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How To Buy Crypto With a Debit Card in 2024

Last Updated December 14, 2023 2:34 PM
Justin Murphy
Last Updated December 14, 2023 2:34 PM

Many exchanges allow you to buy your preferred cryptocurrency using debit cards. If you are new to the digital currency world, you might be wondering how to go about buying crypto.

In this guide, we’ll teach you how to buy crypto with a debit card in simple steps.

These are the key topics that we’ll cover:

  • An outline of how to buy crypto online with a debit card
  • Safety and security measures
  • Fees and costs
  • Pros and cons of using a debit card to buy crypto

Best Sites To Buy Crypto With a Debit Card in 2024

We have compiled for you a list of crypto exchange sites to buy crypto with a debit card.

  1. Coinbase  – Best for beginners and transparency
  2. Kraken  – Best for security and number of cryptocurrencies
  3. Crypto.com  – Best for crypto credit card products and selection of tradable cryptocurrencies
  4. Gemini  – Best for availability in all 50 states and staking coins
  5. Binance.US  – Best for low fees and availability in the US

Review of our Top 5 Best Sites To Buy Crypto With Debit Card

Check out reviews of some of the best exchanges to buy crypto with debit card.

1. Coinbase Exchange Review

Coinbase homepage

Overview: Coinbase Exchange is a regulated crypto exchange that was founded in 2012 and is headquartered in San Francisco, California. It is one of the most liquid regulated crypto spot exchanges in the world, with deep liquidity for institutions and sophisticated investors.

Tradable coins: Coinbase Exchange offers trading for over 50 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

Fees: Coinbase Exchange uses a dynamic fee structure for high-volume trading, which means that the more you trade, the lower your fees will be. The fees for retail traders start at 0.50% for both buy and sell orders, which is higher than some of its competitors. However, Coinbase Exchange offers lower fees for high-volume traders, with fees as low as 0.05% for those who trade more than $10 million per month.

Pros:

  • High liquidity
  • Regulated exchange
  • Easy-to-use APIs
  • Dynamic fee structure for high-volume trading

Cons:

  • Higher fees compared to some competitors
  • Limited selection of cryptocurrencies compared to some competitors

2. Kraken Review

Kraken homepage

Overview: Kraken is a US-based cryptocurrency exchange that was founded in 2011 and is headquartered in San Francisco, California. It is one of the most secure cryptocurrency exchanges and offers a wide range of trading options for both retail and institutional investors.

Tradable coins: Kraken offers trading for over 70 cryptocurrencies, including Bitcoin, Ethereum, and Ripple.

Fees: Kraken uses a maker-taker fee schedule, which means that fees are based on whether you are adding liquidity to the market (maker) or taking liquidity from the market (taker). The fees for retail traders start at 0.16% for both maker and taker orders, which is lower than some of its competitors. Kraken also offers lower fees for high-volume traders, with fees as low as 0.00% for those who trade more than $10 million per month.

Pros:

  • High security
  • Wide range of trading options
  • Low fees compared to some competitors
  • High liquidity

Cons:

  • Complex user interface
  • Slow customer support

3. Crypto.com Review

Crypto.com homepage

Overview: Crypto.com is a cryptocurrency exchange that was founded in 2016 and is headquartered in Hong Kong. It is a popular exchange that offers a wide range of crypto credit card products and a large selection of tradable cryptocurrencies.

Tradable coins: Crypto.com offers trading for over 100 cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin.

Fees: Crypto.com uses a maker-taker fee schedule, which means that fees are based on whether you are adding liquidity to the market (maker) or taking liquidity from the market (taker). The fees for retail traders start at 0.40% for both maker and taker orders, which is higher than some of its competitors. However, Crypto.com offers lower fees for high-volume traders, with fees as low as 0.10% for those who trade more than $10 million per month.

Pros:

  • Large selection of cryptocurrencies
  • Crypto credit card products
  • Low fees for high-volume traders
  • High liquidity

Cons:

  • Higher fees compared to some competitors
  • Limited availability in some countries

4. Gemini Review

Gemini homepage

Overview: Gemini is a US-based cryptocurrency exchange that was founded in 2014 and is headquartered in New York City. It is a regulated exchange that offers a wide range of trading options for both retail and institutional investors.

Tradable coins: Gemini offers trading for over 40 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

Fees: Gemini uses a maker-taker fee schedule, which means that fees are based on whether you are adding liquidity to the market (maker) or taking liquidity from the market (taker). The fees for retail traders start at 0.35% for both maker and taker orders, which is higher than some of its competitors. However, Gemini offers lower fees for high-volume traders, with fees as low as 0.10% for those who trade more than $500 million per month.

