How to Buy Cryptocurrency with Credit Card

2021 has been a great year for almost all cryptocurrencies as most of them reach new highs – against what many people had expected. The chief cryptocurrency, Bitcoin, rose in price to almost $54,000 in April. Although the price went down a bit in May, its recent highs drew many people’s attention to the digital currency.

If you have also been thinking of investing in cryptocurrency, you are not alone. Many people are joining the wagon now, so they don’t get left behind. If you have also been thinking of investing in cryptocurrency, you probably might be asking if it’s possible to buy cryptocurrency with credit card. Well, you are asking a valid question, and we are going to be showing you how that can be done in this post.

First, let’s learn a few things about cryptocurrencies

Cryptocurrency: The Currency of the Future

Cryptocurrency is a form of digital currency that only exists on computers. You can’t have it physically like you do your traditional currencies, such as Dollar, Euro, or Pounds. The whole cryptocurrency thing started in 2009 when an anonymous programmer known as Satoshi Nakamoto created the first cryptocurrency – the Bitcoin.

Cryptocurrency is decentralized, meaning it is not controlled by any one authority or government. It was designed to be a peer-to-peer electronic cash system. And that is one reason Bitcoin and some other cryptos have become so popular that many even regard them as the currency of the future. To work, cryptocurrency uses cryptography to ensure the transactions are secure. Plus, the blockchain technology on which cryptocurrency runs makes it even harder to defraud anyone on the system.

Although Bitcoin is the first and most popular cryptocurrency, there are many other cryptos that exist. Some of them include Ethereum, Dogecoin, Litecoin, Ripple, Tether, Stellar, and many more. Cryptocurrency can be used for different purposes. For example, you can use it to make purchases, invest it, donate it, trade with it, or send it to someone else.

Now that you know what cryptocurrency is, let’s see if it’s possible to purchase one with your credit card.

Can I Buy Cryptocurrency With Credit Card?

Yes, you can buy cryptocurrency with credit card. This method doesn’t only offer convenience to buyers but also helps them enjoy quick and easy transactions. It is more like shopping online with your credit card. However, this method also comes with its own risks. That is why it is recommended to always use a trusted source when purchasing cryptocurrency with a credit card.

The only way you can buy cryptocurrency with your credit card is to find a broker or exchange platform that accepts that as a payment method. There are a couple of them out there, so finding one would not be a problem. But remember to always use one you can trust.

What Are The Pros And Cons Of Buying Cryptocurrency With Credit Card?

Just like this method of buying cryptos comes with its benefits, there are also some cons you will need to bear in mind. These are some of the advantages and disadvantages of buying cryptocurrency with credit card.

The pros:

• It is quick and easy
• You can buy cryptocurrency even when you don’t have cash
• You won’t have to go through third-party sites to buy your cryptos
• Good option for users who are not very technical – it’s just like shopping online with their card

The cons:

• You will have to pay transaction fees
• You can overspend on buying crytos
• There is a risk of having your credit card information stolen

Where Can I Buy Cryptocurrency With Credit Card?

There are basically two options for buying cryptocurrency with credit card. The first is buying through exchanges. These are platforms allow you to buy or sell your cryptocurrency with ease. While most of them don’t usually accept credit cards as a payment method, there are some of them that allow it. So, you will need to find a trusted exchange that also accepts credit card payments.

The second option is buying using a broker. Brokers provide a quick and easy way to buy cryptocurrency. They buy at wholesale rates and then resell them for profit. That means they will allow you to buy cryptocurrency with your fiat currency but sometimes with high transaction fees.

Some popular brokers that are trustworthy and also allow credit card payment include Coingate, eToro, Coinbase, Coinmama, etc. Later in this post, we will be showing you how you can buy cryptocurrency from any of these brokers.

Is It Legal to Buy Cryptocurrency With Credit Card?

It is very legal. You won’t be going against the law in any way if you choose to buy your cryptocurrencies using your credit card. But you need to know that not all credit card issuers or banks allow their customers to use their cards for crypto purchases. So, check with your card issuer or bank to be sure that kind of transaction is allowed with them.

How to Buy Cryptocurrency with Credit Card

Since we said it is possible for you to buy your cryptos with your credit card, let’s see how to do it with one of the trusted brokers out there. In this case, we will be using Coingate.

Coingateis a reliable brokerage platform that makes it super easy for users to buy their cryptocurrencies using their credit cards. That is not the only payment method available on the platform – there is a wide range of payment methods to choose from. And that is one reason it has come preferred by many crypto enthusiasts. Let’s see the easy steps to buy your cryptocurrency on the platform using your credit card.

Buying cryptos on Coingate with credit cards:

• Go to Coingate’s dedicated page for that
• Choose the type of cryptocurrency you want to buy (Bitcoin or any other altcoins)
• Choose the amount you want to buy
• Input your credit card details
• Complete a quick verification of your identity
• Wait for your cryptocurrency to be sent to your digital wallet

It is as simple as that.

Can I Also Buy Cryptocurrency With Debit Card?

Yes, you can as well buy cryptocurrency with a debit card. But just like it is for credit cards, not all platforms allow debit cards as a payment method on their platform. So you will also need to find a reliable source that will accept debit cards as a means of payment on its platform. Coingate, for example, allows both credit and debit card payment. So that may be a good place to look when looking to buy your cryptocurrency with debit cards.