Can You Buy Crypto With a Debit Card?
Some years back, buying Bitcoin and other cryptocurrencies was hectic and complicated. Not only were there limited crypto vendors, but information about crypto was also scanty and skewed.
However, the industry continues to grow tremendously, and you can now buy crypto with numerous payment options, including using a crypto credit card or debit card on exchanges.
In this article, weâll explore how to buy crypto with a debit card, including the pros and cons. We also have a step-by-step guide on buying Bitcoin with a debit card, and a bonus section on the cryptos you may want to add to your portfolio.
Key Takeaways:
You can buy crypto with a debit card, and it is perfectly safe to do so. However, you should always stay vigilant while transacting with your card so as not to fall victim to cyberattacks and fraud.
The Bybit Card lets you off-ramp your crypto assets quickly and safely so you can use them to pay for crypto purchases around the globe.
You can buy crypto with the Bybit Card in three simple steps â 1) Sign up on Bybit; 2) Activate your card; 3) Fund your card.
Pros and Cons of Buying Crypto With a Debit Card
The convenience and affordability of owning a crypto debit card cannot be underestimated. Debit cards have become a popular way to buy Bitcoin and other altcoins.
However, before you register for a crypto debit card, letâs look at some advantages and disadvantages of this innovative financial product.
Pros
Convenience
One of the major strengths of a crypto debit card is how easy it is to top it up with your crypto assets. It provides a convenient and fast way to off-ramp your digital assets into fiat currencies.
Usually, without the card, you need to go through the process of converting your crypto to cash on an exchange (which can be cumbersome at times) and transferring it to your bank account in order to use it for payment.
However, you can bypass this hassle and conveniently pay online using a crypto debit card. As long as the merchant accepts the card, having it is as good as having cash in your pocket for convenient spending.
No Credit Checks
When applying for a regular credit card, traditional financial providers need to carry out a comprehensive credit check to assess your eligibility for the product. You may receive a low-limit card, or be denied the application if you have a poor credit score.
However, with a debit card, there are no credit checks. All you need is to ensure that your account is funded with the balance required to process the transaction.
Rewards and Benefits
Some crypto debit cards come with loyalty rewards and benefits. For example, with the Bybit Card, you earn loyalty points on purchases you make which can be redeemed for unique rewards and exclusive offers from the platform's partners.Â
Cons
Fees
Before you sign up for a debit card, you need to know the fees associated with it. Depending on the issuer, you may incur expenses such as forex fee, card reissuance fee, dormancy fee and an annual fee, among others. Itâs imperative to understand these fees in order to avoid eating into your balances and reducing your spending capability.
Security
For virtual crypto debit cards, there's the ever-present risk of fraud and other security threats, such as hacking of online payment systems. In addition, at times crypto companies need to partner with payment providers in order to implement card payments.
If online fraudsters and cyberattacks compromise either of the parties' systems, it may result in a significant loss of assets and funds.
Crypto Volatility
Bitcoin and other altcoins are highly volatile. This price volatility greatly impacts spending on cryptocurrencies, especially for everyday consumer goods. As a result, merchants often hesitate to add crypto as a payment option on their platforms.
Furthermore, as a user, your payment may be declined due to insufficient funds if there has been significant price movement in the market. As such, most crypto debit card providers only allow transacting using blue chip cryptos, which are less prone to high price volatility.Â
Is It Safe to Buy Crypto With a Debit Card?
Initially, most cryptocurrency exchanges were hesitant to allow crypto purchases using debit cards, due to the existence of sophisticated cyberattacks and fraud. However, most major crypto platforms have put advanced fraud detection systems in place to keep their customers safe when they buy crypto with a debit card.
That said, you must also take charge of your online security and remain vigilant while transacting with your card. The following are some useful tips on how to stay safe when buying crypto with a debit card:
Donât save your passwords and crucial personal info on your phone or gadgets.
Be cautious of allowing third-party apps to have remote access to your devices.
Ensure that all your transactions are done across a secure network.
Be on the lookout for online phishing scams.
Keep track of your transaction history to detect any suspicious transactions.
Enable authentication prompts such as 2FA and push commands to ensure the correct transaction is being authorized.
Where to Buy Crypto With a Debit Card
You can use your debit card to buy Bitcoin and other top cryptocurrencies on leading crypto exchanges, such as Bybit, Binance, Coinbase, OKX and several others.
Bybit assures you an efficient crypto trading experience with our customer-centric platform. When buying crypto using a debit card on Bybit, you can look forward to the following features:
User-friendly experience â Our intuitive and secure platform has an easy-to-use interface that allows you to link your card and buy crypto with only a few clicks.
Multilingual customer support â Our highly professional Bybit support team is readily available 24/7 to cater to any questions or queries you may have when buying crypto with your debit card.
Access to a wide range of crypto â You can link your debit card to Bybit to purchase a wide range of cryptocurrencies, such as Bitcoin, Ethereum, USDT and many others.
Which Debit Cards Allow Crypto Purchases?
You don't need a bank-issued debit card to make crypto purchases. Bybit has partnered with Mastercard to issue a crypto debit card that lets you off-ramp your crypto assets quickly and safely so you can use them to pay for crypto purchases around the globe.
Following are some of the advantages of using the Bybit Card for crypto purchases.
Wide Acceptance
With over 90 million merchants accepting the Bybit Card, you can use your crypto debit card to make purchases across the globe. You can use your debit card to pay as long as the merchant has displayed the Mastercard logo (whether online or physically).Â
As such, owning a Bybit debit card opens you up to Mastercard's expansive merchant network, allowing you to conveniently off-ramp your crypto assets to use, similarly to fiat currencies.Â
EMV 3-D Secure
At Bybit, weâre dedicated to keeping our customers' funds safe. The Bybit Card is EMVÂź3-D Secure-enabled, which means that it complies with industry standards to let customers authenticate online transactions.
With such innovative fraud-prevention technology, you can be confident that your information is safe, and that your transactions are carried out over an additional layer of security built to keep fraudsters at bay.
Access to a Variety of Crypto
With the Bybit Card, you can choose to pay for your purchases using the following cryptos; Bitcoin (BTC), Ether (ETH), Ripple (XRP), Tether (USDT), USD Coin (USDC), Mantle (MNT), Toncoin (TON) and BNB (BNB). Our team is also working on enabling more crypto assets and even allowing multi-asset cryptos in the future.
Loyalty Rewards Program
You can earn loyalty points whenever you pay for transactions using your Bybit Card. Bybit's exciting Loyalty Rewards program allows you to redeem your loyalty points for different rewards, depending on the number of points youâve accumulated. You can also activate the Auto Cashback function to automatically receive the cashback on all purchases done with fiat and crypto in USDT.
Multilingual Customer Support
Bybit has a dedicated team of multilingual customer agents on standby to address any questions, concerns and inquiries related to all of our products, including the Bybit debit card. You can count on them to quickly and efficiently resolve any issues that you may face.
Can You Buy Crypto With a Debit Card Without Verification?
Gone are the days when you could easily find cryptocurrency exchanges that didn't require KYC checks. Regulatory pressure has forced platforms to tighten their rules, which is actually a positive step. This move demonstrates a commitment to cooperating with regulators and ensuring the legitimacy of transactions.Â
While it may be difficult to find an exchange that doesnât require verification, the added security measures provide peace of mind for investors, thus helping to ensure a stable and sustainable future for the wider cryptocurrency market.Â
Additionally, many exchanges such as Bybit offer various payment methods, such as credit cards and P2P trading, for you to buy Bitcoin and other cryptos quickly and easily.Â
Which Cryptocurrencies Should You Buy?
Once youâve linked your debit account, simply fund it to start building your crypto portfolio. Following are the cryptocurrencies you can buy using your Bybit debit card.
Bitcoin
Bitcoin (BTC) is the most popular crypto. It has the largest share of the total crypto market volume. When you buy Bitcoin, you get to own the earliest crypto to enter the market, built on a secure blockchain-powered infrastructure. Since it's widely accepted, BTC is among the most liquid cryptocurrencies, and can be moved easily between crypto exchanges.
You can also use Bitcoin to make near-instant cross-border payments at a low cost, compared to traditional financial options such as bank transfer, which are both slow and quite expensive. You can also gain by holding BTC for its long-term value, due to its built-in scarcity.
Ethereum
Ethereum (ETH) is the second most popular cryptocurrency after BTC. As the blockchain that introduced the world to smart contracts, ETH has remained dominant in the crypto space, especially among developers looking to build decentralized apps (DApps), and DeFi enthusiasts looking to increase their yield.
Like BTC, Ethereum is readily accepted across most crypto exchanges and can be traded against most crypto asset classes.
Further, Ethereum successfully migrated to a proof of stake (PoS) blockchain in September 2022, and will soon implement the much-awaited Ethereum Shanghai Upgrade, which will help improve liquidity on its blockchain.
With many improvements still to come on Ethereum, its future looks bullish, and it could be a great addition to your portfolio.
Tether (USDT)
Tether (USDT) is a leading stablecoin that can help cushion you from the intense volatility of the crypto market. If youâre a crypto beginner, USDT is a safe option as you try and learn the ropes around the market.
It's worth noting that USDT has remained the most resilient stablecoin, despite several others, such as UST and BUSD, experiencing some recent turbulence
As a U.S. dollarâbacked crypto, USDT has provided investors with a safe haven to hold funds, especially during bear markets when there's more apprehension in the market.
Rather than holding funds in fiat, you can convert them into USDT, which can cushion you from the inflation currently plaguing the global economic landscape.
Polygon (MATIC)
MATIC is the token of Polygon (formerly Matic Network), a Layer 2 scaling solution designed to solve the challenges of high gas fees and network congestion on the Ethereum blockchain.
As one of the key tokens in the web3 movement, MATIC is built for developers looking to launch DApps via blockchain networks. Using MATIC, you can pay low transaction fees and also help secure the network through staking. Polygon has entered into strategic partnerships with top brands, such as Walt Disney, Prada and adidasÂź, to help them transition into web3.Â
Three Steps to Buying Crypto With Your Bybit Card
Buying crypto with your Bybit Card is quick and easy, and takes only three steps.
1. Sign up with Bybit: Click here to sign up and register your account.
2. Activate Your Bybit Card: Once your account has been verified, you can apply for the Bybit Card. The virtual Bybit Card is issued automatically once the application is successful.
3. Fund your card: Youâll need to buy crypto with the Buy Crypto terminal on Bybit in order to fund your account, which will be used to facilitate transactions using the Bybit Card.
What Can You Do With Your Purchased Crypto?
Once you buy crypto with your debit card, you can choose to explore various options and decide which of them suit you the best. You can choose to:
HODL
HODL is a common expression used in the crypto space to express the act of holding on to your crypto assets (not selling), despite price movements in the market. One token that most people HODL is Bitcoin, mainly due to its finite supply, which gives it long-term intrinsic value.
Once youâve performed your due diligence about a project, and believe its team is building something that will add value to the crypto space over time, you can buy its tokens and wait to see what the future holds.
Trade
Another way to profit from your crypto assets is trading them on Bybit. You can access various trading options on our user-friendly terminal, designed for both beginning and advanced traders. For example, you can opt for spot trading to buy and sell Bitcoin and other cryptos securely at a low fee. You can also try margin trading, borrowing funds to trade and boost your returns.
Better yet, Bybit's various trading bots help you automate your trades, while copy trading lets you profit from copying the trades of our master traders.
Stake
Staking your crypto assets allows you to earn passive income with guaranteed yield and a minimum entry barrier. Locking your crypto through Bybit Earn provides you an excellent way to generate greater returns as you HODL your cryptocurrencies.
With Bybit Earn you can access various other products, such as Bybit Savings, which helps you earn interest on your crypto assets, or share in daily yields generated by your tokens through Bybit Liquidity Mining.
Spend
You can also opt to spend your crypto by using your Bybit Card to pay for transactions at online stores that accept MasterCard. As mentioned, this is a convenient and fast way to off-ramp your crypto assets and use them as easily as having cash in your pocket.
The Bottom Line
Using a crypto credit or debit card to buy cryptocurrency provides a simplified avenue to get into the crypto space, as well as a convenient payment method. You can quickly link your card to your crypto account and add funds to your wallet using your debit card.
Crypto debit cards such as the Bybit Card reward you every time you use them for transactions. Your loyalty points can then be redeemed for attractive rewards. Once you purchase Bitcoin or other cryptocurrencies using your Bybit Card, you can choose to HODL, stake, trade or spend at online stores.
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