What app can i buy bitcoin with my debit card
Can you Buy Less than One Bitcoin?
Yes, it is possible to buy less than one bitcoin.
Each bitcoin is divisible to the 8th decimal place, meaning each bitcoin can be split into 100,000,000 pieces. Each unit of bitcoin, or 0.00000001 bitcoin, is called a satoshi.
When buying Bitcoin, you don’t have to buy a full bitcoin and can easily buy less than one.
Most Bitcoin exchanges will let you specify the amount of fiat currency you want to spend and in exchange sell you the equivalent amount of Bitcoin. For example, if one bitcoin is worth $250, and you want to buy $125 worth of bitcoin, you’ll receive 0.50 bitcoin–assuming there are no fees.
Vice-versa, most Bitcoin brokers also let you specify the amount of bitcoin you want and will charge you the equivalent in fiat. For example, if you want to buy 0.25 bitcoin and 1 bitcoin is $300, you’ll be charged $75.
So, yes, it’s 100% possible to buy less than one bitcoin. Companies like Coinbase will let you buy as little as $1 worth of bitcoin.
Should I leave my bitcoins on the exchange after I buy?
We strongly recommend storing any bitcoins you want to keep safe in a wallet you own. Many Bitcoin exchanges have been hacked and lost customer funds. If you don’t want to fall victim to these hacks then the easiest way is to store your coins in a wallet you control.
Can you sell bitcoins?
Out of the exchanges we listed, CEX.io is the only one that allows you to sell bitcoins to your debit card.
Will the fees for buying bitcoins with debit card or credit card ever get lower?
Probably not. Payment processors like Visa, Mastercard and American Express charge their merchants very high transaction fees.
Card Average Fee Charged to Merchant Mastercard 1.55% – 2.6% Visa 1.43% – 2.4% Discover 1.56% – 2.3% American Express 2.5% – 3.5%
Exchanges get charged EVEN higher rates than these since buyers are so likely to make chargebacks. After all, if someone steals your credit card, buying Bitcoin is about the best place to charge money to your card.
Credit card companies have to eat those fraudulent charges when you report the fraud. So they pass that cost to the exchanges who then pass it on to you – the buyer using the credit card to buy bitcoins. The fees could get lower if some exchange cuts a deal with a credit card processing company to get lower fees.
Can I buy other cryptocurrency using this method?
Depends on the exchange. Coinbase, for example, allows you to buy Litecoin and Ethereum with credit card. Coinmama, on the other hand, supports Bitcoin, Litecoin and Ethereum
Why are Fees so High when I Use Credit Card?
Credit Cards exist to make buying items fast and easy. When you use a credit card, you are actually borrowing money from the card issuer. Because you are not actually spending your money when you use a credit card, it means its very easy to cancel a charge or refuse to pay the balance off. Credit card companies tend to side with their customers over the merchant as well. Card companies also charge the merchant around 3% to process the payment.
For all of these reasons, accepting credit card purchases is quite expensive. Chargebacks, fees, and fraud all must be considered when accepting a credit card and that cost comes out in the form of an increased price for whatever you are buying.
This is especially difficult when the merchant is selling something like Bitcoin, because once you have it, the merchant cannot reverse the transaction to get it back.
Why do I have to buy bitcoins with credit card in order to buy other cryptocurrencies?
This is because most other cryptocurrencies are traded against Bitcoin. The liquidity for altcoins against the US dollar is often very poor. But on the other hand, the liquidity against BTC is usually very good. So it’s easy to get other currencies once you have bitcoins, but not easy to get other currencies without having BTC first.
Did banks ban buying cryptocurrency with credit card?
In the USA, some banks are blocking users from buying cryptocurrency on credit. Some banks may treat crypto purchases with a credit card as cash advances that have additional fees associated with them. This would seem a resaonable practice since crypto is usable instantly and is basically like cash. This may be why debit card purchases appear to still be working. European users still appear to be able to buy crypto with a credit card.
On June 11, 2018 there were reports that Wells Fargo blocked all its customers credit cards from buying BTC.
At that time, most credit cards had already been blocked by Visa and Mastercard from buying bitcoins as well. But, Wells Fargo said they may allow purchases of cryptocurrency again down the line.
7 Ways to Buy Bitcoin with a Debit Card
By: Ofir Beigel | Last updated: 7/21/22
Buying Bitcoin with a debit card has become relatively easy in the past few years with the introduction of anti-fraud systems for Bitcoin exchanges. However, these systems are quite expensive to operate and therefore exchanges will usually charge a premium for buying Bitcoin with a debit card.
The fastest way to buy Bitcoin with a debit card would be through CEX.io. Here are the steps:
- Visit Coinmama
- Decide on a deposit amount
- Complete the id verification process
- Enter your Bitcoin address
- Complete the payment with your debit card
If you’re looking for additional options, here’s a complete list of exchanges that allow Bitcoin purchases with a debit card.
If you want a summarized review of each exchange with its pros and cons, keep on reading. Here’s what I’ll cover:
1. Where Can I Buy Bitcoins with a Debit Card?
Using your debit card to purchase Bitcoins hasn’t always been as easy as it sounds. Some exchanges are afraid of fraud and therefore don’t accept debit cards. However, many exchanges have started implementing services to detect fraud and are more open to credit and debit card purchases these days.
As a rule of thumb, an exchange that accepts credit cards will also accept a debit card. If you’re not sure about a specific exchange, you can just Google its name + “payment methods” and you’ll usually land on a review covering what payment method this exchange accepts.
Pros: Good support, fast turnaround, respectable company
Cons: Limited states supported in the US
Coinmama supplies an easy way to buy Bitcoins with a debit card while charging a premium. The company has been around since 2013 and supplies a wide variety of cryptocurrencies aside from Bitcoin. Recently, the company has improved its customer support substantially and has one of the fastest turnarounds for buying Bitcoins in the industry.
