Bitcoin has been around for a few years now, but it only recently gained mainstream attention. There are a few reasons for this: first, the dramatic increase in value over the past few years; and second, the increasing number of merchants who are starting to accept bitcoin as payment. In addition, the rise of NFT and the promise of Metaverse have been adding to the media frenzy.
For those new to the game, buying bitcoin can be confusing, but the most common way to do it is through a bitcoin exchange. This article will show you how to buy bitcoin with a credit and debit card, and provide a list of the best exchanges for you to use.
So, let’s get started!
How to Buy Bitcoin With a Credit Card: Step-by-step guide
Buying bitcoin is pretty straightforward, but it can confuse first-time buyers. Things can be slightly different depending on the exchange you use, though the process is generally the same.
Here’s a step-by-step guide on how to buy bitcoins with a credit card:
step 1. First, create an account on an online broker (we will discuss the best brokers later) that accepts credit cards.
step 2. Be sure to verify your account with the required documents.
step 3. Next, deposit money into your account using a credit or debit card. The funds will be held in escrow until you complete a trade.
step 4. Now, find a good deal on bitcoins. You can do this by checking the prices on different exchanges or using a broker that finds the best prices for you.
step 5. Once you’ve found a good deal, open a trade with the seller and send them the money. The bitcoins will be released from escrow and sent to your wallet.
step 6. And that’s it! You’ve now bought your first bitcoins using a credit card.
There are a few things to keep in mind when buying bitcoin with a credit card:
- The fees are usually higher than other methods.
- You will need to have a good credit score to get approved for a card.
- There is a risk of chargebacks. This means that the seller could cancel the trade after you’ve sent them the money, and you would not be able to get your money back.
- It can be challenging to find a seller who accepts credit cards.
Ways to Buy Bitcoin With Credit Card in UK: Best Brokers
You can buy bitcoin with a credit card at a number of exchanges, and we’ve listed some of the best below:
eToro is a social trading and multi-asset brokerage platform with over 10 million registered users. The company allows users to buy and sell cryptocurrencies and trade them against each other.
The eToro platform offers a wide selection of cryptos, including Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, and Stellar. It also allows users to buy crypto with a credit card in minutes. Simply create an account on eToro, add a credit or debit card, and select the cryptocurrency you want to buy.
Users of eToro can see the portfolios and statistics of other investors and interact with them to exchange ideas, discuss strategies and learn from each other’s experiences. In addition to showing previous performance, each user’s risk score and investment strategy are also displayed, and those who meet specific criteria are classified as “Popular Investors.”
The platform also offers various tools and features to help users trade cryptocurrencies. These include charts, technical indicators, and many order types. Using advanced algorithms, machine learning, and artificial intelligence, it builds investment strategies and curates assets into CopyPortfolios based on market conditions.
eToro supports more than 40 cryptocurrencies for trading, transfers, and conversions while also providing the highest level of security. In addition, eToro claims to offer the industry’s lowest fees. Though investors from the United Kingdom must pay a currency conversion fee to transact in US dollars, they can start trading with as little as $5.
With a significant volume of crypto pairings, Coinbase is often regarded as the most liquid crypto exchange in the world. According to Fred Ehrsam, one of its co-founders, the platform was first started in 2012, when “a bitcoin was worth $6 and only known by a few nerds on the internet.”
When clients buy bitcoin, Coinbase charges fees, although minimal. The minimum deposit on the platform is $2, however, there are no costs for initial deposits or withdrawals, and trading fees are 0.5%.
Credit cards, bank transfers, and other payment methods are available through Coinbase. The platform is one of the finest alternatives to eToro since it offers a mobile app and a separate wallet. In addition, the user interface is intuitive and straightforward, making it simple for investors to purchase Bitcoin using a credit card.
Coinbase also provides educational resources and activities for consumers to learn about the financial crypto market, how cryptocurrency works, and how to profit from cryptocurrency investments.
If you’re looking for a user-friendly, reliable, and secure Bitcoin exchange with significant liquidity, Coinbase is an excellent choice.
With a user-friendly interface and a wide range of features, OKX (formerly known as OKEx) is one of the most popular bitcoin exchanges in the world. OKX is an excellent option for anyone looking to get into the cryptocurrency market. You can use your credit card to buy bitcoin and other cryptocurrencies and also use it to margin trade.
Known as a pioneer in the blockchain industry, OKX has also innovated in other areas, such as mining pools, public chains, cloud-based services, consumer lending, and more. The platform is offered both in-browser and as a downloadable desktop client program.
Because trading platforms are quite large, downloaded software handles the brunt of the demand and eliminates the chance of a browser crashing due to memory and processing issues. As a result, the OKX platform places a higher demand on hardware than the usual bitcoin exchange.
