Can i use my credit card to buy bitcoin on trust wallet

Buying Crypto with your Credit Card

Before you proceed, please be aware of the following:

  • The app does not sell any crypto, you will be redirected to a 3rd party provider.
  • The minimum transaction is $50 , and the maximum is $20,000 . These limits are set by the provider.
  • The crypto provider charges a conversion and network fee.
  • There is a 1% fee on top of every crypto purchase which can be waived by holding TWT.
  • The availability of the crypto you can purchase is based on your location. The provider only operates in certain countries.
  • If you have any concerns with your purchase, please reach out to the crypto provider. You can find more information here: List of Cryptocurrency Providers

Step 1 – Access the Buy Menu

Open up your wallet and select the crypto that you want to Buy.
Tap on Buy button on the upper right corner.

Step 2 – Indicate Purchase Amount

Indicate the amount in USD and the provider will give a quote on how much crypto you will receive.
The team has implemented a new feature that allows you to choose a different provider. Tap on 3rd party provider to see if there is a different provider available.

Note:
The best rate will be shown by default.

Tap on Next to proceed.

Step 3 – User Verification

Depending on the crypto provider, user verification will be required before making a purchase. You will be redirected to their website in order to complete this process.

Note:
Trust Wallet does not save any user information.

Step 4 – Wait for Confirmation

Once purchase is confirmed, you will receive an email from the crypto provider. The crypto will be sent out as soon as possible.

Need help?

If there are any issues with your purchase, it is best to contact the crypto provider first.
You can find more information here: List of Cryptocurrency Providers

Here are some commonly asked questions:

  • Why is my crypto delayed?
    Check your order and look for a transaction ID or hash. This will show if the provider has already sent the crypto to you. If there is none, contact the provider. If the transaction shows that it is pending, then you would have to wait for the network to confirm it. If it shows that the transaction is confirmed, please follow this guide.
  • I was charged but I did not receive my purchase?
    See question above.
  • The fees are too much?
    There will always be a conversion and network fee that is charged by the crypto provider. A small 1% fee goes to Trust Wallet development team, which helps in further improving the app. This 1% fee can be waived by holding TWT.
  • I cannot buy crypto?
    This depends on several factors like; the crypto you are purchasing, your geographic location and the provider is unable to verify your identity.
  • It shows Not Available when trying to buy crypto.
    If this is your first time to buy, please see question above.
    If you had purchased crypto before from the same provider, then most likely there are some issues with the provider. Choose a different provider or contact them for assistance.

What is Bitcoin?

Bitcoin was the first decentralized digital currency based on blockchain technology. It was created in 2008 by an anonymous programmer known as Satoshi Nakamoto, who released the white paper in a cryptography mailing list and later open sourced the software that implements the protocol.

How does Bitcoin work & where can I get a bitcoin wallet?

Bitcoin software runs on a number of distributed devices ranging from smartphones as mobile wallets, PCs as desktop wallets, to ASICs for mining.Transactions are relayed between nodes in a peer-to-peer fashion. In a few seconds a given block will be propagated to all other nodes on the network. While insuring that all nodes reach consensus on which are the valid blocks.The process of supplying new bitcoin to the system is done via the process of mining. The mining software runs on specialized hardware and it tries to compute the hash of assembled transactions and a number called the nonce. The software targets a difficulty index automatically adjusted by the network. The first miner to find the correct nonce wins the mining reward and can relay the mined block to other peers on the network.Trust Wallet is the best

What are the features of Bitcoin?

Store of Value

Bitcoin, unlike other cryptocurrencies is considered as a store of value and could arguably become the next global reserve currency.

Gateway to the Digital Currency World

Bitcoin is considered as the gateway to the cryptocurrency world, based on its status as the first successful digital currency experiment.

Bitcoin Script Language

An assembly like language used to build complex types of transactions and advanced contracts to an extent. Complex transactions like Multi-Sig are possible because of advanced Bitcoin scripting.

Some Key Terms

Soft Fork

Change to the Bitcoin protocol that makes old blocks invalid which were valid in the past. Bitcoin Segwit transactions feature was implemented as a soft fork to the network.

Hard Fork

Change to the Bitcoin protocol that makes previously invalid blocks or transactions valid. The BerkeleyDB bug activated an accidental hard fork to the Bitcoin network in 2013.

