18.06.2021

Crypto News

Insider information in the world of cryptocurrencies.

How do I buy Bitcoin with a Bank card?

Welcome all beginners! In this article, you will learn how to buy Bitcoin With a Bank card.

We use Bank cards on a daily basis. But it seems that you can’t buy Bitcoin (BTC) with a Bank card! There are many exchanges where you can buy Bitcoin, but not all of them support Bank cards.

Today I will tell you why so few exchanges work with Bank cards. More importantly, I will show you four exchanges where you can buy Bitcoin with a card. By the end of the article, you will find out what exchanges there are and will be able to choose the right one for yourself.

The exchanges I’m going to talk about are: Coinmama, Cex.io, Bitstamp and Bigpanda. You will learn how to use each exchange, what services they offer and what Commission they charge for using Bank cards.

Before I teach you how to buy bitcoin with a Bank card, I will tell you why there are not many sites that offer This service…

Why is it not so easy to buy Bitcoin with a Bank card?

There are two big reasons why it is so difficult to buy Bitcoin using a Bank card. List them:

Refund: When you make a payment using PayPal or Visa, you always have the option to request money back. This means that you can reverse the purchase and return the money. That is why the return of funds creates a big problem for the owners of the exchanges. And that’s why Bitcoin only exists on the blockchain. Blockchains are large repositories of information. The only thing that does not store the blockchain is names! This means that it is very difficult to confirm who is the owner of Bitcoin. If I sell Bitcoin now, I won’t be able to do it right away, because you won’t see my name in this database! If you transfer funds to my card, you can withdraw this payment at any time after I send you the Bitcoin. Your operator will make a refund and you will receive your money and bitcoin will remain with You. Therefore, many exchanges simply do not connect with working with Bank cards.

Competition: payment systems such as Visa and PayPal see cryptocurrencies as a serious threat to their business. Bitcoin wants to provide cheap and fast payment services to millions of people around the world. If it succeeds, many financial institutions will be under threat. Thus, these organizations make it as difficult as possible to buy cryptocurrencies from Bank cards. Nothing personal, just business!

So this is bad news for beginners who want to buy Bitcoin with a Bank card. And then only good news! I will show you how to buy Bitcoin with a Bank card for rubles. The first exchange I’m going to talk about is Coinmama.

Coinmama
buy Bitcoinmama is a crypto-brokerage exchange based in Slovakia, but owned by the Israeli company New Bit Ventures Ltd. It was founded in 2013 and operates in 188 countries, including 23 States of America.

How does Coinmama work?
How do I buy Bitcoin with a Bank card?


On Coinmama, you can buy Bitcoin (BTC), Litecoin (LTC), Cardano (ADA), Qtum (QTUM), Ethereum Classic (ETC), Bitcoin Cash (BCH), Ripple (XRP) and Ethereum (ETH).

Users must be verified to purchase with a Bank card. This means that you need to provide personal information to create an account. The information you must provide includes: Your email address, name, and native country.

You will also need to confirm your identity by scanning your photo ID (driver’s license, passport, etc.). After that, you will have a level 1 account, and verification may take several hours.

After verification, you will be able to buy Bitcoin using a Bank card for rubles provided by Mastercard or Visa. Each user has a daily limit of $ 5,000 and a monthly spending limit of $ 20,000.

So, what are The coinmama commissions when purchasing with a Bank card?

Coinmama Commissions

Coinmama charges a 5.9% Commission every time you buy BTC with a Bank card. This is not all you will pay. The Simplex payment processing process adds its own Commission of 5%. This means that the lowest Commission you will pay on Coinmama is 10.9%.

How do I buy Bitcoin with a Bank card?

To determine how many Bitcoins you will get for each purchase, take the amount you will spend and divide it by 1.05. For example, if you have 1000 US dollars, divide it by 1.05. This way, you will get $ 952 worth of bitcoin For every $ 1,000 you spend.

