Buy Bitcoin With Credit/Debit Card Instantly in the UK – The General Process
As you already know, the most popular way to purchase bitcoin (BTC) in the UK is paying by card. In the past, it used to be hard: Buyers needed to go through a complicated process before they could reach this cryptocurrency. However, things have become more accessible and faster over time, and there are more and more brokers allowing people to buy BTC instantly by credit/debit card. Some of the most established exchanges/brokers include Coinbase, BitPanda, Coinmama, and CEX.io. You will get more information about them as we will meticulously go through each of the brokers in the next sections.
The general process of buying bitcoin at the abovementioned brokers is as follows:
- Pick a broker
- Open an account
- Complete their verification procedures
- Add your card
- Enter the amount of bitcoin you want to purchase
- Make the payment
We are going to show you in deta
il how to buy bitcoin at each of the brokers, so be patient. Also, please keep in mind: despite that purchasing bitcoin by credit/debit card is easy nowadays, this is also the least secure way, has the highest fees, lowest limits, and requires most stringent verification.
Buy Bitcoin With Credit/Debit Card Instantly in the UK – The Established Exchanges
When talking about the large exchanges in the crypto world, we should foremost talk about Coinbase. It is the exchange having the largest number of customers in the world.
Coinbase, based in San Francisco, is available to customers in more than 30 countries. Backed by many reliable investors, Coinbase is indeed a trusted place to buy bitcoin. The other reasons making this broker preferred include an easy process of buying bitcoin, high purchasing limits and liquidity.
Coinbase’s interface is rated as easy to use. They support lots of payment methods such as Bank Transfer, SEPA Transfer, Xfers Transfer; however, UK clients can only use credit/debit card to buy bitcoin here.
Fees charged by Coinbase are quite reasonable. They charge a standard fee of 3.99% on each credit/debit card purchase.
To buy bitcoin on Coinbase, you must open an account with correct personal details, then log in. Upload a copy image of your ID to verify your identity.
The next step is to add a payment method. Go to “Settings,” click “Payment Methods,” then “Add Payment Method.” Next, enter your credit/debit card information and affirm. If successful, you will see a confirmation showing that your card has been added. From here, you can buy bitcoin by opening the buy page, enter the amount of bitcoin you want to purchase and click “Buy Bitcoin Instantly.” Your coins will soon be transferred to your Coinbase wallet.
Coinmama is a large bitcoin broker headquartered in Israel. They are available in most countries worldwide.
The primary payment method to purchase bitcoin on Coinmama is using credit/debit card. Alternative methods include cash and Western Union.
Like most other brokers, Coinmama necessitates you to verify your identity. Without successfully passing the Know Your Customer process (KYC), you can only purchase a maximum of $150 worth of bitcoins. However, once you complete their verification procedures, the buying limits will be lifted significantly: You will be able to buy up to $5,000 worth of bitcoins per day and $20,000 worth per month.
According to lots of reviews, speed is a strong point of Coinmama: Identify verification here should take you less than 15 minutes, and bitcoins purchased are delivered almost instantly.
The only disadvantage of this broker is the high fee. Coimama charges a nearly 6% fee on each purchase by credit/debit card.
To buy bitcoin on Coinmama by card, you need to create an account, verify your email address, and go through the KYC process. After finishing the basic steps, log in to your account and fill all of your personal information, then choose the amount of bitcoin you wish to purchase and click “Buy Bitcoins.” Select “Credit/Debit card via Simplex,” enter your bitcoin wallet address, billing and card information. You will be required to verify your phone number and email. Complete the requirements to finish the buying process.
CEX.io, established in 2013, is one of the oldest bitcoin brokers. They are based in London, and available in almost all countries.
What makes CEX.io highly competitive is that they charge low fees on card purchases: just 2.9% plus a $4.99 if your base currency is USD, or €4.99 if it’s EUR. Besides, this broker’s buying limits are quite high. With a basic account, you can purchase up to $400 worth of bitcoins per day and $2,000 per month, while the numbers are respectively $10,000 and $100,000 with a verified account. Individual business and corporate accounts can even purchase without any limits.
Buying bitcoin on CEX.io by card is instant. However, you will have to go through their KYC process, which is more complicated than other brokers’. For your account to be verified, CEX.io requires lots of personal details and document scans, including copy images of your ID, passport, or driver’s license; selfies with you holding your document, credit/debit card, and proof of residency (utility bills, bank statements, etc.)
