Most people tend to wonder what exchanges are available for them to buy and own a Bitcoin. This post will examine several options that they have. When looking to buy Bitcoin by using your debit card, you can use eToro. This is your best choice when purchasing the bitcoin with a debit card. You use eToro because there are no commissions and the platform is FCA-regulated.
Using eToro is ideal for newbies because you do not need to undergo any requirement whatsoever to withdraw all your coins into your cryptocurrency wallet.
The following steps will help you successfully purchase bitcoin with the use of a debit card right away.
- 1 Quick steps to Buy Bitcoin on eToro via Debit Card
- 2 First Step: Register for your eToro brokerage account
- 3 Second Step: Upload your ID
- 4 Third Step: Use your debit card to deposit funds
- 5 Fourth Step: Buy your Bitcoin
- 6 Advantages of purchasing Bitcoin using your debit card
- 7 Best ways to purchase Bitcoin in UK using your debit card
- 8 Conclusion
- 9 FAQs
Quick steps to Buy Bitcoin on eToro via Debit Card
- Create an account in eToro.
- Proceed with identity verification.
- Deposit funds to your account.
- Search Bitcoin and fill the number of BTC you want to purchase.
- Purchase Bitcoin
If you’re still confuse then go through the detail explanation below:
First Step: Register for your eToro brokerage account
You need an account first to begin purchasing bitcoins with your debit card. To open your account, you will need to undergo a simple process. This process is v typical process needed to open a normal brokerage account.
This means that you will need to produce certain personal details like your full name, your home address, your birth date, your number for national insurance, your email and phone number. There are still other things that you are expected to provide which are creating your password and username. You will then need to confirm your mobile number.
Second Step: Upload your ID
You will be needed to upload a government-issued ID because eToro is a platform that is regulated on multiple fronts, especially by the FCA. You would need to upload certain important documents. Tow of the documents that you need to get uploaded are:
- A government-issued identification like your driver’s license or your passport.
- A bank statement or utility bill to help prove your address.
When all of this is provided, your account will be verified by eToro. You will then be able to withdraw since eToro will remove all the restrictions on your account.
It is important to note that you are still able to purchase bitcoin using your debit card without ever needing to show your ID. However, this is based on the fact that you do not deposit over $2,250. Furthermore, this should be done before your cashout request can be granted.
Third Step: Use your debit card to deposit funds
You will now be ready to make a deposit. eToro offered different payment options including the one that allows you to make use of the debit card. You could get this selected and decide to input the amount that you want to deposit. Your minimum deposit amount is $200. The moment that the fund is verified, they will instantly show up in your account with eToro.
Important Notice: You should know that you are charged 0.5% as an exchange fee by eToro. This is only applicable for deposits coming in from outside the UK.
Fourth Step: Buy your Bitcoin
At this phase, your account with eToro should be funded. Then you will now be able to purchase the bitcoin. To do this type in ‘Bitcoin’ in the search box located at the upper side of the page. You can then click on the “Trade” tab. This will then generate a bitcoin purchase order form. Just type in the amount of Bitcoin you want to buy.
This is should be in US dollars and nothing lower than $25. Your order typically gets completed when you click on the “Open Trade” tab. This is how you buy Bitcoin using your debit card without paying any commission.
Advantages of purchasing Bitcoin using your debit card
These are some of the benefits investors get when they purchase the bitcoin using their debit cards.
One of the most important benefits of buying bitcoin with your debit card is instant access to the market. Previously you are expected to open an account with an untrustworthy international exchange and send in our funds through bank transfer. This would take days for the bitcoin to get to you.
On the other hand, if you buy bitcoin with a debit card with an honest online broker, you get your transaction processed in a matter of seconds just like buying with PayPal.
You get to purchase with most major debit cards
In terms of debit cards, most people either use Mastercard or Visa. The broker you choose may accept both of them. eToro also accepts both Maestro and Diners Club.
You get to choose high or small limits
When you choose to purchase bitcoin using your debit card, this works with every size of budget. This happens since eToro is more of a regulated online broker that allows you to deposit from a minimum of $200 and above. On the other hand, bigger investors can use eToro to buy close to $40,000 worth of bitcoin with their debit cards.