However, after looking at the forums, I found that you can be charged another 10% for processing a payment with a Bank card, so get ready to pay up to 25% of the Commission…

Before we look at another exchange, let’s see how secure Coinmama is…

How safe is Coinmama?

Coinmama serves more than 600,000 customers a month, and so far it has not had major security problems. Over the years, the exchange has grown its reputation as a good exchange for buying with a Bank card.

How do I buy Bitcoin with a Bank card?
The exchange has one very important security feature. It does not hold any user funds. If the exchange does not have user funds, it cannot lose them! Coinmama does not offer storage services, which means that users need to have their own Bitcoin wallet before they can make a purchase.

Coinmama is a safe and fast way to buy Bitcoin with a Bank card. But is there any other exchange where it is possible to do this? Let’s find out about Cex.io

Cex.io 
How do I buy Bitcoin with a Bank card?

Cex.io it was founded in London in 2013, making it one of the oldest exchange trading platforms on the market. The exchange operates in 99% of the world’s countries, including 24 American States.

How it works Cex.io?

Cex.io offers much more trading opportunities than Coinmama. Users can buy and sell cryptocurrencies with different levels. The site has four levels of verification: basic, verified, verified plus, and corporate.

You only need a basic account to buy BTC with a Bank card. Users can add funds to their account in Cex.io using a credit card, make instant purchases and even withdraw funds to a Bank card. This is a service that most exchanges do not offer.

The fastest way to buy Bitcoin with a Bank card on Cex.io – this is an instant purchase. Higher fees apply to this type of trading, so let’s take a closer look at the Commission Cex.io…

Commissions Cex.io

For instant purchases on Cex.io a 7% Commission is charged. This is for trading, where you buy Bitcoin directly from the card. If you decide to top up your account with a credit card, you will be charged less. Cex.io charges a 3.5% Commission for deposits made with a Bank card.

Trading fees are calculated monthly and will be between 0.16% -0.25% if you trade less than 5 BTC (which is likely to be because 5 BTC costs more than 35,000 USD!). With a master account, you can spend up to $ 1,000 per day or $ 3,000 per month using a Visa or Mastercard credit card.

Thus, Cex.io allows its users to instantly buy Bitcoin for less than on Coinmama. But is it safer?

The Security Of The Cex.io

Cex.io it has more than 700,000 users and complies with some of the strictest financial laws. These include American FinCEN laws, as well as UK government regulations. Cex.io it also uses encryption to hide all user data and is compatible with PCI DSS.

However, Cex.io it was criticized by some users for the loss of funds and slow response to complaints. It has a user rating of 5.2 out of 10 on Trustpilot, which means that It only satisfies about half of its customers!
How do I buy Bitcoin with a Bank card?

Cex.io it is cheaper than Coinmama when buying Bitcoin with a Bank card, but has a worse reputation in terms of security and customer service. Next, I want to talk about Bitpanda.

Bitpanda
How do I buy Bitcoin with a Bank card?

Bitpanda is a brokerage exchange founded in 2014. It is based in SEPA. The exchange mainly serves clients within SEPA, but also offers services for foreign users.

Note: SEPA is a single payment zone in euros. It is an organization from 33 European countries that allows quick payments in euros across its borders.

How does Bitpanda work?

Bttpanda users can buy or sell eight different cryptocurrencies; Bitcoin(BTC), Ethereum (ETH), Dash (DASH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Komodo (KMD), and IOTA (IOTA). Users can pay with Mastercard, Visa, Skrill and Neteller.

You need to pass an identity check to buy Bitcoin from a Bank card instantly using a credit card. The verification process includes several stages. First, users must provide their phone number, email address, and details (name, address, and so on). then, users show their passport in the video verification app. A driver’s license is not accepted as an ID on Itpanda.

Users can buy Bitcoin for up to 2,500 euros per day using a credit card. This means that Big panda has a high daily spending limit compared to Cex.io but what about his commissions?

