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Buy Bitcoin with Debit Card – Cheapest Providers 2021

Investing in Bitcoin doesn’t have to complex. On the contrary, you can buy Bitcoin with a debit card in less than 10 minutes. In this guide, we explore the best way to buy Bitcoin with a debit card. On top of discussing the best brokers to do this with, we also walk you through the step-by-step purchase process.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

How to Buy Bitcoin with Debit Card Instantly – Step by Step Guide 2021

eToro is by far the best option when it comes to buying Bitcoin with a debit card. This is because the broker is licensed by the FCA and it does not charge any commissions. There is no requirement to withdraw your coins to a cryptocurrency wallet either, which is ideal for newbies.

Here are the steps that you need to follow to buy Bitcoin with a debit card right now!

Step 1: Open a Brokerage Account at eToro

Head over to the eToro website and open an account.

eToro sign up

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

The process here is no different from opening a traditional brokerage account, meaning you will need to supply some personal information.

This includes:

  • Full Name
  • Home Address
  • Date of Birth
  • National Insurance Number
  • Email Address
  • Mobile Number

You will also need to create a username and password, as well as verify your mobile number.

Step 2: Upload ID

eToro is regulated on multiple fronts – including the FCA. As such, it is required to ask you to upload some identification documents.

The two documents that you need to upload are:

  • Government-issued ID, such as your passport or driver’s license
  • Proof of address, such as a utility bill or bank account statement

As soon as you provide the above documents, eToro should be able to verify your account. This will remove all restrictions – including the ability to make a withdrawal.

With that said, you can still buy Bitcoin with a debit card without providing the above ID. But, this is on the proviso that you do not deposit more than $2,250 (about £1,800). Additionally, this needs to be done before you can request a cashout, so it’s best to get it out the way now!

Step 3: Deposit Funds With Debit Card

eToro will now ask you to make a deposit. You will see a long list of payment options – including a debit card. Select this, and enter the amount that you wish to deposit. The minimum is $50.

As soon as you confirm the deposit, the funds will instantly be added to your eToro account.

Note: eToro charges a 0.5% exchange rate fee on all non-UK deposits. 

Step 4: Buy Bitcoin

At this stage of the step-by-step process, you should have an eToro account that is funded. If so, you can now buy Bitcoin.

First, enter ‘Bitcoin;’ into the search box at the top of the page and click on the ‘Trade’ button.

Buy Bitcoin on eToro

This will populate an order form. You don’t need to do anything special here, other than enter the amount you wish to invest. This needs to be entered in US dollars and at a minimum of $25.

Buy Bitcoin on eToro

As soon as you click on the ‘Open Trade’ button, your order will be completed. And that’s it – you’ve just bought Bitcoin with a debit card. Did you know that eToro also allows you to buy Bitcoin with Neteller?

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

Benefits of Buying with Bitcoin with Debit Card

buy bitcoin with debit card ukMake no mistake about it – lots of people in the UK want to buy Bitcoin. But, many are intimidated as they simply don’t understand how the investment process works.

Fortunately – and as we have illustrated in the step-by-step guide above, if you buy Bitcoin with a debit card – the process could not be easier.

Still not convinced? Below we list some of the reasons why UK investors choose to buy Bitcoin with a debit card.

Instant Transaction

The obvious starting point is that when you use a debit card to buy Bitcoin, you can gain access to the market instantly. This is in stark contrast to how things used to be in the online cryptocurrency space.

Just a few years ago, you would need to open an account with a shady offshore cryptocurrency exchange and deposit funds via international bank wire. As you can imagine, it would take days and days for the funds to arrive – if ever. This made it highly cumbersome – especially if you want to buy Bitcoin straight away.

bitcoin chart

However, when you use a debit card to buy Bitcoin at a trusted online broker, the transaction will be processed in seconds. As soon as it is, you can proceed to buy Bitcoin. This is similar to the process involved when you buy Bitcoin with Paypal, as the funds are added to your account instantly.

Most Major Card Issuers Accepted

When it comes to issuers, you likely have a card backed by Visa or MasterCard. In the vast majority of cases, your chosen online broker will accept both. In addition to the aforementioned, eToro also accepts Diners Club and Maestro. This ensures that you can buy Bitcoin with a debit card no matter who it is issued by.

Small and High Limits 

In terms of how much you need to deposit, opting to buy Bitcoin with a debit card is usually suitable for budgets of all sizes.

This is because regulated online brokers like eToro allow you to deposit from just $200. This amounts to about £160 – which in investment terms, is reasonably inconsequential.

With that said, using a debit card to buy Bitcoin is also suitable for large-scale investors. In fact, eToro allows you to deposit up to $40,000 on each transaction – which is huge.

Convenient and Savable  

Using a debit card to buy Bitcoin online is by far the most convenient payment option on offer. This is because you simply need to enter your 16 digit card number, followed by the expiry and CVV.

After that, it’s simply a case of specifying how much you wish to deposit. An additional benefit here is that subsequent deposits can be completed in an even more convenient way.

