How to Buy Bitcoin with Debit Card

Buying Bitcoin with a debit card has become more accessible in recent years. Today many brokers and cryptocurrency exchanges accept e.g. VISA, Mastercard and Maestro debit cards as a payment method to buy Bitcoin easily.

It’s important to choose a regulated exchange with low fees, in this guide we review the best place to buy Bitcoin with debit card and cover each step, with screenshots.

How to Buy Bitcoin with Debit Card

Best Brokers to Buy Bitcoin with Debit Card in December 2022

The most regulated and well-known cryptocurrency exchanges that accept debit card deposits include eToro, Coinbase and Binance.

Before recommending brokerage platforms, we review and select them according to some guidelines. First and foremost, we consider safety and whether the platform has strong regulations and privacy policy not to share your details with a third party. Our top recommended brokers are fully licensed and are regulated platforms by tier-1 authorities. 

Next, we review their pricing system, which includes what trading and non-trading fees the brokers charge. eToro, which heads our list, is one of the most well-known low commission platforms. Plus, it does not charge any deposit fees and sets only a small $5 withdrawal fee. In contrast to most CFD trading platforms, Libertex does not take buy-and-sell spreads and charges small commission fees. Other platforms included in the list, by and large, charge reasonable fees. 

Another thing we took into account is the usability of the platforms. eToro, for instance, is best known for its social trading platform and tools and provides a good interface for beginners. In its turn, Coinbase has a very quick and simple-to-use platform for newbies and several trading tools for advanced traders. Binance is best known for its speedy verification of transactions and smooth user experience. 

How to Buy Bitcoin with Debit Card

In this part of our guide, we will show you how to buy bitcoin with a debit card with our recommended broker eToro. As previously mentioned, this is one of the best platforms for trading financial digital assets as you can purchase bitcoin outright and through CFDs. 

Any debit card that can receive funds with a 3 digit CVV number can be used – VISA, Mastercard, Maestro, American Express (Amex) etc.

eToro won’t charge any commission fees but will take only small spreads. Also, the broker does not charge deposit and conversion fees for USD contracts and has only a withdrawal fee of $5. You can also enjoy its social trading platform and a handful of social tools to make more advanced trades. To get started, here’s what you need to do:

Step 1. Open an Account

To create an account on eToro, visit its website with the provided link and click on the “Get Started” button. A registration window will show up where you must fill in your email, username and create a password. Continuing your registration process, you need to provide personal details, including your name, surname, phone number, and answer some of eToro’s questions about your investment goals. 

Step 2. Verify Your Account

As eToro is a heavily regulated platform by FinCEN, CySEC, FCA, and ASIC, it has strict rules for account verification. Still, the process is pretty quick if you do everything correctly. eToro requires two types of verification – a proof of ID for which you must upload a copy of passport or a driver’s license and a proof of address which you can verify with a bank document or utility bill. 

eToro usually verifies accounts in a short time, but even if it takes longer, you can use its demo account to get familiar with the platform and its trading tools. When your account gets verified, you can finally jump to the next step. 

Step 3. Deposit Funds via Debit Card

At this point, you must charge your account with some funds to get started. eToro offers various payment methods, including bank cards, Skrill, PayPal, wire transfer, etc. To deposit funds with a debit card, select the credit/debit card method, fill in your card information, and the amount you want to fund.

Step 4. Buy Bitcoin

Now, what is left to do is to search for Bitcoin, which you can find under the ticker symbol BTC and enter how many coins you want to buy. eToro allows you to buy Bitcoin with several fiat currencies, including USD, EUR, GDP, etc. To do that, you need to click on the “Open Trade” button, and the broker will place the order in the market for you. 

Buying Bitcoins Instantly with Debit Card without Verification

There are a handful of methods to buy bitcoin without verification using your debit card. One of these methods is to buy bitcoin from Bitcoin ATMs that you can find near your location. Still, it’s not a very popular method as you may not find a Bitcoin ATM at your site. 

Additionally, Some P2P marketplaces also allow you to buy Bitcoin directly from the seller without verifying your account. Plus, several crypto exchanges, like Binance and Paxful will let you make purchases without ID verification or partial verification.

With this in mind, you need to take into account that although buying bitcoin instantly without verification may seem attractive, it should be mentioned that this method is not the safest of all. In this case, you provide your card information to a platform without knowing how they will use it then. With top brokers on our list, verification is mandatory as it’s a step toward more secure trading. 

Advantages and Disadvantages of Using a Debit Card for Buying Bitcoin

Every payment method has its privileges and drawbacks over others when referring to its speed, transaction fees, acceptance, etc. That being said, let’s take a closer look at the advantages and disadvantages of using a debit card to buy bitcoin.

Advantages

• A debit card is becoming a trendy method of buying Bitcoin.
• With debit cards, you can instantly buy bitcoin, so it’s a speedy way to get your purchase. 
• Debit cards are accepted on many brokerage platforms and crypto exchanges.
• It’s a more convenient and simple-to-use payment method.
• When you take into account the advantage of profiting from BTC price movements, you can take debt if you don’t have cash.

Disadvantages

• You need to provide more card information than in the case of using e-wallets. 
• Transaction fees may be higher than average.
• Some platforms may set some limitations on the amount of BTC you can purchase with your debit card.
• It can somehow affect your credit scores. 

Withdrawing Bitcoin from a Brokerage Account

Bitcoin is a decentralized asset, which means there’s less risk of losing your coins or being hacked. However, it’s not secure to leave your coins in your brokerage or exchange account as these are centralized, and if hackers hack your account, they can somehow access your bitcoins. 

To avoid this risk, you can create a bitcoin wallet account and withdraw your BTC into it. With this method, you get full access to your coins, and there is no third party between you and your coins. There are various versions of building your BTC account, and CFD trading platforms are among the providers of such wallets. If you want to get more information about safely storing , visit our guide to learn How to Open Your Free BTC Account.

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