How to buy Bitcoins with r Credit Card
and compared.
Note: If you’re looking to buy Bitcoin with Paypal or a credit card for trading purposes only then check out AvaTrade or Plus500 Bitcoin CFD trading. For more information read this post first.
As 2015 begins it seems that more and more options to buy Bitcoins with credit cards are available. In order to help people sort out what are the most efficient ways to do this in this post I will cover most options to buy Bitcoins with a credit card.
Just for general knowledge, the reason that buy Bitcoins with a credit card isn’t easy to come across is duechargeback issues that most sellers wish to avoid (for a detailed explanation
Before I explain the different methods one word of warning. NEVER leave your Bitcoins at an exchange or a website. Once you purchase Bitcoins from any of the methods explained below move them into your Bitcoin walletimmediately. If you still don’t have a Bitcoin wallet you can
Buy Bitcoins with a Credit Card at CoinMama
(No verification needed up to $500, worldwide)
CoinMama specializes in Bitcoin purchases through a credit card. They take a premium fee for their services but they do not limit you to a maximum amount of Bitcoins that you can buy. You can buy up to $500 worth of Bitcoin without verification (verified accounts can buy $1000/daily and up to $5000/month). Another good feature CoinMama offers is that once you place your order with them your price is reserved. So if the Bitcoin price goes up until you finish the payment process you will be unaffected.
From Coinmama's homepage you can choose how many Bitcoins you'd like to buy / sell. You can enter the price either in BTC or in USD or choose one of the offered packages.
Once finished, click "buy Bitcoins" and you will be taken to the sign up page. After you fill out your initial details you will need to go through additional verification by submitting a photo ID document. Verification is usually pretty quick (it took me 1.5 hours to get verified). You can also buy up to $500 without doing the verification process. With verification you can buy $1000/daily and up to $5000/month.
Once verified you can buy Bitcoins pretty easily with your credit card through the simple interface. If you verified your address I suggest you use "Visa, Mastercard via Simplex" since it's the fastest option. If you want to continue without verification you can use the "MoneyGram" option. You can then pay the amount with your credit card on MoneyGram's website (this is applicable to US residents only).
The next step will be to enter your own Bitcoin address. Unlike other exchanges CoinMama doesn't keep your Bitcoins on their wallet (which is a good thing). This means you'll need to get a Bitcoin wallet before continuing.
The last step will be to enter your payment details and place your order.
Coinmama uses the services of Simplex allowing merchants to sell Bitcoins via credit cards as a payment method. I'll probably be doing a more in-depth review of Coinmama soon as it has become quite a popular method for buying Bitcoins.
Buy Bitcoins with a Credit Card Through VirWox
(no verification needed, limited to €80 worldwide)
Virwox's option is less intuitive than Coin.mx and has more fees. However it is possible to get you Bitcoins within 48 using this method.
Because of chargeback risk Virwox is taking on themselves they are limiting the amount you can deposit initially through Paypal or a credit card, here are the exact limits according to their website from April 30th 2015.
The first thing you'd want to do is go to VirWox. VirWox is a Virtual World Exchange which was originally setup to trade Second Life Lindens - a virtual currency also known as SLL. We are going to use VirWox as a mediator in order to purchase Bitcoins with a credit card since most places won't allow you to do this as I've mentioned in the beginning of the post.
So After you've entered VirWox you're going to need to sign up. There's a link on the top left that says "Not registered yet ?". You can see it here:
Then all you need to do is to fill out your personal details. Where it says "Avatar Name" you can just leave it at "No Avatar". The Avatar is taken from the game Second Life and we don't really need to link anything here.
Once you've entered all of your information you can just click "Register". The next thing that will happen is that you will get an email from VirWox with your temporary password. I strongly advise you to change that password since you will be transferring money through this site.
Once you get that email just log into VirWox with your username and password. The first thing you will need to do now is to deposit some money into your account. Just click on the "Deposit" link on the left side and go to the PayPal Express Checkout section. There you can choose how much money you would like to deposit.
Note that there is a max amount of money you can deposit, but it will go up as soon as time goes by (the exact amounts are stated on VirWox's homepage). So after you enter the amount you want to deposit just click the "PayPal" button.
You will now move on to the PayPal payment page. If you have a PayPal account you can just log into it and make the payment. If however you don't have an account and want to pay with a credit card you can just click the link "Don't have a PayPal account ?".
Once you click that link you can just enter your credit card information and buy deposit money to VirWox with your credit card.
After you deposit the money it will show on the top left side in VirWox on your USD balance. Now it's time to buy some Bitcoins. The first step you'd be doing is buying SLL with your USD. Just go to the SLL/USD and select how many SLL you want to buy according to the current conversion rate.
