All You Need To Know About Buying Bitcoin
With Debit Card In America
Generally, the use of debit cards in purchasing bitcoins is actually more difficult and intimidating than it appears. One of the major factors responsible for this status-quo is the high risk of fraud. Some exchanges, therefore, take caution by ruling out the option of debit cards as a mode of payment. However, over recent years, buying bitcoins with debit cards has become comparably easier. This was made possible with the introduction of anti-fraud systems for bitcoin exchanges. You can now successfully purchase bitcoins with your credit cards in America and some other countries. It is also important to note that these anti-fraud systems for exchanges are quite expensive to manage. Ergo, exchanges usually charge a premium fee on all bitcoins bought with a debit card.
There are some necessary steps to take before you can be able to successfully purchase bitcoins with credit cards in America. Firstly, you need to verify your identity, create a Bitcoin Code auto trading Wallet, and then search for a cryptocurrency exchange where you can purchase bitcoins using debit cards. Some of these exchange sites include Coinbase, Coinmama, Bitstamp, amongst others. Each cryptocurrency exchange has its unique terms of service. It is, therefore, a safe practice to personally surf for the right one that would suit your requirements and pocket.
Purchasing bitcoins with debit cards in America has certain upsides for people that indulge in it. It is one of the most popular and convenient ways to trade bitcoins. This is because there is liberty for you to buy bitcoins according to your pocket and budget. It is also the safest and most secure option for you because you can access funds directly from a bank account with money owned by you. There is little or no possibility of fraud on your bitcoin transactions. The use of debit cards to buy bitcoins also aids the speedy trade of bitcoin. Transactions are completed within 5-15 minutes compared to regular bank transfers or PayPal that may take several hours or days before being completed. In fact, some platforms offer competitive prices on their offers, with charges getting as low as almost zero. Some platforms don’t even charge at all, only for the processing or third-party fee. The charges may not be so low while trying to buy crypto via some other means.
Nevertheless, there are specific drawbacks associated with the purchase of bitcoins using debit cards. Some of these disadvantages include identity verification glitch, cancellation of transactions, chargeback, extra fees, blocked debit cards, amongst others. Often times, your transactions may also get denied by the exchange on the bank that issued your card.
While it is possible to buy bitcoin with a debit card from any of the trading platforms that are allowed for Americans, It is imperative to acquaint yourself with some of the significant factors to be considered before buying bitcoins with debit cards in America. One of these factors is Foreign Transaction Fees. If you use another country’s debit card to purchase bitcoin on an exchange that is based within the United States, your card issuer would most likely charge a foreign transaction fee.
Purchase Limit is also a noteworthy factor. There is a set limit for every card purchase on a bitcoin exchange. This was implemented to effectively impede fraudulent activities. However, these limits vary depending on your account verification level. Other than the purchase limit, another crucial factor to consider is ‘debt’. It is professionally advisable not to purchase bitcoin with a debit card unless you can pay it off in full that exact month. The best option is to wait until you can afford it. Other factors include standard transaction fees, cash advance fees, and so on.
In conclusion, it is very safe and advisable to purchase bitcoins in America, using a debit card, provided you’re using a trusted exchange. It is important to understand the fees and charges and the terms and conditions that your merchant website requires before you consent to trade with them.
Did you find this article helpful? Share your thoughts with friends...