How to Buy Bitcoins with a Debit Card (3 Sure Ways in 2018)

Here’s the thing: In the past, buying Bitcoins using a debit card used to be REALLY hard.

In fact, even the tech-savvy individuals were no match when it came to acquiring the currency using debit or credit cards.

Today, we are lucky to have a number of exchanges that have sprung up and we can now use debit cards to purchase Bitcoins.

Such exchanges include Coinbase, Coinmama, and CEX.IO, just to name but a few.

These platforms permit the purchase of Bitcoins using either debit or credit cards.

In this post, I will take you through some of the most popular exchanges that allow you to buy Bitcoins using a debit card.

You will first of all need to have your Bitcoin wallet set up since some exchanges require you to have one.

Once that’s done, you’re good to go!

Use of a Debit Card to Purchase Bitcoins at Coinbase

coinbase

This is one of the world’s largest Bitcoin broker selling Bitcoins by using a debit card and a couple of other channels.

The company charges a flat rate of 3.99% fees on all purchases made using a debit card.

Here’s a quick step-by-step process of how to buy Bitcoin with a debit card on Coinbase:

Step 1: Create an account. Set up your account on Coinbase.

Step 2: Connect a debit card. You will be required to enter your debit card on your Coinbase profile.

payment methodStep 3: Verify your ID. Confirm your identity after which you will receive a confirmation message.

Step 4: Buy your Bitcoins. If you head to the buying page, you should be able to see your wallet. Enter the amount you wish to buy and click on the ‘Buy Bitcoin Instantly’ icon.

Your coins will be delivered to your Coinbase wallet.

Coinbase Rating

Ease of use—5 stars

Privacy—3.5 stars

Fees—3.5 stars

Reputation—5 stars

Speed—4 stars

Overall rating—4.2 stars

The Rationale Behind the Rating

Ease of use – The process of setting up an account and purchasing Bitcoins using a debit card is literally a three-step one. This is especially beneficial to new users or first-timers on the platform.

Privacy – I’m not sure about you, but the idea of some of my transactions being tracked simply creeps me out. To be honest, a little bit of privacy goes a long way.

Fees – Compared to other platforms, I’d say Coinbase is operating at an average when it comes to transaction fees. Be sure to make a proper comparison of the chargeable fees on different platforms.

Reputation – Coinbase has built their reputation over time and I believe they deserved every bit of the rating. They have countless positive reviews from different review sites as well as users.

Speed – Save for the delayed bank purchases completion time, I wouldn’t have much of a choice than to give them a 5-star rating in this category. If it this can be worked on, I don’t see why not.

Pros

  • Easy for new users to purchase Bitcoins
  • There is an option for an instant purchase of coins for debit card users

On top of these benefits, check out this insightful video by the Coinbase team about the practical solutions the exchange can offer to its users.

Cons

  • Not much privacy – the company may track your Bitcoin transactions
  • Bank transfer purchases may take up to 5 days to be completed

Use of a Debit Card to Buy Bitcoins at Coinmamacoinmama

Coinmama offers you a seamless way to purchase Bitcoins with a debit card while charging you a premium for it.

If you’re looking to buy Bitcoins quickly without much verification procedures, then this might be the solution for you.

The applicable fee stands at 5%.

The buying limit on this exchange is higher than most other platforms, at $5,000 worth of Bitcoins per day.

Here’s a step-by-step process of buying Bitcoins with a debit card on Coinmama:

Step 1: Register your account.

Step 2: Verify your identity by uploading your ID card or driver’s license.

Step 3: Coinmama allows a minimum purchase of $60 and an upper limit of $5,000.

Step 4: Key in your wallet address, and if you don’t have one yet, you will be able to create one while on the platform.

Step 5: Enter your debit card details. A 5% fee is charged for a purchase and a further 5.9% premium is included in the sales price.

Step 6: Within a few minutes, the purchased coins will reflect in your wallet.

Coinmama Rating

Ease of use—5 stars

Privacy—3.5 stars

Fee—3.5 stars

Reputation—5 stars

Speed—5 stars

Overall rating—4.4 stars

The Rationale Behind the Rating

Ease of use – From the stated steps for buying Bitcoins using a debit card on the platform, there’s no doubt that it would take someone a minute or two to get set up. I believe it’s one of the quickest setup processes of its kind.

Privacy – Just like on Coinbase, the privacy of transactions on Coinmama is not quite guaranteed as they occasionally track certain transactions made by users.

Fees – I’ll be fast on this one. The fee is simply not competitive in this day and age. You might want to make your own comparisons in this regard.

Reputation – Coinmama is one of the most trusted Bitcoin brokers and, as far as I know, they’ve managed to keep that reputation intact.

Speed – The transaction speeds are on a real-time basis, and for that, they deserve the 5 star.

Pros

  • Operates globally
  • Highest limits so far for Bitcoin purchases using debit cards
  • Reliable and trustworthy

Cons

  • The transaction fees for debit card Bitcoin purchases are quite high

Use of a Debit Card to Purchase Bitcoins at CEX.IO

This is another great platform for buying Bitcoins with a debit card.

CEX.IO is, in fact, one of the oldest exchanges that work worldwide with an exception of a few countries.

The verification process of this platform is quite rigorous and could take up to 30 minutes to get through.

The platform supports four fiat currencies: USD, EURO, RUB, and GBP.

Here’s a step-by-step process of buying Bitcoins using a debit card in CEX.IO:

Step 1: Register your account or sign up using your social media account such as Facebook.

Step 2: Add your debit card as your payment method.

Step 3: Prove ownership of the card by providing your identification documents. If you buy Bitcoins before the verification process is complete, you will only receive your coins after verification is done.

Step 4: Purchase Bitcoins with your verified debit card. You will be charged a 3.5% fee + $0.25 for debit card transfers. A further 7% premium will be included in the sales price.

The minimum purchase stands at $20 while a  first time purchase is limited to $1,000.

Step 5: After making the purchase, your Bitcoins will instantly appear in your wallet account. Be sure to transfer them to your external personal wallet for safety purposes.

CEX.IO Rating

Ease of use—4 stars

Privacy—4 stars

Fees—3.5 stars

Reputation—5 stars

Speed—3.5 stars

Overall rating—4 stars

The Rationale Behind the Rating

Ease of use – As much the CEX.IO might not be the simplest of platforms around especially at the verification stage, it’s still an averagely user-friendly exchange. New users have recorded minimal to no navigation problems while on the website.

Privacy – Just like its first two cousins, sections of your transaction may be subjected to some level of tracking.

Fees – This is one of those areas I felt was a bit of a let down to its users. The fees are moderately high. I’m sure something can be done about it.

Reputation – There’s no doubt that this is one of the most trusted exchanges and, especially having been around for a while now, there’s no doubt they had that rating coming.

Speed – If only the verification process can be improved, it would be a lot easier for everyone.

Pros

  • Operates globally
  • Highly reputable

Cons

  • Has low buying limits for first purchases using a debit card
  • The verification process takes longer

Conclusion

As much as there are high risks involved when using your debit card to shop for Bitcoins, it is also one of the easiest and fastest ways to purchase cryptocurrency. However, beware of the fees charged for debit card transactions; as you’ve seen, they could be materially high when used on certain exchanges.

It is my sincere hope that you now have an overview of how to buy Bitcoin with a debit card on the three exchanges. The good thing is that most of these platforms have similar purchasing processes, so if you get it right on these three, the others shouldn’t be much of a problem.

Finally, do you have experience using other platforms to purchase Bitcoins using debit cards? I’d love to hear about them in the comments sections.

Talk soon!

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