A Complete Guide on How to Purchase Bitcoin with Debit Card

Buying Bitcoin with a debit or credit card was challenging for some people back then. But today, some companies like Bitpanda, Coinbase and Coinmama have made the entire process smooth and fast.

 

 

Now you can easily buy Bitcoin via debit or credit card. Many brokers and cryptocurrency exchanges accept Maestro debit cards and Mastercard as payment methods to purchase Bitcoin quickly. It is essential to select a regulated exchange with a low fee.

 

In this article, we have reviewed step by step guide to buying Bitcoins with a debit card.

 

Top Brokers to Purchase Bitcoin from Using Debit Card

 

Top 3 well-known and regulated cryptocurrency exchanges that easily accept your credit or debit card deposits are Coinbase, Binance, and eToro.

 

We recommend these platforms after thoroughly reviewing and selecting them based on certain guidelines. Firstly, we prioritize safety, ensuring that each brokerage platform adheres to valid, strong and authentic regulations and privacy.

 

Also, we ensure that these platforms do not share your details with a third party. These recommended platforms are licensed and strictly regulated by tier-1 authorities. We also check the pricing systems of each broker, such as brokers’ trading and non-trading fees.

 

In addition, the usability of a certain platform is also taken into consideration. For example, eToro is best known for its tools and social trading platform. It also offers a good interface for new users.

 

On the other hand, Coinbase is a relatively quick and easy-to-use brokerage platform for beginners. Likewise, Binance is famous for its quick verification, transaction process, and smooth user experience.

 

Buying Bitcoin Using Debit Card

 

Let’s learn how to purchase Bitcoin using a debit card on eToro. As we mentioned earlier, this platform is widely used for trading financial digits assets, allowing you to buy bitcoin through Contract for difference (CFDs).

 

Debit cards that accept funds with CVV numbers can be easily used, such as Mastercard, Visa, Maestro, American Express etc.

 

eToro will not charge any commission fees; however, it takes a few small spreads. In addition, brokers also do not charge any conversion or deposit fees for any USD contracts. Besides, you can also benefit from its social trading platforms and tools to get new advanced traders.

 

Let’s start with what you need to do. Follow the below simple steps!

 

Step 1. Open an Account

 

Visit the official website of eToro and click on the provided link ‘Get Started’ to create an account.

 

After that, you will see a registration window where you will need to add your email address and username and then create a strong password. To continue the registration process, you are required to provide your details, such as your name, surname, and contact number. Also, you must answer a few questions regarding your investment goals.

 

 

Step 2. Verify Your Account

 

eToro has strict rules and regulations for account verification as CySEC, FinCEN and ASIC regulate it. The process is quick if you add everything with the correct information. This platform will need two kinds of verifications – a proof of your identity, for that you need to upload your passport copy, driver’s license, as well as a proof of address, to verify with a utility bill or bank document.

 

eToro platform takes no time to verify the account. If it is taking a bit longer, try its demo account to be aware of its trading tools. Once your account has been verified, follow the next step!

 

 

Step 3. Deposit Your Funds Using Debit Card

 

In this step, you will need to charge your registered account with funds to begin the process. There are several payment methods that you can use at eToro, such as Skrill, bank cards, wire transfers, PayPal etc. Also, in order to deposit, you need to find a debit card; then select your preferred card method – fill in the card information and enter the amount of money that you need to fund.

 

 

Step 4. Time to Purchase Bitcoin

 

The last thing to do is search for Bitcoin under the BTC symbol. Then you need to enter the number of coins you are willing to purchase. This platform (eToro) enables purchasing Bitcoin with many fiat currencies such as EUR, GDP, USD, and many others. For this, you will need to select the ‘Open’ button Trade; then, a broker will place your order in the market.

 

 

 

Way to Purchase Bitcoin via Debit Card without Any Verification

 

There are various methods through which you can purchase bitcoin using a debit card without any verification. One of the methods involves ATM. You can buy Bitcoin from Bitcoin ATM that is nearest to your location. But remember, it is not a typical method because you might not find a single Bitcoin ATM at your location.

 

In addition, you can buy Bitcoin directly from sellers without account verification from various P2P marketplaces. Also, crypto exchanges such as Paxful and Binance enable you to buy Bitcoin without ID or partial verification.

 

You need to consider that buying Bitcoin without account verification might seem attractive to you, but it is worth mentioning that this method can be unsafe. This is because you are required to provide your card information to a brokerage platform without even recognizing how they use it.

 

Should I Buy Bitcoin with a Debit Card

 

When referring to speed, acceptance and transaction fees, every payment method has its pros and cons over others. Let’s look into the benefits and downsides of buying bitcoin via debit card.

