How to Buy Bitcoin with American Express

Today some brokerage platforms allow you to buy Bitcoin with an American Express credit card, also known as Amex. It’s a common way to purchase cryptocurrencies as Amex is a popular payment card, issued by The American Express company and is accessible to individuals and small businesses. 

While such major American banks as TD Bank and PNC Bank blocked transactions with cryptocurrencies, some others, including Amex, support buying Bitcoin through its credit cards. Still, there are some considerations regarding the fees and limitations you need to know before you buy Bitcoin with your American Express card.

How to Buy Bitcoin with American Express

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When selecting an online broker to buy Bitcoin with American Express, obviously, the first thing to consider is whether it supports payments with your Amex card. All the brokerage platforms introduced above accept American Express and are carefully chosen, considering such factors as trading and non-trading fees, safety and usability.

After selecting the brokers that support Amex payments, we narrowed down the list and included the ones with the best withdrawal, conversion, and deposit fees. The interface and speed of the platform are also among the crucial factors included as you need to select a platform that can complete your trades quickly and provide you with an easy-to-use platform not to get confused in the process. 

And finally, your brokerage platform should have a good reputation among investors and provide a safe trading environment for you. The brokers we have chosen are fully licensed and regulated by different top-tier authorities. It’s a highly crucial factor as long as you provide your card information and must be sure it will be protected from the third party.

What are the Fees you Need to Pay to Buy Bitcoin with Amex Credit Card?

The transaction fees for buying Bitcoin with American Express differ depending on where you buy it. You can buy Bitcoin anonymously with your Amex card on peer-to-peer marketplaces, but you also have to pay higher fees that can reach up to 4% of your purchase. But in general, the fee for buying bitcoin with credit and debit is around 3 – 5%. 

Brokerage platforms also may have different fee policies for buying Bitcoin with credit cards. For example, Coinbase is one of the platforms with relatively high fees as it charges 3.99% of your purchase when you make a transaction with a credit card.

In contrast, eToro is a commission-fee platform and does not charge any trading fees. The platform also doesn’t have any conversion fees for USD contracts. 

Both eToro and Coinbase are fully regulated platforms, so buying cryptos with your Amex card is safe on these platforms. On the other hand, peer-to-peer marketplaces involve a lot of fraud, so you need to be very careful and consider the fact that your purchase is more vulnerable to scams when you choose this method. 

It is also worth mentioning that Amex has a fascinating reward system that differs depending on what type of card you select. You can get a $200 cashback when you spend $1000 during the first three months of purchasing with this card. It’s also possible to collect membership rewards from 15,000 to 50,000 points, depending on the card. Later, you can also use these points to buy more Bitcoin than the card limitation allows you or use it for other purposes. 

Brokerage Fees When Buying Bitcoin – Withdrawing Bitcoin from Your Brokerage Account

There are two ways of withdrawing your Bitcoin from your brokerage account. The first one is using your credit card – In this case, you can directly transfer your coins to your card, meaning you need to exchange it with fiat currency and then transfer it to your card. The majority of crypto brokers usually charge withdrawal fees and conversion fees in this process. So, you need to look at the withdrawal costs for each broker and consider this factor if you will withdraw your money often. 

Apart from this, you can also create your Bitcoin account using a personal wallet. Then you can transfer your coins from your brokerage account to your personal wallet if you aim to keep them for a long time. This method is a safer way of storing your coins, as they are away from the third party, and you have almost 100% responsibility for your coins.

Where to Buy Bitcoin with American Express Card in January 2022

As previously mentioned, in order to buy Bitcoin with your American Express card, you first need to find a crypto exchange or brokerage platform that supports Amex as a payment method and register for an online account. Being a beginner in this field, you may find it challenging to choose the best brokerage platform for you as there are lots of them. 

