By
Keegan Francis&
Frank CorvaEdited by
David GregoryUpdated
OKX
These days it's relatively easy to buy Bitcoin and other cryptocurrencies from an exchange using your credit card, but while it's straightforward, it's not a very cost-effective method of buying crypto.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
Use the table below to compare platforms that let you purchase Bitcoin or other cryptocurrencies with a credit card in Australia:
We currently don't have that product, but here are others to consider:
How we picked theseThere are several places to buy Bitcoin with a credit card, including:
"Purchasing Bitcoin or crypto with a credit card might seem convenient but it carries a lot more risk than using funds in your bank account. Using a credit card means you are taking on debt which is going to compound rapidly if you don't pay it off immediately. Taking on debt to invest in anything – especially a volatile asset like cryptocurrency – is especially ill-advised because you could wind up losing more than your initial investment."
While buying crypto with credit is generally straightforward, it can also be quite expensive.
This is because there are several fees that can contribute to the cost of your transaction, not only from the crypto broker but also from your card issuer.
These charges can include:
| Cash advance fee | Many card issuers treat a cryptocurrency purchase as a cash advance. This means your purchase will usually incur a cash advance fee and will also attract higher interest rates than normal purchases. |
| Exchange/broker fee | The platform you use to buy Bitcoin or another cryptocurrency will impose its own transaction fee. These tend to range from 4–5%, but are higher in some cases.1 |
| Credit card surcharge | You may also be asked to pay a credit card surcharge on top of any other fees and commissions being charged. |
| Currency exchange fee | If you're using a local credit card on an overseas exchange, you might wind up paying foreign currency conversion fees. |
| Higher interest rates | Credit card providers often charge fees upwards of 10% p.a on credit loans. Double-check the loan and repayment information with your card provider and remember to account for interest rates when calculating your repayments. |
Pros
Cons
There are a few things worth considering before you decide to purchase Bitcoin or crypto with a credit card.
Security of the platform. Make sure the platform you are using is reputable and has a good track record of protecting customer information. Check for security features such as 2-factor authentication and SSL encryption.
Fees and charges. Be aware of any fees or charges associated with buying Bitcoin with a credit card. Compare these to other purchasing options to ensure you get a fair deal.
Volatility of Bitcoin. The value of Bitcoin can be highly volatile, so be prepared for the possibility of significant price fluctuations after purchasing.
Legal and regulatory compliance. Some countries have regulations and laws that restrict or prohibit the buying and selling of Bitcoin. Be sure to check the laws and regulations in your country before making a purchase.
Wallet security. If you plan to store your Bitcoin in a wallet, make sure to choose a secure and reputable wallet provider.
Reputation of the company. Check the company's reputation, its regulatory compliance and if it has had any security breaches in the past.
Credit card debt. Buying Bitcoin on credit can easily lead to credit card debt if not managed properly, so it's essential only to spend what you can afford to repay.
Credit cards aren't the only way to purchase Bitcoin – or the best. There are several other ways to buy Bitcoin that are generally more cost effective.
It's important to remember that each of these methods has its own advantages and disadvantages. Be sure to research and compare the different options before making a decision, and always use reputable providers to ensure the safety and security of your funds.
Yes, but you will need to complete the ID verification process first. Verification times vary between platforms, but it's still possible to complete the sign-up and purchasing process within an hour.
Buying crypto with a credit card without ID verification can be difficult as most exchanges require personal details and KYC verification before allowing a purchase.
While it may be possible to find a platform where you can make an anonymous purchase, such as a peer-to-peer exchange, the credit card you use will still be linked to your ID, making the purchase traceable.
Yes, some exchanges will allow you to buy cryptocurrency with a prepaid debit card or voucher.
Yes. Check the comparison table for details of a number of leading crypto exchanges that accept debit card payments.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
Keegan Francis was a cryptocurrency writer for Finder. He has been invested in cryptocurrencies since 2013 and writing about them since 2018. He has written and edited for CryptoVantage. In 2020 he and his wife Mrugakshee Palwe opted entirely out of the world of traditional finance and went "full crypto", covering their experience in the Go Full Crypto podcast and via a Substack newsletter. Keegan holds a Bachelor of Computer Science from Acadia University, and has attained graduate certificates from Ivan On Tech's lightning network course and the Consensys Academy Ethereum bootcamp. When Keegan is not working on cryptocurrency, he enjoys travelling, rock climbing and playing piano. See full bio
Frank is a cryptocurrency expert whose work aims to simplify the complexities of this evolving space for a broad audience. His byline has appeared in Forbes and Bitcoin Magazine. Frank holds multiple advanced degrees, including an MBA in Finance from Pace University and a Master of Social Work from Hunter College. Frank was a Cryptocurrency Writer at Finder from 2022 to 2024. See full bio
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