How to Buy Bitcoin With Credit Card or Debit Card Instantly With Coinbase?

There are several platforms where you can buy Bitcoin with credit and debit cards instantly. One of my favorite platforms is Coinbase. Depending on the country you reside, there may be some other ways to buy Bitcoin but Coinbase is the best option for me as it allows me to buy with direct-bank transfer, by credit or debit cards. Read on and find out how to buy Bitcoin with Coinbase.

How to Buy Bitcoin With Credit Card or Debit Card Instantly With Coinbase

How to Decide Which Exchange Should I Use to Buy Bitcoin?

Originally, I wanted to try out one of the many exchanges available online but ultimately went with Coinbase because it’s in the same country as my primary bank account. Finding a reliable and trusted exchange is crucial especially if you are planning to make a big purchase on Bitcoin.

Other than that, it is essential for you to filter your search by finding exchanges in your home country or ones that explicitly state they accept transfers from your bank, otherwise you will risk unnecessary bureaucracy headaches and transfer fees.

Secondly, you should be looking at security. This is real currency we’re talking about (despite what some governments might think), but rules and regulations are not yet up to the same standard as real banks and other financial institutions.

Thirdly, you have to choose the right e-wallet. Finding a wallet, an app from which you can send and receive Bitcoin, is the next step. Why I like about Coinbase is it has both a mobile wallet app and a browser wallet on its website that sync with each other. It’s convenient that I don’t have to transfer the bitcoins to a separate wallet, and I don’t have to worry about losing my bitcoins if I lose my phone or my computer dies. Note that not all exchanges online have wallets. Coinbase’s wallet is very simple and intuitive, which is all I want.

How to Buy Bitcoin With Credit Card or Debit Card Instantly With Coinbase?

How to Buy Bitcoin With Credit Card or Debit Card Instantly With Coinbase?

Most exchanges work in a similar manner, so I’ll use screenshots from Coinbase as a guide. Buying bitcoin is easy, but it’s by no means instant, even with the “instant” option that I used.

#1 Open a Coinbase account

This first step is to sign up for a Coinbase account. This will give you a secure place to store your bitcoin, and easy payment methods to convert your local currency into or out of bitcoin.

You will now get $10 of free Bitcoin when you sign up and make your first investment in Bitcoin with Coinbase. Simply enter your email address below and get a FREE Coinbase account to get your first $10 Bitcoin. Then enter your First Name, Last Name, and choose a password on the next page of the sign-up form.

How to Buy Ethereum in Singapore via Bank and Credit Card

To enter your account, you use a previously established password and name. You need to verify this by using your smartphone and entering a specific code. The site uses SSL encryption and keys, and wallet protection involves AES-256 code.

This company holds insurance to protect your wallet from employee hacking or theft, an invasion of cyber holdings as well as a physical breach. To help protect against hackers, 98% of the funds in Coinbase wallets are stored offline.

#2 Set up 2-step verification

If you have already verified a phone number with Coinbase, go to Settings > Security (at the top) and click the ‘Verify A Phone’ button (https://www.coinbase.com/settings/security_settings).

Provide the phone number that you’d like to use and click Next. For the best experience, please use a cell phone. Landlines are not supported for receiving 2-step verification codes at this time. Note that there will now be a new dialog displayed in your browser to complete verification of this phone.

How to Buy Bitcoin With Credit Card or Debit Card Instantly With Coinbase
How to Buy Ethereum in Singapore via Bank and Credit Card

#3 Add your payment method (Credit card or bank account)

To use the instant purchase feature, I bound my credit card to my Coinbase account.

Tap the menu icon near the top left of the screen to open the Navbar. Select ‘Settings” located near the bottom of the Navbar. Select the “Payment methods” button and then choose which type of payment method you would like to add.

If adding a bank account, select your bank if shown, then login. If your bank is not shown, select ‘My bank is not on the list’ located at the bottom of the screen. Then Enter the name, account type, and routing/account number.

How to Buy Bitcoin With Credit Card or Debit Card Instantly With Coinbase
How to Buy Bitcoin With Credit Card or Debit Card Instantly With Coinbase

#4 Purchase Bitcoin via Credit/Debit Card

Buying Bitcoin via Credit or Debit Card is much easier. First, add credit card by providing your card details as follows.

