What Are Prepaid Cards
They are most commonly gifts for special occasions like your birthday, wedding or any other event. You can top them up with any amount of money you want and can use them just like a regular debit or credit card. Mastercard and Visa are ubiquitous providers of these types of cards.
You can spend the money as you wish with prepaid cards, but they usually have lower limits on spending in comparison to regular cards. Most importantly, there are enough crypto exchanges that accept prepaid cards as a method of payment for bitcoins or other cryptocurrencies.
Etoro Best Place To Buy Bitcoin With Amex
eToro is the go-to broker for professional traders and individuals learning how to buy BTC with AMEX in the US. For starters, this broker does not charge any commission when you invest in Bitcoin or any other digital asset with American Express. If you think theres a catch to that, youre absolutely right. The trick is to eliminate unnecessary trading expenses, attract many customers, and benefit from economies of scale. In fact, the company offers commission-free trading for all listed instruments. This is a win-win for both eToro and their investors.
On top of 16 virtual currencies, you will also find stocks, commodities, and forex. eToro permits you to spread out your portfolio across 2300 markets from different asset classes. In addition, the crypto exchange offers Bitcoin in the traditional sense. As such, you get to buy the underlying asset and own a real BTC when investing with eToro. You still have the liberty to trade CFDs if youre a short-term investor.
eToro Trading Fees
67% of all retail investor accounts lose money when trading CFDs with this provider.
Follow The Sellers Instructions
Once you start a trade, your money will be placed in escrow.
For sellers who require verification before trading, you will likely need to upload a selfie with you, your drivers license, and showing the last 4 digits of your Amex Card so the seller can verify its actually you whos making the purchase, and not a stolen credit Card.
Trustworthy sellers who accept credit cards as payments may send you to a secure third party website to provide payment.
You May Like: What Should My Crypto Portfolio Look Like
Buy Cryptocurrency With Credit Card On Cexio
Cryptocurrencies on Cex.io
Cex.io offers 9 cryptocurrencies today and Im sure this list will keep growing.
Here are all the coins:
These are some of the most traded major cryptocurrencies today.
As I said earlier, when you are looking to buy crypto with fiat money, the only coin you really need is Bitcoin.
Bitcoin is traded against most of the other coins on every exchange.
The coins are found on their Buy and Sell exchange and look a little bit like Changelly.
You can either buy any of the pre-set options or choose your own amount to the right.
This is up to your preference.
Sometimes I like to use fast options.
Cex.io will also give you 90 seconds timer before the offer changes.
This is because they are looking for the best offer for you at the moment you are buying.
The fee with VISA or Master card is 2.99% on Cex.io and this is a huge advantage to many other exchanges.
This makes it very cheap to buy cryptocurrencies with cash.
As this is the easiest and fastest way to buy coins there will always be a fee that matches this.
I think Cex.io has some of the lowest fees.
This is something to really think about when you are choosing your exchange.
Sometimes you dont consider this enough.
Often you buy and sell more than you planned and many times per week even.
So to use an exchange with a low fee structure really helps in the long run.
Security on Cex.io
Now lets take a look at the security of Cex.io.
Users of the exchange get monitored without knowing it.
Better Ways To Buy Crypto
While you should certainly avoid using a credit card to buy crypto, you have several other options. For those set on using plastic to pay, most major crypto exchanges will accept debit cards. If your debit card earns rewards, you may even score some points or cash back .
Perhaps the most widely accepted way to buy cryptocurrency is through an ACH transfer. This is a direct transfer of funds from your bank account to your exchange account. ACH transfers have very low processing fees, so your exchange may not charge you anything at all for the transaction.
Cryptocurrency may be all the rage these days, but you don’t need to make any hasty investments. Not only should you carefully research how to buy, but you should also ensure you know what you’re buying. Crypto is a volatile investment, at best, so be sure you’re well informed before you dive in.
Don’t Miss: How To Get Started On Crypto
How Do I Buy Cryptocurrency With A Credit Or Debit Card In Europe And The Uk
You can buy cryptocurrency with a credit or debit card if your card supports “3D Secure”. With this payment method, you will not have to pre-fund your account to buy cryptocurrency. You can purchase cryptocurrency instantly without waiting for a bank transfer to complete.
To find out if your card supports 3D Secure, contact your credit/debit card provider directly or simply try adding it to your Coinbase account. You will get an error message if your card does not support 3D Secure.
Some banks require security steps to authorize a purchase using 3D Secure. These may include text messages, a bank provided security card, or security questions.
