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How To Buy Crypto with a Prepaid Card?

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Entering the world of cryptocurrencies is exciting, but knowing where to start can be difficult. Are you looking to buy crypto with a prepaid card? You’ve found the right guide.

Want to buy Bitcoin, Ethereum, or other cryptos? This article gives easy steps to buy digital currencies with a prepaid card. It makes starting your crypto journey easy and safe.

What is a prepaid card?

A prepaid card, also known as a payment card, works differently from a usual debit card.

Unlike a debit card that takes money from your bank, you must put money on a prepaid card first. This makes it a good choice for keeping track of your spending habits.

Prepaid cards are handy and accepted almost everywhere, just like debit cards. This is because major card networks like Visa and Mastercard support them. You can use them for online shopping, paying bills, or even buying crypto.

They are simple to use and widely accepted. Many people appreciate them because they don’t need a bank account to use them. They are like having cash in digital form, ready to use whenever you need it.

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How to buy crypto with a prepaid card?

Purchasing Bitcoin and other cryptocurrencies can now be done conveniently online through a prepaid card, offering a secure alternative to conventional methods. Buying crypto with a prepaid debit card is easy but needs careful steps. This guide will help you through each part for a hassle-free process.

Step 1: Pick a crypto exchange for prepaid card use:

Start by choosing a crypto exchange that lets you use a prepaid card. Not every exchange does, so picking the right one is key. For example, swissmoney is an excellent choice for prepaid card users thanks to its easy-to-use and friendly layout. Another popular option is CEX.IO, known for its security and user-centric approach. Look for:

  • Security features and privacy policies.
  • A user-friendly interface.
  • Good customer support.
  • Acceptance of prepaid cards.

Step 2: Create an account and verify your identity

Once you’ve chosen an exchange, the next step is creating an account. This process involves:

  • Providing an email address and creating a password.
  • Supplying personal information, such as full name and address.
  • Undergoing a verification process.

Most crypto exchanges require identity verification to comply with anti-money laundering (AML) and Know Your Customer (KYC) regulations. Be prepared to provide a government-issued ID and possibly proof of address. This step is crucial for the security of your transactions.

Step 3: Add the prepaid card as a payment method

After verifying your account, add your prepaid card as a payment method. This process typically includes:

  • Navigating to your account’s ‘Payment Methods’ section.
  • Selecting ‘Add a New Card’ or a similar option.
  • Entering your prepaid card details, including the card number, expiry date, and CVV code.

Ensure your card has sufficient funds for the transaction. Some exchanges might charge a small pre-authorization fee to verify the card.

Step 4: Purchasing cryptocurrencies with a prepaid debit card

Now, you’re set to buy crypto. Follow these general steps:

  1. Navigate to the buying section: Find the exchange’s ‘Buy Crypto’ section.
  2. Select a cryptocurrency: Choose the crypto asset you want to purchase, such as Bitcoin or Ethereum.
  3. Enter the purchase amount: Input how much crypto you want. You can usually enter this in your local currency, and the exchange will show the equivalent amount in crypto.
  4. Choose your prepaid card for payment: Ensure your prepaid card is selected as the payment method.
  5. Review and confirm: Always double-check transaction details. This includes the amount of crypto, the current exchange rate, and applicable fees. Confirm the transaction to proceed.
  6. Completion and storage: The purchased crypto will be reflected in your exchange account once the transaction is successful. Consider transferring it to a secure crypto wallet for added security.

Remember that every exchange can differ in how they look and work. But these steps are a good basic guide. Using a prepaid card to buy crypto is a solid start to your journey in crypto, offering both flexibility and security.

There is an easier way to buy crypto: Try swissmoney 

swissmoney crypto wallet

With swissmoney, you get more: 

  • Prepaid cards without hard spending limit
  • Crypto and fiat wallets with a built-in exchange
  • IBAN accounts for safe international transactions

These swissmoney features let you choose from multiple payment methods to buy crypto or even buy it on the app. Try it out now!

