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Coingate: Steps to buy Bitcoin using a credit card

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Source: Coingate

You can buy Bitcoin, But it’s not as easy as supplying the site with your credit card details. Coingate.com offers you the possibility to buy the bitcoin with your own debit card and assures you the privacy of all your sensitive data.  A few years ago, buying Bitcoin with credit cards was incredibly difficult. In 2021, many companies have made the process easy. Here are the three steps to buy BTC with a credit card:

  1. Make sure your credit card is active: Before starting any transaction, make sure your card is active. It must also support the purchase of Bitcoins. Visa and MasterCard are among the best companies that allow you to acquire Bitcoin. If you don’t have a bank card, make sure you have all the essential details including the card number, CVV code, and expiration date.
  2. Make a bitcoin wallet: There are many great Bitcoin wallets. Choose the one that has your favorite security features and is affordable.com has some of the best options.
  3. Register for a crypto exchange offering Bitcoin: Find a crypto exchange where you can buy Bitcoin safely. Find out what documents to provide (prepare an ID card with a photo). Pay your Bitcoin tokens with your credit card and receive them through your Bitcoin address on your dedicated wallet.

If you’re ready to buy BTC with a credit card in a peer-to-peer marketplace, you can do some research online. Next, find the people or organizations that are willing to sell their Bitcoin with your payment method. Please note that some crypto exchanges also allow you to buy directly from their site with credit cards.

What are the transaction fees for a credit card?

When buying cryptocurrencies with a card, keep in mind credit card transaction fees often vary a lot. Issuers: credit cards have different pricing policies and procedures, which are reflected in fees. Also, different trading platforms apply different prices. The best way to find out what transaction fees you need to pay is to check with the card issuer and the trading platform you plan to use.

As we mentioned, there are several types of credit cards. This makes it difficult to provide a complete list of the transaction fees that you are likely to pay. However, when you buy Bitcoin/Crypto with a credit card, you need to keep in mind that many companies charge around 5% of the total amount of currency you buy. But others will charge you up to 10%. MasterCard’s average processing fee ranges between 1.55% and 2.6%, and Visa’s between 1.43% and 2.4%.

From BTC to Credit Card- Can I Transfer Bitcoin Tokens to Credit Card?

If you want to sell your Bitcoins, you can do so, but you have to follow the correct procedure. You can make the transfer directly. To get started, you need to register with a Bitcoin trading platform of your choice. You can transfer the assets directly to your credit card. If this is not possible for you, use another method. Generally, credit cards do not need to be credited to use them. However, if you transfer your Bitcoins to your bank account as fiat money, you can withdraw it.

Once your trading platform creates an account, add information about your credit card and confirm the action. Buy or transfer Bitcoins to the wallet and receive the equivalent funds on your credit card. Then you can withdraw the money from your credit card.

Many people say this is not a recommended procedure due to the high fees.

However, in this case, the fees are relatively low since the bank will not offer you a cash advance as is always the case with a credit card. In this case, your card works like a debit card. Follow to remember the instructions for the platform you are using, as the procedure may vary depending on the site you have chosen.

Your platform will most likely need a photo ID or proof of residence. So make sure you have them on hand if you want to transfer your Bitcoins to your credit card. Transferring BTC to credit card funds may not be the best option if you want to remain anonymous, since both platforms keep records of transactions. But you can take this as an advantage as it limits your chances of being scammed.

Disclaimer: This is a paid post and should not be taken as news/advice.

Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.

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