In the recent past, purchasing Bitcoin with a debit card was not a popular payment method due to the numerous fraudulent issues reported by users. However, with the introduction of anti-fraud systems, the payment method has become relatively easy. Today, multiple brokers and cryptocurrencies exchanges accept debit cards, and they offer secure and easy trading.
Anti-fraud systems are pretty expensive to operate, and brokers charge high amounts of fees for payment with debit cards. Besides, finding a reputable exchange and broker may be more complex than it seems. Even if you consider buying crypto as a solid investment or just tasting the waters, you should be careful. You should think about several things before you decide to buy bitcoin with debit card, as discussed in this article.
Scout for the Best Crypto Broker
Virtual currencies are fast becoming solid investments, just like the stock markets. The best way to invest in BTC is to understand what you are investing in and generate a solid strategy. Finding a reputable broker to help you safely buy cryptocurrencies or sell them should be at the top of your list. Some of the highly-rated crypto brokers that accept debit card payments include:
Open Your Bitcoin Account
After identifying an excellent broker, you should create and verify your account. It is crucial to go through the specific crypto broker requirements and give all the needed information. Most brokers will ask for your contact info, physical address, names and identification information. Ensure you sign up with a verified broker for the security of your sensitive personal information. With an approved account, you can check your profits and keep up with the crypto market trends.
Add Your Debit Card to Your Account
Ensure the crypto broker you choose allows you to buy cryptocurrencies with a debit card. Linking your bank account details has been the norm for a while, but debit card payment is catching up. You will need to give your cardholder’s name, the card number, the CVV code and the card’s expiry date. Ensure you use a valid debit card as the anti-fraud system will detect any fraudulent activity.
Acquire a Crypto Wallet
With a crypto wallet, you can send and receive virtual currencies in real-time. It can be either software or hardware, and it stores all the information you need to access your digital currencies. Get a wallet that leverages encryption and offers the best security to your virtual currencies in the long run. There are numerous crypto wallets on the internet; go for the highly-rated one.
Consider Making Reasonable Deposits
BTC has been the most lucrative digital currency, giving investors substantial profit margins. When starting, you may be tempted to invest huge amounts of money. BTC is volatile, just like other virtual currencies, and you should only invest capital that will not leave you bankrupt in case of a considerable loss. Making payments with a debit card attracts a substantial fee which can go higher as your investment increases. Strategically plan your investment and consider all costs you will incur when using your debit card as opposed to bank transfer.
Purchase Your BTC
After considering all the above, you can go ahead and buy bitcoin with debit card from your preferred broker or exchange. You can start with a small amount or even deposit up to the maximum limit as set by the crypto broker you choose. Some brokers allow as low as $5 and as high as $20,000 per transaction. After you complete your purchase, you should receive your cryptos within an hour.
If you are a first-time investor in cryptocurrency, you can buy a small amount first and learn about the technology and how to buy, sell, and transfer. When you gain some experience, you can decide to make a huge investment if the crypto is worth it or choose another one. Ensure you are constantly using a legitimate exchange or broker to avoid losing your money to scammers. You can get information and reviews about all the legitimate brokers and exchanges online. Lastly, always move your coins to the crypto wallet to secure them and allow you to easily send and receive them at your convenience.