This is because your card details will be saved by your chosen broker. As such, all you need to do is enter your CVV number and you can buy more Bitcoin in a matter of seconds.

Secure 

There is often a misconception that using a debit card to buy Bitcoin online is risky. However, this couldn’t be further from the truth. First and foremost, by using an FCA-regulated broker like eToro, you are protected on all fronts.

visa encryption

This starts at the very offset, as eToro utilizes institutional-grade security practice – such as encrypting your data. This means that the broker never actually sees your debit card credentials.

Additionally, you also have the protection of your debit card issuer. That is to say, if in the unlikely even somebody used your debit card to make an unauthorized purchase, the respective bank would need to reimburse the funds.

Great for Withdrawals 

Newbie investors often forget about the withdrawal process. But, this is important, as at some point you will need to cash out your Bitcoin back to pounds and pence (hopefully at a profit).

When the time does arise, the process could not be easier. This is because you will be able to withdraw your proceeds back to the same debit card that you used to make the initial deposit.

In fact, this is a legal requirement as per anti-money laundering rules. As such, upon making the withdrawal request with your broker, the funds should arrive in your account within 2-3 working days.

Fees are Getting More Competitive 

When you buy Bitcoin with a debit card, it is all but certain that the respective brokerage site will charge you a transaction fee. This is standard practice when it comes to cryptocurrency purchases.

Now, you might be tempted to use a broker like Coinbase – not least because it is home to over 35 million clients. However, the platform charges a whopping 3.99% on debit card purchases – which is huge.

Other options in the market include Binance, which charges 2%. Fortunately, you can get this fee down even further by using eToro. With the FCA broker charging just 0.5% on UK debit card deposits, this is super competitive.

And don’t forget, once you have deposited funds into your eToro account, you don’t need to pay any trading commissions to buy Bitcoin.

Bitcoin Debit Card Regulation

FCA allows bitcoin debit card purchases with regulated brokersPut simply, if you’re based in the UK and wish to buy Bitcoin with a debit card – this is perfectly fine. However, this is on the proviso that you are using a regulated, FCA-licensed brokerage firm.

After all, cryptocurrencies are not only considered high-risk by the FCA, but they are an investment-grade product. This means that Bitcoin can only be sold by those that have the legal remit to do so.

The other thing to note is that there have been rumors that UK banks don’t like to be associated with Bitcoin. Once again, this is an urban myth. Crucially, by using our top-rated broker eToro to buy Bitcoin with a debit card, you are simply depositing funds into a regulated trading site.

As such, whether you use the platform to buy and sell Bitcoin, stocks, ETFs, or any supported asset class for that matter –  you will have no issues whatsoever. The key point is that you must avoid unregulated Bitcoin exchanges at all costs.

KYC

An additional stipulation of the FCA is that all Bitcoin investors in the UK must go through a KYC (Know Your Customer) process when depositing funds with a fiat currency.

This means that when you buy Bitcoin with a debit card at a regulated broker, you will need to upload some ID. As we briefly covered in our step-by-step guide earlier, this needs to be a passport or driver’s license.

etoro kyc

You also need to supply a copy of a recently issued utility bill or bank account statement. This is so the broker knows who you are and thus – that it complies with the FCA’s regulations on anti-money laundering.

If you find yourself depositing really large amounts, don’t be surprised if the broker asks for additional information – such as proof of source of funds.

Where to Buy Bitcoin With a Debit Card Instantly in the UK

There are several platforms in the UK that allow you to buy Bitcoin with a debit card – some better than others. If you don’t have time to research a platform yourself, below you will find a selection of the best UK brokers to buy Bitcoin with a debit card right now.

1. eToro – Overall Best FCA Broker to Buy Bitcoin in the UK

etoro logo

We have talked extensively about eToro in this guide – and for good reason. First and foremost, the platform is not only regulated by the FCA, but it also holds licenses with ASIC (Australia) and CySEC (Cyprus). This illustrates that eToro takes its regulatory responsibilities seriously.

The platform is also partnered with the FSCS, albeit, this doesn’t apply to cryptocurrencies. In terms of convenience, eToro is ideal if you are looking to buy Bitcoin for the first time. The account registration process takes just minutes and your ID will be verified instantly.

eToro Bitcoin Price Chart

Then, you’ll have heaps of instant payment methods to choose from. On top of debit cards, you can also use a credit card, Paypal, Neteller, and Skrill. eToro is also a popular option because it requires a small initial deposit or just $200. With that said, you don’t need to invest the full $200 into Bitcoin. Instead, the minimum order size is just $25.

As such, you can use the balancer to invest in other assets to help diversify your exposure. At eToro, supported assets include almost 1,800 shares from 17 stock exchanges and over 150 ETFs. You can also buy 15 other cryptocurrencies. This includes the likes of Ethereum, Ripple, EOS, and Bitcoin Cash.

etoro crypto copyportfolios

When it comes to core account features, eToro offers several innovative tools. This includes the ability to copy the portfolio of a successful eToro trade. You can view the trader’s historical returns since joining the broker, as well as their risk rating and preferred asset classes.