Savable and convenient
The most convenient way of buying bitcoin is through your debit card. This is the best way since all you need do is just to type in your 16-digit card number. After which you are then expected to type in your expiry date and the CVV three-digit numbers. Then you are then required to select the amount that you want to deposit.
Further benefits of this method are that subsequent deposits are even more convenient vs they get to complete faster. You get faster and more convenient transactions since your broker saves up your details from your card.
Most people usually think that it is risky to purchase bitcoin using your debit card. But this is not true. When you buy through eToro which is a broker regulated by the FCA, you are covered in every way possible. All uses of the platform are protected from the beginning, this is because eToro makes use of the institutional-grade safety and security practice like data encryption. With this feature, the broker does not get any access to the details on your debit card.
Best ways to purchase Bitcoin in UK using your debit card
In the UK, we have multiple brokers that let you purchase Bitcoin by using your debit card. For people who do not have the time needed to search for the right platform for themselves, we have taken the work out of their hands to describe some of the best brokers in the UK that they can presently purchase the bitcoin by using their debit cards.
eToro is seen that the overall broker for bitcoin purchase with your debit card. This online platform is closely watched by the FCA. eToro is known by most bitcoin investors and they seem to offer a decent platform for both beginners and expert bitcoin traders to buy bitcoin straight to their cryptocurrency wallets.
eToro comes with many positives and features to reassure the buyer. Firstly, this platform is diligently controlled by FCA. The eToro as a reputable online bitcoin brokerage platform also holds certifications with Australia’s ASIC as well as ac Cyprus’s CySEC. This is meant to show that eToro is not a platform that jokes with its regulatory responsibilities. While this may not have anything to do with bitcoin, it is good to know that eToro is also partners with FSCS. eToro offers a convenience offered by no other bitcoin platform. You only get to open an account in minutes while ID verification is instant.
eToro also offers its users the opportunity to choose from a vast majority of payment options which are all instant. Apart from deciding to pay with your debit cards while using eToro, there are still other numerous payment options one could use. There are such options as PayPal, Skrill, Neteller, and other credit cards. eToro is known by almost everyone because all you need to invest in the system is just $25.
Then again, users can make use of the balancer to be able to purchase different other assets to use when trying to diversify their exposure. When you register with eToro, you will see that the platform supports different assets. The assets support includes over 1800 different shares that are originated from more than 150 ETFs and 17 stock exchanges. eToro also allows its users to purchase 15 different cryptocurrencies aside from bitcoin. Some of these cryptocurrencies include Bitcoin Cash, EOS, Ripple, and Ethereum.
In terms of the primary features of this account, you get different innovative tools with eToro. This includes the possibility to copy the entire details of a trade on eToro that has been successful. You can view the historical returns of the trader ever since he joined in ion the eToro platform. Furthermore, you can see the preferred asset classes and risk rating of the trader.
You could as well make use of the copy Portfolio feature which comes with a series of investment strategies that are fully managed. This includes several portfolios that have to do with cryptocurrencies. eToro can be used either through its native investment app or through its online version. The investment app is a great way for buying bitcoin with the use of your debit card especially while moving.
- Users get to buy 15 different cryptocurrencies including Bitcoin.
- You get to purchase bitcoin without any fees.
- The platform is used by over12 million people.
- The platform accepts bank transfers, e-wallets, and credit/debit cards.
- You get to invest a token of just about $25.
- Works well with the copy trading function to help automate all of your bitcoin transactions.
- eToro is completely regulated by the FCA in the UK.
- The platform has over 150 ETFs and more than 1700 stocks.
- The online platform only works in US dollars.
- Charges about $5 withdrawal fee per withdrawal.
Coinbase to most people is a more user-friendly option for trading your bitcoin. The platform is home to more than 35 million customers. While eToro might be the most cost-effective and easiest option to purchase bitcoin using your debit card, it can be more rewarding to try and see what other options you might have. If you are buying bitcoin for the first time, then you will find Coinbase extremely useful.