Pros:

  • Availability in all 50 US states
  • High security
  • Staking coins
  • Low fees for high-volume traders

Cons:

  • Limited selection of cryptocurrencies compared to some competitors
  • Higher fees compared to some competitors

5. Binance.US Review

Binance.US homepage

Overview: Binance.US is a US-based cryptocurrency exchange that was founded in 2019 and is headquartered in San Francisco, California. It is a popular exchange that offers a wide range of trading options for both retail and institutional investors.

Tradable coins: Binance.US offers trading for over 50 cryptocurrencies, including Bitcoin, Ethereum, and Ripple.

Fees: Binance.US uses a maker-taker fee schedule, which means that fees are based on whether you are adding liquidity to the market (maker) or taking liquidity from the market (taker). The fees for retail traders start at 0.10% for both maker and taker orders, which is lower than some of its competitors. Binance.US also offers lower fees for high-volume traders, with fees as low as 0.02% for those who trade more than $150 million per month.

Pros:

  • Low fees compared to some competitors
  • Availability in the US
  • High liquidity

Cons:

  • Limited selection of cryptocurrencies compared to some competitors
  • Limited availability in some US states

Disclaimer: Investing in cryptocurrencies carries significant risk. Values are highly volatile. Never invest more than you can afford to lose. This site does not provide financial advice. Act based on your own research and consult with a financial professional before making decisions. Don’t invest unless you’re prepared to lose all the money you invest.

Pros and Cons of Buying Crypto With a Debit Card

Here are the pros and cons of buying cryptocurrency with a debit card.

Pros

  • Transactions are processed fast
  • Easier to spend the cryptocurrency in your wallet
  • Some cards come with cash-back rewards
  • You can store and use traditional currencies, such as the dollar, to make purchases

Cons

  • Potentially high fees depending on your card
  • No legal protections
  • Price volatility
  • Market manipulation
  • Fraud and security threats

Why Buy Crypto Using Debit Cards?

But why use a debit card? Well, the answer is pretty simple – convenience.

All you need is a debit card and an internet connection. No complex procedures, and no extensive verifications. You’re just a few clicks away from owning your very first digital assets.

Benefits and risks of buying crypto with a debit card

Before we discuss the process of how to buy cryptocurrency with a debit card, it is important you understand the pros and cons of using this method.

Benefits Risks
Buying crypto with a debit card is one of the quickest ways to get your hands on digital assets. Debit card transactions may come with higher fees compared to other payment methods, such as bank transfers or peer-to-peer transactions.
Some debit cards offer rewards or cashback for purchases. Debit card transactions can be susceptible to fraud, just like any other financial transaction.
Debit cards are widely accepted and accessible. Using a debit card to buy cryptocurrencies may impact your finances.

Benefits and risks of buying crypto with a debit card

It’s important to set a budget and invest only what you can afford to lose.

Step-by-Step Guide to Buying Cryptocurrencies with Debit Card

Now that you know the potential risks and benefits of this payment method, we are going to take you through the easiest way to buy crypto with a debit card.

Let’s get started!

Step 1: Choose a cryptocurrency exchange

First things first, you need to choose a reliable cryptocurrency exchange site to buy crypto with a debit card. Start by researching well-established exchanges with a good track record. Look for user reviews and online discussions to get a sense of its reputation and reliability.

Additionally, be sure to look out at the transaction fees. These fees can vary between exchanges and also depending on how much you are transacting.

However, not all exchanges accept debit card payments, so make sure to choose one that does.

To save you the headache, we have put together a list of reliable and safe crypto exchanges that support debit transactions.

Step 2: Register and verify your account

Now that you’ve chosen your exchange, it’s time to set up your account.

Visit the exchange’s website and sign up for an account. You’ll need to provide some personal information, such as your name and email address.

Most reputable exchanges require identity verification to comply with regulations and enhance security. This process often involves providing a photo of your ID, proof of address, and sometimes a selfie.

Step 3: Link your debit card

Now comes the crucial step of linking your debit card to your exchange account. You will be required to provide your debit card details, including the card number, expiration date, and security code.

Ensure that the exchange’s website is secure (look for the padlock symbol in the address bar).

Step 4: Buy your crypto

You’re almost there! It’s time to make your first crypto purchase. Choose the cryptocurrency you want to buy and the amount you wish to purchase. The exchange will typically provide you with a summary of the purchase, including the current price, fees, and the total amount charged to your card.

