Bitcoin prices were on a steady decline over the last one and a half years. However, the last few months has seen the world’s most popular crypto on a steady rise once again, sparking increasing interests from investors. You may be looking to purchase bitcoin as an investment.
The truth is that if you use debit cards for most of your purchases for one reason or the other, there is a high likelihood that you will consider using your debit card as the primary payment method when paying for bitcoin.
Personal finance experts often discourage us from using credit and debit cards because it encourages irresponsible spending, thus leading to unnecessary debts. But it is important to note that buying bitcoin is an investment rather than an expenditure.
A debit card is one of the easiest and most convenient ways to buy bitcoin and other cryptocurrencies. More importantly, a debit card is known for its fast transaction time and instant purchase.
But using a debit card can also be limiting because some exchanges apply transaction limits for debit card users. That is, users on these exchanges who buy bitcoin using their debit cards have daily transaction limits imposed on them, based on their profile and history on the exchange. While I may be allowed to transact up to $1500 or more per day, another user may have their limits capped at $500. The limits are applied to prevent fraud and increase security monitoring techniques.
But there is a catch…
|Name||Region||Debit card fees||Buy|
|Coinbase||Australia, Europe, UK and US||3.99%||Buy crypto|
|Coinmama||Africa, Asia, Australia, Europe,
South America, UK and US
As indicated in the table above, these are the cryptocurrency exchanges that offer bitcoin and other cryptocurrencies for purchase via debit card.
Although purchasing bitcoin can be an expensive affair when using a debit card, the safety and security it provides is worth considering.
Below you will find some of the crypto exchanges that are worth considering if you plan to buy bitcoin with a debit card.
Are you intending to buy bitcoin within the Eurozone?
If yes, then you should consider Bitpanda . The crypto exchange was founded in late 2014 and has grown into leaps and bounds as one of the most trusted exchanges through which you can purchase Bitcoin around Europe.
If you want to carry out the quick or instant purchase of bitcoin, then a debit card would be the best option particularly when you choose a reputable exchange such as Bitpanda.
When you live within the Eurozone, Bitpanda will sort you out when you want to purchase bitcoin with a debit card. Bitpanda charges the lowest fee (1.50%) among its peers.
Paying with a debit card on Bitpanda platform is simple.
The first step is to choose between VISA and Mastercard, from where your account will instantly, and afterward, you can buy bitcoins or any other of their 30+ cryptocurrencies, including their own Pantos (PAN) and Bitpanda Ecosystem Token (BEST).
Bitpanda works with several fiat currencies, including US dollar (USD), Euro (Euro), British Pound (GPB), and Swiss franc (CHF) and Turkish Lira (TRY).
Bitpanda has put very low limits for unverified users of its platform as it strives to comply with standard AML policies. But verified users do have high limits depending on their payment methods.
Coinmama is an exchange that is almost similar to Bitpanda in many ways. Its major advantage is that its geographical coverage in the global market is wider compared to Bitpanda. However, Coinmama service fees are more expensive than Bitpanda. The point of advantage is that Coinmama serves nearly everywhere around the world, including Africa, South America, Asia, Australia, the UK, and the US. In short, Coinmama supports over 180 countries worldwide.
The fact that it allows debit cards as a method of payment on its platform is another major advantage the exchange has over many other competitors.
It is also quite simple to use and is much favorable to new bitcoin investors who would enjoy the simplicity that comes with its platform.
Coinmama’s service fee is a bit on the high end of the spectrum on Coinmama, but they also have much higher limits than others. So if you are looking to spend more than USD 2500 then Coinmana would be an ideal option.
CEX is a crypto broker based in the UK. The crypto exchange is also viewed as one of the most reliable brokers, given its longevity in the business. CEX was founded in 2013 and serves millions of users.
They have a wide range of cryptocurrencies as well as functionality to serve both beginners and experienced institutional traders. It is recommended that if you are a beginner then you should consider the brokerage option that seems quite favorable to newbies.
The platform is credited for its ease of use and high level of security.
Currently, CEX has a minimum of $20 purchase and up to $1000 on the lowest verification level that allows the purchase of crypto using a debit card.
Coinbase is one of the biggest crypto exchanges around, supporting over 100 countries with more than 30 million customers. Although designed to provide a wide range of services, Coinbase’s main service is to allow users to buy and sell Bitcoins through credit cards, debit cards, and bank transfers.
Coinbase is an excellent choice when buying cryptocurrencies with a credit card or debit card. It has one of the best user experiences, making it possible for one to deposit and purchase crypto in a very few simple steps.
If you are looking to purchase bitcoin regularly you can benefit from the recurring purchase functionality where you can set up weekly, bi-weekly or monthly purchases with a debit card without having to worry about if it is a good time to buy.
Even though it has received a few criticisms, especially denying users the ability to control their funds and that every transaction is being tracked, Coinbase is a good starting point for new cryptocurrency traders.
Overall Coinbase is top exchange for starting your crypto journey.
Bitpanda is the leading crypto exchange in Europe with more than 1 million users. You can trade more than +30 cryptocurrencies, tokenized stocks, gold, silver and other metals.