Buy Cryptocurrency With Credit Card| Beginners Guide | Bankless Times - BanklessTimes

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.
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:
Apart from brokers, there are many other types of platforms that let you buy cryptocurrency using a credit card, such as:
Exchanges let you invest in top coins 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 cryptocurrency, 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.
Here are the specific steps involved in buying cryptocurrency from eToro:
Sign up for eToro by creating an account with an email and password.
Verify your account by uploading a valid proof of identity (e.g. passport or driver’s license) and proof of address (e.g. bank/credit card statement, internet bill).
Fund your account by following the instructions to deposit fiat funds into your new eToro account. Click on the drop-down menu and select credit card.
Make your first Cryptocurrency purchase by navigating to the page of the specific coin.
Confirm the transaction.
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.
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.
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.
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:
Bitpay Mastercard
BlockFi Visa Card
Coinbase Visa
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.
In a true sense, it is impossible to buy cryptocurrency anonymously because of the digital footprint left on the blockchain and the exchange platforms. Investors can buy Bitcoin from a Bitcoin ATM with a credit card which provides partial anonymity.
Credit card transactions on exchange vary depending on the card issuer and the exchange. For instance, on Coinmama, payments are processed within an hour. Card transactions are faster than methods like wire and bank transfers, which may take three to five days.
Many exchanges provide wallets where users can store their cryptocurrencies, e.g., Coinbase wallet. We recommend investors store their cryptocurrency on an external wallet. For significant investment, we recommend the use of hardware wallets like Ledger.
Yes, there are fees associated with the card issuer, such as cash advance fees and processing fees. Exchanges may also levy a deposit fee which may go as high as 5%.
No, investors cannot hold cryptocurrency in their credit card accounts.
Yes, this mostly depends on your chosen platform.
Timelines vary depending on the broker/exchange and card issuer. Transaction processing normally takes upwards of 10 minutes on most exchanges.
Credit cards are one of the most convenient payment methods and often also a more secure option.
Not normally, but the specific trading platform may offer their own credit cards, which may earn you rewards.

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