The short answer is yes, but buyers need to know the facts. Some exchanges allow credit card purchases, while others don’t. Also, buyers should be aware of the fees charged not only by the exchange but the credit card issuer as well. Keep reading to learn more about whether it’s a good idea to buy BTC with a credit card.
Cash is the Preferred Method
With cryptocurrency ATM kiosks popping up across the country, it’s easier than ever to purchase Bitcoin and other cryptocurrencies using cash. In fact, it’s the preferred method for most exchanges. Cardholders who use their credit cards to buy Bitcoin risk having their credit limit lowered or the card closed because card issuers see cryptocurrency as risky behavior.
Additionally, other drawbacks of using a credit card include:
- Broker fees
- Card issuer fees
- Foreign transaction fees
- Increased credit utilization ratio
Buyers who want to use credit cards to buy BTC are better off buying online instead of using a kiosk. Buying online is quick, secure, and reliable when selecting the right exchange. Choose a BTC exchange that’s registered with Money Services Business. Exchanges part of this network have the highest security standards to ensure their customers’ money is always protected.
When buying online using a credit card, the steps are simple.
- Choose the currency
- Input address
- Enter card payment details
- Upload a government-issued ID to verify identity
- BTC is sent to address provided
For more information about how to buy BTC with a credit card, visit RockItCoin Bitcoin ATM today.