 

Pros

  1. A debits card is a popular method for buying bitcoin
  2. You can also purchase Bitcoin instantly as it is a quick way to make purchases.
  3. It is easy and simple to use payment methods
  4. Many brokerage platforms accept these cards
  5. You can use a debit card if you don’t have a cast to profit from BTC

 

Cons

  1. You are required to add your card information (e-wallets)
  2. High transaction fees
  3. It can affect your credit scores
  4. Certain platforms have set limitations on the amount you need to purchase via debit card

 

Ways to Withdraw Bitcoin from Your Brokerage Account

 

Since Bitcoin is a decentralized virtual asset, meaning there are fewer chances of losing your coins. However, leaving your coins in your exchange account or brokerage is not safe as they are centralized. Also, if your account gets hacked, you can lose your bitcoins.

 

To prevent yourself from this hacking, make sure you create a bitcoin wallet account in order to withdraw coins. This can help you access your account as there will be no third party involved.

 

Where Can I Buy Bitcoin Using Debit Card?

 

To purchase Bitcoin via debit card, make sure you first locate a reliable brokerage forum that offers the best conditions and customer experience.

 

Though there are numerous platforms to trade and buy Bitcoin, unfortunately, not all of them can provide you with reliable and easy trading of Bitcoin.

 

Let us introduce the top 7 brokers that can help you buy bitcoin online using a debit card.

 

1. eToro

eToro is among the best brokers for purchasing Bitcoin via debit card. It is a controlled brokerage platform created in 2006 and embraces a solid track record.

 

 

This brokerage platform has millions of users globally and is recognized for its numerous social trading platforms. The latter helps to communicate with eToro traders and utilize tools like CopyTrader to replicate the Bitcoin trades of frequent users.

 

The best aspect of eToro is that it provides a diverse range of assets without charging commission fees. Rather, you can find various low buy-and-sell spreads when purchasing Bitcoin or any other digital asset.

 

The non-trading prices on eToro are pretty reasonable. No fees are included when funding an account via debit card or another payment method. However, you may need to pay fees using any currency other than American dollars; you will be charged a small conversion fee.

 

Moreover, withdrawal fees are relatively lower on this platform. eToro only charges a $5 fee for each cash withdrawal. This brokerage platform also requires a minimum deposit of $200 before you can trade.

 

All in all, eToro is safe because of its compliance with FCA regulations (UK), FinCEN (US), ASIC (Australia), and CySEC (Cyprus).

 

Advantages

  1. No commissions are needed on Bitcoin purchases
  2. Strong restrictions and privacy policies
  3. Numerous payment methods
  4. A diverse portfolio of digital assets
  5. Robust social trading system

 

Disadvantages

  1. Few innovative methods for advanced traders
  2. Low conversion fees for non-USD agreements

 

2 Crypto.com

 

This brokerage platform was founded in 2016 and is quickly becoming one of the most sought-after cryptocurrencies and digital asset exchanges. The system enables over 250 cryptocurrencies, helping to make it one of the market’s most comprehensive collections.

 

 

 

It also supports cryptocurrency trading, swapping, and staking as well as a separate NFT trading platform. However, this platform charges a low 0.4 percent trading fee. It can be further scaled back with growing discounts and CRO bonuses.

 

This platform to buy bitcoin has a unique incentive program in which trading fees are reduced by 10% after taking at least 5000 CROs (Crypto.com coins).

 

Also, Crypto.com will not charge new users any debit/credit card fees for the first 30 days of making transactions.

 

Another incentive for users who prefer to pay through debit or credit cards is its proposal of up to 8% cash back on purchases made with the Crypto.com Visa Card.

 

Users can use one of five prepaid Visa cards, such as the Obsidian Card, which offers an 8% cashback, and the Midnight Blue Card, which offers a 2% cashback. Users can also benefit from its Ruby Steel Card, which offers a 1% cashback.

 

In short, this platform is inexpensive, with a 2.99 percent debit/credit card fee. This platform involves no separate or hidden charges to deposit cryptocurrency assets or exchange crypto-to-crypto in your mobile app.

 

Advantages

  1. Stablecoins can earn up to 14.5 percent per year, while Bitcoin can earn up to 8.5 percent.
  2. Bitcoin debit card for use in stores
  3. Farming and the DeFi wallet
  4. Bitcoin debit cards and wallet – cards have numerous advantages.

 

Disadvantages

  1. US investors are slightly confined
  2. High spread fees are charged

 

3. Bybit

Bybit is a savvy, efficient, and user-friendly cryptocurrency exchange platform that offers Spot, Margin trading, DeFi, and Derivatives trading.

