Buying Bitcoin with a credit card used to be really hard initially because of the fewer payment options offered by crypto exchanges. Leading crypto exchanges like Coinbase, Binance, and eToro have made the process simple and fast. However, some exchange platforms carry exorbitant fees of up to 7% when you purchase Bitcoin with a credit card. Some exchanges require a Bitcoin wallet before you place an order for Bitcoin.
Buying Bitcoin with a credit card may seem complicated to you, but we will show you how easy and fast it is.
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Step 1: Create an account
Regardless of the exchange platform you use for purchasing Bitcoin, you will need to create an account first. Account creation on the crypto exchange requires you to sign up with your email and password. After successful registration, most exchanges require users to complete the Know Your Customer (KYC) procedure. After successful registration and KYC process, you are ready to buy Bitcoin with your credit card.
Step 2: Set up your wallet
When you place an order to purchase Bitcoin, the exchange platform requests a Bitcoin deposit address. Most exchanges offer you a built-in wallet where the purchased Bitcoin will be deposited. If your exchange does not have an integrated wallet, you will have to first set up a wallet. It only takes a few clicks to download and set up a Bitcoin wallet to get started. After setting up the wallet, you can obtain the wallet address and input that address when the crypto exchange requests it.
Step 3: Purchase bitcoin with a credit card
After setting up the wallet, you are now all set to purchase Bitcoin with your credit card. The user needs to input credit card details such as the full credit card number, the expiry date, and the CVV code. Depending on the exchange you are using, they may ask for billing details such as your full name and address, along with your postal code. After filling up all these details, input the amount of Bitcoin you want to purchase. If you want, you can purchase a fraction of it. The users have two options: either they will have to specify the amount of Bitcoin they want to purchase or enter the amount to purchase a fraction of it.
So these are the three simple steps that you can follow to buy bitcoin with a credit card. Remember that not every exchange offers you a credit card option as your payment method. So make sure that the exchange you are considering must have a credit card payment option.