To help you make the right decision for your trading needs, we have already researched for you, and in this part of the article, we will introduce the best brokers or exchange platforms to buy Bitcoin with an American Express credit card in 2021.

eToro – Overall Best Platform to Buy Bitcoin with Amex

eToro is a zero-commission online broker that is best known for its social trading platform. It allows you not only to trade various assets but also have a personal profile, interact with millions of other traders and even copy their trades. The latter becomes possible with such social trading tools as CopyPortfolios and CopyTrades. 

As for its fees, eToro doesn’t charge any trading commissions, but it sets buy-and-sell spreads. The platform does not require monthly account payments or any other management fees. It has a $10/month inactivity fee when you don’t make any login activity in one year. It also charges a $5 withdrawal fee and a small conversion fee which only refers to non-USD transactions. 

eToro is one of the most heavily regulated brokerage platforms in the market as it is regulated by several tier-1 authorities. These include CySEC authority in the EU, FCA in the UK, FinCEN in the United States, and ASIC in Australia. It means that all the customers must go through the KYC process to trade on the platform. To start trading on eToro, you must meet the minimum requirement of $200, which can be done through multiple payment methods, including credit/debit cards, wire transfers, and e-wallets.

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Capital.com – Most Advanced Crypto Trading Platform that Accepts Amex

Founded in 2016, this relatively new brokerage platform has over a million users from over 50 countries.

Capital is a CFD trading platform that supports MetaTrader 4 and its own in house trading platform and offers a vast selection of over 4000 assets. It’s also primarily famous for being the first platform to use artificial intelligence to provide trading strategies for its users.

As for the fees, the platform doesn’t charge any trading fees, nor does it charge management fees. Also, there’s no withdrawal, inactivity, or deposit fees when using the platform. However, it should be mentioned that Capital.com does not support US customers for now, while this may change in the future.

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Libertex – Low Cost Cryptocurrency Trading Platform 

Libertex is another legit CFD trading brokerage platform that has relatively competitive fees and accept credit cards as a payment method. It doesn’t charge any buy-and-sell spreads, but the platform has commission fees that start from 0.001%  and differ depending on the asset. Libertex supports over 50 cryptocurrencies and several other assets.

When it comes to cost and fees, Libertex doesn’t have any monthly account fees or deposit and inactivity fees; still, you need to meet a minimum deposit of $100 to be able to trade on the platform. Libertex also charges withdrawal fees which vary depending on the payment method. 

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Coinbase – Most Trusted US Crypto Exchange 

Coinbase is the most popular and well-established cryptocurrency exchange platform in the US. It has more than 50 million registered users from over 100 countries. You can trade on Coinbase Bitcoin, Ethereum, and approximately 50 other altcoins. 

On the other hand, Coinbase charges higher than average trading fees, making 3.99% of your purchase if you use your credit card to buy Bitcoin. This is because they mainly put the emphasis, not on the prices but their customer safety. Coinbase is a fully legal trading platform, so you can be sure your trades are secure. 

The platform also offers you to register for a Coinbase Pro account that charges relatively lower fees than the Coinbase Standard account. Coinbase also has a well-designed mobile app and offers its own personal digital wallet.

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BitPanda

BitPanda is another well-famous cryptocurrency exchange platform that supports trading on almost 30 digital assets. BitPanda has transaction fees that make 1.49% to buy and sell cryptocurrencies that is incorporated with the cryptocurrency price, so it’s invisible to the user. BitPanda also has conversion fees when you deposit fiat money. that vary depending on which currency or payment method you choose. 

The platform allows you to buy and sell cryptocurrencies with a variety of payment methods including credit cards. But in this case, there is a very low limit for purchasing cryptocurrencies. Again, trading cryptocurrencies on BitPanda is only available for EU customers, however, US customers and those outside the EU can use the platform to store or send cryptocurrencies. 

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Plus500 – Best Crypto Trading Platform for Beginners

Plus500 is an Israel-based CFD trading platform that was founded in 2008. The platform provides safe trading and is regulated by top-tier authorities, including ASIC in Australia and FCA in the UK. The broker stands out with its simple platform and well-designed mobile app, but it lacks some standard tools for trading, such as research charts, recommendations, etc. 