Buying Bitcoins with a debit card through Coinmama
- Visit Coinmama and choose the number of Bitcoins you want to buy
- Sign up on the site and verify your identity
- Get a Bitcoin wallet and an address (Coinmama does not hold Bitcoin for you)
- Supply Coinmama with your Bitcoin address
- Complete debit card information
- Coins will be sent instantly
Pros: One of the oldest and most reputable exchanges around, good support
Cons: Not very user friendly, verification process can take a while
Bitstamp is a fully licensed Bitcoin exchange that has been around since 2011. The website provides mainly trading services, however they also have a brokerage option for buying Bitcoins directly with your debit card.
To finish your order you have to use 3D Secure. Some banks may consider your credit card deposit as a cash advance. If that is the case, your bank or debit card provider may charge extra fees. The exchange is open mostly to the US, EU and Asia, with a total of around 80 countries currently supported.
Buying Bitcoins with a debit card through Bitstamp
Go to the Bitstamp deposit page and select “card purchase” from the side menu
Pick which cryptocurrency you want to buy
Choose a currency to pay with
Enter how much cryptocurrency you want to purchase
Enter your card details
Confirm the purchase
Pros: Reputable company, high buying limits
Cons: Support sometimes slow, relatively high exchange rate
Cex.io supplies trading services and brokerage services (i.e. buying Bitcoins for you). If you’re just starting out, you may want to use the brokerage service and pay a higher fee. However, if you know your way around exchanges you can always just deposit money through your debit card and then buy Bitcoin on the company’s trading platform with a much lower fee.
Buying Bitcoins with a debit card through CEX.io
- Visit CEX.io and sign up
- Go to “Finance” -> “Deposit” (make sure to select your own currency)
- Use your debit card to fund your account
- If you want to use the easy but expensive brokerage service go to “buy/sell”
- If you want to use the complex but cheap service go to “trade” and choose BTC/USD (or any other currency)
Pros: User-friendly interface, Relatively low fees, Established reputation
Cons: Support takes time to respond
Coinbase is a well-known Bitcoin broker that gives you the option to buy Bitcoins with a debit or credit card on their exchange.
Coinbase no longer has a clear fee structure for debit card purchases, but you can double-check what you’re being charged during the final steps of a conversion. Keep in mind you will need to upload a government-issued id in order to prove your identity before being able to buy the coins.
Buying Bitcoins with a debit card through Coinbase
- Create a Coinbase account
- Go to “settings” – “payment methods” and click “add payment method”
- Add you debit card
- Confirm your debit card
- Go to “buy/sell” and select the amount of Bitcoins you want to buy
Pros: Low fees, intuitive interface, multiple payment options
Cons: Better suited for EU customers
Bitpanda was founded in October 2014 and it allows residents of the EU (and a handful of other countries) to buy Bitcoins, other cryptocurrencies, stocks and precious metals through a variety of payment methods (Neteller, Skrill, SEPA etc.). The daily limit for verified accounts is €2,500 (€300,000 monthly) for credit card purchases. For other payment options, the daily limit is €10,000 (€300,000 monthly).
Buying Bitcoins with a debit card through Bitpanda
- Visit Bitpanda and sign up
Verify your identity
Choose a cryptocurrency (e.g. Bitcoin) and click “Buy”
Choose the “Visa/Mastercard” payment method
Enter the amount you wish to buy
Click on “Next step”
Confirm your order
Pros: Suitable for beginners, great support
Cons: Limited countries available, long process to withdraw your coins
If you’re into Bitcoin (or any other cryptocurrency) just for price speculation, then the easiest and cheapest option to buy Bitcoins may be through eToro. eToro supplies a variety of crypto services such as a trading platform, cryptocurrency mobile wallet, an exchange and CFD products.
When you buy Bitcoins through eToro you’ll need to wait and go through several steps to withdraw them to your own wallet. So, if you’re looking to actually hold Bitcoins in your wallet for payment or just for a long term investment, this method may not be suited for you.
eToro disclaimer: This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd.), UK (eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK, no EU or UK consumer protections & not supervised by the EU or UK regulatory framework. eToro USA LLC; Investments are subject to market risk, including the loss of principal.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
CFDs are not available to US customers.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection.
Pros: Non-custodial, friendly UI
Cons: Intensive KYC, relatively high fees
CoinGate is a Lithuania-based crypto exchange and payments processor, which allows users to buy Bitcoins and other cryptocurrencies with their debit card or other payment options.
CoinGate offers a non-custodial service, which means that when making a purchase, users will receive the coins directly to their wallet. Card purchases incur a 5% fee, which is added on top of the standard “trader fee” of 3%. Most crypto purchases on CoinGate are fulfilled by Simplex or Paybis – two very well-known crypto payments processors.
Buying Bitcoins with a debit card through Coingate
- Visit CoinGate
Enter the amount of BTC you wish to buy + your BTC address
Enter your card details
Verify your identity
9. Conclusion – Is It Safe to Buy Bitcoins with a Debit Card?
As long as you’re using a trusted exchange, using your debit card to buy Bitcoins is perfectly safe. The main thing I would advise is not to keep the Bitcoins on the exchange after you buy them, but move them to your own Bitcoin wallet.
Keep in mind that using your debit card may be convenient, but it’s also more expensive. If you’re buying a relatively large amount of coins and you have the option I suggest always using a bank transfer. However if the amount isn’t that big sometimes paying the extra 3%-5% is worth the time saved.
If you have any questions or comments about the process, feel free to leave them in the comment section below.