In the picture above I don't have enough USD to buy SLL but if you've followed the steps correctly so far you'd see the amount of SLL you can buy with your USD.
After you've bought SLL they will also show up in the top left side (you can see mine on the top left in the former picture). And now it's time to exchange these SLLs into BTC. So go to the SLL/BTC exchange and just exchange as many SLLs as you'd like.
Important!!!
Sometimes a manual review will be required by VirWox after this step. This can take up to 48 hours but usually takes around 6 hours. I get a lot of emails from people who sort of "panic" at this stage thinking they will never get their money back. Sit tight, and if after 48 hours nothing happens email Virwox's support (support@virwox.com).
After you'll exchange them you will see the Bitcoins showing up in your account on the top left as well. The last step that's left is to withdraw the Bitcoins into our wallet. So just click on "Withdraw" on the left side and you will be able to enter a Bitcoin address that you can send your newly acquired Bitcoins to.
After the transaction will be approve (this can take up to 48 hours but usually takes around 2) you will see the Bitcoins in your wallet.
Buy Bitcoin with a Credit Card at Circle
(Worldwide, credit card needed)
Circle is one of the hottest new startups at the moment which allow you to buy Bitcoins with a credit card pretty easily. The company just came out of Beta, and they claim to operate on in the US. However numerous users (including myself) have managed to purchase Bitcoins through them using an international credit card even though they do not reside in the US.
First sign up for Circle:
After you finish the sign up process go to "Add funds" and deposit money into your account using your credit card.
If you didn't add a credit card on sign up you will be requested to do so on this step.
You should see the money in you account instantly. Once the money is in the account you can withdraw it to your own Bitcoin wallet in the form of BTC. Go to "Send money" -> click on the "USD" sign to it will convert in to BTC and fill out your Bitcoin address and the amount you want to withdraw.
Buy bitcoins with a credit card via IndaCoin
Indacoin is a UK based exchange which allows users worldwide to buy Bitcoins with a credit card. The minimum amount is $5 and limit for the first month is $500. After 40 days of the card using monthly limit will be increased to $3,000.
In order to use your card you will need your 5 digit code which is on your credit card statement and to verify you phone number. The process is seems fairly simple however I have not tried this exchange out myself so I can not vouch for it.
Even though the site states that they do now charge any fees, their exchange rate is pretty high due to credit card processing. At the time of writing this post 1 Bitcoin is sold for around $297 while the Bitstamp exchange rate is $245. Such a premium is considered high even for credit card payments.
3 Additional Bonus Option:
Buy Bitcoins with a credit card through CEX.IO
(Worldwide, verification needed)
There is an option to buy Bitcoins using your credit card at the CEX.IO bitcoin exchange. Established in 2013 as the first cloud mining provider, CEX.IO has become a multi-functional cryptocurrency exchange, trusted by over 450,000 users. The company also runs Ghash.io - the largest Bitcoin cloud mining exchange.
After opening an account just click on "Wallet" and "Fund" next to the request currency. You will then have the option to either wire transfer the money or use your credit card to get your Bitcoins instantly
Buy Bitcoins with a credit card through 247Excahnge
(Worldwide, verification needed)
247Exchange has been around since 2014 and it allows you to buy Bitcoins with either a wire transfer or a credit card. The rates on the site are pretty descent but the buying process is a bit cumbersome. I recently tried to purchase Bitcoins at the exchange and had a hard time completing the transaction.
How To Get كيفية الحصول على Bitcoins
When talking to people about Bitcoin, after explaining to them the benefits the technology brings, as I did at my job, the next question is always “How can I get Bitcoins?”
It is a question that doesn't have an obvious answer. The fiat world and the digital money world are separated by barriers and technology. It is simple to send Bitcoin across the world, but the process of simply turning greenbacks into Bitcoin can be frustratingly difficult.
The good news: it is getting easier everyday. Credit card companies and Paypal tend to favor the customer over the merchant, so many services are hesitant to offer methods when the customer cannot always issue a charge back. And so far, those services have been ruling against Bitcoin companies in disputes. So services that take Paypal and Credit Cards are rare (but they do exist, and we will talk about them) but there are a few other ways to turn your fiat currency into Bitcoin.
Purchasing Bitcoin with fiat online through your bank is possible, you just have to find the appropriate Online wallet for your area. Coinbase is the most popular web wallet that works directly with United States bank accounts, and will allow you to exchange fiat for Bitcoin (and the reverse) for a fee. You can either set up a connection with your checking account or connect a credit card for faster purchases.