To start buying BTC with your card here, go to “CARDS” section and add the card. You will be required to take a selfie with you holding your card. Follow their instructions to pass this step. Then, enter the card information. The broker will charge a small amount of fund, which can be seen in your bank statement. Enter the exact charged amount to complete verification. You will be able to deposit funds via card and purchase bitcoin then.
The last candidate is BitPanda, a broker located in Austria. This broker is available in all European countries.
BitPanda is famous for offering a large selection of payment options in addition to credit/debit card, including SOFORT Transfer, Neteller, Skrill, SEPA Transfer, OBT, and GIROPAY. Besides, they also charge reasonable fees on transactions and offer good purchasing prices.
Purchasing limits at BitPanda are based on the level of verification. With a fully verified account, you can buy up to €350 worth of bitcoin per day and up to €10,000 per month with card. The buying limits are much higher given using other payment methods.
Fees charged on credit/debit card purchases by BitPanda are 3 to 4%. However, the fees aren’t displayed initially: You can only see the exact amount of fees while making transactions.
To purchase bitcoin on BitPanda, open an account and verify your email address. Then, log in to your account, click “Buy” in the top menu bar, and choose “Visa/Mastercard.” Enter the amount of bitcoin you wish to buy and confirm the order. You will be required to verify via a phone call or SMS. Enter the delivered PIN code and hit the “Click here to start the payment process” button, then enter your card information to purchase bitcoin. After the transaction, withdraw the bitcoins to your digital wallet.
Buy Bitcoin With Credit/Debit Card Instantly in the UK – Critical Notes
Purchasing bitcoin by credit/debit card is a common way, especially in the UK, because it’s easy and fast. However, it also contains some disadvantages.
The first disadvantage is low security. Given that you purchase bitcoins with your credit/debit card at fraudulent brokers, they may collect your card information to make fraudulent purchases in the futures. Moreover, they may also gather your personal information for fraudulent purposes. Hence, remember to use your card only at trusted brokers, preferably the recommended ones above.
The other disadvantages include low limits and high fees. You can’t buy large amounts of bitcoins with your credit/debit card, and will usually have to pay high fees on each purchase. To cope with the low limit issue, you should open accounts and purchase on multiple exchanges.
Please have in mind that most brokers will not accept payments via a pre-paid debit card. Therefore, you should have a credit/debit card before deciding to buy bitcoin. Also, don’t try to purchase with a stolen credit card. This is almost impossible because you won’t go through ID verification. But most importantly, it’s illegal!
The last important note is: don’t leave your purchased bitcoins on the exchanges. Many brokers have been hacked over the past few years, resulting in their customers losing funds. Always remember to keep your coins safe in your digital wallet.
Buy Bitcoin With Credit/Debit Card Instantly in the UK – Frequently Asked Questions
- Why was buying bitcoins with credit/debit card difficult in the past?
Because payments via cards are reversible. Some scammers used to purchase bitcoins and reverse their payments to get free coins. Merchants couldn’t reverse their bitcoin transactions so that it was highly risky for them to sell bitcoins for credit card payments.
- Is providing the copy images of my ID to exchanges risky?
With large and trusted brokers, it’s low risk as they usually have good security that can protect against the hacking of their clients’ information. However, it doesn’t mean that there is no risk for your information to be stolen.
Small brokers, conversely, often have low protections. Buying bitcoins with your card at small brokers puts you at a bigger risk of losing your information.
- Can I sell bitcoins to my credit card?
Of the four brokers mentioned above, only CEX.IO accepts selling bitcoins to credit card.
- Could the purchasing fees with credit and debit card be decreased?
Almost impossible, because payment processors like Visa or Mastercard charge nearly 3% per transaction. Exchanges will have to charge a little higher than this fee to make a profit.
How to Buy Bitcoin with Credit card
Purchasing bitcoin by credit/debit card is the most popular way in the UK. The steps to purchasing include picking a trusted exchange, creating an account, passing their verification procedures, entering your card information and the amount of bitcoin you want to buy, and making the payment.
In the crypto world, the four best crypto brokers which allow the UK clients to buy bitcoins with their credit/debit cards instantly are Coinbase, Coinmama, CEX.io, and Bitpanda. Of these four brokers, Coinbase has the largest number of customers in the world. They also have the most straightforward buying process.
Purchasing bitcoin by card is fast and easy; however, it also contains some disadvantages such as high fees, low security and limits. To cope with these issues, use your card only at trusted brokers, and open accounts on multiple exchanges. In addition, always remember to transfer your purchased bitcoins to your digital wallet after buying.
Visit our crypto broker comparison page for more reliable bitcoin brokers. By the way, don’t forget to refer some crypto trading strategies to buy bitcoins at better exchange rates.