Buying bitcoin with credit card

Ways you can buy bitcoin with a credit card in Australia

Buying crypto with a credit card is easy once you know how to go about it.

Buying bitcoin with a credit card can be a bit trickier and more expensive than local bank transfers, but there’s no shortage of options once you know where to look.

There are bitcoin exchanges and trading services that operate in Australia and beyond, and they all let you buy bitcoin with a credit card.

You can just pick your preferred one below, or read on to learn more about the differences between them, and why buying cryptocurrency with a credit card can sometimes be tricky.

Important update

Buying cryptocurrency with your credit card is becoming harder. Several banks in the United States, United Kingdom and other countries have banned their customers from using credit cards to buy cryptocurrency, and CommBank introduced its own ban in February 2018. However, CommBank customers can still use their debit cards to buy digital currency.

The three other banks that make up Australia's "Big Four" – Westpac, ANZ and NAB – haven't introduced similar bans as yet, but it may be worth checking with your financial institution or card issuer to find out whether or not you're allowed to buy cryptocurrency with your credit card.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. 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.

Quick guide: How can I buy bitcoins in Australia?

  1. Register for an account with CoinSpot.
  2. Enable 2-factor authentication.
  3. Verify your account.
  4. Click “Deposit AUD”.
  5. Transfer funds into your account.
  6. Click “Buy/Sell” at top of screen.
  7. Search for bitcoin and click on “Buy BTC”.
  8. Enter the amount of BTC you want to buy or the amount of AUD you want to spend.
  9. Review transaction details.
  10. Click “Buy BTC”.

Where you can buy bitcoin with a credit card

Name Product Deposit Methods Fiat Currencies Supported Cryptocurrencies
Credit card, Debit card
AUD, USD, EUR, GBP, CAD, CNY & 50+ more
BTC, BCH, ETH, LTC
Get US$10 in free bitcoin when you buy US$100 or more of any crypto. T&Cs apply.
Buy and sell bitcoin, Ethereum, Litecoin and Bitcoin Cash on one of the world's most renowned cryptocurrency exchanges.
Credit card, Debit card
USD, EUR, RUB
BTC, BTG, BURST, BYC, CANN, CFI, CLAM, CLOAK, CLUB, COVAL, CPC, CRB, CRW, CURE, CVC, DASH, DCR, DCT, DGB, DMD, DNT, DOGE, OMG & 140+ more
Use your credit or debit card to buy bitcoin and other cryptocurrency without having to verify your identity.
Exmo Cryptocurrency Exchange
Credit card, Debit card, Cryptocurrency, Perfect Money, SEPA, Wire Transfer, Payza, CryptoCapital, Money Polo, Payeer, Giropay, Yandex Money & more
USD, EUR, RUB, PLN, UAH
BTC, BCH, ETH, ETC, XRP, KICK, DASH, WAVES, ZEC, XMR, LTC, DOGE, USDT
A UK-based cryptocurrency platform that provides buyers with a wide variety of payment options.
Credit card, Debit card, SWIFT, SEPA, Cryptocurrency
USD, EUR, RUB, GBP
BTC, DASH, ETH, XRP, ZEC, XLM
Use your USD, EUR or RUB to buy and sell cryptocurrency at competitive exchange rates and with high maximums for verified accounts.
Credit card, Debit card, Neosurf, Cashlib, Trustpay, ePay
USD, EUR, GBP, JPY, CNY, KRW, AUD, CAD, DKK, NOK, SEK, TRY, HKD, SGD
BTC, ETH, XRP, DASH, LTC, BCH, ETC, OMG, ZRX, CVC, BNT
Buy cryptocurrency with cash or credit card and get express delivery in as little as 10 minutes.
Credit card, Debit card, OKPAY, PayPal, Skrill, SOFORT
EUR, USD, CHF, GBP
BTC
Buy bitcoin through PayPal on one of the oldest virtual currency exchanges in the business.
Cash, Credit card, Debit card, SEPA
USD, EUR
BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP
Buy coins like Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash with credit card.
Credit card, Debit card
USD, EUR
BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE, XLM,1ST, ADX, AMP, ANT, BAT, BCN, BNT, BTG, CFI, CVC & 70+ more
Access competitive crypto-to-crypto exchange rates for more than 35 cryptocurrencies on this global exchange.
xCoins P2P Bitcoin Lending
Bank account, Credit card, Debit card, eCheck, PayPal
USD
BTC
Buy bitcoin instantly with credit card, PayPal or bank account on this peer-to-peer lending platform.
Paxful Cryptocurrency Marketplace
Cash, Credit card, Cryptocurrency, Debit card, Flexepin, Neosurf, Neteller, M-PESA, PayPal, Perfect Money, WebMoney, Western Union, iDEAL, SEPA, Skrill, SWIFT
AUD, USD, EUR, GBP, CAD, CNY & 50+ more
BTC
Connect with bitcoin buyers and sellers through this peer-to-peer marketplace that accepts cash, credit and more than 300 other payment methods.

