Bitcoin has been a widely accepted means of trade in several nations since its inception in 2009. Despite the widespread acceptance of bitcoin and its widespread use, many individuals are unaware of how to purchase bitcoin using a credit card.
That may come off as unexpected, but that is the truth. The majority of cryptocurrency exchanges provide a variety of options for buying bitcoin. For most individuals, though, purchasing using credit seems to be the simplest and safest option.
The option of purchasing peer-to-peer is available, but consumers may find the process lengthy since the exchange may serve as an escrow and store the coins/fiat until the buyer/seller confirms that he has received the BTC or USD.
This study will look at a variety of exchanges that can help you acquire bitcoin, as well as how to do so.
QUICK GUIDE: BUYING BTC WITH A CREDIT CARD
Visit the CEX.io website for further information.
Create an account with your email address and verify it with your phone number.
Select your form of identification and submit pictures of your papers after entering your proof of identity, country of residence, and type of identification.
Take a selfie with the document in your hand and submit the pictures.
After you’ve been identified, you’ll need to have your credit card confirmed. Fill out your credit card’s details and snap and submit a selfie of yourself holding the card.
Using your credit card to purchase cryptocurrency
Top 5 Exchanges for Buying Bitcoin
Buying Bitcoin with a Credit Card: A Step-by-Step Guide
Buying bitcoin wasn’t simple at first. In reality, Laszlo Hanyecz paid $10,000 for two Papa John’s Pizzas in 2010. Although the original bitcoin exchange, Bitcoinmarket.com, is no longer active, it paved the way for other exchanges to emerge, allowing more individuals to get access to bitcoin.
So, if you want to purchase Bitcoin, you’ll need an exchange and a wallet to store your money. Traditional payment methods such as bank transfer, debit or credit card payments, cash payments, or even utilizing a bitcoin ATM may all be used to purchase bitcoin.
However, there are certain disadvantages to purchasing Bitcoin. Most nations have approved bitcoin exchanges, and banks have imposed restrictions on the use of credit or debit cards in some transactions.
There is also concern that individuals may use Bitcoin to evade paying taxes, which has led to penalties against certain bitcoin sites in the United States.
Purchasing Bitcoin on Binance
Changpeng Zhao, a former OKCoin employee, founded Binance in 2017. During its Initial Coin Offering (ICO) in July 2017, the exchange was able to secure $15 million in initial funding.
The disadvantage of utilizing the Binance exchange is that users in most US states are restricted from doing so. New York, Washington, Alabama, Alaska, Florida, Connecticut, Georgia, Hawaii, Idaho, Texas, Louisiana, North Carolina, and Vermont are exempt from the limitation.
BTC, on the other hand, may range from $50 to $20,000 for other users. You can see how to purchase Bitcoin using a credit card on Binance in the video below.
STEP 1: Create an account with Binance and then get confirmed by submitting identity papers.
STEP 2: On the main page, click “Buy with Cash.” You’ll be asked if you want to purchase using P2P or with your credit or debit card.
STEP 3: Enter the amount of Bitcoin you wish to purchase, read the terms and conditions, and submit your bitcoin order.
NOTE: Binance accepts credit card payments via a number of third-party payment processors. Simplex, Koinal, Trusttoken, Paxos, and Banxa are among them. As an example, we’ll look at Simplex.
STEP 4: Enter your credit card and payment details. To obtain an OTP-code, you’ll need to fill out some personal information on Simplex and validate your phone number. It will take 2-5 minutes for the Bitcoins to appear in your wallet once you enter the code.
COINBASE is a website where you can buy bitcoin.
Coinbase is one of the most popular cryptocurrency exchanges in the world, with users from over 100 countries. Even if your nation isn’t on the list of approved countries, you may receive and send bitcoins.
You may, however, be unable to purchase bitcoin. Brian Armstrong and Fred Ehrsam established the San Francisco-based crypto exchange on June 20, 2012.
On Coinbase, here’s how to purchase Bitcoin using a credit card.
STEP 1: Register for a Coinbase account and verify it.
STEP 2: Select a payment method from the drop-down menu.
STEP 3: Select “Add a Credit/Debit Card” from the drop-down menu at the top of the payment page.
STEP 4: Enter your credit card information and billing address, which must match the card’s address.
STEP 5: A popup with the words “credit card added” will appear. You may now purchase bitcoin by clicking the “Buy” button.
Users in the United States may only get bitcoin through bank transfer, debit card, or bank wire. The credit card option is only accessible to customers in the United Kingdom and Europe if their card supports 3D secure.
Purchasing Bitcoin on OKEx
OKEx is one of the biggest cryptocurrency and derivatives trading platforms in the world. It is located in Malta and was founded in 2014. On OKEx, here’s how to purchase bitcoin using a credit card.
STEP 1: Sign up for OKEx and establish an account. To register your account, you’ll need a code from your email.
STEP 2: Click on security and provide identity papers to verify your account. Before you can purchase bitcoin using your credit card, you must go through three stages of verification, which include entering three numbers, SMS, Email, and Google Authenticator.
STEP 3: Select Quick trade from the drop-down menu.
STEP 4: Decide on the currency you’d want to use and the quantity of bitcoin you’d like to purchase.
STEP 5: Choose whether you wish to pay with a Master or Visa credit card.
STEP 6: Select “Buy BTC” from the drop-down menu.
STEP 7: To verify the status of your deposit, go to “History.”
The Best Bitcoin Wallets (BTC)
You have a broad variety of wallets to pick from when it comes to storing your bitcoin. Unlike other cryptocurrencies, Bitcoin allows you to pick from a variety of wallet service providers.
However, for the sake of this essay, we will just look at a handful. A hardware or paper wallet, a PC wallet, or a mobile wallet are all options for storing bitcoin.
It’s important to remember that storing your bitcoin on an exchange is risky, and you’re not the only owner of the bitcoin if you don’t have the private keys to your wallet.
[FAQS] How to Buy Bitcoin With a Credit Card
What exactly is Bitcoin?
Bitcoin, which was founded in 2009, is a decentralized currency that is not backed by any country’s central bank. It is a kind of electronic currency that can be transferred from one user to another in a peer-to-peer manner using the blockchain, obviating the need for conventional middlemen.
Is Bitcoin a Sound Financial Investment?
Yes, it is correct. Bitcoin had no value when it was first introduced. However, by 2017, the price of one bitcoin had risen to over $20,000, and as of this writing, the price of one bitcoin is $11,575. It is regarded as one of the most profitable investments of the decade.
Bitcoin may be used for a variety of purposes, including paying for tuition, hotels, and plane tickets, as well as dining out. It’s also a good idea to have some bitcoin in your bank account as an investment.
Bitcoin may also be used to trade with other cryptocurrencies and conventional currencies. You may start your crypto adventure now that you know how to purchase bitcoin using a credit card.
Always remember to keep your password and secret keys secure. There are still alternative ways to purchase bitcoin using a credit card, such as going to a bitcoin ATM and purchasing it in person.