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How to Buy Bitcoin With Prepaid Card Like Visa or Mastercard
If you’re wondering how to buy Bitcoin with a prepaid card then you’re in the right place. Whether you’re trying to figure out which trading platforms accept prepaid cards or how to use prepaid cards on a crypto exchange, we’ve got you covered.
Let’s start with which platforms support prepaid cards.
Evan Jones
Written by Evan Jones Arrow Right Cryptocurrency expert and consultant
Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He bought his first hardware wallet shortly thereafter. He has a keen and v...
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Aug 3, 2023
Is it Possible to Buy Crypto with a Prepaid Card?
Yes, it is possible to buy Bitcoin with prepaid card options like a prepaid credit card. There are a variety of cryptocurrency wallets and cryptocurrency exchanges that support prepaid cards.
There are a variety of cryptocurrency wallets and exchanges that accept prepaid cards including but not limited to: MetaMask, Ledger, Trezor, (wallets), and Binance, KuCoin, and ByBit (exchanges). There are also dedicated services like BitPay and MoonPay, but they’re ostensibly the same payment method providers that the exchange supports.
Below we’ll provide a step by set guide showing you how to buy Bitcoin with a prepaid card.
Step-By-Step Guide for How to Buy Bitcoin with a Prepaid Card
Before buying crypto with a prepaid debit card or prepaid gift card there are two main steps to complete. The first step is to sign up for a cryptocurrency exchange or to get a crypto wallet that supports prepaid debit card or credit card purchases. Then, you’ll need to complete their identity verification process. After you’ve done those two things, you can follow the steps below.
NOTE: Make sure the address you provide when completing your identity verification matches the billing address attached to the prepaid debit or credit card details, otherwise the purchase may fail. If the prepaid card doesn’t allow you to attach billing details, then you’ll have to use a P2P platform in order to use your prepaid Visa or prepaid debit cards.
Step 1: Visit your platform of choice and click “Buy Crypto”
Navigate to your preferred place for buying Bitcoin or buying crypto, then click “Buy Crypto” and choose credit and debit cards as your payment method.
Step 2: Choose the amount of Bitcoin you want to buy and in what currency
On the next page you’ll be able to enter the amount of Bitcoin you want to buy with a prepaid card and which currency to use. Ideally choose your local currency to avoid currency conversion fees.
Step 3: Add your prepaid card details
Assuming this is a new card, you’ll need to enter the card information and the billing information (again, make sure this information matches the prepaid card account info). Then click “Pay Now”.
Step 4: Confirm your purchase
You’ll then be able to see the full order details before confirming your purchase. If you’re satisfied, click Confirm to complete the transaction.
Step 5: Done!
That’s it! Your Bitcoin will be deposited into your crypto wallet on the exchange, or if you bought the Bitcoin through a wallet app, it will be deposited into it’s Bitcoin wallet.
What Are the Fees for Buying Bitcoin with a Prepaid Card?
The fees for buying Bitcoin with a prepaid card instantly are much higher than regular trading fees if you used a bank transfer and then bought Bitcoin that way.
This is because prepaid cards are considered credit cards and therefore are subject to cash advance and other fees. This is also true if you use your debit card, as there will likely be currency conversion fees and possibly more.
Is it Safe to Buy Bitcoin with a Prepaid Card?
Yes, it is safe to buy Bitcoin with prepaid cards as long as you’re using a trusted platform. The only real issue is the fees mentioned above.
Otherwise, buying Bitcoin with a prepaid debit card or credit card is a safe process that is much faster than buying Bitcoin with a bank transfer
How Long Does it Take to Buy Bitcoin With Prepaid Card?
Buying Bitcoin with prepaid debit cards or credit cards is generally a nearly instantaneous process.
As long as you set up your prepaid card account correctly, meaning you used the same billing details as for the exchange or wallet you verified your identity with as for the payment card, it should be a seamless process, with the Bitcoin being deposited into your Bitcoin wallet, whether on an exchange or within your wallet app.
What Are the Alternatives to Prepaid Cards for Buying Crypto?
There are many other payment methods to prepaid cards for buying digital assets. Most crypto exchanges accept credit and debit cards, you can deposit funds from your bank account (bank transfers), or you can use cryptocurrencies that are in your crypto wallet and trade them for other crypto assets.
Purchasing bitcoin or purchasing crypto with debit and credit cards is likely the fastest way. You can buy Bitcoin instantly using your payment method of choice as long as you have a crypto exchange account and have completed your identity verification process. It will only work for your debit cards if they’re Visa or Mastercard debit cards, otherwise the payment method will have to be a credit card. Keep in mind that the payment method you use must have an associated billing address that matches the address you provided to the cryptocurrency exchange. The fees for using credit or debit cards is much higher than using a bank transfer.
Bank transfers of fiat currencies are a slower option for funding your crypto exchange account, but have low fees (often zero) compared to using a prepaid Visa card, a prepaid Mastercard, or your personal debit card. You can also use bank transfers to withdraw cash from crypto exchanges, though there are often withdrawal fees and the time it takes will vary across cryptocurrency exchanges.
Buying Bitcoin or other crypto assets using virtual currencies that you already hold in a crypto wallet is a faster option than using a bank transfer and your bank account, but requires you to already own Bitcoin or other digital assets. However, it is slower than buying Bitcoin with a prepaid card or credit card. You can also sometimes buy crypto within your own Bitcoin wallet though this also requires an identity verification process. You will have to pay trading fees in order to use trading platforms, whether an in wallet swap, or a trade on centralized exchange platforms.
About the Author
EvanJones
Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He bought his first hardware wallet shortly thereafter. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing.
Learn more aboutEvan Jones
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