Buy crypto with credit card no fees: The crypto craze has been going on for a while now and it wouldn’t be surprising if, at some point, you dream of ditching your credit cards and joining the crypto world like most of us. But there is a catch; According to crypto experts, you might be surprised to learn that buying cryptocurrency with a credit card is a no-go.
There are many factors and parameters to consider when Buy Crypto with Credit Card Canada. In this article, we will see if you can buy cryptocurrency with a credit card, if not, why not, and if so, what is the best site to buy cryptocurrency with a credit card?
Table of Contents
Can You Buy Crypto with a Credit Card?
Buying crypto with a credit card is a tedious process. First, you need to find an exchange that facilitates the buying and selling of cryptocurrencies like a stock exchange. Bitcoin, Ethereum, and Dogecoin are bought and sold using crypto exchanges. Each crypto exchange has its own set of rules, fees, payout times, and currency selection.
Exchanges, such as Coinbase, Gemini, and Binance.US, do not allow credit card purchases, while others may, but only from people residing in a specific country or state. For companies that accept credit cards, you may have to pay 3% or more on your transaction.
That’s not the end of the trouble… there’s more. Even if you’re willing to pay exchange fees to use your card to buy crypto, some issuers may still have issues with your credit card company. Cryptocurrency purchases are prohibited by most major card companies.
Buy Crypto with the 10 Best Credit Card
If you are looking for the best site to Buy Crypto with Credit Card, we have simplified the process for you. Here is a list of the best crypto credit cards:
- Bitpay Mastercard
- BlockFi Visa Card
- CRO Visa
- Upgrade Bitcoin Rewards Visa
- Venmo Credit Card
- Wirex Visa
- Gemini Credit Card
- Swipe Visa
- Coinbase Visa
Buy Crypto with Credit Card: Pros and Cons
Buying cryptocurrency with a credit card has so many disadvantages that it outweighs the potential benefits.
Earning points is an advantage when buying bitcoins with a credit card. However, most card issuers that allow cryptocurrency purchases classify them as cash advances. Thus, you will not be eligible for credit card benefits or welcome bonuses.
This means you won’t get the protection you would typically get from a credit card purchase. So when your coin loses value, you cannot file a request for a refund of your purchase.
And finally, the fee. A crypto exchange will charge about 3% for using your card, in addition to what they charge for trading. And not that; An additional 3% may be charged by the issuer for cash advance fees, and interest is added before your transaction is paid. So you’re paying an extra 6% because you’re using a credit card.
Advantages
- Using a debit or credit card is one of the easiest and fastest ways to buy bitcoins.
- Chance to win prizes
- This a good option for non-tech-savvy users as most people are familiar with online shopping and the process is similar here
Disadvantages
- Inability to earn rewards
- Credit cards do not count toward sign-up bonuses
- Credit card protection will not apply
- High fees
Choose The Best Credit Cards that Allow Crypto Purchases.
When looking for a credit card for your crypto needs, you must be looking for the best crypto credit card in Canada. Some of the things to look for in a credit card are:
Secured: Choose a crypto credit card to store your coins securely.
Fees: A crypto exchange will charge about 3% for using your card, which is what they charge for the first trade. And not that; Your card issuer will charge another 3% for the cash advance fee, plus whatever interest is added before your transaction is paid off.
Add-On Features: When you’re looking for different cards, think about your personal situation and conditions to determine which card best suits your specific needs.
Rewards & Incentives: Rewards currently offered by crypto credit cards are limited. Some offer cashback rewards, while others don’t even offer welcome bonuses.
Mobile App: Ability to manage everything on the go.
Reliability: When choosing a crypto credit card make sure you’re working with a reputable brand, as you don’t want to find yourself in a situation where you can’t access your funds.
Availability: Currently, it can be challenging to find such a card accessible worldwide, so check if your selected Bitcoin card is actually accepted in your location before investing.
Conclusion
Finally, if you give Buy Crypto with Credit Card, what you want to buy comes down to whether you can. Can you buy crypto with your card? If you can find a fiat card issuer that allows you to buy crypto and find an exchange that accepts credit cards, you certainly can. But should you buy cryptocurrency with your card? This is not a good idea because there are more disadvantages to purchasing cryptocurrency using a credit card than advantages.
If you still want to complete the process, it is recommended to carefully understand the terms and conditions of your card issuer and find the best site to buy cryptocurrency by credit card.
FAQs:
cryptocurrency in Canada? You can also use another method to buy bitcoins with a credit card in Canada: First, fund your account using your credit card. Then place either a market or limit order. Finally, receive bitcoins in your CEX.IO account after the order is completed.
In short, yes you can buy crypto with a credit card. Some popular cryptocurrency exchanges allow you to make credit card purchases when you set up your payment method in your account.
We are pleased to announce that Canadian users can now use credit/debit cards to buy crypto with Canadian dollars (CAD) on Binance. Both Visa and Master Card are accepted
Steps to buying cryptocurrency in Canada through a cryptocurrency broker
Set up an account on the crypto trading platform. ,
Add funds to your account. ,
Buy the cryptocurrency of your choice. ,
Choose your exchange. ,
Create an account. ,
Deposit cash and buy cryptocurrency.
You May Also Like the following: