How To Buy Cryptocurrency With Fiat Currency?
With the rapid widespread of cryptocurrencies, the available options to purchase cryptocurrencies are endless. In this topic we are going to discuss the ways one can purchase Bitcoin or any other cryptocurrencies.
By Bank Cards (Credit Cards/Debit Cards)
Purchasing Cryptocurrencies with Credit/debit Cards, is probably one of the fastest and the most convenient way one can buy cryptocurrencies but of course there is a price to pay for the speed and convenience. There are many exchanges that offer such an option but they will charge a certain fee which varies from one crypto exchange to another.
Below is the list of some of the credible crypto exchanges that offer credit/debit card option.
CEX.IO is a platform where you can easily buy Bitcoin and other major cryptocurrencies such as Ethereum (ETH), Ripple (XRP), Dash, Stellar (XLM), Litecoin (LTC), Bitcoin Cash (BCH) and Zcash (ZEC) with your ordinary VISA/MasterCard. They also support 4 different fiat currencies such as Euro, US Dollar, British Pound, and Russian Ruble.
Changelly is a platform where you can instantly buy Bitcoin and 130 other major cryptocurrencies with your VISA/MasterCard. They also support 3 different fiat currencies such as Euro, US Dollar and British Pound. Changelly is one of the cheapest way one can purchase Cryptocurrencies instantly with bank cards. They charge a flat fee of 0.5% per transaction.
This option is a bit different but equally fast and convenient in comparison to previous methods. While the previous methods were all offered by crypto exchanges, this particular method is offered by Skrill which is an E-commerce company that facilitates payments and money transfers via internet. In order to purchase crypto with credit cards, first you have to register for an electronic wallet, then deposit your wallet with your credit card. Once your wallet has funds available inside, then you can purchase cryptocurrencies instantly by your Skrill wallet. Please note that there is also a deposit fee of 1% charged by Skrill when depositing your wallet with credit card. After you have purchased your crypto You can either keep it in your Skrill wallet or send it out to anywhere else.
ATM (Automated Teller Machine)
Nowadays, Bitcoin ATMs are located all over the world, you can directly cash deposit fiat currencies (Cash) into the ATM and receive Bitcoin or other major cryptocurrencies. This method is also instant, however it could be pricy and probably is the most expensive way of purchasing Cryptocurrencies at the moment.
Wire Transfer (Bank Transfer)
Wire transfer is the cheapest way of buying cryptocurrencies, however, using this method could take usually between 2-7 days depending on the banks involved to conduct the transactions. They are few steps that one must complete in order to buy cryptos using this method.
First you have to find a crypto exchange that accepts fiat currency and bank transfer as a deposit option.
Then you have to register and verify your account with that specific exchange in order to be able to conduct a bank transfer. Please note that different exchanges have different approval procedures and may impose deposit limit.
Once your account is verified, then you can transfer money from your bank to the bank account given by the exchange.
Once your deposit is received by the exchange (can take up to 7 days) and deposited into your account you can place a buy order to purchase any cryptocurrency.
CEX.IO offers wire transfer deposit option and based on our experience, they are relatively fast in depositing and processing the wire transfer payments and our deposit usually sits in our account on the same day.
As of now, they offer four different fiat currencies (USD, RUB, GBP, EUR) for wire transfer option. There is no deposit fee for wire transfer deposit option and the trading fee is as low as 0.16%-0.25%. CEX.IO impose deposit limit according to the verification level of the clients. Once your account is deposited then you can click on "TRADE" in the top menu and place a buy order for any cryptocurrency.