Can you purchase cryptocurrencies through a debit card?

Kreg Bale
Kreg Bale August 11, 2022
Updated 2022/08/11 at 9:28 PM
Can you purchase cryptocurrencies through a debit card

Cryptocurrencies are all over the news and are a prevalent investment option nowadays. Many individuals and institutions are willing to make use of cryptocurrency. With the high-end value of bitcoin, plenty of folks are directly trading this digital currency on exchanges. Well, the one thing that gives people hesitation about buying bitcoin is its buying process. You may use a user-friendly and easy-to-use platform like Bitcoin Buyer , in case you want to join trading but are hesitant to start. You might be thinking that to purchase bitcoin, you must seek assistance from experts. But it’s not true because the purchasing process of bitcoin is not tricky. Many ways are there from which you can buy bitcoin. However, getting bitcoin through a debit card can be a little tricky. But many online platforms make this process seamless for you guys. The debit card is one of the preferred payment methods for purchasing bitcoin on many exchanges. Let’s know the step-to-step guide for getting bitcoin through a debit card.

Select your broker

You might be thinking of buying bitcoin via a bitcoin exchange, but you should know that it’s now straightforward to buy this digital currency through an online broker. It is as easy to buy stocks from brokers. The brokerage accounts will allow you to place the request for purchasing bitcoin from the markets available on that platform. Now your broker will help file your buy order by charging a small commission from you in exchange. However, you must ensure that the broker you choose is well reputed on which you can rely.

Generate an account

Just like the online bitcoin exchange, the broker will also require some of your details to generate an online account for you. Of course, the details required by one broker might differ from another. But you can expect that they will be asking for your name, info regarding contact and address, and social security number. Without providing this required info, your account will not get approved. In addition, you might have to provide your scanned passport-size photo to verify your identity. 

It is the time when you have to connect your debit card with your brokerage account. You will necessitate an approach of reimbursement for funding the account. You can also do it by linking your bank account, but the brokers also accept payment from debit cards. Many brokers are accepting Mastercard and Visa payment cards. 

Get a bitcoin wallet.

Crypto wallets provide immense safety to your digital coins, whether you are sending or receiving them. You must know that both hardware and software wallets have the same function of storing the info that helps grant access to the bitcoin. Some of the wallets are better at functioning than others, so it depends on which wallet you love. The hardware wallets are USB drives like a gadget that is the most secure option if you are not looking to trade them regularly. Some famous hardware wallets are the Ledger Nano S and Ledger Nano X.

On the other hand, software wallets are known as hot wallets because they are just an application you can download on your device. It provides encryption for protecting your digital funds in the best manner. The online platforms also offer digital wallet options, which are easy to access by anyone on the internet without even downloading the application.

Buy bitcoin!

When you have a bitcoin wallet and a brokerage account, you are ready to make your first bitcoin purchase. You can easily place the bitcoin order with your broker; then, you need to wait for the fulfillment of that order. It will not consume ample period in this progression. Once you get bitcoin in your account, you can shift them to the bitcoin wallet. It is essential not to keep bitcoin outside of the digital wallet as it is not safe. The number of bitcoin fraud acts is increasing, which is why it is good to take precautionary measures to protect the bitcoin. These wallets are best for guarding your coins against hackers who try to manipulate your digital assets. After transferring them to the digital wallet, you can have peace of mind. Many public doesn’t accept as basic safety of these wallets, but it is a mere fallacy.

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