Purchasing Bitcoins using your debit or credit card may seem like a difficult idea at first, but once you have a knowledgeable insight into the workings of these exchange platforms, you can go ahead and buy your cryptocurrency online. Here are a few steps that you need to follow:
- Before you make your purchase, you need to have a Bitcoin wallet account where you can transfer all your funds after the transaction is complete.
- Spend some time researching on the best exchange platforms before you finally settle for one. There are many exchanges which may initially seem attractive but are actually a hoax to steal your credit card details.
One of the largest dealers of Bitcoin currency, Coinbase is an established platform for carrying out all forms of exchange transactions. If you are a resident of the UK, US, Canada, Europe, Australia or Singapore, you can purchase Bitcoins for up to €150 or $150 every week with your debit or credit card. The transaction fee is as low as 3.99% on every purchase. At first, you have to create your account, verify your identity and then link your debit or credit card to make the purchase. Coinbase, however, comes with its own set of advantages and disadvantages.
- Purchase and liquidity limits are quite high
- There’s an Instant-Buy option available
- Good for beginners
- Your purchase time may be long-drawn and may take up to 5 days if you are making a bank transfer
- Coinbase has access to all your transaction details
A Bitcoin broker which specializes in credit/debit card transactions, at Coinmama, you will be charged a processing fee of 6% for your credit card transactions. The purchase limit is quite high on Coinmama. You can purchase Bitcoins worth $5,000 on a daily basis and worth $20,000 on a monthly basis. The pros and cons of Coinmama are as follows:
- Operates in almost every country
- High purchase limits
- Secure and trustworthy
- High processing fees
- Low security
A Bitcoin broker based in Austria, BitPanda operates only in the European states. The crypto coins may be purchased online via credit or debit cards. The processing fee, which is somewhere between 3 to 4%, is not mentioned anywhere on the website and only appears once you make through the payment gateway. CEX.io, which is operative in Europe and parts of the US, is one of the oldest and reliable exchange platforms where you can quickly buy your Bitcoins. The verification time on CEX.io may take 30 minutes or more, and you will have to provide all your personal details including a customized photo as part of the process.
Now that you know where to purchase Bitcoin from, you should also know about Bitcoin Mining. It is on trend and investors are loving it, simply because you can earn while mining.