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The most popular prepaid cards used to buy Bitcoin are Visa gift cards, Vanilla gift cards and Mastercard prepaid debit cards. American Express (AMEX) and Discover prepaid cards, gift cards or virtual debit cards are rarely supported. You can buy Bitcoin with prepaid card but also with debit and credit cards. This makes it easier and faster for you to get access to BTC and other virtual currencies.

• CEX.io
  is a European crypto exchange platform with financial capital in London.
• There are numerous options that support purchasing Bitcoin with a prepaid card.
• You can, therefore, order a hardware bitcoin wallet, create private keys and store our cryptos for the long-term without fearing that someone can hack our coins.
• The above options are a glimpse of what to expect and where to trade and sell, but other options also abound.
• Moving into the disadvantages, we can mention that there are just a few platforms supporting debit and credit cards.

Coinbase requires that you prove your identity by providing an official ID before allowing you to buy the coins. In fact, the exchange uses 2-factor authentication and multi-signature options that help it to prevent illicit transactions. The following instruction provides the specific steps you need to follow to buy Bitcoin with a prepaid card on Coinbase. The primary advantage of prepaid cards is that you don’t have to pay interest on your purchases, unlike credit cards, where interest (APR) accumulates over time.

We may receive compensation from our partners if you visit their website. The next step is selecting the amount of Bitcoin you intend to buy. So, in BitPay’s case, you will need to enter the amount of USD you aim to sell for Bitcoin.

Best for Cashback

For instance, you can study fundamental and technical analysis, practice trading on a regular basis and build up your own trading strategy. Considering the potential for Bitcoin to hit new price records, you can also try the HODL strategy and wait for your crypto portfolio to rise in value. You can open a savings account and transfer your Bitcoins there to earn the annual interest. Once you create an account on CEX.IO, you’ll get the wallets for storing your digital funds. They are free for use and protected with our enhanced security measures, your password, and 2FA code.

• U.S. dollar balances are also insured with the Federal Deposit Insurance Corporation (FDIC) to prevent the loss of user funds in case of a breach.
• Similar to Coinbase, the Binance Visa Card holds cryptocurrency in your wallet and only converts what’s needed at the time of purchase.
• If you plan to accept bitcoin for your business, either plan for huge fluctuations in price value or plan to convert bitcoin payments to cash immediately when you receive them.
• Moreover, the supported fiat currencies using a prepaid card are USD, GBP, EUR, and AUD.
• Each step is a crucial puzzle piece that contributes to a seamless and secure transaction process.
• If you use a credit card, there’s a chance that someone will take your information and use it to withdraw money from your account.

Enter your prepaid card details on the deposits page to fund your exchange account. The amount transferred should be displayed instantly (or very shortly after). The cost to deposit funds with a prepaid card is one of the key differentiating factors. It’s free to deposit with a prepaid card at many top exchanges, but it can cost as much as 5%. The minimum required deposit size is also important, especially if you want to open a new account but have a small balance on your prepaid card.

Once your exchange account has been successfully funded, you can use the funds to configure an order to purchase Bitcoins. The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk – this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.

Step 1. Finding a Suitable Cryptocurrency Exchange

Before you buy crypto with a prepaid card, remember that if you are using your debit card for convenience, the transaction might turn out to be expensive. Transferring a larger amount always requires a bank transfer as it costs no fees. Learn here how you can cash out a large amount of crypto for cheap.

Where You Can Buy Bitcoin With Prepaid Card

Buying Bitcoin with a prepaid Visa card should not be a problem for you. Prepaid cards are excellent, but it wouldn’t hurt to use additional payment options to buy Bitcoin. The Bitcoin broker or exchange will convert or use the value of the funds in your prepaid card to facilitate the Bitcoin transaction you want to make. You can buy Bitcoin with a prepaid card (subject to your chosen crypto exchange) and it is perfectly safe to do so. Whether you’re a seasoned investor or a crypto newbie, understanding how to buy Bitcoin with a prepaid card can significantly streamline your investment process.

Applying for a Bitcoin Debit Card

When operating card payments, a company should provide all possible security measures to protect the card data. That’s why PCI DSS certification is a must for every crypto platform that accepts debit and credit cards. CEX.IO passes the regular independent audits to prove the security of services and secure processing and storing the payment card credentials. So it’s totally secure to buy Bitcoin with a credit card on our platform.

Just like LocalBitcoins, Paxful is widely available and allows exchange in your local currency to simplify trade. For more details take a look at our step by step guide and review of the Paxful exchange. Coinbase is a well-established name in the crypto space and has been operating since 2012 out of the US. The company is heavily-regulated, which may concern some users who value their privacy.

Prepaid cards are mostly cards that are bought preloaded with money. Once the funds are exhausted, you usually need to top-up your card for further spending. Use the BitPay widget to see all of the cryptocurrencies available for purchase. Select from the top cryptocurrencies including Bitcoin, Ether, xtb preview Litecoin, Polygon and tons more. According to this classification, there can be short-term capital gains and long-term capital gains. Short-term capital gains are made in less than a year, while in the case of long-term capital gains, you hold your bitcoin more than a year before selling.

Should I Buy Bitcoin Using a Prepaid Card?

The fees for prepaid cards may be the same as for other cards, which could mean they are higher than for other payment methods. However, this payment option can pose some challenges, such as having a limited purchase size, and the time required to look for brokerages/exchanges that accept prepaid cards. More platforms now allow you to use your prepaid cards to buy Bitcoin. These platforms cut across brokerages, cryptocurrency exchanges, and peer-to-peer (P2P) transaction platforms. Tap the “Buy” button on the app’s home screen to buy crypto with a prepaid debit card. Buying bitcoin with a prepaid card is convenient and easy as long as you get your coins instantly, unlike wire transfer method when you sometimes wait for days.