Before you proceed, carefully review all transaction details to ensure they are accurate. Pay attention to the amount, fees, and the cryptocurrency you’re buying.

How to Ensure Your Debit Card Transactions Are Safe

When using your debit card to buy cryptocurrencies it’s essential to prioritize security. Here are some best practices to help you safeguard your investments:

Importance of two-factor authentication (2FA)

One of the fundamental security measures when dealing with digital currencies is two-factor authentication (2FA). After you’ve registered and linked your debit card, make sure to enable 2FA on your exchange account.

This adds an extra layer of security by requiring you to provide a secondary code, often generated by an authenticator app, in addition to your password. It significantly reduces the risk of unauthorized access.

Use Hardware Wallets for Added Security

While buying cryptos with a debit card is convenient for trading, it’s equally important to secure your assets. Hardware wallets are an excellent choice for storage.

These physical devices store your crypto offline, making them highly resistant to online threats like phishing and malware. Transfer your holdings to a hardware non-custodial wallet for added security, especially if you plan to hold your investments for an extended period.

Tips for Successful Transactions

You’ve learned how to buy cryptocurrencies with your debit card, but now it’s time to ensure your transactions are successful and financially sound. Here are some practical tips to help you make the most of your crypto investments:

Monitor the market for favorable exchange rates

Cryptocurrencies are known for their price volatility . To maximize your investment, it’s crucial to keep an eye on the market for favorable exchange rates.

Utilize cryptocurrency tracking apps or websites that provide real-time price updates. This will help you make purchases when the rates are most advantageous, potentially saving you money in the long run.

Avoid impulse buying

In the world of crypto, impulse buying can lead to regrettable decisions. Before making any purchase, take the time to conduct thorough research. Understand the cryptocurrency you intend to buy – its technology, team, and potential for growth.

Avoid making hasty decisions solely based on market hype. Informed choices are more likely to yield positive results.

Consider alternative payment methods for larger purchases

While buying crypto with a debit card is convenient, it’s essential to consider alternative payment methods, especially for larger transactions. Debit card purchases often come with higher fees, which can eat into your overall investment.

For substantial investments, explore options like bank transfers or wire transfers, which may offer more favorable fee structures.

Keep track of your transactions for tax purposes

Cryptocurrencies have tax implications in many countries. For example, there are different taxation tiers in Portugal while Switzerland is working on actively regulating crypto. To stay on the right side of the law, it’s vital to keep meticulous records of all your crypto transactions. Note the date, amount, and the specific cryptocurrency you purchased.

Different locations have varying tax regulations related to cryptocurrencies, so consider consulting a tax professional to ensure you comply with your tax obligations.

Buying Crypto with a Debit Card is the Most Convenient Option

Buying cryptocurrency with a debit card can be a fast and convenient way to invest in crypto. However, it’s important to weigh the pros and cons before making a decision.

Some of the key factors to keep in mind include the fees associated with buying crypto with a debit card and the safety measures.

To help you get started, we’ve put together a list of the best exchanges that allow you to buy crypto using a debit card. With the right approach, buying cryptocurrency with a debit card can be a smart investment choice.

Frequently Asked Questions

How can I qualify to buy crypto with a debit card?

The best way to buy crypto with a debit card is to link your card to an exchange. Different exchanges have different requirements, but generally, you will need to complete the exchange’s verification process and have a debit card that is compatible with the exchange’s payment system.

What crypto can I buy using my debit card?

The cryptocurrencies you can buy with a debit card depend on the exchange you use. Some exchanges support a wide range of cryptocurrencies, while others only support a few. Our top recommended exchanges allow you to buy popular coins such as BTC, ETH, USDT, and LTC. Still, you can find considerable prices for less-known cryptocurrencies such as Cardano, and Binance Coin.

Will I be charged a transaction fee?

Yes, you will likely be charged a transaction fee when buying cryptocurrency with a debit card. The specific fee will depend on the exchange you use and the amount of cryptocurrency you purchase.

Is there a purchase limit?

There is usually a minimum and maximum payment amount for each transaction when buying cryptocurrency with a debit card. The specific limits will depend on the exchange you use. Often, the daily limit ranges from $2,500 to $20,000 or more

After the order is completed, where can I see the crypto I purchased?

After purchasing cryptocurrency with a debit card, you can usually see the crypto in your exchange wallet. From there, you can transfer it to a personal wallet or use it to make purchases. Read the FAQs of the exchange you plan to use before buying cryptocurrency with a debit card. This will help you understand the specific requirements, fees, and limits.

how to buy crypto with debit card