After that, you need to verify you are then owner of the card by providing two amount verification. When you add a payment method, two small verification amounts will be sent. You must then enter in these two amounts correctly on the payment method page in your Coinbase settings in order to finish verifying your payment method.

These verification amounts will be sent as charges. Coinbase will make two test charges to the card between 1.01 and 1.99 in your local currency. These should appear in the ‘recent activity’ section of your card issuer’s website as ‘pending’ or ‘processing’ charges.

One thing you have to take note is that the charges for exactly 1.00 are not used for card verification and can be ignored. These are caused by the card processing network and are separate from the Coinbase verification amounts. Neither the verification amounts nor the 1.00 charges will post to your card–they are temporary. They will display as ‘pending’ for up to 10 business days, then disappear.

#4 (Alternative) Purchase Bitcoin via Bank Transfer

Before you can buy, you will need to deposit some money by making an internet banking fund transfer via FAST transfer method. This will fund your Xfers account, which is Coinbase’s preferred payment method. Your funds should arrive within a few minutes.

To transfer money to Xfers, login to your bank account. Select FAST Transfer and select “Transfer Funds to Another Bank’s Account (FAST)” in the drop down manual.

How to Buy Bitcoin With Credit Card or Debit Card Instantly With Coinbase?

Key in the following information:-

My Initials: YOUR PHONE NUMBER
Recipient’s Name: Xfers Pte Ltd
Recipient’s Bank: refer to transaction checkout page that you were in
Recipient’s Account: refer to transaction checkout page that you were in
Comments for Recipient: YOUR PHONE NUMBER

How to Buy Bitcoin With Credit Card or Debit Card Instantly With Coinbase?

IMPORTANT: Remember to key in your Phone number under “Comments for Recipient”.

Your transfers to Xfers should be successful and your Xfers balance will be credited in < 5mins of your have entered your phone no correctly.

#5 Go to “Buy/Sell” and select the amount of Bitcoin you desire

Once your payment method is set up, buying or selling Bitcoin is easy. Simply go to “Buy/Sell”, key in the amount of BTC you want to buy. Automatically, the amount of money will be transferred from your Xfers Account or charged by your Credit Card will be shown. Click buy and enjoy the appreciation of BTC!

Below is a screenshot when I bought ETH (Ethererum), it works the same as buying BTC.

How to Buy Ethereum in Singapore via Bank and Credit Card

 

Summary
How to Buy Bitcoin With Credit Card or Debit Card Instantly With Coinbase?
Article Name
How to Buy Bitcoin With Credit Card or Debit Card Instantly With Coinbase?
Description
There are several platforms where you can buy Bitcoin with credit and debit cards instantly. One of my favorite platforms is Coinbase. Depending on the country you reside, there may be some other ways to buy Bitcoin but Coinbase is the best option for me as it allows me to buy with direct-bank transfer, by credit or debit cards. Read on and find out how to buy Bitcoin with Coinbase.
Author

Alex Y

Alex is the owner of Managing Your Finance. He helps newbies start their own online businesses. Sign up for his 7-Day Free training course and learn how to start making a sustainable income online and quit your 9-to-5 job.

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2 Responses

  1. Just says:

    Hi Alex, thanks for your post.

    I have been looking at CoinBase, I just need to check whether or not it is available in my country or not.

    Just one question, can you tell me how long it takes for the payment to be processed for the credit card transaction vs the bank transfer option? And is there a limit in terms of how much you can buy?

    Thanks,

    • Alex Y says:

      It depends on which country you are residing.

      For the US residents, purchases made using a credit or debit card or the USD wallet are made available instantly. When using bank transfers, the ACH bank transfer system is used for payments with your bank account. The ACH bank transfer system typically takes 3-5 business days to complete after initiating a purchase.

      For European residents, since your local currency is stored within your Coinbase Fiat Wallet account, all standard purchases, as well as those made with a credit or debit card, occur instantly. Deposits to your EUR Wallet using SEPA transfers can take up to 2-3 business days to complete.

      I am lucky enough that transaction made through credit card and bank transfer is instantly. Yup, I stay in Singapore.

      For instant purchases paid for using a credit card or debit card, you may purchase up to $5 of bitcoin per day. Each new user has a lifetime limit of up to $50 after which you will be asked to set up a Coinbase account to remove this limit. To increase your weekly buy / sell limits and your credit / debit card limits you may need to complete several of the following verification steps to enable additional account features.

      Hope it helps.

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