An Easier Way: swissmoney App
An Easier Way: swissmoney App
Fiat or crypto, Android or iOS we promise you the best Swiss quality experience.
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What card type should you choose for buying Bitcoin and other crypto?

Choosing the right prepaid card type is important when buying Bitcoin or other cryptos. Most crypto exchanges accept Visa and Mastercard prepaid cards, which work well on many platforms, making them a trustworthy choice for buying crypto.

Some exchanges also take American Express and Discover cards, but not as many accept this type of payment. Make sure the exchange you want to use takes these relatively niche cards. The best choice is a prepaid card from a large network like Visa or Mastercard, ensuring your transactions go smoothly.

Also, see if your bank is okay with crypto. Some banks might limit or have special rules for crypto buys. Using a card from a bank that is friendly to crypto can make things much easier.

What are the pros & cons of buying crypto with a prepaid debit card?

While prepaid cards are a convenient payment option, traditional bank transfer might be preferred for larger crypto investments due to potentially lower fees.

Pros:

  • Controlled spending: Your spending is limited to what you load on the card. This helps you stick to your investment budget.
  • More security: Prepaid cards aren’t linked to a bank account. This means there’s less risk of losing a lot of money.
  • Widely accepted: Most prepaid cards are supported by big card networks. This means more crypto exchanges accept prepaid cards.
  • Privacy: A prepaid card can provide more privacy than a traditional account or credit card.

Cons:

  • Limited funds: You can only spend what’s on your card. This might not be enough for bigger buys.
  • Higher fees: Some prepaid cards might charge more for transactions than other methods, like bank transfers.
  • Reload inconvenience: When you run out of money, you must refill the card, which isn’t as quick as using a bank card.
  • Verification issues: Some exchanges might ask for more checks when you use a prepaid card, which can slow things down.
  • Not always accepted: Not every crypto exchange takes prepaid cards; some might only take certain types.

Despite these downsides, prepaid debit cards are a popular way to buy crypto. They offer a good mix of security, spending control, and ease of use.

📚Related: How To Invest in Crypto Safely

What are the fees for buying crypto with a prepaid card?

Understanding the associated fees is essential when buying crypto with a prepaid card. These fees can vary based on the crypto exchange and the type of prepaid card used. Generally, you might encounter:

  • Transaction fees: Most crypto exchanges charge a fee for each transaction. This can be a percentage of the transaction amount or a flat fee.
  • Card loading fees: Some prepaid cards may charge a fee each time you load money onto the card.
  • Withdrawal fees: There may be a withdrawal fee if you withdraw your crypto assets to another wallet.
  • Conversion fees: If your prepaid card’s currency differs from the transaction currency, conversion fees may apply.
  • Prepaid card issuer fees: The issuer of your prepaid card might have additional fees for transactions related to cryptocurrencies.

Before proceeding, reviewing all fee structures on both the exchange and the prepaid card is advisable to avoid surprises.

How do you buy crypto instantly with a swissmoney prepaid card?

To instantly buy Bitcoin or other crypto using a swissmoney prepaid card, follow these straightforward steps:

1. Register on a crypto exchange:

Create and verify a swissmoney account

Sign up on a crypto exchange that accepts prepaid cards. Ensure that it is compatible with swissmoney card.

2. Verify your account:

Identity verification. swissmoney app

Complete the required verification process. This may include providing personal information and documents for KYC compliance.

3. Get your swissmoney card:

swissmoney card

Get your swissmoney prepaid card and add it as your preferred payment method. Enter the card details as prompted.

4. Purchase crypto:

Navigate to the ‘Buy Crypto’ section, select the cryptocurrency you wish to purchase, and specify the amount. Choose your swissmoney card for the transaction. Review all the details, including fees and rates, then confirm the purchase. Once the transaction is complete, the crypto will be credited to your account on the exchange.