Bittylicicous is a good alternative for the U.K. but it isn't effective elsewhere. Bitstamp works perfectly with any nation that supports the SEPA money transfer system (most European Union countries and a few others). However, you will need to verify your identity using a photo ID and proof-of-residence. The service also works internationally. but withdrawing and purchasing Bitcoin costs a substantial fee.
CoinJar is a reputable exchange for Australians that seems to follow the same business strategy of Coinbase, a highly stylized and simplified process.
Finally, for any Bitcoin enthusiasts living in New Zealand, there is BitNZ. It is a little bare bones at this point, but it does seem to be the most legit fiat to bitcoin and bitcoin to fiat exchange out there that works with New Zealand bank accounts.
A viable alternative that works nearly anywhere is LocalBitcoins.com. There, you can find a potential Bitcoin seller can come to whatever terms you prefer. Cash, Credit Card, Wire transfer, Paypal, it is all fair game on LocalBitcoins and it is only limited by how much you trust the person on the other end. These are called OTC (over-the-counter) trades and they can be risky, but LocalBitcoins does offer an escrow service that will mitigate some of the risk.
There aren't many OTC options out there, but finding a local Bitcoin meet up can be another way to find people willing to sell bitcoins for cash or maybe even a service. Mowing someone's lawn for Bitcoin is possible.
If you have obtained an alternative cryptocurrency (altcoin) either through a sale or mining, you could always trade it on a Cryptocurrency exchange like Cryptsy, BitTrex, and MintPal. However, if you have obtained a substantial amount of altcoins, you probably know how and where to buy Bitcoins already.
The best thing about Cash is that you can get it practically anywhere. Most convenient of all is the ATM. Put card in, get cash out. Easy as could be, although often with a nominal fee.
But why can't Bitcoin be that simple? The truth is, it could. The technology already exists to make it that simple. In many places, it is just regulation holding companies back, in others, adoption numbers. Bitcoinatmmap.com will help you find one from any brand.
The Canadian Government has gone back and forth on bitcoin, but there is no doubt Canadians love the cryptocurrency. The country has a huge number of Bitcoin ATMs relative to the rest of the world. The nation has 15 total Bitcoin ATMs, one more than the entire United States, including four in Vancouver alone.
The West Coast of the United States has a decent number of Bitcoin ATMs. Austin, TX is often known as a tech hub and it keeps up that reputation by having two Bitcoin ATMs in the downtown area. You'll also find some ATMs in the suburbs of Kansas City and four in or near Boston (where the MIT project is taking place). Any of those ATMs will let you spend cash on Bitcoins, and many of them will also let you sell your Bitcoins for cash.
You may have heard of Bitcoin Mining, which is how new Bitcoins are made as well as how the blockchain is confirmed. It is technically possible to get “free” bitcoins through this method, but at this point the electricity costs will offset any gains made except through the most expensive equipment. There are a few options out there however, and mining certain altcoins can still be profitable.
Free Bitcoins are still a possibility however, you may just have to do a little hustling. The Bitcoin community is friendly, and it isn't impossible to find someone who will give you a few fractions of a bitcoin in order to teach you about the community. A few faucets, services that provide an insignificant amount of bitcoin in exchange for clicking ads, still exist; although the amount they dispense is really low, you can't ask for much for free.
Bitcoin is the world's newest and most democratized currency. Once you are in the ecosystem, it is nearly frictionless to move around in it. With this guide, you should be able to find an entry point or two.
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If one of the initial fears surrounding Bitcoin, or rather digital currencies of which there suddenly appears to be a veritable tsunami now that anyone with an algorithm can become their own central bank (and all are exploding in value in what should make at least a few people nervous) is lack of adoption, that may be put to rest courtesy of a new initiative called "Bitcoin Black Friday" which, as TechCrunch reports, has been adopted by over 400 online retailers who starting on Friday will be offering special deals just for Bitcoin users.
Since this is Bitcoin's first unofficial Thanksgiving, having stormed on the public scene after exploding in price from under $100 to nearly trading on parity with an ounce of gold, many of the Bitcoin-only offers are gimmicky: "you can use bitcoins to buy a bacon-flavored lollipop or a ticket to space on Virgin Atlantic, for example. That's not really going to help you with your holiday shopping list, though. However, there are some decent choices on the site, too, but for obvious reasons, they tend to be a little more geeky in nature. Adafruit, for instance, is offering 10% off of everything in stock, including Raspberry Pi. Reddit is selling Reddit Gold. The Humble Bundle has deals up for grabs. There are also software, electronics, domain name and hosting deals, and so on."
A sampling of the deals from the site is shown below:
And while there are some good deals to be found...
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