Bitcoin was the first decentralized digital currency based on blockchain technology. It was created in 2008 by an anonymous programmer known as Satoshi Nakamoto, who released the white paper in a cryptography mailing list and later open sourced the software that implements the protocol.Bitcoin software runs on a number of distributed devices ranging from smartphones as mobile wallets, PCs as desktop wallets, to ASICs for mining. Transactions are relayed between nodes in a peer-to-peer fashion. In a few seconds a given block will be propagated to all other nodes on the network. While insuring that all nodes reach consensus on which are the valid blocks. The process of supplying new bitcoin to the system is done via the process of mining. The mining software runs on specialized hardware and it tries to compute the hash of assembled transactions and a number called the nonce. The software targets a difficulty index automatically adjusted by the network. The first miner to find the correct nonce wins the mining reward and can relay the mined block to other peers on the network. Trust Wallet is the best Bitcoin wallet for Android and iOS phones, moreover the wallet app is a multi coin crypto wallet so instead of downloading only a Bitcoin wallet, you’ll be able to store many types of crypto coins and tokens with Trust Wallet.Bitcoin, unlike other cryptocurrencies is considered as a store of value and could arguably become the next global reserve currency.Bitcoin is considered as the gateway to the cryptocurrency world, based on its status as the first successful digital currency experiment.An assembly like language used to build complex types of transactions and advanced contracts to an extent. Complex transactions like Multi-Sig are possible because of advanced Bitcoin scripting.Change to the Bitcoin protocol that makes old blocks invalid which were valid in the past. Bitcoin Segwit transactions feature was implemented as a soft fork to the network.Change to the Bitcoin protocol that makes previously invalid blocks or transactions valid. The BerkeleyDB bug activated an accidental hard fork to the Bitcoin network in 2013.

Trust Wallet is crypto wallet. You can send, receive and store Bitcoin and many other cryptocurrencies including NFTs safely and securely with the Trust Wallet mobile app.

You can even use Trust Wallet to earn interest on your crypto, play blockchain games, collect NFTs and access the latest DApps and DeFi platforms.

Trust Wallet is a fast and secure multi crypto wallet with Binance DEX support, designed for ease of use and perfect for storing your different crypto assets.

Whether you are looking for an Ethereum wallet or Bitcoin wallet, Trust provides a secure system that makes it simple to buy and store multiple cryptocurrencies such as Bitcoin, Ethereum, Tron, Litecoin, NFTs and many other ERC20, BEP20 and ERC721 tokens on your device. In recent app updates, we have added XRP wallet support, XLM wallet support, FIL wallet support and EGLD wallet support, NFT wallet support.

Trust Wallet is designed to be the best crypto wallet app by providing a safe and secure experience for our users:

– Binance DEX support now available with Trust Wallet / WalletConnect Support
– Integrated Uniswap and PancakeSwap trading directly in the wallet
– Buy Bitcoin or Crypto with EUR or USD
– Send, Receive, Buy and Sell your NFTs within Trust Wallet.
– Binance Wallet – Binance Smart Chain, BEP20 and BEP2 support
– Best digital wallet to securely store private keys on your device
– Ethereum Wallet: Send and request ERC20, ERC721 and many other ERC tokens
– Check your crypto wallet balance, transaction history and other details on your device
– Keep your private key secure with bank-level security
– Use FaceID, Touch ID, or conventional passwords to protect your crypto investments
– Protect all online interactions through the app’s military-grade encryption
– Use Trust Wallet as your cryptocurrency cash app! Use e-money

Investing in crypto is simple – buying Bitcoin and cryptocurrencies can easily be done directly from Trust Wallet, offering you a safe and quick service with capabilities to connect with decentralised exchanges to help manage your crypto portfolio.

Store the following digital assets in your Trust Wallet:

Bitcoin Wallet (BTC), Bitcoin Cash (BCH), Litecoin (LTC)
Ripple XRP Wallet (XRP)
Stellar Lumens XLM Wallet (XLM)
TRON Wallet Support (TRX) Tron staking is now available
Bittorrent (BTT)
Ethereum Wallet Support (ETH), Ethereum Classic Wallet Support (ETC)
Doge Wallet and Theta Wallet Support
Tezos Wallet Support (XTZ) and Tezos staking now available
XRP Wallet Support
IoTeX Wallet Support
ZelCash Wallet Support
Qtum / Groestlcoin / Viacoin Wallet Support
Ontology Wallet (Ontology) Support
Cosmos (Atom) Support and cosmos staking now available
ONG Wallet and ONG staking now available
Dash Wallet (DASH)
TomoChain (TOMO)
VeChain Wallet (VET)
Callisto (CLO) & Callisto staking now available
POA Network (POA)
GoChain (GO)
Wanchain (WAN)
Icon (ICX)
Binance Coin (BNB)
Binance USD (BUSD)
Coinbase USD Coin (USDC)
Gemini Dollar (GUSD)
Maker (MKR)
TrueUSD (TUSD)
Zilliqa (ZIL)
OmiseGO (OMG)
Holo (HOT)
ChainLink (LINK)
Dai (DAI)
Augur (REP)
Mithril (MITH)
Pundi X (PXS)
Loom Network (LOOM)
Golem (GNT)
QASH (QASH)
Dragonchain (DRGN)
SALT (SALT)
Kyber Network (KNC)
NFTs

Store a wide range of ERC20/BEP20/BEP2/ERC721 tokens, with more coins and tokens being added along with additional wallet capabilities in the future!

In wallet staking for coins is now available for some projects, with more being added in the future!

We want to become the best cryptocurrency wallet app. If you want to provide feedback, please send us an email at [email protected] or contact our community from within the app itself.

The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

Key takeaways:

  • Buying crypto with a credit card is possible only if your credit card issuer and your crypto exchange allow it.