Or, by using the CopyPortfolio feature, this offers a range of fully-managed investment strategies. This includes portfolios that focus exclusively on cryptocurrencies. You can use eToro online or via its native investment app. The latter is great for buying Bitcoin with a debit card on the move.

Need more information about eToro? If so, you can read our in-depth eToro review here!

Pros

  • Offers Bitcoin and 15 other top cryptocurrencies
  • Buy Bitcoin 100% commission-free
  • More than 13 million people using the platform
  • Accepts debit/credit cards, e-wallets, and bank transfers
  • Minimum investment of just $25
  • Supports copy trading to automate your Bitcoin trades
  • Fully regulated in the UK by the FCA
  • Over 1,700 stocks and 150+ ETFs

Cons

  • Small withdrawal fee of $5
  • Platform operates in US dollars

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

2. Coinbase – User-Friendly Bitcoin Trading Platform With Over 35 Million Customers

coinbase logoAlthough eToro is by far the easiest and most cost-effective broker to buy Bitcoin with a debit card, it’s always worth exploring other options. Coinbase is particularly popular with those buying Bitcoin for the first time.

The platform is very easy to use and requires no knowledge of cryptocurrencies or trading. Instead, it’s just a case of opening an account, uploading your ID, and making a deposit.  You can easily add funds with a UK debit card at the platform. But, this going to cost you a huge 3.99% in transaction fees.

Coinbase Bitcoin Exchange

This means that by buying £1,000 worth of Bitcoin, you’ll end up losing £39.99. Once you have made the purchase, you can keep the Bitcoin in your Coinbase web wallet.

Or, you can also withdraw the coins out to a private cryptocurrency wallet – if you know how these work. Either way, you will need to pay a trading commission of 1.49% when you eventually get around to cashing your Bitcoin out. Once again, this is expensive.

coinbase uk review

Nevertheless, Coinbase is safe, regulated by the FCA, and it carries an excellent reputation in the cryptocurrency brokerage space. You will also have access to a selection of other digital currencies, too. This includes the likes of Litecoin, Bitcoin Cash, Ethereum, Ripple, and more.

Pros

  • Over 35 million customers and a great reputation
  • Very user-friendly
  • Deposit funds with a debit card or via bank transfer
  • Ability to withdraw your coins out to a private wallet
  • Handy mobile app
  • Holds a license from the FCA

Cons

  • 3.99% fee on debit card deposits
  • 1.49% Bitcoin trading fee

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

3. CoinCorner – Best UK Bitcoin Trading Platform for Fast Account Set-Up

CoinCorner Logo

Another option that you have at your disposal is CoinCorner. This platform is gaining in popularity with UK cryptocurrency investors as the purchase process is simple.

You can benefit from fee-free deposits and withdrawals when opting for a bank transfer. However, if you want to buy Bitcoin with a debit card, then the fees are somewhat on the high side.

coincorner buy bitcoin

This stands at 2.5% per transaction, which at the very least is cheaper than Coinbase. But, you also need to pay a trading commission when to buy and sell Bitcoin after the deposit has been made. The specific fee will vary depending on how much you are buying.

The lowest fee amounts to 1% of the purchase amount, which you will get if buying more than £300 worth of Bitcoin. If you invest less than this, you will pay a flat fee of between £1 and £3. The minimum amount of Bitcoin you can buy is just £5 at CoinCorner, which is great.

Pros

  • Very fast to start trading
  • Supports a wide variety of payments
  • Set up recurring cryptocurrency investment
  • Reward program with 1,000+ businesses

Cons

  • Extremely high trading fees
  • Minimal charting and trading tools

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

Conclusion

All in all, this guide has illustrated just how easy it is to buy Bitcoin with a debit card in the UK. All you need is a good, regulated broker that accepts debit cards and you’re good to go.

However, you also need to check what fees and commissions the broker charges – as the likes of Coinbase and CoinCorner charge 3.99% and 2.5%, respectively.

This is why most UK investors use FCA-broker eToro – as the debit card deposit fee is just 0.5%. Then, when you proceed to buy Bitcoin with the platform, you won’t be charged any trading commissions.

You can buy Bitcoin online with a debit card at eToro in less than 10 minutes by clicking the link below!

eToro – Buy Bitcoin With a Debit Card Instantly

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

FAQs

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About Kane Pepi PRO INVESTOR

Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Academically, Kane holds a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and he is currently engaged in a Doctorate Degree researching the money laundering threats of the blockchain economy. Kane is also behind peer-reviewed publications - which includes an in-depth study into the relationship between money laundering and UK bookmakers. You will also find Kane’s material at websites such as MoneyCheck, the Motley Fool, InsideBitcoins, Blockonomi, Learnbonds, and the Malta Association of Compliance Officers.

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