How to Buy Bitcoin with UK 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.

Where to Buy Bitcoin with UK Debit Card – Quick Guide

Best Brokers to Buy Bitcoin with Debit Card in April 2024

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

How to Buy Bitcoin with a UK 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. 

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

eToro 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

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. To deposit funds with a debit card, select the 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.

Where to Buy Bitcoin with UK Debit Card in April 2024

To buy Bitcoin with a debit card, firstly, you need to find a brokerage platform with the best terms and user experience. There are plenty of platforms to trade Bitcoin, but not all of them offer convenient and safe trading. 

Hence, in this part of the guide, we will introduce the best five brokers that will allow you to buy bitcoin online via debit card.

eToro – Best Broker to Buy Bitcoin with Debit Card

From our investigation, eToro is the best broker to purchase Bitcoin using your debit card. It’s a brokerage platform that was founded in 2006 and has a well-established reputation. The platform boasts of having more than 20 million users from several countries of the world, and it is well-known for its social trading platforms. The latter allows you to get in touch with other traders of eToro, and use such tools as CopyTrader to duplicate the trades of experienced users. 

One of the best things about eToro is that it offers a wide selection of assets. Instead, there are low buy-and-sell spreads when you buy Bitcoin or other cryptocurrencies. As for eToro’s non-trading prices, they are pretty convenient. There are no deposit fees when you fund your eToro account with a debit card or other payment method. But, the only fee you need to consider is a small conversion fee that is charged when you fund your account with a currency other than USD. 

Withdrawal fees are also lower than average: eToro charges a $5 fee every time you withdraw your cash. The platform also has a minimum deposit of $200 which you must deposit to trade.

Visit eToro

Cryptoassets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

OKX – Buy Bitcoin with Debit Card with Zero Fee Using Coinify

OKX is one of the leading cryptocurrency exchanges through which you can buy Bitcoin using a debit card. Launched in 2017, OKX’s value increased as it started to include more inclusive measures to make crypto trading more viable for everyone. Part of that measure was to include fiat payment options. 

Users can easily buy Bitcoin with a debit card or another 112+ fiat methods. The steps include going to the top right of the page after logging in and selecting “buy with card”. You can then enter the amount of crypto you want to buy and use one of the methods to buy it.

The withdrawal fee on OKX varies depending on the cryptocurrencies you aim to withdraw. For instance, to withdraw Bitcoin, the minimum withdrawal fee is 0.0002 BTC; for Ethereum, the fee is 0.004 ETH, and so on. The deposit fee isn’t charged – not even when you buy crypto using fiat. That has been possible via OKX’s partnership with Coinify.

That said, the platform hasn’t specified if it is possible to convert crypto to fiat before withdrawing.

OKX is an inclusive cryptocurrency exchange that offers a host of features, including NFT marketplace, Web 3 wallets, staking and saving utilities, liquidity marketplace, and more. The platform is currently #6 in terms of market capitalization and supports more than 350 cryptocurrencies.

Visit OKX

Bybit – Buy Bitcoin with a Debit Card With No Fee

Bybit is another cryptocurrency exchange that offers a way to buy Bitcoin with a debit card – and without any charges. However, it has stated in its FAQ section that some fees may be charged by the service provider, which would depend on the type of service provider it is.

Bybit is an inclusive cryptocurrency exchange that has taken an array of measures to ensure that everyone can buy cryptocurrency easily. In addition to debit cards or credit cards, users can buy Bitcoin on this platform using E-wallets, as well as other mobile-specific fiat methods.

These methods become useful when trading bitcoin on spot or margin trading platforms, which Bybit also supports. Security is a major point for Bybit, which is why it features an audited proof of reserves. You can verify your reserve on the platform as well.

Visit Bybit

Uphold – Easy Web & App Trading

Trusted by 7 million users across 184 countries, the Uphold exchange platform, app and debit card are a fast and convenient way to buy Bitcoin.

Alongside their website they also have an app on Google Play and the App Store for Android and iOS users.

Uphold charge a spread of 0.85% when buying Bitcoin, and 1% when selling.

Some of the other popular assets you can invest in with Uphold include Apple stock, Amazon, AT&T, Tesla, Gold, Silver, Platinum, Palladium and more. Their motto is ‘anything to anything’ trading.

They also open up investing to anyone through fractional stock trading – you can invest as little as $1 in companies like Google. Unlike some online stockbrokers where you are required to put up a large amount of capital to get started.

Visit Coinbase

Everything to Bear in Mind When Buying Bitcoin with UK Debit Cards

In this section of our guide, we will sum up all the things you need to consider before you buy bitcoin with a debit card. 

Debit Card: The first thing to do in the process is to issue a debit card if you still don’t have one. If you already have debit cards, make sure that brokerage platforms accept the type of debit card you own. 

Find a good broker: Finding a good broker can indirectly help you in getting more returns. The first things to consider when you select a platform are their reputation, fees, user experience, and obviously whether they accept payments through debit cards. 