Nonetheless, Plus500 charges quite competitive trading fees and an inactivity fee of $10/month after three months of inactivity. The platform does not charge withdrawal fees and supports multiple payment methods, including credit and debit cards and e-wallets. To start trading on Plus500, you need to fund your account with a minimum deposit of $100. 

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Why So Many People Use Amex to Buy Bitcoin

In general, American Express is very popular in the US and globally, largely due to the special promotions and discounts they constantly offer. After all, it is the 83rd largest company in the Forbes 500 list and has approximately around 130 million users as of 2021. So, with the rise in popularity of Bitcoin since the beginning of the year and the increase in the number of Amex users – it is no wonder that Amex has become one of the most popular credit cards to make crypto purchases.

Also, because Bitcoin is not yet governed by any central authority, there are only a few credit card issuers in the United States that allow you to use their service to buy Bitcoin – American Express is one of those financial service firms. As a matter of fact, since last year, some major banks that issue credit cards like Visa and Mastercard began declining purchases of bitcoin and digital assets. 

Finally, Amex is a safe way of buying crypto assets as long as it’s backed by the bank’s security and requires you to go through a verification process. The verification process may take a bit longer depending on the exchange platform, but once you get your card verified, the following steps are quick and simple.

How to Buy Bitcoin with American Express Instantly Without Verification

To buy Bitcoin with your American Express card, you need to find an online exchange platform that supports this card as a payment option.

Most reputable exchange platforms that support Amex require you to go through the ID verification process in order to be able to trade on their platform.

For example, you need to take a selfie holding your credit card or passport, etc. This is a sign that the market for buying and selling Bitcoin is becoming more regulated and secure. 

Some unregulated peer to peer crypto exchanges such as LocalBitcoins allow you to buy Bitcoin without going through the verification process. You only sign up for an online account, skip the KYC process, and purchase Bitcoin peer to peer. However it can be hard to find a trader that accept American Express, and while LocalBitcoins itself doesn’t require verification, some individual traders still do for their own security.  

How to Buy Bitcoin Anonymously with American Express 

There are two ways of buying Bitcoin anonymously: peer-to-peer marketplaces and cryptocurrency exchange platforms. On peer-to-peer marketplaces, you can purchase cryptos without the interaction of a third party – You find sellers, interact directly with them, negotiate about the price and finally get your Bitcoin. The disadvantage of this method is that it may sometimes take too long to find a good seller, and also the costs can be higher than average.

The next way to buy Bitcoin anonymously with an American Express card is to find an exchange platform that doesn’t require you to sign up for an online account or verify your ID. This one is a simpler way of making your purchase and involves more competitive fees. On the other hand, there are not too many such exchanges and if so, they often set some limits on how many coins you can buy, or they may not allow you to sell your coins, etc. 

Buy Bitcoin with Amex – Advantages

Below, you can find some of the main advantages of buying Bitcoin with American Express.

• American Express is slowly becoming a very popular credit card in the cryptocurrency scene.
• American Express card has quite competitive points when you use it for everyday purchases.
• On some exchanges that provide peer-to-peer networks, you can buy Bitcoin with your American Express credit card without verifying your ID.
• You can enjoy safe trading as long as your safety is backed by KYC protocols and Amex’s security protections. 
• American Express offers an Amex Gift card – a prepaid card that you can use immediately after getting it. It charges only annual fees, but the card is free for the first year.

Is It Safe to Buy Bitcoin with American Express Credit Card?

When you buy Bitcoin with American Express, you provide your card information to the platform on which you purchase – that’s essentially the main risk when using Amex. When you give these details, your credit card becomes more vulnerable to fraud. So, you must select a broker that is strongly regulated by tier-1 authorities, has a good reputation, and ensures clients’ data is protected. In this case, your funds will be secured, and the brokerage platform you trusted your information with won’t share your card details with any third party.

