Buy bitcoin with credit or debit card
Last update: January 04, two thousand seventeen
About Simplex – A safe system to pay with credit or debit card, anti-fraud detection and also a “proxy layer” – it is not demonstrable you were buying bitcoins.
Bitsquare – The fresh decentralized option since 2016
Buy Bitcoin with Credit or Debit Card
Back in the day buying Bitcoin with debit card was almost unlikely. The fees went sky high as card payments are reversible by their very nature. The nature of credit and debit cards will never switch. But fortunately a technology making debit card payments less susceptible to fraud has advanced.
The method is called Simplex.
It is an advanced fraud analysis, meaning that if you use a prepaid card it most likely will not go through. That is an often false positive with fraud detection.
An advantage is that on your debit or credit card transaction statement the payment will be listed as a payment to Simplex. If your institution is not keen on Bitcoin, this is an advantage.
If you are looking to buy Bitcoin with a Visa or MasterCard issued by a bank, and your current IP is the of the issuing country, you are good to go.
The transaction fee is still a bit higher than usual however: just about anywhere 12%.
On CoinMama you will get 5% discount on your very first order if you verify your account. To verify on CoinMama you need to send in your ID.
They support Visa, MasterCard, Western Union, Flawless Money and other. Your order goes via the Simplex form, it should be approved or declined within twenty minutes on working days.
If your order was marked as fraud tho’ you are not a fraudster, you can contact the Simplex support. Most likely you will be asked for some more identity verification, like selfie with your card.
That is a bit of a hassle but Simplex indeed is the safest way to do credit card payments for coins nowadays.
This is how it goes on CoinMama.
Verify your account. It will take a few hours.
You will get an email with a coupon for 5% discount. That coupon you can apply when making an order.
- This was order for one BTC placed with the 5% off on a day when market price was about four hundred ten USD. You see the fee for yourself.
Compared with current online users at LBC buy online listing page to buy Bitcoin for eWallet fiat. That is generally the most expensive option since the coin seller is taking on the risk that you will do the chargeback.
Also take into account that LBC transactions are instant, done in a moment. And, you don’t need to spend days waiting to be verified. LBC is the winner here.
Localbitcoins and Paxful
If you are looking for a decentralized option you need Localbitcoins or Paxful.
Paxful is not so well known as localbitcoins but it is a very similar service. You will even see the same sellers on Paxful like on LBC at times. Search is a little bit better there however, on Localbitcoins the emphasise is indeed on local trades – cash or bank transfers.
Online and card options exist on both LBC and Paxful however.
By the nature of the animal you will be able to buy Bitcoin with debit card and credit card without verification – if you have reputation. Without reputation you will need ID – either go with it (on LBC internal correspondence gets ruined after ninety days they say) or build reputation by selling BTC very first.
You’ll do best by using their search as they have a lot of options.
A generic listing for debit cards here gives margin as high as 30% now but fish for a while, you will find better deals.
Here I was searching for prepaid debit card.
Margin of 27% was the best I could get for this payment type. But you see that seller requires some verification before trading with noobs. Let’s see what it is.
Not remarkably, a picture of ID.
With credit cards you might also be fortunate. Here the seller has a 10% margin which is relatively good. Reminisce that sellers are real people, they go to sleep at some point so if you keep missing good shots attempt it at a different time of day or night next time.
If you have been attempting to find a way to buy Bitcoin with Skrill and you have their debit card it would be good to keep track on prepaid card listing as well. This and CoinMama are your chance to get Bitcoin for Skrill money too.
Bitsquare launched in 2016. It is novel in it you don’t trade via a website, you download their app, pack in your location and the software will fetch traders who are matching your location (or the location of your money).
That is the most decentralized option you have these days, no AML/KYC of course, or at least not on behalf of the platform.
Bitsquare does what webshops used to be in the dark ages of the internets – you needed to download the client because nobody had the idea of setting up the shop on a web server. Well, these days we have web servers but because of politics it is most effective to go back in time.
The liquidity is what it is but it is worth to spread this good idea to hopefully help it to catch on.
Download Bitsquare at Bitsquare.io
Other ways and workarounds
It is no joke to buy Bitcoin with credit or debit card, and it is no joke to buy coins with Skrill.
If you get issues because you have a prepaid card, like the one of Skrill, buy on P2P places like Localbitcoins. More in this article.
If you have a bank issued debit card, you should be able to budge your fiat to PerfectMoney. There are no chargebacks on PM so it is generally a bit lighter and cheaper to buy coins for PerfectMoney.
With a bank account you could also verify at AdvCash and top up a VCC with that money. A transfer to crypto is then effortless. More in this post.
- If you don’t want to verify and don’t want to link your bank account to your coins, for whatever reasons, you will have to use an exchanger. PerfectMoney has their list of officially supported non-scam exchangers but don’t fall for the trap of trusting a user stealing the name of the exchanger operating on Localbitcoins or elsewhere. Exchangers only operate through their website.
- The Coinomat exchanger can even get you BTC-e vouchers so that you can buy BTC yourself on BTC-e.