Please note, this method is not available for customers outside of Europe and the UK.
How Much Does It Cost To Purchase Bitcoin Using An Amex Card
The cost of purchasing bitcoin or another cryptocurrency with a credit card varies depending on the exchange. For example, with 247Exchange, youll pay a transaction fee equal to 3.5% of your purchase, plus $0.15. This is one of the lower fees when you consider that Coinbase charges 3.99% and Coinmama weighs in at nearly 6%. CEX IO, though, only charges 0.2 percent, but you have to go through a cumbersome verification process to use the exchange.
There might be other fees as well, including fees related to exchange rates and foreign transactions. Before moving forward, double-check your fees. A good exchange will be upfront about the fees before you complete your transaction.
In addition to considering the cost of actually buying a cryptocurrency like Bitcoin with Amex, you should also realize that youre getting an asset that is considered somewhat illiquid.
It can be difficult to sell your crypto-assets for a profit down the road, especially with regulation and market value still uncertain, says Oro. Bitcoin and other crypto-assets are likely to gain over time, but you still have to realize that you could lose out.
Oro suggests doing a cost/benefit analysis, weighing the costs against the potential gains and staying power of cryptocurrencies. He believes that crypto will emerge as a new, viable asset class but warns against assuming that it will happen at a time when its convenient for your own finances.
You May Like: Is Bitcoin Mining Worth It
What Are The Alternative Payment Methods To Buy Bitcoin With
Some of the alternatives youll often find available in online brokers are:
- Other credit and debit cards As mentioned above, apart from American Express, you can use other popular card brands for deposits, including Visa, Mastercard, and Discover.
- E-wallets Many brokers accept e-wallets, such as PayPal, as deposit and withdrawal methods. Whats more, PayPal has recently become a cryptocurrency wallet as well.
- Bank transfer Some brokers allow you to transfer your funds directly from your bank account to them. However safe, this payment method is usually much slower compared to other options featured in this article.
- Apple Pay If you own an Apple device, youll be happy to know that many brokers accept Apple Pay. Its a convenient and highly secure payment option.
Buy Crypto With Credit Card: Bittrex
Bittrex is one of the best sites to buy crypto with a credit card. In addition, you can deposit money with a credit card at low fees. Further, UX buying coins with a credit card is one of the best traits considering bitcoin exchanges. Their high-level security has had some fantastic reviews from users.
They charge up to 3% on international cards. To learn more, read Bittrex Fees.
Also, the platform is at hand on both web and mobile. Besides, the UX of their app makes it as easy to use like on a website. They have 0.20% fees on trades. Based on the trading volume fee, there are tiers of fees going down to 0%.
Overall, users have a good spot market here to trade coins. Therefore, the volume of trade is high, presenting good liquidity as well. In conclusion, the website has encountered good reviews along with 24×7 client support.
Read Also: How To Register My Cryptocurrency
How To Buy Bitcoin With Amex Quick 4 Step Guide
You can start buying Bitcoin with AMEX right away if youre feeling exited about it. It only takes a few minutes to own your first Bitcoin. Heres a step-by-step easy guide that you can follow.
How Can I Buy Bitcoins Anonymously With A Credit Card
Most exchanges require you to submit KYC documentation before you are able to make a crypto purchase so buying Bitcoin anonymously with a credit card can prove to be quite difficult.
Youll need to find an alternative way of buying Bitcoin anonymously.
One option is cash deposit at a bank, but this still requires you to have some form of identifying document and does not allow for quick purchases like with credit cards.
Also Check: How To Buy Crypto On Margin
A 2% Fee Goes To The Exchange
As with stocks, you’ll use a crypto exchange to purchase various digital currencies. So the first fee you’ll encounter when trying to use your cards to buy crypto is that charged by the exchange.
Exchanges will generally charge a credit card fee to buy crypto because credit card issuers charge a processing fee for every credit card transaction, including crypto purchases. These fees can vary a lot based on the issuer — and even based on the specific card — but they average around 2% of the transaction amount.
In some cases, the exchange may also tack on their own fees, above and beyond the processing fee, for allowing you to use a credit card. This could easily put your exchange fees at 3% or more.
Oh, and this is all supposing you find an exchange that accepts credit cards in the first place. Many issuers have prohibited credit card crypto purchases entirely. So you may have to do some searching to find a reputable crypto exchange that allows credit card purchases at all.