You can buy bitcoin using a credit card or other means on the platform, or trade between the–m on other exchanges. While most people on other exchange platforms have to set up wallets and maintain their private keys, buying cryptocurrency with OKX is more flexible and convenient because all purchases are instantly deposited into your exchange account.
In January 2022, this global crypto investment platform reported that it processed over 25 billion trades in 2021, with a total trading volume of more than $21 trillion. This information shows that OKX is one of the world’s most reputable and well-recognized exchanges.
Wirex is a cross-border digital payment network that aims to make traditional and cryptocurrencies equal and accessible to everybody. Its cutting-edge mobile software and next-generation card make it simple to buy, save, trade, and spend a wide range of traditional and digital currencies with no hassle and no hidden costs.
You may tailor the app to your preferences by selecting from a variety of standard and cryptocurrency accounts. Furthermore, quick and easy money transfer alternatives are available. You can also use the Wirex card to spend over 150 fiat and cryptocurrency assets in more than 54 million locations across the world.
Using your credit card, bank transfer, or cryptocurrency to fund your account is also simple. Wirex’s live in-app communications enable you to manage your account and follow payments for a smooth experience.
You will have to pay a 1% charge to top up your account with bitcoin using a credit card, while Wirex fiat account users will get free top-ups. All bank deposits are free of charge, although they may take up to three days to reach your account.
EfinanceBank, a leading provider of digital payments, investments, and banking, recently announced its partnership with Wirex to offer its prepaid multicurrency debit card in the U.K. and other countries. This will hopefully allow Wirex users to spend their bitcoin as easily as traditional currencies.
Luno is a digital asset exchange that allows you to buy and sell cryptocurrencies and is one of the most user-friendly platforms in the industry. You can use your credit card or bank account to purchase bitcoin and trade between cryptocurrencies. Luno also offers a mobile app, making it easy to track your investments on the go.
Luno makes cryptocurrency trading simple and accessible, so it is a good pick if you are new to crypto and want an exchange with a low learning curve. You can sign up and verify your identity in a few minutes. After that, you only need to deposit funds using one of the supported payment methods and purchase cryptocurrency.
Luno’s trading costs are comparable to those charged by the leading cryptocurrency exchanges, with fees ranging between 0% and 0.1% per spread. There aren’t many platforms that can compete with 0.1% or lower crypto trading costs, so Luno is definitely a great pick.
Binance is a cryptocurrency exchange with many coins available for trading and is one of the most popular exchanges in the world.
The platform is known for its low trading fees, fast transactions, and easy-to-use interface. It was conceived with the goal of creating an ecosystem that would include all members of the blockchain community, including digital asset projects, merchants, traders and investors of every level.
You can use your credit card to purchase bitcoin on Binance without any hassle. The process is simple and takes only a few minutes to complete.
Buying in Binance using your credit card will charge you 3.5% + $0.15 per transaction. The fee is a little higher than other exchanges but is still lower than what you would pay using a service like Coinbase. Overall, Binance is an excellent choice if you are looking for an easy and affordable way to buy bitcoin with a credit card in the UK.
How To Buy Bitcoin With Debit Card In The UK: Step By Step Guide
Buying bitcoin or other cryptocurrencies using a debit card is the same process as purchasing with your credit card. Here are some general steps to follow:
- Choose a Bitcoin broker. There are many different brokers to choose from, so do your research to find the best one for you.
- Create an account with the broker. You will need to provide some personal information and verify your identity before you can start trading.
- When depositing funds into your account, most brokers will accept payments via bank transfer, credit or debit card, or using cryptocurrencies such as Bitcoin or Ethereum.
- Once your account is funded, you can buy Bitcoin (or any other cryptocurrency) at the current market price.
- After purchasing your crypto assets, you will need to store them in a secure digital wallet.
- If you want to sell your Bitcoin or other cryptocurrencies, you can do so at any time via the broker’s platform.
There are a few things to keep in mind when buying bitcoins with a debit card:
- First, make sure the broker is reputable and has a good track record.
- Always make sure to verify your identity before you start trading.
- Be aware of the risks involved in buying and selling cryptocurrencies.
- Make sure you store your Bitcoin or other cryptocurrencies in a secure digital wallet.
- Finally, always consult a financial advisor if you have any questions about buying or selling Bitcoin or other cryptocurrencies.
Ways to Buy Bitcoin With Debit Card in UK: Best Brokers
Here are the best exchanges that allow you to buy bitcoin with a debit card in the UK:
The first step is to sign up for an account on the eToro website, which only takes a minute. You’ll need to provide your name, email address, and create a password. Once you’re registered, link your debit card to your account.
Now that your account is set up, you can buy bitcoin in just a few clicks. Navigate to the “Deposits” tab and select “Bitcoin.” Choose your desired amount and click “Buy.” The bitcoin will be transferred to your eToro wallet immediately.
