Since 2009, Bitcoin has experienced a steady growth that keeps catching the attention of both traders and crypto enthusiasts. This year, the digital currency has transformed the cryptocurrency world like never before, and its price forecasts to rise even more as demand continues to increase and supply dwindles.
Today, buying Bitcoin and jumping on the thrilling wagon of cryptocurrency is much easier – thanks to bitcoin exchanges that have made the process easier. While there are different ways to buy bitcoin, many people are curious if they can buy Bitcoin with debit cards. Well, the answer is yes; many crypto exchanges accept debit cards as a payment method for purchasing Bitcoin and other cryptocurrencies.
For further clarification on this question and some others regarding bitcoin purchase, we have put this post together to help. So, keep reading to get all the answers you have been longing for.
Can I Buy Bitcoin With Debit Card?
Yes, you can buy Bitcoin using your debit card. It makes it easier and more convenient to purchase your cryptocurrency, even if you are pretty new to the crypto world. However, not all platforms accept debit cards as a payment method. So you will need to find one that accepts, which you can also trust.
You will also need to have a crypto wallet where you can store the coin after buying it. Once you pay using your debit card, your Bitcoin will be immediately sent to your crypto wallet.
Is It Safe to Buy Bitcoin with Debit Card?
Yes. So far you use a safe platform for the purchase, you wouldn’t be having any issues. The blockchain technology used by Bitcoin also makes bitcoin transactions completely private and secure.
How to Buy Bitcoin with Debit Cards
Like we earlier said, not all cryptocurrency platforms accept debit cards as a payment method because of the risk of fraud associated with it. But there are still a handful of reputable ones that accept it. Furthermore, the process of buying Bitcoin with debit cards is quick and easy – it can be done in less than 10 minutes.
Below are the steps to take to do that:
- Create a Bitcoin wallet: without a wallet, there will be no place to store your coins after purchase. So you will need to first create a crypto wallet to get started. There are plenty of Bitcoin wallets out there you can use. Choose one that is both efficient and secure. If you are not sure which to choose, head on to bitcoin.com for a comprehensive list.
- Have an active debit card: this is not difficult. Ask your bank to activate your debit card, then deposit enough money into it – enough to make the Bitcoin purchase.
- Choose a reputable platform to buy from: remember you are looking for two things here before choosing your platform. You want to be sure the platform is secure and reputable and also accepts your debit card.
- Buy your Bitcoins: once you found a reputable platform to use, you can make your first BTC purchase. State how many BTC you want to buy, and it will be sent to your wallet once the payment is confirmed.
Best Places to Buy Bitcoin Debit Card
Unlike obtaining a Bitcoin wallet, which is pretty simple, finding a reliable platform that also accepts debit card as payment method is not easy. It requires you to do your research and consider many factors before choosing one. Some of these factors include your location and country. Some countries and locations don’t allow buying cryptocurrencies.
However, if your country allows it, some reliable exchanges that will allow you to use your debit card for Bitcoin purchase include Coingate, Coinbase, eToro, Gemini, Paybis, and Coinmama. To make this further easy for you, let’s walk you through the steps of buying Bitcoin from one of them.
How to Buy Bitcoin with Debit Card on Coingate
Coingate is a trusted platform when it comes to buying cryptocurrencies. It offers a wide range of payment methods, including debit and credit cards, to make purchase easier for crypto traders and investors. The process of buying Bitcoin and other cryptos on the platform is also pretty simple.
To buy Bitcoin with a credit card on Coingate, these are the steps to follow:
- Visit Coingate dedicated page
- Choose the amount you want to spend on Bitcoin or the amount you want to buy
- Provide your wallet address
- Input your debit card details
- Verify your identity
- Wait for your Bitcoin to be sent to your wallet
What Are the Transaction Fees On Debit Card?
There are always transaction fees attached to purchases with debit cards. So, when you are using your debit card to buy Bitcoin, you need to know what the transaction fee is like. Nevertheless, it is still definitely cheaper than using a credit card for the purchase.
The platform on which you are making the purchase will charge you, and your debit card issuer will also charge you an additional fee. These fees, however, vary from one platform to the other and also among different card issuers. For instance, Bitpay Debit card withdrawals cost $2 in the U.S. and $3 abroad. Each transaction outside the U.S. costs 3%.
So, before you use your card, do a quick research online to know what fee your transaction will likely attract. However, buying Bitcoin with debit cards remains one of the most cost-effective options regardless of the cost.
Which Debit Cards Allow Bitcoin Purchases?
So far your chosen platform accepts debit cards as a payment option on their platform, you can use your debit card there. Some debit cards that allow Bitcoin purchases include BitPay debit card, Binance debit card, Wirex debit card, and Coinbase debit card, just to mention but a few.
What You Can Do With Your Bitcoin
There are plenty of things you can do with your BTC after purchasing it. Some of them include:
- Store or hodl it: if you don’t want to trade with your BTC, you can store them up in your crypto wallet. This is a good investment plan for most Bitcoin investors. After storing (hodling) for some time, you can then decide to sell again when Bitcoin price increases.
- Trade it: you can trade your Bitcoin for several other cryptocurrencies through a secure exchange. You can as well exchange it for fiat currencies.
- Spend it: yes, you can spend your BTC. Many merchant outlets now allow customers to pay for goods and services with Bitcoin.
- Send it: with your crypto wallet, you can easily transfer Bitcoin around the world. You can send the BTC you bought to anyone and anywhere around the globe.
- Donate it: looking to donate to some charities? You can do that with your Bitcoin. Some charities now accept Bitcoin donations for their global projects.
