The year 2021 has been a great year for Bitcoin and other cryptocurrencies as they achieve incredible new highs at the opening of the year. Bitcoin is not only the most popular cryptocurrency in the world but also the largest by market capitalization. Its increase in price in the first quarter of the year also influenced other cryptocurrencies and hence made the year so far, a bullish one for most crypto enthusiasts.
Furthermore, because of the recent high in price, more people have been seen investing in cryptocurrency. However, many people are still not sure about the different ways they can buy Bitcoin and get their feet on their investment journey.
In this post, we will be exploring one of the ways you can purchase Bitcoin – buying with a credit card. So if you have been wondering if it’s possible to buy Bitcoin with credit card or how to go about it, this post should guide you through that.
Is it Possible to Buy Bitcoin with Credit Card?
Before showing you how to go about it, let’s first clear the air on whether it is possible in the first place. Many people believe they can only get their Bitcoin by either exchanging other cryptos for it or buying via a Bitcoin ATM – they never imagine buying it seamlessly with their credit card.
Well, it is absolutely possible to buy Bitcoin with credit card. In fact, it is one of the most convenient methods of getting the digital currency. This method exists on some exchange platforms to bring convenience to the crypto community while also ensuring faster transactions. It is more like when you sit in your home and shop groceries online with your credit card – it is as simple as that.
However, not all exchange platforms accept this payment method. And even the few ones that accept it, you need to be careful so you only use a reliable one.
Now that you know it’s possible to buy Bitcoin with credit cards, let’s see how to do that.
How to Buy Bitcoin with Credit Card
There are two major ways to buy Bitcoin with credit card; buying through crypto brokers or dedicated exchanges. Although the two allow you to easily use your credit card to purchase Bitcoin, each of them offers different approaches and also come with their unique pros and cons.
When buying using crypto brokers, it means you will be buying from some brokerage platforms that allow you to buy cryptocurrencies with ease while charging you certain fees in return. They buy cryptocurrencies at wholesale rates and then resell them for a profit. Buying from a broker ensures a fast and easy transaction. However, not all brokers allow you to buy Bitcoin with a credit card. Some popular ones that accept such payment are Coinbase, Coingate, Coinmama, eToro, etc.
Recommended among them is Coingate. The platform come recommended because of the level of ease and speed it offers on every transaction. We will show you later in this post how to buy your Bitcoin on Coingate with a credit card. So keep reading to find that.
Apart from buying through a broker, you can as well buy on exchange platforms that accept credit card payments. Exchanges are normally platforms that allow you to buy and sell cryptocurrencies with other users while they take a cut of any transaction performed on their platform. While a majority of them only allow crypto-to-crypto trading, some of them also allow you to exchange fiat currency for digital currencies. That means they accept credit cards as a payment method for buying cryptocurrencies on their platforms.
Are There Any Risks to Buying Bitcoin with Credit Cards?
Like shopping for any other things online with your credit card, when you buy Bitcoin with your credit card, you run the risk of losing your card information to scammers – the risk is higher when you use the wrong platform. Using a sketchy company or platform puts you at risk of getting your card information saved and later used for fraudulent purchases.
Also, some users complain of cash advanced fees. That means before you use your credit card to buy Bitcoin on any platform, you need to first understand how your credit card company handles such a purchase.
Finally, fees are usually higher when buying cryptocurrencies with your card. And you may not be able to buy large amounts of Bitcoin at once.
How to Buy Bitcoin with Credit Card on Coingate
Like we earlier said, out of the few brokers out there that accept credit card payment for buying Bitcoin, Coingate comes highly recommended. The platform offers an easy and fast way to buy Bitcoin with credit cards. If you would like to test them out, here are some simple steps to follow to get your Bitcoin:
- 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 credit card details
- Verify your identity
- Wait for your Bitcoin to be sent to your wallet
Can You Also Buy Other Cryptocurrencies With Credit Card?
Yes, just like you can buy Bitcoin with your credit card, you can as well buy other cryptocurrencies and digital assets using your card. You only need to find a platform – a broker or exchange that allows that payment method. A platform like Coingate also allows you to buy any form of currencies with your card – whether it is Ether, Ripple, Dogecoin, etc.
