Discover is one of the most popular credit cards in the United States. If you want to buy Bitcoin with it, you might find yourself confused by the lack of exchanges accepting Discover payments and the fact that some of them are allowing Discover purchases only in certain countries.
People with Discover Cards are known to hang out in online forums and ask other people about their experiences trying to buy crypto on exchanges.
The official stance of the company, with 44 million users worldwide, is that it is not interested in the crypto market involvement.
Discover doesn’t want to be a part of the growing decentralized money market. However, there is always a workaround for these types of problems, and we will take a look at it in this article. Let’s take a look at how to buy bitcoin with Discover credit card.
| 🔍 Platform (Features) | 👍 Pros | 👎 Cons |
|---|---|---|
| 🌐 KuCoin P2P – Rapidly growing marketplace that allows users to purchase and sell cryptos including BTC, ETH, LTC, and more. Accepts a wide variety of payment methods using fiat currencies like USD, EUR, GBP, CAD, IDR, AUD, etc. | Supports various payment methods including Discover, offers a variety of cryptocurrencies | Yet to put more emphasis on promoting and improving its P2P marketplace |
| 🔄 LocalBitcoins – A trusted peer-to-peer market where buyers and sellers can buy and sell Bitcoin. Has over 1 million registered members worldwide. | Wide variety of payment options, supports several cryptocurrencies, easy to use with Discover | The risk of scams |
| 💼 Paxful – A peer-to-peer online marketplace where anyone can sell or buy cryptos. Makes buying Bitcoin simple and safe. | Wide variety of payment options, supports several cryptocurrencies, easy to use with Discover | Presence of scammers on the platform |
| 💳 eToro – A trusted multi-asset investment platform with over 70 cryptocurrencies and unique features such as copy trading. | Low trading fees, a wide selection of digital assets, regulated by the Financial Industry Regulatory Authority (FINRA) | Higher fees |
What you'll learn 👉
How to buy Bitcoin with a Discover card?
Buying crypto with Discover cards isn’t always easy because most major exchanges don’t accept Discover. But there are some options out there that do.
The most known platforms where you can buy crypto with Discover cards are P2P marketplaces. We will mention two top options below. After that, we will explain to you how to use Discover to buy Bitcoin indirectly, with a step or two added to the whole process.
eToro
eToro is a trusted multi-asset investment platform that stands out for its unique features and wide selection of digital assets. Established in 2007, it has grown to become one of the most popular platforms for both new and experienced traders. eToro offers more than 70 different cryptocurrencies for trading, making it a comprehensive platform for anyone looking to diversify their crypto portfolio. The platform is also known for its innovative feature of copy trading, which allows users to replicate the trades of successful investors, thus providing a learning opportunity for beginners and a chance to diversify strategies for seasoned traders.
In terms of safety and regulation, eToro is regulated by the Financial Industry Regulatory Authority (FINRA), ensuring a secure trading environment for its users. It also offers competitive low trading fees, which is a significant advantage for traders who perform a high volume of trades.
Despite Discover’s general lack of support for cryptocurrency purchases, eToro allows users to link their Discover cards to their trading accounts, providing an accessible route for Discover cardholders to enter the cryptocurrency market. However, it’s always important for users to be aware of the potential risks and volatility associated with cryptocurrency trading.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
Kucoin P2P
Kucoin P2P is a rapidly growing marketplace that is gaining popularity among crypto users even though KuCoin is yet to put more emphasis on promoting and improving it.
KuCoin’s P2P marketplace allows users to purchase and sell cryptos, including BTC, ETH, LTC, and more. Just like other P2P exchanges, KuCoin P2P also accepts a wide variety of payment methods. Using fiat currencies like USD, EUR, GBP CAD, IDR, AUD, etc., customers can acquire crypto on the platform from other users. There are a bunch of payment options to choose from, including PayPal and Payoneer, as well as bank transfer and other options.
It works just like other P2P markets where the buyer places an order on the KuCoin P2P platform, and the seller’s crypto gets frozen temporarily by KuCoin. The buyer needs to send the fiat currencies to the seller’s chosen payment method, and once done, the crypto held will be released to the buyer’s KuCoin Main Account.
In order to use Kucoin P2P marketplace, you need to bind a phone number and do a KYC process.
Localbitcoins
LocalBitcoins is a trusted peer-to-peer market where buyers and sellers can buy and sell Bitcoin. It has over 1 million registered members worldwide and is one of the most popular ways to exchange crypto.
Buying Bitcoin with Discover is very easy on LocalBitcoins.
Create a free and safe bitcoin wallet when you sign up with LocalBitcoins. Filter the search box with the amount of BTC you wish to buy and set Discover as the payment method. Choose a high-volume trader with a strong reputation. To proceed with the transaction, click the Buy button and review the terms and conditions. Send the seller a message and submit your request to start negotiating a trade.
Paxful
Paxful is a peer-to-peer online marketplace where anyone can sell or buy cryptos. Paxful makes buying bitcoin simple and safe.
It’s easy to get your own Bitcoin wallet by creating and verifying a Paxful account. To put it simply, the service will facilitate the purchase of Bitcoins from users who are already registered on it.
You can use this account to make purchases using Discover as your payment method and set your purchase price. Just do a search on Paxful for deals that fit your criteria. Please read the terms and conditions thoroughly. Put in the Bitcoin price you’re willing to pay. To initiate the buy, start a live chat with the vendor.
Workaround: use your card to buy iTunes or Amazon gift card, then trade it on Localbitcoins
You can buy a gift card from Amazon, iTunes, or anywhere else using a Discover credit card. For example, buy a gift card through your Amazon account, and pay for it with a Discover card.
Then proceed on Paxful or Localbitcoins and buy crypto with a gift card chosen as a payment method.
Check this guide on buying crypto with gift cards by clicking here.
Bitcoin ATMs
There are three distinct types of Bitcoin ATMs: those that only convert BTC to fiat currency, those that also allow you to buy and sell other cryptos, and those that do both.
Some of them accept Discover cards as a method of payment. But please note that ATMs are expensive as hell.
The current range of Bitcoin ATM fees is between 9 and 12% of the transaction value. One or more forms of identification may be required if you use a Bitcoin ATM.
Read also:
- How to buy crypto with Western Union
- How to buy crypto with ZELLE
- How to buy crypto without credit card
- How to buy crypto with AMEX?
- How to buy bitcoin with Google Pay?
FAQs