Compare up to 4 providers

How do I choose a service?

The first step is to consider what type of service you’re looking at. The list above gives you a list of exchanges. Below is an overview of categories to keep in mind.

What are they?Which ones accept credit cards?
Peer-to-peer exchangesBuyers and sellers match one-on-one and make transfers in a way that suits both parties. However, not all sellers will accept credit card payments, especially if you have yet to develop a good reputation on that site.
Bitcoin brokersThese bitcoin sellers can accept a range of payment options, including credit cards. It can be a quick and simple way of buying bitcoin, but not necessarily the most cost-effective.
Open exchangesLoad money into your trading account and browse the listings available. This is potentially one of the most cost-effective options but it can be hard to find a full-service exchange that accepts credit cards. You might also have relatively low transaction and withdrawal limits until you can prove your creditworthiness on the exchange.

What to look for when buying bitcoin with a credit card

Each service might have its own restrictions around paying by card. These can not only affect how long your transaction will take but also how much it will cost.

In particular, you should note that many card issuers will classify buying bitcoin as a cash advance, which means it will attract higher interest rates than normal purchases and will usually incur a cash advance fee. You’ll want to make sure you can afford to pay off the full cost of your bitcoin purchase.

When comparing your options, look at:

  • Cards accepted. Like any other service, not all cards will be accepted everywhere.
  • Transfer limits. You might find yourself with low transfer limits initially, rising over time as you make more transactions. The credit card transaction limit might be different from the maximum limit for other payment methods.
  • Credit card surcharges. You’ll often be paying a 1-2% credit card surcharge on top of any other fees and commissions being charged. Australian law prohibits excessive credit card surcharges, but you won’t necessarily be buying under Australian law. Some overseas services might charge significantly more. With credit card payments in particular, it might be worth shopping around and checking the fees at different cryptocurrency services.
  • Currency exchange fees. Remember to watch out for currency exchange fees. If you’re using an Australian credit card on an overseas exchange, you might be paying credit card currency conversion rates. A 0% foreign fee credit card might be useful for cutting costs.
  • How it works. Look for a bitcoin-buying process that suits your needs. For example, do you need to link a card to your online account, or can you just make one-off payments?

Is it easy to buy other cryptocurrencies with a credit card?

Bitcoin is the most widely offered cryptocurrency, so your options for other altcoins will be more limited.

If you want to buy Ethereum, Bitcoin Cash, Bitcoin Gold, Litecoin or any other cryptocurrency with a credit card, you might have the most success on an exchange, or by simply buying bitcoin and then trading it for your altcoin of choice.

Can I buy cryptocurrencies with a debit card?

It can be hard to buy anything online with a debit card, and cryptocurrency is no exception. The easiest way to buy bitcoin with a debit card might be through an intermediary.

For example, you might pay for your money transfer with a debit card at a physical Western Union branch, and then send that transfer to a service that accepts Western Union payments.

Why aren’t credit cards more widely accepted?

There are a few reasons why more providers don’t accept credit cards, with the main issue the problem of chargebacks. While bitcoin transactions are irreversible, credit card charges might be cancelled or reversed.

If buyers asks their card providers to reverse charges after receiving their bitcoin, it’s theoretically possible that they would be able to get their coins while cheating the sellers out of their cash.

Is buying cryptocurrency with a credit card safe?

People have been using their credit cards online for a long time now. In most cases, you can probably expect cryptocurrency services to have better security than some other online merchants you give your card information to.

If you don’t feel comfortable giving a provider your credit card details, you probably shouldn’t feel comfortable buying cryptocurrency from them either.

However, be aware that there may also be privacy issues to take into account. By paying with a credit card, you’re giving up some of the anonymity that other payment options can offer.

How to store your coins

Once you’ve bought your coins you’ll need a place to put them. This is the case regardless of whether you’re buying with a credit card or any other method.

You’ll typically want a wallet address ready to go before you make a purchase. Wallet compatibility depends on the type of cryptocurrency you’re buying, so research your wallet options before purchasing any coins or tokens.

You can compare wallets and get more information here.

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