March 29, 2023

Where Can I Buy Crypto Instantly With Different Payment Methods

Where Can I Buy Crypto Instantly With Different Payment Methods

Cryptocurrency has been in the news a lot recently. Particularly with the bankruptcy of one of the biggest exchanges – FTX. So, that got us talking about where and how people choose to buy crypto.

Before entering the crypto space, everyone has to ask themselves this question – where can I buy crypto? What you should also factor in is the how. There are a host of platforms enabling users to select from a bunch of crypto payment methods. Honestly, it couldn’t be easier or more convenient to buy crypto, but we’ll walk you through your options and let you know what you should do once you’ve purchased it.

How Can I Buy Crypto?

Fiat Currency

Ok, so to buy crypto with your dollars, pounds, peso, or whichever currency you use, you’ll have to go to a centralized exchange or a crypto wallet that provides the facility to buy crypto with fiat currency.

However, if you opt for a centralized exchange, it is suggested and highly recommended to also download a crypto wallet or purchase cold crypto storage. Cryptocurrency purchased and left on an exchange means it isn't really owned by the person who purchased it. Create a wallet, and you’ll be given unique keys to access it, meaning you’re in complete control.

Crypto Payment Methods

Apple Pay For Crypto

Many people opt to buy crypto from their phones using an exchange app. Once you’ve signed up, processing transactions are incredibly easy if you’re an Apple Pay user. As your card details are already in your Apple Wallet, you simply select which card to use, verify it with Face ID, or whichever verification step you use, and that’s it – you’ve purchased crypto with fiat using Apple Pay.

Pay For Crypto With Credit Card or Debit Card

If you opt to buy crypto with a credit card or debit card, you could end up with a double whammy of fees or not be able to buy it at all. Some credit card providers will immediately block the purchase of crypto, making it impossible.

Alternatively, if your chosen bank or card provider does allow crypto purchases, you should check the charges associated with this. Often, crypto exchanges card a high percentage fee for credit cards – up to 5%! If you have to add to this a bank charge, the costs stack up quickly.

However, if your bank accepts it and the fees are friendly, buying crypto with a credit card or debit card is as easy as any online purchase you make.

Pay For Crypto With PayPal

It’s possible to buy, sell, hold, and pay with cryptocurrency directly in the PayPal app. So, if you have a PayPal account connected to your chosen payment method, this is an option. While this is a great feature, PayPal only operates with 4 cryptocurrencies at the minute – Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

As with all platforms, be sure to check out PayPal’s tiered fees for buying crypto and compare them with other platforms. With questionable changes in their policies, you might want to be wary of creating a crypto portfolio in your PayPal account.

Buy Crypto With Wire Transfer

The cheapest way to buy crypto is to do it via wire transfer. You can do this by going into your bank or doing it via online banking. Essentially, what you’re doing with this process is funding your crypto exchange account with dollars – not actually buying crypto.

So, you’ll wire transfer funds to the crypto exchange, usually with a unique code as the reference. This money will then be deposited into your account as dollars for you to buy crypto. This avoids hefty credit card fees and is how most people get started.

Buy Crypto With ACH

ACH and wire transfers are similar. ACH is another type of bank transfer that can be used to buy crypto instantly. As with wire transfers, the added benefit of using ACH is it often has little to no additional fees.

However, the downside of using ACH is the speed of transactions. If you’re looking to buy crypto there and then, this isn’t your best option. As the transaction has to go through a clearing house, it could be a few days before you see the funds appear in your crypto exchange account.

In Summary: Choose A Versatile Platform

Overall, if you want flexibility and the option to pay with a variety of payment methods, you need to choose a platform that facilitates this. Each platform and payment method comes with its unique charges, so this is something to keep an eye on. Furthermore, it’s best to check with your bank or credit card provider if you will incur charges with them for crypto payments.

Finally, as a beginner, you’re more than likely going to be buying crypto from a centralized exchange. After recent events and the volatility of markets, we highly recommend gaining complete control over your cryptocurrency. Once you’ve purchased, immediately move it off any exchange and into a wallet where you hold the private keys.

Check out Escrypto’s range of digital wallets and crypto payment processing methods. You’ll have access to institutional-grade security and the easiest ways of buying crypto.

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