How to Buy Bitcoins with Credit Card
Bitcoins are a form of digital currency which allows people electronic purchases and transfers and is not tied to any bank or government, allowing users to spend money anonymously. These coins can also be bought as well as sold on exchanges with US dollars and other currencies. With so many bitcoin exchanges and advanced fraud detection systems, it is possible to buy Bitcoins instantly with credit cards. Here are the top companies where you can buy Bitcoins with credit card:
CoinMama is a bitcoin broker which specializes in purchasing Bitcoins using a debit or credit card. CoinMama charges a 6% fee because of the risks and processing fees that comes with credit card payments. With CoinMama, you can purchase upto $5000 worth of Bitcoins per day and per month you can buy $20000 worth Bitcoins. Once your account is verified, you can purchase Bitcoins within minutes. Here is how you can buy Bitcoins on CoinMama:
- Open an account on CoinMama and verify your email address. Go to “My Account” on the navigation bar at the top and enter all the required details.
- In the next page, choose the number of Bitcoins you want to buy. You can choose from one of the set amounts: 0.5-1, 1.2 or 2 Bitcoins or for other amounts, you can scroll down.
- Next, click on Buy Bitcoins option to advance to the payments page. Select Credit Card/ Debit Card as your payment method. You will need a Bitcoin wallet to spend your Bitcoins. Enter the bitcoin wallet address as this is where the Bitcoins you are buying will be delivered once the payment is confirmed. Enter all other details such as billing information, address and credit card information.
- In the next step, you have to verify your email and phone number after which you must upload your ID for verification along with your credit card. Once your credit card payment goes through, you will receive an email confirmation that confirms the payment request approval from CoinMama.
One of the world’s largest Bitcoin broker, you can instantly buy Bitcoins with credit card per week up to $150 or €150 in countries like: Europe, Canada, US, UK, Australia and Singapore. Charging a flat 3.99% fee on all purchases via credit card with Coinbase, here is a quick step- by- step guide to buying Bitcoins using your credit card:
- Create an account on Coinbase and login to it. Confirm your personal details to login and upload a scanned copy of your ID proof.
- Connect the credit card by adding your credit card to your Coinbase profile. This can be done by: Navigate to the top most right corner and click on your name. You get a drop down menu where you have to click on the “Settings” options. Click on the “Payment Methods” option on the top of the menu and click on the “Add Payment Method” at the right corner. Enter your Credit Card information and you will get a confirmation that your credit card has been successfully added.
- Verify your ID with Coinbase and now you can buy Bitcoins with credit card.
BitPanda is another bitcoin broker located in Austria to buy Bitcoins with credit card with a fee of 3- 4%. This fee will not be displayed on the website but will be displayed in the buy price while making the purchase. The Gold verified users have a limitation to buy up to €350 worth of Bitcoins per day and per month- up to €10,000. This is how you can buy Bitcoins from BitPanda using your credit card:
- Create your account on BitPanda and verify your email address. Login to your account and click on the “Buy” option on the top menu bar. To pay with your credit card, select “Visa/MasterCard” option and enter the number of euro that you wish to spend or the amount of BTC you wish to buy.
- Next select the option of buying with credit/ debit card since only 3D-secure MasterCard and verified by Visa cards are allowed. You will have to again confirm the amount you want that you have entered before and also confirm to agree to BitPanda’s exchange rate. You can also see the exchange rate that you are getting in “”The Current Price” field.
- Next, you need to verify via a phone call or SMS after which you have to click on “click here to start the payment process ” and then enter the credit card details through mPAY24. Once done, you can check your history tab to see the trade details.
An UK based exchange, IndaCoin allows users to buy Bitcoins with credit card with a minimum amount limit of $5 and limit for the first month is $500. To use your credit card to buy Bitcoins on this bitcoin exchange site, you will require a 5- digit code which is present on your credit card statement and verify your phone number.
- The exchange rate is pretty high because of the credit card processing. Once your card gets verified, cryptocurrency is automatically sent within 10 minutes after the payment is made.
- IndaCoin does not request for any scanned copies for verification and makes the availability of Bitcoins easier and quicker.
- Sometimes, the clients receive a call from the banks just to confirm if it was them who had bought the Bitcoins on IndaCoin as they are trying to help the banks to detect stolen cards and also block them.
- IndaCoin hopes to find out new ways of purchasing Bitcoins that will reduce the friction for the consumers and encourage more and more people to try them out.
The Last Words
When you buy Bitcoins with credit card, make sure that the company you are buying for has got a good regulated reputation since few companies might be collecting your card information and make fraud purchases with your credit card. Also, since bitcoin transactions are irreversible, it is very risky for merchants to sell their Bitcoins for credit card payments.