This guide is an introduction to buying Bitcoin with Afterpay. We will provide you with a simple three-step process to help you make your first purchase. The first question to address is whether it is possible to buy Bitcoin with Afterpay.
Unfortunately, the answer is no, as Afterpay does not allow the purchase of cryptocurrency. However, there is a way around this limitation – by using Afterpay to fund a trading account and then buying Bitcoin from a crypto exchange that accepts Afterpay deposits.
Our guide will assist you with this process.
| Topic | Key Points |
|---|---|
| 💳 Buying Bitcoin with Afterpay | Unfortunately, Afterpay does not directly allow the purchase of cryptocurrency. However, a workaround is to use Afterpay to fund a trading account and then buy Bitcoin from a crypto exchange that accepts Afterpay deposits. |
| 💰 Fees and Costs | The only cost incurred when buying Bitcoin with Afterpay is the trading fees, which usually range between 1-2% when using most crypto brokers. Afterpay itself does not charge any additional fees or interest for using their service, but late payment can result in a fee. |
| 🚫 Limitations of Afterpay | Afterpay is a buy now, pay later platform and does not currently offer a Bitcoin wallet option to store bitcoins. The process of linking an Afterpay account to Google Pay or Apple Pay can be complex and requires a lot of technical integration, which is why only a few platforms support this payment option. |
| 🤔 Should You Buy Bitcoin using Afterpay? | Using Afterpay to buy Bitcoin can be a convenient way to spread out the cost of your purchase over several weeks. However, it’s important to exercise caution when using Buy Now, Pay Later (BNPL) services to buy volatile cryptocurrencies like Bitcoin. Make sure you can afford to make your payments on time to avoid costly fees. |
Afterpay is primarily used for purchasing products and services from participating retailers, both online and in-store.
For buying Bitcoin, you may consider using other platforms such as Cash App or Coinbase.Keep in mind that most platforms have a verification process before allowing you to buy and send Bitcoin, which can take some time.
If you still want to try using Afterpay to indirectly purchase Bitcoin, you might consider looking for a workaround. For example, you could try purchasing a gift card for a store that accepts Bitcoin and then using that gift card to buy Bitcoin.
However, this method is not guaranteed to work, and it may not be the most efficient or cost-effective way to buy Bitcoin.
What you'll learn 👉
How to buy Bitcoin with Afterpay – a step-by-step guide
If you’re interested in buying Bitcoin with Afterpay, it’s a simple process that can be completed in just 15 minutes.
First, you’ll need to sign up with Oanda, which is the best platform to use for this purpose.
After creating an account and verifying your identity, you can make a deposit via Afterpay.
Then, use the search function to find Bitcoin and select the currency you want to pay in.
Finally, enter the amount of Bitcoin you want to buy, check the details, and complete the transaction.
Once the payment is processed, your new Bitcoin will appear in your exchange account.
By following these simple steps, you can easily purchase Bitcoin with Afterpay.
Can I buy crypto with Afterpay?
If you’re wondering whether you can buy cryptocurrency with Afterpay, the answer is yes! You’re not limited to just buying Bitcoin, as many exchanges that support Afterpay as a payment method offer a wide range of cryptocurrencies.
In fact, most exchanges offer 50 or more, and some even offer hundreds. So, if you’re interested in investing in other cryptocurrencies besides Bitcoin, you can easily do so with Afterpay.
Is Afterpay legit and safe?
Afterpay is a safe platform to use when buying Bitcoin. However, it’s important to ensure that you choose a regulated broker when making your purchase. Opting for an unregulated broker can potentially put your money at risk. It’s always wise to take precautions and conduct thorough research before proceeding with any financial transaction.
What are the fees to buy Bitcoin via Afterpay?
If you’re looking to buy Bitcoin with Afterpay, the only cost you’ll incur is the trading fees, which usually range between 1-2% when using most crypto brokers. Afterpay itself does not charge any additional fees or interest for using their service.
However, it’s important to note that you must make all instalment payments on time to avoid a late fee of up to 25% of the order value. So, make sure you stay on top of your payments to avoid any additional fees when buying Bitcoin with Afterpay.
Does Afterpay have a Bitcoin wallet option to store bitcoins in Afterpay?
Afterpay is a buy now, pay later platform and does not currently offer a Bitcoin wallet option to store bitcoins in Afterpay.
While there are plans to link Afterpay to Cash App, which allows for the buying and holding of Bitcoin, this feature is not yet available. As of now, it is not possible to hold Bitcoin in your Afterpay or Clearpay account.
Why are there so few platforms that support Afterpay?
Despite the popularity of Afterpay/Clearpay, there are currently only a limited number of platforms that allow users to buy bitcoin with this payment method.
This is because the process of linking an Afterpay/Clearpay account to Google Pay or Apple Pay can be complex and requires a lot of technical integration. As a result, only a few platforms have invested the time and resources necessary to make this payment option available to their users.
However, as the demand for Afterpay/Clearpay continues to grow, it’s likely that more platforms will begin to support this popular payment option in the future.
Should I buy Bitcoin using Afterpay?
Using Afterpay to buy Bitcoin can be a convenient way to spread out the cost of your purchase over several weeks.
This allows you to take advantage of opportunities to buy Bitcoin without worrying about paying the full amount upfront. However, it’s important to exercise caution when using Buy Now, Pay Later (BNPL) services to buy volatile cryptocurrencies like Bitcoin.
Make sure you can afford to make your payments on time to avoid costly fees. While Afterpay offers zero-interest Bitcoin purchases and may add more crypto options in the future, it’s important not to rely too heavily on this payment method.
Additionally, the limited crypto functionality on the Afterpay app may not meet all your needs. Consider exploring other payment options, such as online payment providers or traditional payment methods, to determine the best way to buy Bitcoin for your situation.
Ultimately, the decision of whether to use Afterpay to buy Bitcoin will depend on your individual circumstances and risk tolerance.
