Context On Bitcoin Market And Its Intersection With Canada
Ten years ago, Bitcoin prices were just beginning to surge. Its first millionaires were celebrating their newfound wealth, while the majority of investors were still too afraid to pull the trigger on something so new and mysterious. Most people werent even sure what crypto was, much less whether it was a legitimate form of currency. Today, everyone knows about Bitcoin and its many digital cousins, as more and more people are looking to grab their share.
Skip Ahead: Buying Bitcoin in Canada
Cryptocurrency has proven to be the most speculative investment known to mankind. Its value has fluctuated immensely over the years, but every dip is historically followed by a dramatic spike. Although the timing seems impossible to predict, investors are beginning to realize that long-term profitability is all-but inevitable.
But theres just one problem Crypto isnt easy to buy.
Throughout history, foreign currencies have been easy to exchange. Each is influenced by economy and inflation, controlled by a central government, and easily transferred from one account to another at the current exchange rate.
If its not convenient, why is everyone buying Crypto?
Safety And Security When Buying Bitcoin With Prepaid Cards
As mentioned previously, when you buy bitcoin with a prepaid card, you provide less customer information to the platform where you are trading. In these terms, this method of buying cryptocurrencies is more secure than choosing a credit card or debit card option.
One great advantage is that its not connected with your bank accounts, which is significant in two ways. Firstly, when you trade, you wont have the ability to take debts after you deplete the balance on your prepaid card account. Secondly, when a third party gets access to your card, they can only use the amount left on the card but wont access your accounts.
However, when you trade with top brokers, its a very rare thing to be hacked. When recommending a brokerage account, security is one of the crucial factors we consider. We basically select brokers that use secure SSL protocols to keep your information safe and ensure your payment security.
Buy Crypto With Credit Card: Kucoin
If you want to buy BTC with a credit card along with fiat currency options, KuCoin is the perfect choice for you. KuCoin tends to endorse both USD as well as EUR. Investors can access the payment with the help of a mobile application as well as a web page. Similar to Binance, the UX design of KuCoin is also notable.
KuCoin uses the third-party platform Banxa that charges negligible fees on buying crypto with a credit card online.
Furthermore, this platform offers spot and according to the traders requirements. Considering the trading fees, they offer 0.1% upon each transaction, which is much lower than the usual market value. Furthermore, as soon as you buy BTC with a credit card, there are over 400 cryptocurrencies, such as 1inch, Dogecoin, and Ethereum, through which you can trade. Moreover, KuCoin is a reliable platform if you want to buy cryptocurrency with a credit card. To know more read our KuCoin Review.
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Buying Bitcoin In Canada 2021
The biggest questions for anyone looking to buy Crypto for the first time are how much to buy, where to buy it, and how to pay for it. The amount of Bitcoin or any other crypto you purchase should be entirely based on how much youre willing to risk.
When I say risk, I mean just that. Investing in crypto is hardly any different than gambling. There are no sure bets, just as there are no guaranteed spikes in the value of any digital coin. You should only invest extra money that you can afford to lose. That way, if things go south, it wont lead to financial ruin.
As for where to buy it, setting up your own Bitcoin wallet has always been an option, but the complexity of doing so has historically impeded the majority of would-be buyers. Fortunately, Crypto has become so mainstream that a number of simplified trading opportunities exist. Bitcoin and other crypto coins can be bought through Crypto Exchanges, Over the Counter , or even at a Retail Location. Well discuss each of these Bitcoin buying methods in more detail below.
No matter who you buy from, youll need a viable way to pay for it. The most convenient option is to with the same payment methods you use on a daily basis credit card, debit card, bank transfer, and Interac. All of these take place through your trusty bank account, which brings us to
Crypto Trading Platforms that are Not Available in Canada
Over the Counter
Best Crypto Credit Cards For 2021
With a hassle-free payment experience and exciting reward systems, crypto credit cards are becoming a trend. They are doing their share of work in bringing crypto to the mainstream by seamlessly integrating it into everyday life. And its possible for you to claim a share of the rewards if you pick the right card.
Here is a detailed look at some of the best crypto credit cards for 2021, both in terms of utility and incentivization. But first, lets get the basics down.
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How To Purchase Cro And/or Crypto In The Cryptocom App With My Credit/debit Card
Tap the Trade button, then Buy and select CRO or your preferred crypto to purchase.
Add your credit/debit card on the screen that follows, which will create a secure link to our payment gateway.
Please follow the on-screen instructions, entering your card details .
To verify your card, a small amount of $0.10 SGD will be temporarily held for up to 7 days and wont be charged – please confirm this transaction in order to complete the process.