Most users love Coinbase because it is perfectly designed for the beginner. You need not understand what it means to trade bitcoin before learning how to use Coinbase. Rather, all you need to do is to activate your account, then upload your identification, and then make your deposit. The platform allows you to add funds by using a UK debit card. However, you will be needed to part with about 3.99% of your transaction value in fees.
Technically, what this means is that for every $1,000 worth of bitcoin that you buy, you will end up paying about $39.99 in fees. The moment that the purchase has been completed, you can then decide to store the bitcoin in the wallet provided by Coinbase. Alternatively, you can choose to withdraw the bitcoin and deposit this into a private cryptocurrency wallet. This is only when you know how the process works. But, with this transaction, you should be paying a trade commission of about 1.49% if you eventually succeed in getting out the Bitcoin. But just like with other methods this might prove rather costly.
Pone good thing to be noted here is the fact that Coinbase is well-regulated by the FCA. The platform is also widely known within the cryptocurrency sphere. Users who use the platform will also have access to different other digital currencies. They will have the choice to purchase other digital currencies like the Ripple, Ethereum, Bitcoin Cash, Litecoin, and many more.
- Comes with a great reputation and has more than 35 million customers.
- This is a user-friendly platform.
- You get to deposit funds using either bank transfer or debit card.
- You can withdraw out your coins straight to your private wallet.
- The mobile app is quite handy.
- This is an FCA licensed-platform
- You get a fee of 3.99% on each deposit with your debit card
- You get charged 1.49% trading fee
Binance is one more last option that offers users an option to buy bitcoin using their debit cards. With Binance, there are numerous payment methods like cash, bank transfer, credit and debit card. With Binance, everyone has a payment option. Binance is known to work with partners that are trusted and verified to help give their users a seamless and secure bitcoin buying experience.
One thing we love about Binance is that you get to buy a broad range of cryptocurrencies. This simplifies the process of buying your bitcoin in US Dollars, pound sterling, the euros, plus every other fiat currency. Furthermore, Binance is a platform that also allows you to use other stablecoins to buy bitcoin.
- Get a rapid account activation process
- You get charged low fees
- Numerous cryptocurrency pairs (hundreds)
- Your wallet is secured and handles multiple currencies.
- Comes with both the advanced and basic setups.
- Excellent liquidity.
- Numerous resources to learn about bitcoin trading on the platform.
- From under 2 BTC, the trade partners do not get verified.
- User’s deposits are usually limited.
- The main exchange currently lacks fiat currency to cryptocurrency trading.
- No fiat-to-crypto trading on the main exchange
This guides just goes to show you what it takes to purchase bitcoin using some of the most popular platforms like eToro, Coinbase, and Binance. The guide help’s you make a decision regardless of your cryptocurrency experience.
The guide exposes you to the simple process involved when buying bitcoin in the UK by using your debit card. All the buyer has to do is to find a reliable broker that is well regulated. Then get registered on the platform and then it is that easy.
Is it possible to buy bitcoin using a debit card without submitting any means of identification?
The truth here is that it is impossible to buy bitcoin using a debit card without showing any form of identification. Most brokers will need to confirm that you are the actual buyer by requesting a form of identification before allowing you to deposit and withdraw your bitcoin.
If you come across any bitcoin online broker that offers to allow you to buy bitcoin using your debit card without any means of identification, this is wrong and illegal. It is more of a scam.
Buying bitcoin online in the UK using your debit card?
The moment that you get a good bitcoin broker, you can simply buy bitcoin online in the UK. However, you will be required to activate an account and get a copy of your driver’s license or passport uploaded. Then, you are now able to deposit funds by using your debit card.
Can I legally purchase bitcoin by using a debit card?
You can, however, you have to make sure that the broker is FCA-regulated to securely and safely service is clients in the UK.
Can I use my credit card in the UK to buy Bitcoin?
Of course! However, not every broker online accept payments with credit cards. You could purchase at eToro which is an FCA-regulated broker. eToro sets its minimum purchase at $200.