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Each day the buzz about bitcoins in the financial sector is growing. Users of bitcoins seem to have queries each day that come with a lot of anxiety concerning the future of bitcoins and whether their investments are safe. Never the less, since its entrance into the world, the whole bitcoin knowledge has grown. In the past it was very difficult to purchase bitcoins using debit or credit cards. Then came companies like CoinMama (worldwide based) and Coinbase (based in the UK, Canada, Europe and the U.S), which made the whole process of using debit and credit cards to buy bitcoins much easier.

Soon bitcoin will be a mainstream, however the biggest challenge to the ever growing number of users is the ability to buy bitcoins instantly. There are many bitcoin exchange platforms and they do accept several payment options, but many do not accept credit card and debit card form of payment. This is because Bitcoin transactions are irreversible. Well this is to protect many bitcoin users from being scammed and losing their money to fraudsters. It’s a relief to many bitcoin users, since most legit Bitcoin exchange platforms are now accepting credit card and debit cards as a payment option.

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List of reliable websites

We have listed a list of reliable websites where you can buy bitcoins using your debit and/or credit cards. These sites are:

When using your credit card, remember that these sites or platforms will use the cash limit that is on your credit card. It’s important to consult with your bank, with regards to the cash limit that has been set on your card. Some of these platforms will require you to have a bitcoin wallet before you can carry out any bitcoin transaction with your card. Before you make any exchange it’s good to take into consideration the above list of bitcoin exchange platforms that we have provided you with. Be wary of some exchange platforms, since many might be after stealing the information in your credit card and carry out criminal activities in your account like theft and/or identity theft. We recommend the above list since we have done a comprehensive research on the list we have.

Below we give a short review of some of the bitcoin exchange platforms in our list.

Coinbase

It happens to be the largest bitcoin broker in the world. When sign in your credit card you have the ability to buy a maximum of €150/ $150 worth of bitcoins weekly using your credit/debit card. This is only possible if you are in the following countries:

  • Canada
  • United States
  • Singapore
  • United Kingdom
  • Europe
  • Australia

A flat rate fee of 3.99% is charged on all the purchases that are made using debit/credit cards. This happens to be one of the lowest rates in the US and European countries. There are available guides on how you can buy bitcoins using your debit/credit cards on Coinbase.

Merits

  • They have buying limits and high liquidity
  • Easy method for new users to buy bitcoins
  • They have an "Instant Buy" option for credit/debit card purchases.
  • When you sign up and buy or sell $100 of bitcoin or more, you'll earn $10 of free bitcoin!

Demerits

  • If you are buying through a bank transfer it takes close to 5 days for the transaction to be completed.
  • Coinbase has the ability to track the places and how you will be spending your bitcoins.
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CoinMama

Unlike the other bitcoin exchange platforms, CoinMama happens to be one of the bitcoin brokers that have specialized in allowing users to buy bitcoins using a debit/credit card. Since there are risks and processing fees, users are charged a 6% fee on each transaction. The main advantage is that they have high limits and one has the ability to buy bitcoins worth of:

  • $5000 each day
  • $20000 per month

After verifying your account, bitcoins are sent to your account after a few minutes of purchasing the bitcoins. CoinMama is only available in specific states in the United States, but available in many countries. There is a comprehensive guide on how to use CoinMama in buying bitcoins.

Merits

  • Works in many countries in the world
  • Has the highest limits for purchasing bitcoins using a credit card
  • It’s considered very reliable and is a trusted broker

Demerits

  • Some of the highest fees among credit/debit card bitcoin brokers

Risks involved with using credit cards when buying bitcoins with a credit card?

There has been plenty of scams that are related to bitcoins and many bitcoin users have ended losing a lot of money. In order to minimize risks involved with using your credit card(s), it’s good to check and research on the reputation of the bitcoin exchange platform you are using. Make sure the platform is regulated. You might be a victim to sketchy companies that disguise as bitcoin exchange platforms, who in turn will collect your card information. Then they will use this information in making fraudulent purchases and transactions with your card. Some bitcoins users have complained of cash advanced fees, it’s good to consult with your bank and your bitcoin exchange platform on purchasing bitcoins using your credit/debit cards.

The main advantages of using your credit/debit cards when buying bitcoins are that the whole process is very easy and fast. Since many people use online platforms to shop, using their debit/ credit cards, this method is more user friendly to users who have limited technical knowledge.

The challenge of using credit and/or debit cards to buy bitcoins is that you are limited to purchasing a maximum amount of bitcoins. They also have very high transaction fees since they are at higher risk of fraud and scam.

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Trusting the Exchanges with your ID?

If you trust your exchange and have been doing transactions for a long time, then you can share your identification information with your exchange. However, remember that giving up personal identification details online can prove to be very dangerous and risky. There have been many cases where information has been stolen or hacked by third party users of a website, hence subjecting you to more risks of fraud and other possible crimes like identity theft. Every time bitcoin exchanges are always being attacked by hackers and this means that all bitcoin exchanges in order to be legit and credible have to implement the best security technology and protection software so as to protect the personal information of their clients. We all know that anything that uses an online platform is always an easy target for hacking and that’s one risk that all bitcoin users should always be prepared for.

Theft and Scams

There is nothing more disappointing than losing your hard earned money to theft and scam. Well, this has become a very common trend for many people who use online platforms to carry out any transaction. In fact, bitcoin users have become very easy targets for scammers and fraudsters. The exchange platforms haven’t been spared either, each day someone is trying to hack into the system of a bitcoin exchange. Without top notch security, then many people end up losing a lot of money. For instance, Bitfinex users lost close to $70 million to hackers while MtGox users lost more than $40 million. These are just some of the few examples of bitcoin exchange platforms that have been victims of hackers. The list of bitcoin users who have been scammed is very high.

The best precaution that is recommended is to get a bitcoin wallet. There are several bitcoin wallets available on the market. If you fear the online risk, there are options of bitcoin wallets that are hardware and can be utilized without an internet connection. Storage isn’t the only platform where you can be a victim of theft and scam. The next strategy to put in place would be to make sure you have a high level of security on your account, utilize all the security tools that are provided for you by your bitcoin exchange platform and your bitcoin wallet. Be updated on all the precautionary measures that are being taken by your bitcoin exchange platforms. Listen to what other users are saying about theft and scams, listen to the experiences of others and be cautious at all times.

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In order to avoid being a victim of possible theft and scam, or losing your bitcoins to fraudsters, it’s good to follow the below three basic principles:

  1. Before you commit to any bitcoin exchange and start doing transactions, carry out an intensive research on the platform. Look at the user reviews, the ratings and all the regulatory information related to that bitcoin exchange platform.
  2. Before you carry out any transactions, look at the credibility of the person you are doing a transaction with. Most platforms will rate users depending on their credibility and number of transactions. You can even check the reviews on the person or merchant. This is very important if you are buying bitcoins for the first time in a bitcoin exchange platform.
  3. You should always store your bitcoins in your bitcoin wallet, storing them on your exchange platform is very risky. Bitcoin wallets give you control over your funds and should the bitcoin exchange platform be hacked your funds will be safe.
Coinbase
★★★★★
$$

Trusted

33 Countries

Wire, Credit

LocalBitcoins
★★★★✩
$

Trusted

Worldwide

PayPal, Credit, Debit, Skrill, Wire

Paxful
★★★★✩
$$

Trusted

Worldwide

PayPal, Credit, Debit, Skrill, Wire

VirWox
★★★★✩
$$$

Trusted

Worldwide

PayPal, Credit, Debit, Skrill, Wire

Last update on 2018-11-16 / Affiliate links / Images from Amazon Product Advertising API