Once complete, return to your CRO or crypto wallet under the Accounts page, tap the BUY button, enter the desired amounts and select your credit/debit card as the source of funds.
Confirm the transaction with your passcode or fingerprint and the transaction will be processed.
If you encounter any problems with your crypto purchase, please contact our Support Team via the in-app chat. You may be asked to provide the date, time, and approximate value of the transaction, so please keep this information handy.
What Are The Risks Of Using A Crypto Debit Card
Crypto scams and theft are running rampant right now, due to a combination of cryptos novelty, the increasing amounts of cryptocurrency circulating throughout the world, and the new infrastructure upon which the systems are built. Its a prime environment for what William Quigley, one of Tethers original co-founders and co-founder of the Wax blockchain, calls Olympic-level scammers to test their skills and get away with all the new money being circulated in the crypto market. Scammers stole over $14 billion in crypto last year.
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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.
Login To Your Account
Login to your account and click “Buy” in the top menu bar. You will now see a page like below. Select “Visa/Mastercard” since you want to buy with your credit or debit card. Also, enter the amount of euro you want to spend or amount of BTC you want to buy:
Now confirm that you want to buy with credit/debit. .
Now you need to confirm that the amount you entered before is indeed the amount you want to buy. Also, you confirm that you agree to BitPanda’s exchange rate. In the “the Current Price” field you can also see the exchange rate you are getting. It will likely be 3-4% above the market rate since BitPanda’s fees are included in the exchange rate.
Note, you only have 60 seconds to lock in your exchange rate and confirm!
Now you will have to verify via SMS or a phone call:
Enter the PIN code you received via SMS or phone call:
If you verified successfully, you can now click “Click here to start the payment process”. Make sure you note the 10 minute time–you have this amount of time to complete your order.
On this page you enter your credit card details through mPAY24. One you enter your card information press “Bezahlen”:
That’s it! Now in your BitPanda account you can check your “History” tab to view the trade details.
Please note that fees are approximate and may vary based on your country or purchase size.
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The Following Steps Will Get You Started:
How To Exchange Coins Quickly
You can instantly swap between 175+ market pairs via the Nexo Exchange. Just go to the Exchange tab in your Nexo account and select the currencies and the amount you want to exchange.
There are zero price fluctuations when you place an order, compared to other providers where the price might change by up to 5%. Your balances are updated immediately, the moment your order is confirmed.
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Buy Bitcoin With A Credit Card Through Coincorner
Pros: Easy to use for beginners, supporting mobile app
Cons: High administration fees on deposits, not available worldwide
CoinCorner is a Bitcoin broker established in 2014, located in the Isle of Man. The exchange services several countries around the world. You can buy up to 1000 of Bitcoin without any verification for very competitive fees. CoinCorner also has a supporting mobile app that allows you to send and receive Bitcoins from your account using your mobile phone.
Buy Bitcoin With A Credit Card Through Xcoins
Pros: Very quick turnaround for purchases, 24/7 support
Cons: No explicitly-stated fee, accepts USD and EUR only for fiat
Xcoins is a Malta-based cryptocurrency exchange platform which has been around since 2016.
Users of the service can purchase BTC as well as LTC, ETH, XRP and BCH using USD or EUR via Visa or Mastercard.
Xcoins takes the speed of its service very seriously The exchange actually promises to send your coins within 15 minutes of payment approval, or your next transaction will be free of fees. This makes Xcoin a good choice if you want to put your hands on some bitcoin quickly.
The minimum purchase amount is 50 USD or 50 EUR, with no maximum limit stated on their site.
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Etoro Overall Best Broker To Buy Crypto With A Credit Card
eToro stands out in the market as a broker that allows you to buy crypto with a credit card. The broker takes the first position in this review for different reasons. With more than 20 million users, eToro offers atop-notch brokerage serviceswithout charging high fees. You can get started with the platform by simply opening an account and making a deposit of at least $200.
eToro supports different payment methods including credit cards. This means that if the credit card option is all you have to add funds to your account, you can conveniently do so with this broker. Additionally, the broker supports other payment options including e-wallets, debit cards, and wire transfers. Once you make the required minimum deposit with your credit card, you can begin to buy your desired tokens for as little as $25.
Since eToro allows you to buy tokens from as little as $25, this means you can invest in different coins with minimal risk. This is a great perk, especially if youre a beginner and just getting started with crypto investing. Furthermore, eToro offers you access to a wide range of cryptocurrencies, making it convenient for you to diversify your portfolio. Interestingly, when it comes to the pricing of any of these tokens, you only have to consider the spread.
