you with a page where you'll enter your card information. Once your
card has been confirmed by Coinbase, you'll be able to purchase BTC by clicking
on the buy/sell option.
· When you buy BTC from Coinbase,
your bitcoin will be automatically stored in your Coinbase bitcoin wallet.
Note that you'll need to upload a government issued ID card before
being able to connect your card. Your uploaded ID card will be used for
verification.
2.
COINMAMA.COM
This is another reputable company in the United States. Coinmama
is known for their fast service, great support, and their respectability.
Although they do not provide you with a limit on the amount of BTC you can buy
in a day, week, or month, they do charge a premium fee for their services. As a
matter of fact, you can buy up to $1000 worth of BTC in a day and 5,000 worth
of BTC in a month if you are verified, and about $500 worth of BTC if you are
not verified.
The only con about Coinmama is that while their services are
great, they are limited to the United States.
· The process is really
simple. Right from the homepage, you'll be able to select the amount of BTC
you'd like to buy. The price can be entered in USD or in BTC. You also have the
choice of choosing a preset package.
· Once you have decided on
the amount you'd like to buy, click on buy. Doing this will take you to the
sign up page, where you'll fill in your details and be asked to go through a
precise verification process. The verification process has to do with the
submission of a valid ID document. Verification is pretty quick and you'll be
able to buy more if you are verified.
· For verified users, you are
advised to use MasterCard, Visa via Simplex. And for those who are not
verified, you are advised to use MoneyGram, where you'll be able to pay with
your credit card on MoneyGram’s website (Note that this is applicable to
residents of US only)
· Once you've selected your
payment method, you'll be asked to input your wallet. Coinmama does not save
your BTC in a wallet, you'll be the one to input the wallet you'd like your BTC
to be sent to.
· Once that has been done,
you'll enter your payment details and place your order.
3.
CEX.IO
This is another reputable broker that allows traders to purchase
their bitcoins with credit cards. CEX.IO was established in 2013 as a cloud
mining service, but now, they have become a multipurpose cryptocurrency force
that has a user cap of over 450,000. This company operates in Europe, the United
States, and some other countries in South America. They have high buying limits
and are really trustworthy.
Cons of this exchange company include high exchange rates and
their services being limited to a small amount of countries.
HOW TO BUY BITCOINS ON CEX.IO WITH CREDIT CARDS
· Buying bitcoins with credit
card on this platform is easy and straightforward. All you have to do is open
an account. Once the account has been successfully opened, click on Wallet,
click on fund, and you'll be provided with two options -using a credit card or
using wire transfer. Whichever one you select guarantees an almost instant
trade once the payment has been confirmed.
OTHER EXCHANGES THAT ACCEPT CARD PAYMENTS FOR BITCOINS INCLUDE:
· Bitstamp.com
· VirWorx
· Coinhouse
· Indacoin
· 247Exchange, and
· Bitcoin.com.
Now you can purchase your Bitcoin with your credit card. Just
select one of the exchanges above and you'll have your Bitcoin in your wallet
in no time.
SUMMARY
Buying Bitcoin does not have to be stressful. You can purchase BTC
easily with your credit/debit card. All you have to do is be wary of the
exchange you buy from.
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