  • Using a credit card to buy crypto can be very expensive because the transaction is often considered a cash advance.

Using a credit card to buy Bitcoin, Ethereum, stablecoins or other cryptocurrencies is possible but could be blocked by your own credit card company or by the exchange selling the cryptocurrency.

Most large U.S. credit card issuers don’t allow the purchase of cryptocurrency, while others penalize cardholders with fees.

Some big cryptocurrency exchanges, like Coinbase, don’t accept credit cards. Coinmama and CEX.io, for example, say they accept credit cards, but only Visa and Mastercard.

So, to even begin buying crypto with a credit card, you first need a credit card company and a crypto exchange that allow it.

Even then, you probably won’t want to because of the fees. Instead, pay for cryptocurrency purchases with cash — via a bank account or wire transfer, for example — or with other crypto you already own.

Here’s why:

Fees from the exchange

A cryptocurrency exchange is likely to charge you a percentage of the transaction amount to swap dollars for Bitcoin or some other cryptocurrency. In addition to a fee the exchange charges for its service, it might charge an additional fee when you fund your account with a credit card.

For example, the exchange Coinmama charges a fee for every purchase, which is customary. But if you’re paying by credit card, it tacks on an additional 5% fee. A $1,000 purchase would incur a credit-card fee of $50. That means you’ll need decent returns on your investment just to get back to even value.

Cash advance penalties from the card issuer

Your credit card issuer is likely to consider the crypto purchase a cash advance, as if you used your credit card to take money out of an ATM.

That’s bad for you because it probably comes with these downsides:

  • Cash advance fee. This is a one-time fee charged when you take your advance, usually 3% to 5% of the amount. For example, if you take out a $200 cash advance, a fee of $6 to $10 will be tacked on to your account balance.

  • Higher interest rate. Many cards charge a higher annual percentage rate for cash advances than for regular purchases.

  • No grace period. If you pay your balance in full monthly, your credit card usually has a grace period of at least 21 days to pay off your purchase before you’re charged interest. Cash advances, though, start to accrue interest from day one.

  • Lower credit limit. Some credit cards have a separate cash advance credit limit, which is lower than the overall credit limit.

  • No credit card rewards. If your credit card issuer considers a crypto purchase a cash equivalent, your spending probably doesn’t qualify for rewards, such as cash back, travel points or miles. Similarly, it won’t count toward your required spending to earn a sign-up bonus.

Again, it depends on the issuer of the card whether a cryptocurrency purchase is considered a cash advance. Before making a purchase, it’s a good idea to call the number on the back of your card and ask.

Other considerations

  • Foreign exchange fee. If the exchange is based outside the U.S., you might incur a foreign exchange fee if your credit card charges one. A typical fee is 3%.

  • Scams. If you’re not careful about choosing a reputable currency exchange, you might have your personal information, including your credit card number, stolen.

  • Debt. If you’re using a credit card to go into debt to buy cryptocurrency, you’re taking on high risk. You’ll be paying exorbitant interest on a volatile investment.

  • Credit utilization. Making big crypto purchases uses up your available credit, a negative for your credit scores.

How else can I buy cryptocurrency?

Again, it’s possible to buy cryptocurrency with a credit card, but most large U.S. credit card issuers don’t allow it, nor do some major cryptocurrency exchanges.

A better and more common way to pay for cryptocurrency purchases with dollars is an electronic transfer from a bank — by linking a bank account to the exchange or setting up a wire transfer. Many exchanges also allow you to pay for crypto purchases with other crypto. You could sell Bitcoin to buy Ether, for example.

How to buy cryptocurrency with a credit card

  1. Research your credit card to determine if it allows crypto purchases and what fees it charges. (See cash-advance penalties above.)

  2. Find an exchange that allows crypto purchases with a credit card. Some major ones don’t.

  3. Fund your crypto account by inputting your credit card information and linking the card to your exchange account. It’s similar to the familiar process of filling out the checkout payment form at online merchants when buying a product or service.

Pros and cons of using a credit card to buy cryptocurrency

Pros:

  • You can buy crypto if you don’t have the cash.

  • If your credit card allows it — but many major ones don’t — the purchase could earn rewards or count toward a sign-up bonus.

Cons:

  • Cash-advance penalties, such as fees, higher APR and loss of a grace period. (See above.)

  • Extra fees from the cryptocurrency exchange.

  • Debt, if you don’t pay off your entire monthly credit card bill.

  • Impact on your credit score.

  • Potential for scams or a foreign-exchange fee.

Crypto as a credit card reward

If you want to use a credit card to accumulate some crypto, consider credit cards that offer crypto as a reward or a choice for rewards redemption. Card options are expanding rapidly, but some early entrants to the market include:

In a roundabout way, these products could be a method of using a credit card to earn Bitcoin.

Alternatively, you could just get a cash-back credit card and use that money to buy crypto on your own terms and timing.

What’s next?

Neither the author nor editor held positions in the aforementioned investments at the time of publication.

Written by Jane