How To Buy Bitcoin & Crypto With Prepaid Cards [2021]

Are you wondering if you can purchase bitcoins with your prepaid cards? If yes, then this post is for you. Various sites are now accepting credit cards for you to acquire cryptocurrency. Even though there is a difference between a debit card and prepaid cards, many banks offer overdraft facilities to use debit cards as credit cards.

Getting bitcoin these days has never been easier given the high number of exchanges that allow all kinds of payment methods, including prepaid cards. Here, you are getting an overview of the exchanges you can use to get your bitcoins through prepaid cards.

Off we go!

What are prepaid cards?


They are most commonly gifts for special occasions like your birthday, wedding or any other event. You can top them up with any amount of money you want and can use them just like a regular debit or credit card. Mastercard and Visa are ubiquitous providers of these types of cards.

You can spend the money as you wish with prepaid cards, but they usually have lower limits on spending in comparison to regular cards. Most importantly, there are enough crypto exchanges that accept prepaid cards as a method of payment for bitcoins or other cryptocurrencies.

Exchanges that allow prepaid cards


CoinMama


Since its inception in 2013, CoinMama is among the first exchanges to allow digital currency purchase via credit and debit cards. If you have a prepaid card that is Mastercard/Visa enabled, it’s easy to buy bitcoin at CoinMama. Not only bitcoins, but you also can buy another cryptocurrency with prepaid card or other coins like Ethereum, Ripple, and altcoins like Qtum and Cardano.

You also enjoy faster transactions when you use prepaid cards as opposed to bank transfers. Your digital currency will be sent immediately to your wallet as Coinmama doesn’t store coins on their servers at all, for expediency and safety reasons. So, what are the other benefits and drawbacks of using prepaid cards at CoinMama to purchase bitcoins?

Pros
  • User-friendly platform for a beginner
  • Several payment methods
  • Great customer support
  • Presence in over 220 countries
  • not storing your coins in their wallets
Negatives
  • Only buying, no trading
  • Bank transfers in Eurozone countries ONLY

Here is a full Coinmama review.

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Visit Coinmama now.

CEX


Since its inception in 2013, CEX’s headquarters are in the financial capital of the world, London. It’s one of the most affordable crypto exchanges, especially when making card payments. You can trade Bitcoins, Ethereum, Zcash, Stellar, Ripple and 40+ other altcoins. The lower card fees are a magnet to crypto enthusiasts. Aside of that, Cex.io added other services like margin trading, staking as a service, crypto loans, mining etc.

However, you can only operate using dollars, euros, ponds, and Rubbles. This implies you must pay additional fees for currency conversions. What are the advantages and drawbacks Cex.io?

Pros
  • User-friendly platform for a beginner
  • Several payment methods
  • Great customer support
  • ±0.25% low trades and ±3.5% for card fees
  • other services like staking, lending also available
Negatives
  • confusing help center
  • expensive instant buy/sell fees

Here is a complete Cex.io review and guide on how to use it.

Visit Cex.io now.

LocalBitcoins


This is a highly popular p2p marketplace that has by far the widest plethora of payment methods, including PayPal, Western Union, Amazon gift cards, iDeal, and a host of others. If you are concerned about security, you would have to stick to prepaid cards because serial numbers are transferred electronically.

Always start small before you learn the ropes of the platform and get more comfortable with the transaction process. LocalBitcoins also has an escrow service for buyers and sellers in case of a dispute.

Pros
  • Enjoy a 1% flat fees for buys and sells
  • Vast number of payment methods
  • Available worldwide
Negatives
  • A lot of scammers and fraudsters lurking around
  • potential lack of buyers/sellers in your region
  • Low security, especially for in-person trades
  • Some sellers/buyers charge high spreads
  • mandatory KYC

Click here to learn more about Localbitcoins.

Visit Localbitcoins now.

Paxful

You can trade your bitcoins on Paxful because it’s a p2p marketplace. Get connected with buyers and sellers and enjoy a host of payment options, including prepaid cards (Google Play Gift, PlayStation Network Gift, eBay Gift Card). Paxful enjoys a broader reach and allows you to trade in your local currency.

Currently, Paxful only supports Bitcoin

Pros
  • User-friendly platform for a beginner
  • A host of payment options
  • 1% transaction fees for sellers only
  • worldwide presence
  • Escrow and moderation service
Negatives
  • It may take time before you can find a buyer or seller
  • Higher chances of getting scammed
  • mandatory KYC
  • Some sellers/buyers charge high spreads

Read more about Paxful by clicking here.

Visit Paxful now.

Paybis


If you are looking for a crypto exchange that is highly trusted and provides 24/7 customer support, Paybis is the answer.  The other side of the coin is the fact that the fees on fiat transactions for certain currencies could be excessive when purchasing Bitcoin with them.

Pros
  • User-friendly platform for a beginner
  • keeps adding new altcoins to the platform
Negatives
  • not available worldwide

Other exchanges that also support prepaid cards include Changelly and ChangeNOW.

Is it safe to buy bitcoins using prepaid debit cards?


If you are using a trusted exchange to buy bitcoins through prepaid cards, you are safe. However, it would be best if you move your bitcoins to a wallet once you purchase them. Before you buy crypto with prepaid card, remember that if you are using your debit card for convenience, the transaction might turn out to be expensive. Transferring a larger amount always requires a bank transfer as it costs no fees. Learn here how you can cash out a large amount of crypto for cheap.

Conclusion of how to buy crypto with prepaid card


You now have more than a few options where you can utilize your prepaid cards and get some bitcoins. The above options are a glimpse of what to expect, where to trade and sell, but other options also abound. The prepaid card option for buying cryptocurrency may not be the cheapest, but it gives you a chance to own that cryptocurrency you want.

If you are in a country with limited payment options, using cards is the most convenient choice. On the other hand, you can save a lot if you register with a local exchange and fund your account through a bank transfer. So, if you have that prepaid card, it’s time to own some bitcoins!!

FAQs

Can you buy bitcoin with prepaid card on Coinbase

No, Coinbase does not allow prepaid cards as a payment method on their platform.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

1 Comment
  1. Went to COINBASE site and this is what is stated under payment options:

    Visa and MasterCard debit cards can be used to buy using Coinbase. We’re unable to support prepaid cards or other cards without an associated billing address.

    Unfortunately they do not accept prepaid cards :{

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