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Although it's possible to buy cryptos like Bitcoin with a credit card, you should think very carefully before you do.
While a credit card might seem like a convenient payment option, there are some serious downsides you need to consider, including additional fees and the risk of your payment being blocked. And, it can be tricky to find a crypto trading platform that accepts credit card payments.
If you've thoroughly researched the fees and risks and decided to buy Bitcoin with credit card, here are the general steps you'll need to take.
Purchasing Bitcoin with a credit card might seem convenient but it carries a lot more risk than using funds in your bank account. Using a credit card means you are taking on debt which is going to compound rapidly if you don't pay it off immediately. Taking on debt to invest in anything – especially a volatile asset like Bitcoin – is particularly ill-advised because you could wind up losing more than your initial investment.
James Edwards
Finder's Global Crypto Editor
Use the table to compare platforms that let you purchase Bitcoin with a credit card in India. Compare fees, supported currencies and special offers.
There are several places to buy Bitcoin with a credit card, including:
While buying crypto with credit is generally straightforward, it can also be quite expensive. This is because there are several fees that can contribute to the cost of your transaction, not only from the crypto broker but also from your card issuer. These charges can include:
| Cash advance fee | Many card issuers treat a cryptocurrency purchase as a cash advance. This means your purchase will usually incur a cash advance fee and will also attract higher interest rates than normal purchases. |
| Exchange/broker fee | The platform you use to buy Bitcoin or another cryptocurrency will impose its own transaction fee. These tend to range from 4–5%, but are higher in some cases. |
| Credit card surcharge | You may also be asked to pay a credit card surcharge on top of any other fees and commissions being charged. |
| Currency exchange fee | If you're using a local credit card on an overseas exchange, you might wind up paying foreign currency conversion fees. |
| Higher interest rates | Credit card providers often charge fees upwards of 10% p.a on credit loans. Double-check the loan and repayment information with your card provider and remember to account for interest rates when calculating your repayments. |
There are a few things worth considering before you decide to purchase Bitcoin with a credit card.
Security of the platform. Make sure the platform you are using is reputable and has a good track record of protecting customer information. Check for security features such as 2-factor authentication and SSL encryption.
Fees and charges. Be aware of any fees or charges associated with buying Bitcoin with a credit card. Compare these to other purchasing options to ensure you get a fair deal.
Volatility of Bitcoin. The value of Bitcoin can be highly volatile, so be prepared for the possibility of significant price fluctuations after purchasing.
Legal and regulatory compliance. Some countries have regulations and laws that restrict or prohibit the buying and selling of Bitcoin. Be sure to check the laws and regulations in your country before making a purchase.
Wallet security. If you plan to store your Bitcoin in a wallet, make sure to choose a secure and reputable wallet provider.
Reputation of the company. Check the company's reputation, its regulatory compliance and if it has had any security breaches in the past.
Credit card debt. Buying Bitcoin on credit can easily lead to credit card debt if not managed properly, so it's essential only to spend what you can afford to repay.
Credit cards aren't the only way to purchase Bitcoin – or the best. There are several other ways to buy Bitcoin that are generally more cost effective.
It's important to remember that each of these methods has its own advantages and disadvantages. Research and compare the different ways to buy Bitcoin before making a decision, and always use reputable providers to ensure the safety and security of your funds.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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