With that in mind, all the brokers on our list are safe and secure. Your funds are safely kept in top-tier banks, and all of the personal information you provide to the platforms is guarded under SSL encryption. Therefore, when taking everything into consideration – it is completely safe to buy Bitcoin with Amex. 

How to Store Bitcoin Safely?

When you buy Bitcoin or other cryptocurrencies, you can keep your coins in two ways – you can leave them on your exchange/brokerage account or transfer them to a personal wallet.

Keeping your digital currencies on your exchange wallet is a good idea if you buy them for short-term trading or you do not own a large number of Bitcoins. But if you intend to keep your coins for a long time, a brokerage wallet isn’t a safe place to store your coins.

In this case, if you want to keep your coins on a safer place, it’s better to create a personal Bitcoin wallet.

Bitcoin wallets can be of two kinds – software and hardware. A hardware wallet is the safest way of storing your coins as it’s a physical device with the help of which you can keep your crypto assets offline.

Taxation on Bitcoin Earnings

Bitcoin is classified as a property by the United States Internal Revenue Service, meaning the US government applies taxes for holding Bitcoin and making profits from price movements of this cryptocurrency. The similar taxes that are used for property, are applied for Bitcoin too. Bitcoin Taxes differ depending on how much time you hold your Bitcoin before capital gain. On these terms, there are long-term capital gain taxes and short-term capital gain taxes. You can find more information on Bitcoin taxes by visiting the US IRS website.

Things to Consider When Using American Express to buy Bitcoin 

To sum up, American Express is one of the few credit cards you can use to buy Bitcoin and other cryptocurrencies after many banks began declining crypto-asset transactions over the last year. It’s also possible to buy Bitcoin anonymously or without ID verification with this card if you find a reputable and effective P2P crypto marketplace.

If you think about getting an Amex card, then it currently offers three different cards with different taxes and limits on how much bitcoin you can buy. 

Blue Cash Everyday Card is a good choice if you plan to invest in small amounts for a long time. The maximum amount of Bitcoin that you can buy daily is worth $200, and the monthly limit is $1000. There are no annual fees when using Blue Cash.

Amex Everyday Credit Card stands out with its reward system. If your credit scores are high, you may be able to buy more bitcoin than the monthly limit. As in the first case, Amex Everyday doesn’t charge any annual fees, but both charge Annual Percentage Rates of between 14%-25%. 

In contrast, the Amex Gold card does not charge any APRs, but it charges a $250 annual fee. The card is free, though, for the first year. Amex Gold and Debit cards are convenient, and you can use them not only for buying BTC or other crypto assets but also to pay in cash in different parts of the world. So, before selecting which Amex card you want to use, search for all the advantages and disadvantages of these three options and select the most appropriate one. 

Another thing to consider when you use Amex to buy Bitcoin is whether the exchange platform accepts this payment method and what are the trading and non-trading fees of using a debit card. There can be different terms and fees when you want to buy Bitcoin with a debit card, so try to explore and find out all of them. 

Finally, the last thing to consider is the safety of your card. You, therefore, need to select a brokerage platform that is reliable and licensed, to keep your card information secure and away from the third party threat. Also, consider the speed of the transactions when using Amex to buy Bitcoin and how quick is the verification process. 

Conclusion

In conclusion, cryptocurrencies are presently becoming more and more popular, much like the American Express credit card that is also becoming a more and more widely accepted payment method across various Bitcoin exchanges. After all, Amex somehow takes care of your funds from this perspective as it has a maximum daily limit of buying Bitcoin, and you get rewards for every Bitcoin purchase you make.

If you’re based in the United States, eToro is the best choice to buy Bitcoin with American Express. It is regulated in the US and offers you to trade and store a wide range of digital assets.

Remember to invest responsibly and not risk capital you will need in the near future, as missing minimum payments on credit cards can negatively impact your credit score.

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