Bitcoins or crypto-currencies are more famous than ever. Despite being decentralized or not being managed by any bank or third party, crypto is getting crazier and crazier. Huge payouts are the reason everyone is so behind cryptocurrency and especially Bitcoins. This also explains the growing popularity of koinal.io
There are now more platforms to buy crypto and more payment methods than ever before. A credit card is also a way to buy crypto, which comes in handy for investors when they don’t have enough money.
Today we are going to describe how to buy cryptocurrency with a credit card. We will also highlight SEPA, known as the Single Euro Payments Area.
How to buy cryptocurrency with a credit card?
- You must first register with an exchange that offers the buying and selling of crypto.
- Enable 2-factor authentication and verify your account.
- Then add payment methods such as credit or debit cards.
- You will need to add your card information and confirm it.
- Go to the “Buy / Sell” option and select the crypto you want to transact with.
- Enter the details of the transaction and review them.
- Confirm your transaction and you will purchase the crypto of your choice.
One thing you should be aware of is that buying with a credit card has its consequences. The main culprit is the transaction fees and other fees that you would be charged. This will make your overall transaction more expensive than normal.
This is because many credit card companies treat the crypto transaction as a cash withdrawal. So when you use a credit card for crypto, they charge you a high fee, and it also affects your credit score. The interest rates will also be higher than your usual purchase.
The platform you use to buy and sell cryptos will charge its transaction fees. If you use a credit card, these fees will be higher, ranging from 4 to 6%.
When you make a transaction for crypto outside of your country or when the transaction is linked abroad, you also pay a fee for it. These fees, added to your other fees, make the overall transaction even more expensive. You will also be charged for the currency conversion if you make a payment abroad.
Buy Bitcoin with SEPA transfer
Another payment method that you can use to make cryptocurrency transactions is SEPA or Single Euro Payments Area. It is a means of payment of the European network which allows you to carry out transactions in Euros. So when users need a payment method to transact within the euro area, SEPA serves as the ultimate payment system.
Using SEPA ensures that you can buy large amounts of bitcoin which would be faster than a regular international bank transfer.
Below are the platforms that allow users to transact through SEPA-
The platform allows you to buy or sell various digital currencies such as Bitcoin, Ethereum, and 15 others. Those who want a simple and clean interface should go with Coinbase. You need to select SEPA when depositing money to buy crypto, and the process will be quick and hassle-free.
This is another crypto exchange based in Europe that supports SEPA. From there you can buy Bitcoin, Ethereum, Litecoin, Zcash, and many more cryptos. Copy trading is a unique feature of this platform; it allows you to use SEPA, NETELLER, PayPal, etc.
When you want a more advanced trading platform, Coinbase Pro is your choice. Both Coinbase and Coinbase Pro are owned by Coinbase Global, Inc. However, for newbies Coinbase is the right platform, and for pros, Coinbase Pro is the most suitable. Here, users can use SEPA or bank transfer to transact on cryptocurrency; However, the user interface is a bit advanced and therefore it can be difficult to understand at first.
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