How to buy crypto with your credit card.

A comprehensive guide.

Disclaimer: This is not the only option to buy cryptocurrency with fiat money using a credit card. This is just a way that I find the easiest and fastest.

Step 1:

The first and the most important question is: Do you want to take risks that are literally unavoidable when you are holding or trading crypto. You probably already know that the cryptocurrency market is very volatile and the coin that costs 1$ today might cost less than 1 cent tomorrow. If you have the money to spend, you are surely free to choose from a lot of exchanges and wallets that are currently present on the market. The main advice that I wish someone gave me when I started out is to listen and to doubt what the community has to say and do own research on whatever topic you like: if it is a wallet to choose, exchange, coins to buy and STO to partake.

Step 2:

Find a few services that allow buying crypto for the local currencies. In our case, we shall use the exchange named Changelly. First of all, it is easy to use for those who are just starting out in crypto and they have no idea what to do. For this case, Changelly has a direct link that re-directs you to the page that lets you choose the currency of payment and the crypto you want to buy. Then you will be needing to paste in the address that you use to store the money. There are plenty of such services to choose from: it might be directly a company that allows buying crypto from them, it might be an exchange or a wallet. There are also people who are selling crypto on eBay and places like that, but I personally do not recommend buying from them, you won’t have enough details if you need to prove the origin of the funds later.

Step 3:

If you already have a registered wallet or the exchange where you are going to trade, all you need to do is to check the deposit address for the currency you’ve chosen to buy and paste it in the empty field provided. Always remember that you might need not only the address of the wallet but also an additional payment ID for the currencies like XRP, Steem, EOS, etc. Otherwise, if you forgot to use this additional payment ID, the transaction might and will be lost in limbo where no one can get it, so be careful.

Step 4:

Changelly is currently using the Simplex service to allow buying currencies and it takes few security concerns to process this kind of purchases so in this case you might be asked for additional verification of the purchase. This might lead to the purchase limits and KYC procedures. When I was using Simplex, they required a photo of me holding a piece of paper saying that it was me who bought this amount of XRP on this particular date.

Step 5:

There will be a moment when you will think about the reverse process: turning crypto into USD or EUR or any other currency. It’s better to do the research beforehand in case of an emergency. It will be a bit more complicated than buying currency due to obvious reasons. But there are a few exchanges that provide withdrawals in fiat for the major currencies like BTC and ETH.

Summary:

As time passes and cryptocurrency becomes more and more popular the ways of using crypto in the real world cases are multiplying. Thus companies are trying to lower the involvement barrier for the people who are not commonly aware of how the blockchain or cryptocurrencies work. On one side this is good because people coming in are keeping the market alive and volatile thus increasing the profitability for those who is already involved in trading. On the other hand, the new people are usually looking for easy money in a few days due to what they’ve heard in media. Thus eventually they find themselves buying some weird ICO token that might never have a value that was promised, or keeping their tokens in the wallets that do not support airdrops for these tokens. Then such word as a ‘scam’ comes to life and is being written everywhere. Even tho it’s almost never a fault of the service they are using but little knowledge of where the money should go and how to play the market. So, as usual, do your own research before making a decision that involves money.