Bitpanda Commissions

Itpanda charges a 1.49% Commission for all Bitcoin purchases. This seems a bit, but since Itpanda is a brokerage exchange, the price it offers for Bitcoin will be higher than the price offered by trading exchanges.

Comparison between Bitstamp (my next exchange!) and Itpanda showed a 2.1% difference in Bitcoin prices. It would have made the final Commission for the purchase of Bitcoin is closer to 3.5%. However, it is still cheap when compared to the Commission charged by Coinmama and Cex.io.

How secure is Bitpanda?

Bitpanda has a good reputation among its users and has not been hacked once.User rating 8.5 out of 10 on Trustpilot. Although only 889 reviews.
How do I buy Bitcoin with a Bank card?

This is a problem with Itpanda. Not enough is known about this platform. There is no open source code that can be used to say that the exchange is 100% secure!

Itpanda is tricky. It offers quick deals with low Commission, but it would be nice to get more information about how the exchange works! Next, I will show you how to buy Bitcoin with a Bank card on Bitstamp…

Bitstamp
How do I buy Bitcoin with a Bank card?

Bitstamp-cryptocurrency exchange. It was founded in Slovenia in 2011 and is currently based in Luxembourg. The exchange mainly offers services to clients in SEPA, but purchases with the help of banking can be made by international users in more than 60 countries.

How does Bitstamp work?

Customers can buy BTC with a credit card after they have registered an account and confirmed it. The Bitstamp verification process is quite lengthy, and users will have to provide a lot of personal information. This includes: name, email address, scanned photo ID, and proof of residence, such as a phone bill or Bank statement.

After verification, users can buy BTC using credit card payments. The exchange also offers to trade with Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and Ethereum (ETH). Verified users can instantly buy Bitcoin from Bank cards for up to 5,000 euros / USD per day or 20,000 euros / USD per month. So Bitstamp has the same spending limits as Coinmama, but is it cheaper?

Bitstamp Commissions

Bitstamp charges a 5% Commission every time you buy Bitcoin with a credit card. However, the Bitstamp team reminds its users that providers such as Visa and Mastercard can add additional transaction fees.

Now you know how cheap Bitstamp is, let’s see how secure It is…

How secure is Bitstamp?

Bitstamp is one of the most secure exchanges on the market. The team takes account security very seriously and stores 98% of user funds offline. Online funds are fully insured against theft.
How do I buy Bitcoin with a Bank card?

The exchange was hacked in 2014 and 2015, but was praised for the way it handled the incidents. Bitstamp added a data encryption service and SMS alerts to the platform to avoid repeating the same mistakes. The exchange is very open about how it works, and it was also the first crypto exchange fully licensed by a European country (Luxembourg).

In General, Bitstamp is a professional exchange with high spending limits and a reasonable Commission. Before choosing which exchange is the most suitable for you, I will give you some tips.

Conclusion

In this article, I told you about the four most popular exchanges where you can buy Bitcoin with a Bank card. Now all you have to do is choose which one is right for you.

To do this, decide what is important. We all would like to make buying cryptocurrency fast, easy, cheap and secure. Unfortunately, there is no exchange that has all these qualities.

When I choose a crypto exchange, I always follow my grandmother’s advice and think about security first! For this reason, I would choose to trade with Coinmama and Bitstamp. They both talk openly about how they work, and store little or no user funds online.

Next, I decide between transaction speed and convenience. I would choose the fast and simple service offered by Coinmama if I wanted to get my Bitcoins quickly. However, I would choose Bitstamp if I wanted more trading features and lower commissions. Identity verification on Bitstamp takes longer, but I think the wait is worth the candle.

This was my guide to buying Bitcoin with a Bank card. Just remember to be very careful when you buy Bitcoin with a credit card. Cryptocurrencies have become more accessible, but they still have room to grow. Exchanges still don’t provide the level of customer support that you get from your Bank. However, Bitstamp and Coinmama come pretty close!

Let me know if you have found an exchange to buy Bitcoin with a Bank card quickly, cheaply and safely for rubles. I’d like to hear about it!