Trading fees: The pricing system is the next thing that plays a significant role in your trading process and capital gain. Also, pay attention if there are any extra fees for debit card transactions. 

Transaction speed: Another crucial thing to consider is how long it takes to complete a transaction with debit card. In this sense, debit cards usually have privilege over other payment methods as they are faster and simpler, but, once again, this may differ depending on the brokerage platform. 

Safety: Safety is among the most vital things you need to think about. The problem is that you provide your card details to a platform without knowing how they will use it later. So, you need to select a trustworthy broker that won’t use your data illegally. 

Bitcoin wallet: When you get your bitcoins, you also need to find a safer place for storing them. Bitcoin wallets are designed for this purpose - it’s an excellent method of keeping your coins decentralized and away from any third party. 

Taxation: At last, you will also be taxed for the earnings you get when you trade bitcoin. So, you need to look at how bitcoin is taxed and inform the appropriate government body to pay the taxes. 

Safety and Security When Buying Bitcoin with a Debit Card

Safety is clearly one of the most crucial factors you need to consider when buying bitcoin with your bank cards. Essentially, you provide vital information about your card details, personal data, etc. So, there are two things you need to worry about - how will the brokerage platform protect your data and how secure it is to trade on the platform. With all this in mind, you need to select a broker with a high level of security and privacy policy.

Finding a broker with heavy regulations and strong security can solve all these problems and significantly lower the risks of information leakage. Security is a key factor for us when recommending you a broker, so we always select the brokers that possess rules and strong regulations to protect your privacy. 

Apart from not sharing your details with a third party, our top brokers also use SSL encryptions to ensure that nobody can have access to your account or your debit card other than you. Reviewing the brokers that we offer, you can be sure that all of them are regulated by top authorities and use two-factor authentication or other security systems to provide you with safe trading. 

Buying Bitcoin with Prepaid Debit Cards

Several brokerage platforms also allow you to buy bitcoin with prepaid cards that have privileges over other payment options. Prepaid cards are becoming a more and more popular method for purchasing cryptocurrencies. First and foremost, these cards are more secure in the sense that you provide fewer card details than with debit cards. 

The next great thing is that you can use only the balance that you deposited on your card. It means that when you deplete your funds on your prepaid cards, you cannot take any debts, which lowers the risk of investing more than you can afford. Plus, your checking accounts are not connected to your prepaid card. Hence, if someone could hack and get your card details, they could not access your other accounts.

To learn more about this payment option, visit our Buy Bitcoin with Prepaid Card guide. 

How to Store Bitcoin on a Digital Wallet 

When you buy bitcoin with a debit card, you basically keep them on your brokerage account, which is a centralized platform. So, if you aim to keep your coins for a long time, you need to find a more secure way of storing them - meaning, a decentralized platform. In other words, you need to create a bitcoin wallet, which enables you to store and protect your coins with private keys that are only accessible to you. 

Bitcoin wallets can be of two kinds - hot and cold storage wallets. Cold storage wallets are considered the most secure medium to store your cryptocurrencies. These are hardware devices that you purchase and can offline protect your access to the part of the blockchain where your BTC is stored. You can find the best bitcoin wallet providers and a complete guide on creating a bitcoin wallet in our article Best Bitcoin Wallets.

Buying Bitcoin Anonymously with Debit Cards 

You can also buy bitcoin anonymously with a debit card using a peer-to-peer marketplace, where you get in touch with the sellers and purchase directly from them - no broker or other third party is involved in the process. Still, we should note that this method of purchasing cryptocurrencies is not the safest one. 

Still, if you want to buy bitcoin anonymously and reduce the risks, you need to choose a marketplace that uses an escrow mechanism. In this way, you can be sure you will get your coins after paying for them. Meanwhile, though top brokers require you to go through a verification process, they possess a privacy policy not to share your data with anyone else. Neither can they track how you will use your BTC afterward. 

Taxes when you buy Bitcoin with UK Debit Card

UK traders and investors are subject to capital gains tax (CGT) on their ETH profits when they sell, which need to be reported annually by self-assessment.

In October 2021, the HMRC announced it will be sending nudge letters to crypto investors to remind them to report crypto sales on their yearly tax returns. The first £12,570 of income is not taxed, and the tax rate for income above that is 10% if you are employed in the basic rate income band (up to a £50,270 salary).

• HMRC Cryptoassets manual

Conclusion 

To conclude, buying Bitcoin with a debit card has some privileges over other payment methods. One great thing is that transactions are faster than in the case of wire transfer and e-wallet options. 

In the past, it was too difficult to buy Bitcoin via debit card, but things have changed significantly. And now, several brokers and exchanges accept this method for purchasing Bitcoin and other altcoins. Still, there are certain things to consider before selecting a brokerage platform to start trading, with the most important being privacy and pricing system. 

In this guide, we have reviewed and made a list of where to Bitcoin online with a debit card. Our top recommendation is eToro.

Read more:

• 6 Best Bitcoin Credit and Debit Cards
• How to Buy Bitcoin with Credit Card

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