It’s simple to understand why more and more individuals are selecting eToro for their bitcoin purchases, with an easy-to-use site and safe bitcoin storage. eToro is a popular exchange for novices and seasoned investors alike, thanks to some of the greatest customer service and security in the market.
When it comes to investing with eToro, charges are fixed, and no commissions are charged on transactions. The charge of 1% is applied to the market price (Bid-Ask spread). The selling charge is modified when you cancel a trade to reflect the current market price of the crypto asset.
CryptoPay is a UK-based corporation created in 2013 and is registered in England and Wales. CryptoPay Ltd is one of the most well-known and well-established digital currency service providers in the European Union. It’s a wallet and payment platform that allows businesses and customers to trade with one another via a new BTC payment mechanism.
Over 1.3 million people have signed up for the service, and over 134 thousand C.Pay cards have been issued. The firm conducts over 50k transactions each month and provides services not only to EU nationals but also to people all around the world.
The C.pay card enables you to use your cryptocurrency to pay for services in the same way that you would with cash. This card can be used anywhere Visa cards are accepted, so you should have no trouble finding a place to use it, albeit you can only order it if you reside in Europe.
The C.pay card also has certain fees that aren’t particularly low. The typical cost of buying the card is 15 euros, with a monthly maintenance fee of 1 euro, a 1% price to load or unload your card, and a 2.5% domestic and 3.5% international ATM fee.
If you are looking for a quick and easy way to buy Bitcoin with your debit card in the UK, then Revolut is the platform for you. Founded in 2015, Revolut is a London-based fintech company that offers a mobile banking app and prepaid debit card. The app allows you to hold and exchange up to 26 currencies, and the card can be used in over 130 countries.
Revolut offers a debit card once you have verified your identity and registered for the service. The card can be used to purchase items in-store and online, as well as withdraw cash from ATMs. You can also use the app to track your spending, create budgets, and set up notifications for when you reach a spending limit.
With Revolut, you can buy Bitcoin instantly with your debit card. The process is straightforward – just enter the amount of Bitcoin you want to purchase and click “buy”. Your Bitcoin will be delivered to your Revolut wallet within minutes.
Lastly, Revolut charges 2.5% when you buy Bitcoin with a debit card. This is a relatively low fee compared to other platforms.
The Monolith Visa card is unlike other popular crypto debit cards because it does not require customers to carry a proprietary token. Instead, the tokens are used to cover charges when making transactions on their app and receiving higher perks or incentives inside this ecosystem.
While this crypto prepaid card lacks the perks and benefits of some of the other cards on the market, it might be a good choice for those who wish to buy bitcoin with prepaid debit cards.
There are no explicit cashback perks to consider when it comes to the Monolith Visa card. However, this should not be considered a deal-breaker. After all, many of the highest-rewarding crypto cards, such as the Crypto.com Visa card, rely on their customers’ willingness to speculate on the price of a proprietary token connected with the card.
While Monolith has its own token in the form of TKN, using Monolith’s services is not needed.
What To Look For When Choosing Your Broker?
Now that you know how to buy Bitcoin with a credit or debit card, the next step is finding the right broker. Here are some things to look for when choosing your broker:
- Reputation: Make sure the broker has a good reputation and is regulated by a financial authority.
- Fees: Compare the fees charged by different brokers and choose the one that offers the best value for money.
- Payment methods: Choose a broker that supports your preferred payment method (e.g., credit card, bank transfer, etc.).
- Platform: Make sure the broker offers a trading platform that meets your needs (e.g., user-friendly interface, advanced features, etc.).
Picking the right broker is essential to get started with bitcoin trading. Be sure to do your research and compare different brokers before making your final decision.
How to Buy Bitcoin With Credit and Debit Cards in the UK: Conclusion
Bitcoin is still a highly volatile asset, and its price could go up or down significantly in the future. If you are thinking of investing in Bitcoin, it is important to be aware of the risks involved.
That said, there are many reasons to believe that Bitcoin still has a bright future. Its underlying technology — the blockchain — is revolutionizing the way we do business, and there are many exciting applications of Bitcoin and blockchain technology in the pipeline.
When buying Bitcoin with a credit or debit card, it is important to compare the fees charged by different brokers. Luno is a good choice for investors who are new to crypto, as its platform is user-friendly and its fees are competitive. Binance is another great option, especially if you are looking for an easy and affordable way to buy bitcoins with a debit card in the UK.
Finally, remember to do your own research and to only invest what you can afford to lose.
So there you have it — a complete guide on how to buy Bitcoin with credit and debit cards in the UK. We hope this article has been helpful, and we wish you the best of luck with your future investments.
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