Finance Your New Crypto Wallet
We are almost there. Its time to transfer funds into our eToro account and start making money from Bitcoin. eToro supports numerous payment options. To use AMEX:
eToro charges 0% commission for all your deposits with AMEX. This is one of the many reasons we think its the best platform for buying Bitcoin with American Express for beginners.
Read Also: How To Receive Airdrop Crypto
How To Earn Up To 05% Cashback Via The Loyalty Program
To earn instant cashback on every crypto purchase, make sure at least 1% of your Portfolio Balance consists of NEXO Tokens. The cashback you get depends on your Loyalty Tier the higher your Loyalty tier is, the more cashback youll earn.
If you want to get the maximum cashback of 0.5%, join the Premium Loyalty tier by holding at least 10% of your Portfolio Balance in NEXO.
Lets say you stay within Nexos Premium Loyalty tier and you buy $5,000 worth of BTC via the Nexo Exchange. That means youll get $25 worth of BTC in instant cashback:
$5,000*0.05% = $25 in BTC
To find out the exact cashback rates for each tier, visit our help center.
Note: The total cashback paid is limited up to $100,000 in exchange volume per month. That means youll be earning cashback until your total monthly amount of swaps exceeds $100,000. That limit resets back to $0 on the 1st day of each month.
What Should I Look For In An Amex Bitcoin Broker
Its no secret that some brokers are better than others, and you want to have the best possible experience when buying Bitcoin with American Express.
Once you check all the essential traits of a Bitcoin broker and ensure that they are of high quality, youll be able to buy BTC effortlessly.
Heres what to take into account when buying Bitcoin with Amex:
- Fees Its no secret that certain brokers are more expensive than others. If youre on a budget, your job is to find the platform with the lowest fees. However, if you dont mind paying more, try looking for the best price/quality ratio.
- Limits All brokers have transaction limits when depositing, withdrawing, buying, or selling. Please take all of them into account when choosing the best trading site for you.
- Security You should verify that your broker of choice has all the security protocols in check. This is essential for keeping your funds and your sensitive data safe and secure.
- Speed Sometimes, transactions can take a couple of minutes, especially when trading Bitcoin, which is one of the slower cryptocurrencies. However, various brokers have different speeds, and you definitely want to avoid the slow ones.
- Ease-of-use Check the brokers user interface and see how easy or difficult it is to use the platform to buy Bitcoin with American Express. If youre new to the world of crypto trading, go for the simplest-looking ones.
Don’t Miss: Do You Have To Pay Taxes On Bitcoin
Blockfi Rewards Visa Signature Card
The BlockFi Rewards Visa® Signature Card earns 1.5% back in crypto on every single purchase. Additionally, cardholders earn 2% back in crypto on every purchase over $50,000 of annual spend.
The rewards rate increases from 1.5% to 2% after $50,000 of spending has been achieved. It will reset on the card anniversary date every year.
However, note that a soft credit pull will be done before youve accepted the credit card offer. Once youve accepted the credit card offer, a hard credit pull will be conducted, which can have an impact on your credit score.
There is also an introductory offer available. New cardholders can earn 3.5% crypto rewards on all purchases in the first 90 days of card ownership, up to $100 in crypto.
This card also gives you instant access to once-in-a-lifetime travel, fine wine, food, sporting events, shopping, and more. It is a Visa Signature card, giving you access to Visa Signature® Concierge.
There are no foreign transaction fees or annual fees to worry about.
Crypto Though Can Make Cross
Traditional credit card payments will hold firm amid the growth of cryptocurrencies, American Express CEO Stephen Squeri predicted on the companys third-quarter earnings call Friday.
- Unlike crypto, traditional credit cards offer clients rewards, service and the ability to dispute charges, along with the ability to extend credit, Squeri said.
- Squeri said he sees cryptocurrency much more as an asset class at this time, adding that clients dont use AMEX to buy stock and doesnt see them focusing on buying crypto either.
- Squeri said he sees a role for digital currencies, however, adding they can make cross-border payments a lot more seamless.
- Currently, AMEXs biggest role in the crypto sector is in the non-fungible token and stablecoins universes, Squeri said, citing the cards usage to buy digital collectibles such as NBA Top Shot.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary ofDigital Currency Group, which invests incryptocurrenciesand blockchainstartups.
Don’t Miss: How To Invest In Bitcoins In Us
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 doesnt require verification, some individual traders still do for their own security.
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.
Don’t Miss: What Are Nodes In Cryptocurrency