Against the backdrop of the current situation, many faced difficulties when using fiat money – rubles, dollars, hryvnias. The ruble has depreciated, and it is not always possible to transfer it to foreign cards. The dollar is forbidden to be transferred to other countries, and export abroad is limited. The hryvnia also depreciated.
This situation confirms the old thesis: the money that is stored in a bank or on a card is not your money. Cryptocurrencies help solve this problem. In this guide, we will give detailed instructions on how to buy crypto with credit card.
1. Download the Metamask application and create a decentralized cryptocurrency wallet.
2. What is the Binance exchange process for purchasing bitcoin for fiat money?
On Binance, you must verify your identity using one of the following methods: a passport, an international passport, an ID card, or a driver’s license. In the present climate, it’s preferable to register an account without a Russian or Ukrainian document:)
Select “Buy Cryptocurrency” “Credit / Debit Card” from the top menu on the left. Select rubles as the debit currency. Select your preferred stablecoin in the “Get” section, such as USDT, BUSD, or USDC. Purchasing is as simple as clicking “Continue,” selecting your card, and entering your payment information.
You can buy via p2p from another user on the Binance platform. How to do this is described here.
To sell cryptocurrency, the mechanism is the same, via p2p. If you need cash or exchange large amounts, write to me on Telegram – this is also a solvable issue. Keep in mind that you may be able to get bonus crypto with certain exchanges.
3. To protect your funds from blocking the exchange, you can withdraw them to the Metamask decentralized wallet.
- It will be cheaper to withdraw USDC in BSC or Polygon networks. Instructions on how to add a Polygon network. You can add any other networks using this link.
- If you are afraid that centralized stablecoins will block, you can buy decentralized stablecoins. For example, DAI can be purchased here.
- If you need to transfer from one network to another (for example, from Polygon to Ethereum), you can use the bridge:
Choose your token (for example, USDC) and the network in which you withdraw.
Then choose the token and the network you want to send to.
Important: under the field in which you select the token and the network to which you want to send the tokens, the amount of funds in the pool is indicated in small print. It is important that there is more money in the pool than you want to transfer.
Now you have a cryptocurrency on a decentralized wallet, which means that no state or organization can take it away. Turn to the good side and spend your own money.
Is it Possible to Purchase Ethereum Using a Card?
New Bitcoin users give us a range of messages. “Can I buy Ethereum (or an Ethereum wallet online) online using my credit card?” True!
The blockchain is agnostic about payment methods. On certain sites, gold may be used to buy the value of Ethereum.
We showed you how to buy Ethereum using a debit card. Credit cards also follow the same process. There are two alternative ways to get ETH.
The first and most usual method is to utilize online electronic exchanges. Get on CEX, Coingate, or Binance. Registration and ID verification are mandatory. Go to your wallet, choose ETH, and deposit. After that, input your credit card information. Wait for a confirmation message or email.
How can you know whether a deal is reputable? Exchange security is by far the most important problem. Every day, many hackers try to steal funds from these networks. Using a secure platform helps protect your funds. The exchanges also collect user data (according to the policy of KYC – “know your customer” and AML – anti-money laundering). If the service isn’t safeguarded, hackers may take your data.
How long should I hold out? Transactions on Ethereum generally take 10 minutes. You must wait for the bank to finalize the transaction, since the exchange provides bitcoin from its reserves.
Find a vendor of Ethereum. You may know a victim. Buying Ethereum using a credit card is best if you know someone who does. Why? Just because.
Finally, you may look at bitcoin forums. Buying and selling bitcoins is a popular topic on Reddit. Find persons ready to sell Ethereum for fiat money. Contact them and work out an arrangement.
This is a risky method since there is no way to check the suppliers’ honesty. We can’t direct you to a reliable bitcoin forum member. You must take the initiative.
You will get certain advantages. First, there are no fees or commissions. Second, you’ll be allowed to haggle all you want. Finally, you won’t have to disclose any personal information.