How to Buy Crypto with Credit Card – Beginner’s Guide – The Economic Times
Buying cryptocurrency is now easy in 2022 with the availability of many types of payment options now accepted that weren’t previously when crypto was in its infancy. Many investors prefer the tried-and-tested credit card payment method as it affords high-security and seamless purchases.
If you plan to sign up to online crypto exchanges and get started investing, this guide is for you – we’ll review how to buy crypto with a credit card.
How to Buy Cryptocurrency with Credit Card – Quick Steps
On eToro, you can buy crypto with credit card – including Bitcoin and over 50 other cryptocurrencies. Here is a quick guide on how to buy crypto with credit card on eToro:
Step 1: Open an Account with eToro
Create an account on eToro’s website. Fill in your details or link your Facebook or Google account.
Step 2: Verify Account
This stage requires uploading a government-issued ID such as a passport or driver’s license. Legal documents containing your address line are also considered.
Step 3: Deposit
After verification, eToro will send you an email confirming that you are ready to start trading. Next, make a deposit using your credit card and opt to link your card if you plan to use the same payment medium regularly.
Step 4: Buy Crypto
Buy your first crypto using your deposited funds. Just type the coin you want to purchase, input the amount, and click “Open Trade” or “Set Order.”
Where to Buy Crypto with Credit Card
Below we’ll take a closer look the best cryptocurrency platforms to buy crypto with credit card and review each.
eToro
Early to spot the huge opportunity in crypto, eToro is one of the first companies to allow digital asset trading. It began offering Bitcoin way back in 2013.
This long exposure in the space is a big advantage since it managed to build its name as a trusted crypto platform over the years. Recently hitting a milestone of 20 million users, eToro is regulated by the FCA, ASIC and CySEC, and accepts traders from most countries in the world, including the US and UK.
The site offers a very straightforward way to invest. Under every account’s “Discover” section, traders can access the “Crypto” section where coins are featured. As of this writing, it offers 39 coins available for trading. Each coin listing contains direct and valuable information such as current price and movement in the last 24 hours.
eToro also has a CopyTrader feature, where you can copy experts’ moves easily. At the bottom of this crypto section is a list of expert crypto traders, their stats, and individual return percentage for the day. This tool is a lifesaver for newcomers and traders who do not have the luxury of time to do technical analysis every day.
It charges 1.0% in every crypto transaction paid via Visa, Mastercard, and Maestro credit cards. This is much lower than the industry average of up to 4% (e.g. Coinbase when buying crypto with a card). In addition, it has a minimum deposit of only $10 in the US and UK and $200 to use the CopyTrader feature.
Buy Crypto with credit card on eToro.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Crypto.com
If you plan to buy Bitcoin with credit card, Crypto.com is another site you should check out. Cryptocurrency investing involves a lot of price movements. This means traders buy and sell their coins faster than stocks and other assets.
That’s precisely why many traders prefer this platform over others. It offers one of the lowest trading fees in the market, especially for holders of its native coin, Cronos (CRO). High-volume traders are charged as low as 0.04% as makers and 0.1% as takers. You can barely feel the fee in every transaction.
Over 250 cryptocurrencies are available for trading on its platform, with a $100,000 daily withdrawal limit. It also has popular NFTs like Alienworlds.
Buy Crypto with credit card on Crypto.com.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Binance
Due to its geographic availability and advanced trading options, most traders worldwide use Binance to trade cryptocurrency. It is available in over 140 countries, including 43 US states. It also supports various transactions, including limit order, market order, stop-limit order, and peer-to-peer (P2P) exchange.
Binance is known as the “place for altcoins,” a term it got since it offers over 500 cryptocurrencies for trading. It also serves as a breeding ground for initial coin offerings and encourages existing users to participate in ICO projects. Traders have the chance to earn through staking during the duration of a crypto project. Moreover, the exchange organizes a variety of rewards mechanisms where investors can increase their holdings without the need to trade directly.
Binance appeals to all kinds of users, be it beginners or otherwise, as it offers different trading view options. The classic view appeals to new market entrants who are still learning about their style. While the advanced view is for intermediate to expert investors with more market knowledge.
Buy Crypto with credit card on Binance.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Why Buy Crypto with a Credit Card?
For those who see themselves taking crypto investing seriously for the long haul, it should not only be a question about how to buy crypto with a credit card. It should also be a question of why you should do it.
There are a lot of reasons why you should. Much to the advantage of traders, card payments are proven to be secured, hassle-free, and direct. You can also make a purchase through a cash advance when using a credit card which is rarely available on other online payment platforms.
Cash Advance
Credit cards allow you to borrow money from the issuer when making a purchase. This is a convenient option if you plan to make a big trade but do not have the financial capability. However, remember to practice precaution since digital assets are highly volatile, and you could lose big instantly.
Proven Security
Credit card payment is one of the foundational payment mediums on crypto exchanges. It had proven itself a secured choice long before other transfer options became available. Only verified accounts are allowed to transact, which then are protected with high-security features such as multi-factor authentication.
Instant Purchase
On average, buying crypto with credit card takes only five to ten minutes to complete. This then becomes instant once you have linked your card details with your trading account after the first purchase.
How to Buy Crypto with Credit Card on eToro – Tutorial
Now that you have decided to get started investing in crypto, here is how to buy crypto with a credit card using FCA regulated platform eToro.
Step 1: Create an Account
First visit the official eToro website. Type your username, email, and password in the space provided on the sign-up page. You may also link your Google or Facebook account.
Step 2: Verify Account
eToro asks new users to confirm their email or mobile number before proceeding. It employs a strict verification protocol to prevent fraud from happening. After confirmation, you will be redirected to the platform automatically. Click “Verify Account” on the dashboard and present government-issued IDs such as a passport and driver’s license to continue.
Step 3: Deposit Funds Using a Credit Card
After verification, eToro will send you an email confirming your account’s accreditation to trade and may now start depositing. For greater convenience, you may also opt to link your credit card at this stage if you plan to use the same payment medium regularly.
Step 4: Buy Your First Crypto
To purchase your first crypto using your credit card, just type the coin you want to purchase on the search bar, input the amount, and click “Open Trade” or “Set Order.” This is how to buy crypto with credit card, hassle-free for beginners.
Buy Crypto with credit card on eToro.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
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