Debit and credit cards are two of the most popular and convenient ways to purchase crypto in 2020. This article will show you a fast, simple and easy way to buy bitcoin with a debit or credit card in less than 15 minutes.
Founded in 2013, Israeli-based Coinmama is one of the oldest and leading cryptocurrency exchanges for buying and selling crypto with credit card, debit card or bank transfer. Coinmama has over 2 million users worldwide across 190 countries and features 24/7 customer support.
They also accept credit cards, but I don't I don't recommend buying bitcoin with a credit card as these purchases are often blocked by the banks and incur cash advance fees as high as 20% or more.
Once you create an account on Coinmama start with the seven steps below to buy bitcoin with a debit or credit card in about 15 minutes.
1. Choose Crypto
First, choose your crypto brand. Coinmama currently supports Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Ethereum Classic (ETC), Cardano (ADA), Qtum (QTUM) and Ripple (XRP).
If you haven't already, create an account on Coinmama. You will have to click on a confirmation email link at the end of the registration process.
2. Choose Amount
Next, choose your amount. You can buy up to $5,000 per day with a Tier 1 account and up to five transactions per day.
3. Enter Wallet Address
By default, Coinmama does not provide you with a wallet for receiving the crypto purchase. You can follow their instructions to create a wallet if you don't have one or create a free wallet on Redeeem. Once you enter your wallet for the first time, you will need to confirm the address over email. You only have to do this once for security if it's a brand new address.
4. Verify Your Identity
In most cases, you will need to verify your identity before they can approve your purchase. To get started, please choose "State ID" or "Driver's License" and follow the instructions to take a selfie with that document.
Once you get approved (few minutes) you can buy up to $15,000 instantly with debit card, credit card, SEPA or SWIFT transfers.
5. Enter Payment Method
Next, enter your debit card (recommended) or credit card. If you want instant delivery of your coins, you will pay a 5% fee for debit or credit card. To earn the 0% fee opt for the SEPA bank transfers (EU banks only) which can take up to 3 business days. They charge £20 fee for SWIFT transfers under $1k limit.
Please note that AMEX, Discover and PayPal are not accepted.
6. Wait for Confirmation
Once your transaction is complete, you will receive an email with a link to the transaction on the blockchain. Depending on the speed of the coin's network, you may have to wait a few minutes or up to 1 hour to spend your coins.
Coinmama has purchasing limits of $5k daily and $30k monthly. They have a minimum purchase size of $60 and max five (5) orders per day. Once you reach $15,000 in trade volume, you can apply for Tier 2 at $50k per month. Relative to other exchanges, these are pretty high purchasing limits. Coinmama works in almost every country, so these limits may vary.
Save on Gift Cards
Once you have coins, come back to peer-to-peer exchange Redeeem and enjoy up to 30% discount on Amazon gift cards and dozens of other brands. Redeeem is a fast, safe and easy way to trade gift cards for crypto without risk of fraud.