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How to Buy Bitcoin With Prepaid Card

For many newcomers, Bitcoin is the go-to cryptocurrency for those who want to get involved in this new and exciting industry. Starting your journey can be a bit overwhelming at first, especially if you don’t know where to make your first purchase. There are various ways you can go about purchasing Bitcoin in 2023, and today we’ll explore a lesser-known option: prepaid cards. Keep reading this guide to learn more about how to buy Bitcoin with this payment method.

Top Bitcoin Brokers That Accept Prepaid Cards

Prepaid cards are mostly cards that are bought preloaded with money. One of its main uses is to help you put a cap on your expenses. Once the funds are exhausted, you usually need to top-up your card for further spending.

These are cryptocurrency brokers and exchanges that currently accept prepaid cards as payment for Bitcoin:

What Is a Prepaid Card Bitcoin Broker?

Finding a cryptocurrency exchange or broker that accepts prepaid cards might have been difficult a few years ago, but it is now easier.

The Bitcoin broker or exchange will convert or use the value of the funds in your prepaid card to facilitate the Bitcoin transaction you want to make.

What Crypto Platforms Accept Prepaid Cards?

More platforms now allow you to use your prepaid cards to buy Bitcoin. These platforms cut across brokerages, cryptocurrency exchanges , and peer-to-peer (P2P) transaction platforms.

Below is a concise explanation of some of these platforms, as well as the way they work:

Changelly

Changelly is one of the simplest ways to purchase Bitcoin and over 50 other cryptocurrencies. It accepts some prepaid debit cards through its Moonpay integration, and many users don’t even need to complete KYC. Whether you want to buy, sell, or swap, the process only takes a couple of clicks. The main downsides are the 4% fee on card purchases and the fact that transactions can take up to a few hours.

KuCoin

KuCoin is known as the number one altcoin exchange thanks to its extensive selection of over 700 cryptocurrencies. As well as its advanced trading features, KuCoin caters to beginners too with its simple card purchase feature, where you’ll be able to use prepaid cards.

Coinmama

Coinmama was developed to be a cryptocurrency trading platform allowing you to use prepaid cards for transactions.

Both prepaid cards and credit cards are supported. You can also leverage the platform to buy other cryptocurrencies, including Ethereum , QTUM, and Ripple.

Paxful

Paxful is a P2P crypto platform that accepts prepaid cards as payment for Bitcoin. You can pay with several prepaid cards, including eBay Gift Card and Google Play Gift. You will need to look for a seller who accepts your chosen payment method. Paxful doesn’t charge any fees for buying crypto, but the price you pay will be decided by the seller.

LocalBitcoins

This is a cryptocurrency P2P platform that connects both the buyers and sellers of Bitcoin. Through LocalBitcoins, you will have access to an escrow service that holds the funds securely until the sellers finalize their end of the transaction.

How to Buy Bitcoin With Prepaid Cards

After choosing a prepaid card Bitcoin broker or exchange, follow these steps:

Can I Buy Bitcoin Anonymously with a Prepaid Card?

Using a prepaid card can increase your anonymity because you are sharing less information with third parties. For improved anonymity, consider using a cryptocurrency trading platform that doesn’t require I.D. verification or any form of Know Your Customer (KYC) .

How Fast is Buying Bitcoin with a Prepaid Card?

A prepaid card is equipped with an “Instant Buy” feature, which means that you can buy Bitcoin instantly. All you need to do is to enter the details of the card and your transaction will be completed almost immediately.

Do I Need a Crypto Wallet?

Yes, it is important to have a cryptocurrency wallet where you can store your Bitcoin. It is quite risky to leave the Bitcoin on the cryptocurrency brokerage/exchange because the platform can be hacked and your coins may be lost.

Are there Low Fees when Using a Prepaid Card to Buy Bitcoin?

This depends on the platform you use. The fees for prepaid cards may be the same as for other cards, which could mean they are higher than for other payment methods.

Can I Hold Cryptocurrency in My Prepaid Card Account?

The prepaid card account is mainly for making payments online. So, it is not possible to hold crypto in the same account.

Can I Buy Other Cryptos Using Prepaid Cards?

You can buy many other cryptocurrencies using your prepaid card if the cryptocurrency broker/exchange supports that.

Can I Buy Bitcoin with a Prepaid Card Instantly?

Once you enter the details of the card and the amount of Bitcoin you want to buy, the transaction will be processed.

Is Prepaid Card the Easiest Way to Buy Bitcoin?

The purchase process is fairly simple, but finding a platform that accepts prepaid cards may be a little harder.

Does Coinbase Accept Prepaid Cards?

Coinbase was one of the cryptocurrency brokers that accepted prepaid cards for Bitcoin purchases. It appears that the broker has since stopped accepting this payment method.

Here are some more ways to buy Bitcoin

Contributors

Khashayar Abbasi

Since launching in 2012, Bankless Times is dedicated to bringing you the latest news and informational content within the alternative finance industry. Our news coverage spans the whole crypto-sphere so you’ll always stay up to date — be it on cryptocurrencies, NFTs, ICOs, Fintech, or Blockchain.