Buy Bitcoin with Credit Card
I have previously covered ‘how to buy bitcoin?’ This was with the help of fiat currency. In this tutorial, you will learn about how to buy bitcoin with credit card. If you do not already know what bitcoin is, I request you read about bitcoin in the following links:
Why you should not buy bitcoin with credit card?
By writing this post, I am not recommending you to buy bitcoins with credit card. There are several disadvantages to this;
- First of all, if you purchase anything using credit card, you indebted to the credit card company or the bank. This may put you in a double whammy situation!
- Bitcoin as an investment or speculation is quite volatile and fluctuates very much. You must only invest in bitcoin, if you are able to lose the invested money. Taking loan and investing is absolutely NO-NO!
- Imaging if you buy bitcoin with credit card at when bitcoin is $ 7,000 and price of bitcoin falls to $ 6,000…..now you are 2 disadvantages, one is that you have a loan worth $ 7,000 and bitcoin has lost its value significantly, putting you at a loss in both ways.
- Another important aspect for not buying bitcoin with credit card is that the fees for credit card purchases is upwards 7%!
Having said that, I would like to continue with the tutorial on ‘how to buy bitcoin with credit card?’
There are 2 sites that I have personally used to buy bitcoin with credit card, BitOasis and CEX.
How to buy bitcoin with Credit card in BitOasis?
Step#1: Login to your BitOasis account:
Step#2: Deposit Money
As in the below image, click on buy bitcoin and enter amount you would like to be paid to your voucher, select Credit/Debit card from the drawdown menu and then click on Next.
Step # 3: Proceed with payment
In this step, you will have to confirm the amount shown in the screen and select Proceed with Payment when you have confirmed the amount. Note that the fees are around 7.28%, which is quite high.
Step#4: Enter your credit card details
If you have bought anything online with credit card, this process is not different. The amount is automatically entered. You have to enter your credit card number, CVV, expiry month and date.
CAUTION: Make sure that the credit card belongs to the person BitOasis account holder. Otherwise, your transaction may be rejected!
Step#5: Check your voucher balance
If the payment is successful, you will receive notification and your account will be credited with the voucher amount.
Step#6: Buy Bitcoin
At this step you will actually buy bitcoin. Enter the amount in Dirhams as you wish and click on buy Bitcoin.
Step#7: Check your bitcoin balance
When you are done with your transaction, your bitcoins will be credited in your BitOasis wallet. I suggest that you transfer your bitcoin to you hardware wallets like Ledger Nano S or Trezor.
So there you are. It is simple and easy to buy bitcoin on BitOasis with Credit card.
How to buy bitcoin on CEX.io with credit card?
Step#1: Sign into your CEX.io account:
At this point you can either go ahead with depositing amount or use your existing balance (if any) to buy bitcoins.
Step#2: Add credit card and add the balance
Step#3: Deposit amount
Under this step, you will enter your desired amount of funds you want to buy bitcoin:
Once you are through here, it is like buying anything on an e-commerce site.
Step#4: Buy Bitcoin
Once your funds are deposited with CEX.io, you could use them to buy bitcoin and your bitcoins will be reflected in your account.
When you have bitcoins on any exchange, make sure your transfer them to a hardware wallet like Ledger Nano S or Trezor.