What Are Crypto Credit Cards
Crypto credit cards are payment cards that credit rewards in crypto.
It could be a debit or credit card. It may facilitate crypto or fiat transactions, or both. The only rule of thumb is that it incentivizes your payment behavior with cryptocurrencies.
When Satoshi Nakamoto launched the Bitcoin network, he was going for an electronic payment system that doesnt rely on middlemen. However, this made little sense for long due to the volatile nature of the market. Businesses and laymen deemed it newfangled nonsense.
On the other hand, crypto enthusiasts began to stash the assets. They drove up the market to unprecedented heights soon, everyone wanted to onboard the crypto wagon.
To cash in the crypto boom, crypto debit cards like Shift Card came into being. However, they bit the dust before they could take off. A flexible payment system was not enough to penetrate the market the exorbitant fees were just not worth the value offered.
If a product is to captivate everyday users, the easy way forward is through incentivization. That was what SoFi and BlockFi did. They drew more people to their platforms by introducing crypto credit card services.
Soon more ventures from diverse sectors in the fintech space followed suit.
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Top 5 Platforms To Buy Bitcoin With Debit Or Credit Card
This tutorial enlists and reviews the top platforms to buy Bitcoin with Debit or Credit Card instantly:
Its hard to find a crypto platform, app, or exchange that charges fairly for crypto purchases with a credit or debit card. This is because most platforms carry exorbitant fees of up to 7%.
Its the reason we have compiled this list of top places where you can buy Bitcoin with a debit card or credit card, instantly and without hidden costs.
This tutorial will guide you on how to buy Bitcoin with credit or debit cards on these platforms, as well as top FAQs on buying crypto with credit cards.
What You Will Learn:
Cash Advance Penalties From The Card Issuer
Your credit card issuer is likely to consider the crypto purchase a cash advance, as if you used your credit card to take money out of an ATM terminal.
Thats bad for you because it probably comes with these downsides:
Cash advance fee. This is a one-time fee charged when you take your advance, usually 3% to 5% of the amount. For example, if you take out a $200 cash advance, a fee of $6 to $10 will be tacked on to your account balance.
Higher interest rate. Many cards charge a higher annual percentage rate for cash advances than for regular purchases.
No grace period. If you pay your balance in full monthly, your credit card usually gives you a grace period of at least 20 days to pay off your purchase before youre charged interest. Cash advances, though, start to accrue interest from day one.
Lower credit limit. Some credit cards have a separate cash advance credit limit, which is lower than the overall credit limit.
No credit card rewards. If your credit card issuer considers a crypto purchase a cash equivalent, your spending probably doesnt qualify for rewards, such as cash back, travel points or miles. Similarly, it wont count toward your required spending to earn a sign-up bonus.
Again, it depends on the issuer of the card whether a cryptocurrency purchase is considered a cash advance. Before making a purchase, its a good idea to call the number on the back of your card and ask.
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Buy Crypto With Credit Card: Bitfinex
Bitfinex is identified to be associated with some of the oldest sites to buy BTC with a credit card. Since 2012, this platform has been promoting purchasing all types of crypto with a credit card. Also, traders can use Visa/ Master Card through third-party payment gateways such as Xapo. Considering the fiat payments, this portal charges around 0.1% or at the minimum 60$. Furthermore, Bitfinex is available on both a mobile application as well as an internet site. The UX design of both iOS, as well as Android, is prominent.
This platforms safety and protection are pretty distinguished that protect the essential data of investors. In addition to that, its trade volume is quite eminent among some leading cryptocurrency exchanges. Furthermore, you can also reserve your virtual currency like bitcoin on the sites cryptocurrency wallet. But, it is always advised to store bitcoins in your hardware wallets.
To know more read our Bitfinex Review.
Cexio Buy Bitcoin With A Convenient Mobile App
CEX.io is another well-established crypto exchange platform that started in 2013 as an only-bitcoin exchange. At that time, it held more than 40% of the total bitcoin mining power. In 2015, it began to accept Ethereum and concentrated on other cryptos in addition to bitcoin.
CEX charges trading fees that differ depending on how you trade. The highest trading fee is required for instant trading, which makes 7%. But the trading fees are very low when you choose a more advanced method of trading. CEX also has a well-designed mobile app that is very convenient for mobile trading.
The exchange also offers withdrawal and deposit fees which again differ depending on the payment method you choose. When it comes to safety, CEX has gained a good reputation. The platform is licensed and registered with FinCEN. Plus, it provides several safety features to obtain privacy for its users.
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