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Bitcoins are on their way to becoming mainstream. The number of bitcoin owners along with people who trade bitcoin has dramatically increased over time and keeps increasing constantly. As a result, more and more people are interested in buying bitcoins instantly.
Luckily, nowadays various bitcoin websites offer a big variety of payment methods; however, debit cards are often not on that list.
In case you wonder where and how can you buy bitcoin with debit card then check out the list below to find out, also learn about other factors that you should take into account when you buy bitcoin – debit card being your option of payment.
Please note that many of these websites utilize your cash limit on the debit card, so you have to check with your bank to find out what is the cash limit set on your card.
Exchanges That Allow Buying Bitcoin With a Debit Card:
Cex.io accepts debit cards for bitcoin purchases. It is available in the U.S., Europe, and Russia and in several South American countries.
The transaction fees vary depending on the trade volume 0.10% – 0.25%. The fee for buying a bitcoin is 7% and the minimum order amount is 0.01 BTC. In order to be verified, you need to provide ID information along with its scanned proofs and a selfie with the document, personal information, and addresses with a proof of residency. The verification process may take as long as 2 or 3 days, afterward you will be able to buy BTC with a debit card instantly.
Coinbase is available only in 32 countries and the debit card fee is 3.99%. However, American authorities audit Coinbase and profits generated on the website are taxed. The verification process requires ID card, billing address, credit/debit card and phone number. You can buy bitcoins worth $150 each week instantly with the debit card and get bitcoins worth $10, for every $100+ transaction.
BitPanda is available in Europe. The fees for debit cards are around 2-3%, along with the average of 2% of the market rate. The limit for bitcoin purchases with debit cards is 2,500€ per day. The verification process varies due to account types. For the simplest account type – “Starter” only email verification is needed, while for the “Gold” account you have to verify with your government ID.
247exchange is available worldwide and lets users buy bitcoin instantly with debit card with no verification. The fee is 3%, and the processing fee is 3.5%. The maximum debit card limit for buyers is $1,000 per day and $10,000 per month.
Coinhouse.io is available in Europe and the debit card fees are 8% – 10%, decided by the amount of the purchase. The validation of account requires from buyers ID or passport scan, a selfie with the document and a proof of residence (e.g. utility invoice). The limits for buyers is 200€ to 5,000€ per day.
How to buy bitcoins with debit card?
Bitcoin purchases with debit cards are as simple as, going to the preferred website (that offers debit card as a payment method), choose a debit card as the method of payment, register the card information and buy the chosen amount of bitcoins.
Also, make sure you have a wallet to store your bitcoins, before doing and purchases. To do so you can:
- Download a bitcoin wallet (from blockchain.info)
- Alternatively get an application for Android or iOS
Pros of buying bitcoin with debit card:
- Your transactions can be instant
- Transaction process is smooth
- Available on various bitcoin trading websites
Cons of buying bitcoin with debit card:
- Relatively high fees
- May be risky as you share your pin code
- May cause misunderstandings (e.g. withdrawal of extra money from an account)
Other common methods of buying bitcoins
For buying a bitcoin with cash, you simply should find a seller in your area who wants to make a deal with cash. Then, you need to select the number of bitcoins you want to purchase, get the account number from the seller and deposit cash to the seller.
- Convenient for buying bitcoin anonymously
- No verification process needed (usually)
- Limited number of seller (should be from your area)
- High exchange rates and Inconvenient for buying large numbers of bitcoins
PayPal is always hand for various online purchases and bitcoins are no exception when it comes to buying bitcoins.
- Easy to use
- High transaction fees
One of the most common methods of paying for bitcoins is through bank transfers.
- Low Fees
- Can be tracked (if you worry about anonymity)
Buy Bitcoin with Debit Card without Verification – Coinmama
If you put your identity privacy first, the best way to buy Bitcoins with a debit card with no verification is through Coinmama. This exchange platform has been in the business since 2013 and is currently available in more than 200 countries. It is a well – known and reputable cryptocurrency exchange platform that is favored by a number of crypto enthusiasts. The fees on Coinmama are relatively high as those are around 5.5%. The company promises to send the coins to the users immediately once the payment and the address of the wallet are confirmed by the buyer. In case of debit card, additional 5% is added. Coinmama is available worldwide.
Coinmama allows users to buy Bitcoins using debit card, being one of the preferred methods of payment. In the meantime, the first purchase of bitcoin worth up to $150 can be done without verification processes. The minimum amount of purchase that is supported on the Coinmama exchange platform is $60. Please note that Coinmama is one of those rare exchange platforms that allow people to buy Bitcoins with debit card no verification requirements are put in front of the users of the service. If you do want to verify your identity, you can use a valid government ID scan, take a picture with it and a paper where you need to write down “Coinmama”. This website has a limit of 5,000 EUR per day, and 20,000 EUR per month.
Keeping bitcoins safe
After buying bitcoins, it is very important to store them safely, to avoid hacker attacks or other incidents of theft. Below you can see some of the methods of securing your bitcoins.
- Work offline
- Very low risks of theft
- Very safe
- Inconvenient for simple use
To get a cold storage wallet- first, you need to buy a hardware wallet. The recovery sheet you get with it is the most important thing that you need to keep as safe as possible. To set up a bitcoin hardware wallet you need to set a pin, 24-word recovery phrase (avoid keeping it on your computer).
- Can be used even while being attached to public WiFi
- Unsafe for storing large amounts of bitcoins
- Vulnerable to cyber-attacks
You can also download apps on your phone that may substitute your web wallets. They can be downloaded on both Android and iOS.
Buying bitcoins is getting easier with each day. Almost all methods of payment you can think of are available on various bitcoin trading websites. Debit cards are not an exception and even are one of the easiest methods of payment. There is a number of websites that allow you to buy bitcoin instantly with debit cards (see above). However, despite the accessibility and simplicity of purchasing bitcoins, you should pay attention to the safety of your purchase afterward.
Thank you for reading this article, we hope it was useful. Please, check out our other articles to learn more about cryptocurrencies.