What are the alternatives to prepaid cards for buying crypto?

If prepaid cards aren’t your preferred option for buying Bitcoin or other crypto, there are several alternatives:

  • Bank transfers: Widely accepted and often come with lower fees. Ideal for larger investments.
  • Credit and debit cards: Offer quick transactions but may have higher fees.
  • E-wallets (PayPal, Skrill, etc.): Provide an additional layer of security and ease of use.
  • Cryptocurrency ATMs: Good for small, anonymous transactions.
  • P2P exchanges: Allow direct transactions with other users, offering flexibility in payment methods.

Why is swissmoney the best place to purchase and store crypto?

swissmoney stands out as an optimal choice for purchasing and storing crypto due to the following:

  • Robust security: Implements top-tier security measures to safeguard your digital assets.
  • User-friendly interface: It makes navigating and managing their portfolios easy for beginners and experts.
  • Diverse asset options: Offers a wide range of cryptocurrencies, catering to varied investment interests.
  • Competitive fees: Ensures transparent and competitive pricing structures.
  • Advanced tools: Provides tools for analysis and informed trading, enhancing your investment strategy.

Conclusion: How to buy crypto with a prepaid card

Buying Bitcoin and other forms of crypto can be exciting and empowering. Whether you opt for the convenience of buying Bitcoin with a prepaid card or explore other payment methods, the key is to choose a platform that aligns with your security needs, investment goals, and ease of use. Swissmoney is a top choice, offering a seamless, secure, and user-friendly experience for purchasing and storing digital currencies.

An Easier Way: swissmoney App
An Easier Way: swissmoney App
Fiat or crypto, Android or iOS we promise you the best Swiss quality experience.
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Frequently Asked Questions

Can I buy cryptocurrency with a prepaid card?

Yes, you can buy cryptocurrency using a prepaid card. Most crypto exchanges accept prepaid cards as a valid payment method. However, ensure that the specific exchange supports the type of prepaid card you intend to use, whether it’s a Visa, Mastercard, or another brand.

What are the most popular cryptocurrencies to buy with a prepaid debit card?

The most popular cryptocurrencies purchased with prepaid debit cards include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). These are widely recognized and available on most crypto trading platforms.

How long does it take to buy Bitcoin with prepaid cards?

The time it takes to buy Bitcoin with a prepaid card can vary. Transactions are typically processed quickly, often within minutes. However, the total time can depend on the exchange’s processing speed and any additional verification steps required for prepaid card transactions.

Can I purchase Bitcoin with a prepaid Mastercard?

Yes, you can purchase Bitcoin using a prepaid Mastercard. Most crypto exchanges that accept a Visa gift card will also accept prepaid Mastercards, making them versatile choices for online crypto transactions.

Renata Pacheco

Renata is a seasoned financial market expert with over 30 years of experience in journalism and content creation, primarily focusing on the financial market. Throughout her extensive career, she has worked with leading financial institutions such as Citibank Brasil, Fiserv in Latin America, and other notable financial entities, further honing her expertise and credibility in the sector.

For more than six years, Renata has also been writing for the crypto market, collaborating with financial publications in Brazil, the US, and Europe. Her deep understanding and extensive knowledge make her a respected voice in the industry, appreciated for her ability to demystify complex financial concepts and market trends. This skill enables her to make financial insights accessible to a wide audience, from novice investors to seasoned professionals.

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Disclaimer

Please be advised that the information presented in this article is intended for general informational purposes only. It should not be construed as professional advice from swissmoney. It is important to note that swissmoney does not act as a financial adviser, and individuals are strongly encouraged to seek independent advice from qualified legal, financial, or accounting professionals before making any decisions related to cryptocurrency investments. Furthermore, investing in cryptocurrency assets carries inherent risks, and individuals should be aware that they may potentially lose all of their invested capital.

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