 

 

Bybit has established a strong network of traders (above 5 million users) ranging from beginners to experts who have profited from the platform’s broad selection of above hundred crypto assets and contract terms.

 

This platform enjoys the highest transaction volumes in the market, attracting new crypto users daily due to its simple registration system, which eradicates the demand for KYC.

 

Although it was created in 2018, it is a comparatively new platform with the most lucrative trading fees in the market. This brokerage platform only charges a maker-taker fee of around 0.025 percent to 0.075 percent.

 

ByBit exchange distinguishes itself with its Smart Trading System, which includes a 100K TPS Matching Engine, HD Cold Wallet, market information, charting tools, and usability of the high-powered system. This platform also does not have a minimum deposit requirement or any deposit fees.

 

Indeed, Bybit inspires prospective customers to sign up by offering welcome bonuses of around USD 600 and some other rewards like income from referral programs.

 

4. Libertex

Libertex is one of the CFD trading platforms that is widely used by professional forex trading. However, the broker facilitates the MetaTrader4 trading platform, which allows you to purchase various other digital assets, including Bitcoin.

 

 

Moreover, this platform differs from other CFD platforms because it does not involve any charge spreads for buying or selling assets. It rather sets marketable commission fees for each bitcoin trade.

 

To purchase bitcoin via debit card, you are charged a small transaction fee of 1 EUR, mainly when trading large BTC amounts.

 

As said before, Libertex offers 2 trading platforms, namely an in-house built platform configured for beginners and professionals. Another is the MetaTrader4 trading platform. Libertex is controlled by two top authorities, ensuring the security of your trades.

 

Advantages

  1. A well-established broker that has been in business for 24 years
  2. It accepts multiple payment options
  3. MetaTrader4 platform is supported
  4. Strong regulatory systems

 

Disadvantages

  1. Offers only CFD trading
  2. Bitcoin is only available through MetaTrader4

 

5. Uphold

The Uphold exchange system and debit card are assured by 7 million users in 184 countries and provide a quick and easy way to purchase Bitcoin. Uphold also has an app for iOS and Android users.

 

 

 

When purchasing Bitcoin, Uphold charges a 0.85 percent spread and a 1% spread when selling.

 

Other famous assets where you can invest using Uphold include Tesla, Amazon, Apple stock, AT&T, silver, gold, and other precious metals.

 

They also make investing accessible to almost all using fractional stock trading, which allows users to invest as little as $1 in various companies such as Google.

 

Advantages

  1. There are no deposit or withdrawal fees.
  2. For using cryptocurrency, a debit card offers a 2% cashback.
  3. You can also purchase and sell stocks, fiat currencies as well as metals.

 

Disadvantages

  1. Paypal not supported
  2. Very few digital assets are supported than on more extensive exchanges.

 

6. Capital.com

Another best platform to buy bitcoin is Capital.com. It is quite a new Forex broker and CFD in the market, with more than a million registered users globally. This brokerage platform was first established in 2016 and currently has offices in Gibraltar, London, and Cyprus.

This is the first broker to use AI technologies, offering trading ideas and tips to its customers.

 

Moreover, this platform does not charge commission fees for bitcoin trading. However, there are rollover fees in case the position is held all night. It also has tight spreads that are relatively low in comparison to other CFD brokers.

 

Aside from debit cards, this platform may charge your account with wire transfers, credit cards, and a variety of e-wallets.

 

Besides, it involves no inactivity fees, no annual management fees, and broker charges.

 

Advantages

  1. Competitive trading commissions
  2. Numerous payment Methods
  3. User-friendly trading platform
  4. Account types include Standard, Plus, Premier, and Invest
  5. Start trading with a small deposit of $20. There are no inactivity fees.
  6. A trading platform powered by AI.

 

 

Disadvantages

  1. Bitcoin can only be obtained through CFDs
  2. Deposits for sophisticated accounts are more significant.

 

 

7. Coinbase

It is a cryptocurrency exchange platform that offers over 50 crypto assets. This user-friendly broker was founded in 2012 in San Francisco and now has over 68 million users worldwide.

 

It is mainly due to Coinbase’s excellent reputation and status as the largest cryptocurrency exchange in the United States regarding liquidity.

 

 

Based on the quantity of BTC purchased, trading fees on Coinbase range from $0.99 to $2.99. It also charges a $3.99 commission fee when funding your account using a debit card.

 

 

This broker also provides 2 trading accounts. One is a standard account that is suitable for newcomers and experienced traders. Furthermore, it offers a solution for active expert traders – Coinbase Pro, having lower fees but endorses quite a few crypto assets. It also offers a mobile app for both Android and iOS users.

