Buying Bitcoin (BTC) using a debit card can be fast and easy yet confusing at the same time. Using a debit card to buy BTC is a fast and safe method for buyers without a bank transfer option.
Whether you think buying cryptocurrency is a solid investment or an original ideology, you need to do it safely. For starters, BTC is a digital currency stored using blockchain technology.
Read on and learn the best practices and tips that will help you buy Bitcoin with debit card.
Get the Right Crypto Broker
Over the years, investors have been using the stock market to grow their wealth. Today, things have changed as most entrepreneurs are considering virtual currencies to make investments. The best way to invest in crypto is to understand what you’re investing in and come up with a solid strategy. Some U.S states have stricter restrictions on crypto. Therefore, ensure the crypto exchange you choose is accepted in your state.
Open Your BTC Account
If you’re getting started with cryptocurrencies, you need to create and verify an account. Depending on the crypto broker requirements, you’ll need to provide details such as your contact information, your physical address, your legal name, and your social security number. It’s safer and much easier to buy BTC online. However, do your research and sign up with a verified crypto broker.
Once your BTC account is approved, you can track your profits, add portfolio holdings, and meet the required tax in real-time.
Link Your Account with a Debit Card
To fund your crypto account, you’ll need a verified form of payment. Over the years, linking your bank account to a brokerage account has been the most used option. Today, brokers accept debit cards, Visa payment cards, and Mastercard as payment methods. You can link your debit card by entering your cardholder’s name, your card number, the CVV code, and the expiration date.
Get a Cryptocurrency Wallet
A cryptocurrency wallet, both software and hardware, offers end users a safe haven to send and receive virtual currencies in real-time. Both types of wallets store the information that grants you access to digital assets. However, some offer more secure options than others.
With a hot wallet or a software wallet on your computer, you can leverage encryption and protect your digital assets in the long run. You can find multiple crypto wallet options online through your favorite internet browser.
Buy Your BTC
There are multiple online platforms that offer you the chance to buy cryptocurrencies online. However, Coingate makes the purchase process easier by featuring an express checkout option. To get started, select the BTC option and specify the amount you want to buy. You can start with as little as $50, where the maximum limit is $20,000.
Enter your billing details to proceed to checkout. Complete the purchase and receive your crypto within one hour. Whether you want to buy cryptocurrencies at an individual or company level, you can do so using your debit card and enjoy premium options such as API integration, payment buttons, and other merchant services.
Start with Reasonable Deposits
Over the years, investors have made lucrative profits by investing in BTC. Therefore, you might be tempted to invest huge as you get started. If you’re saving on your future plans such as retirement or buying a house, ensure you set up an emergency fund.
In addition, you’ll be required to pay taxes on your BTC. It’s therefore important to keep track of the crypto amounts you buy and sell so that you can state it clearly come tax season. More so, there are risks involved with buying crypto. Conducting detailed research will help you take advantage of free trades and protect your long-term investment.
Bottom Line
As a starter, you don’t need much to buy BTC. With as little as $5, you can purchase your first BTC coins and learn about the technology, how to buy the crypto, sell, and transfer it all together. Thereafter, you can make informed decisions on whether to buy more crypto or not. As long as you’re legalized to buy BTC in your state, then you can buy it on an exchange or use your debit card to make the purchase online.