 

 

Advantages

  1. A diverse range of crypto assets
  2. Robust mobile app
  3. A straightforward trading platform
  4. Excellent security systems
  5. Trades with low minimums
  6. Provides a crypto wallet

 

Disadvantages

  1. Trading commissions that are higher than average
  2. Customers can contact the company via email.

 

Things to Consider When Purchasing Bitcoin via Debit Cards

 

This section summarizes everything you need to know before buying bitcoin with a debit card.

 

If you don’t own a debit card, the first step is getting one. If you already have debit cards, check to see if the brokers accept the debit card you have.

 

  • Safety

One of the most crucial considerations is safety when it comes to buying bitcoin. This is because you give your credit card information to a brokerage platform without even knowing how they will be using it later. Make sure you choose a reliable broker who will not take advantage of you.

 

  • Trading Fees

The pricing system is essential to capital gain and the trading process. Also, verify if there are any additional fees for transactions.

 

  • Locate a Reputable Broker

With a good broker, you can get more returns in the long run. When choosing a platform, the first things to consider are its reputation, fees, user experience, and whether it accepts debit card payments.

 

 

  • Transaction Speed

Another significant consideration is how time needed to complete a debit card transaction. Debit cards typically have an advantage over other payment options. This is because they are efficient and more straightforward, however, this depends on the broker.

 

 

  • Bitcoin Wallet

While receiving your bitcoins, make sure you find a secure location to store your bitcoins. These bitcoin wallets are a great way to keep your digital assets decentralized as well as away from the reach of third parties.

 

 

  • Taxation

Finally, you will be taxed on your earnings from bitcoin trading. As a result, you must investigate how these bitcoins are taxed and notify the relevant government to pay the taxes.

 

 

Bitcoin Taxation Earnings in the United States

 

The US Internal Revenue Service classifies Bitcoin and other digital currencies as property. So, if you make money trading bitcoin, you must notify the government and pay the appropriate taxes.

 

You will pay various taxes based on the time period you are going to hold your BTC before selling them to gain capital. Also, there may be both short-term and long-term capital gains, with different percentages of earnings that will be subject to taxation.

 

We recommend you visit the IRS page to get further information on ways to report your bitcoin benefits and their taxation.

 

Conclusion

To summarize, purchasing bitcoin via debit card tends to have advantages over other payment options. One advantage is that your transactions are completed more quickly than with wire transfers and e-wallet options.

 

This guide has reviewed and ranked the best brokerage platforms for buying bitcoin using a debit card. Before getting started, choose the right broker that suits your needs and follow this guide to buy bitcoin online via debit card.

 

FAQs

 

  1. How can I buy Bitcoin using Debit Card?

In order for you to buy a bitcoin via debit card, open your account on one of the trusted brokerage platforms that accept credit/debit card payment methods. Then, you are required to charge that account with some funds to buy Bitcoin.

 

2. Where can I buy Bitcoin via Debit Card?

When it comes to pricing and security, brokers’ platforms are considered best for purchasing bitcoin using a debit card.

 

3. How can I buy Bitcoin Directly with my Debit Card?

The time you fund your account using a debit card will depend on the trading platform. You can charge your account more rapidly using a debit card than wire transfers. Therefore, with the top brokers, you will not find it problematic to purchase bitcoin instantly using your debit card.

 

4. Where can I buy Bitcoin Online using Debit Card?

We have mentioned the top-recommended brokers where you can purchase Bitcoin with your debit card. These include eToro, Coinbase, Libertex, and Capital. These are, undoubtedly, excellent platforms to purchase bitcoins.

 

5. Can I Buy Bitcoin Anonymously via Debit Card?

Yes, you can also purchase bitcoin anonymously with your debit card on P2P exchange platforms. In these types of broker platforms, you can direct communications to the seller. For this, you need to browse the platform to look for sellers as per your requirement; then contact them to discuss the details.

 

6. How Long Will it Take to Get Bitcoin After Buying them With Debit Card?

With debit cards, transactions are typically completed more quickly, but this also depends on your choice of exchange. Most of the time, the finest brokers quickly confirm your purchase.

 

7. Does the bitcoin exchange site store my debit card information?

Brokerage/exchange platform store your date. Still, reputable brokers and crypto exchange platforms often have a privacy policy not to share your information with anyone. Thus, they secure your information and account so that only you can access it.

 

8. Is it safe if I purchase Bitcoin via debit card?

Your choice of the bitcoin trading platform will determine this. However, you can purchase bitcoin securely using your debit card from reputable brokers with top-notch privacy practices and regulatory frameworks. Such brokers keep your data confidential by not sharing it with a third party and utilize SSL methods to secure your security.

 

 

 

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