How to Buy Bitcoin with a Debit Card5-min read

Prateek Arora

Prateek Arora |  Updated on 20/9/2023

What You Need to Know Before You Buy Bitcoin with a Debit Card

Indian woman buying Bitcoin - artworkYou can easily buy Bitcoin with a debit card and then convert the sum to fiat money. Originally, you wouldn’t be able to use a debit card for a variety of cryptocurrencies besides Bitcoin but in actuality, these days, many coins are eligible for crypto debit cards. If the card isn’t pre-paid, you’ll need to add cryptocurrency to a funding wallet before you can use it, or you’ll need to choose the cryptocurrency you want to use for transactions using the exchange’s app.

Where to Buy Bitcoin in India

Most eager initiates of the crypto ecosystem begin their journey into it by buying Bitcoin with a debit card. It’s generally their fastest way to get access to a cryptocurrency referred to as digital gold by the likes of Mark Cuban. Bitcoin has remained volatile, reaching below $20k in bear markets but, for some investors, this is the opportunity of a lifetime to buy a valuable asset on the cheap rather than a cause for concern. This article explains the overall process of how one can buy bitcoin with a debit card instantly.

Best Bitcoin Brokers for June 2024

Many cryptocurrency exchanges have taken an inclusive route, allowing first-time and veteran investors to buy bitcoin with a debit card. These following crypto brokers have received positive reviews from a number of reputable auditing sites, including Trustpilot, and have garnered quite some attention from Indian crypto investors.

Admiral Markets Review

Admiral Markets Review

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Pros

  • list bullet Over 40,000 active clients from 110+ countries, carrying out an average of 1.5 million trades per year.
  • list bullet Competitive spreads as low as 0.5 pips and up to 500:1 leverage for forex trading.
  • list bullet Provides access to over 8,000 trading instruments, including 40+ forex pairs, 200+ stocks, and 5+ cryptocurrencies.

Cons

  • list bullet Admiral Markets has relatively high minimum deposit requirements for some account types, such as those in GBP.
  • list bullet Some users have reported slow response times from customer support, during excessively busy periods.
Libertex Review

Libertex Review

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Pros

  • list bullet 0% fees on stock trades, minimum deposit of only $10 or equivalent
  • list bullet Over 322 tradable assets available
  • list bullet Unmatched user-friendly interface, easy for beginners to catch on

Cons

  • list bullet Unavailable in some countries, including the United States
  • list bullet Only features two types of accounts (Demo and Standard)
CEX.IO Review

CEX.IO Review

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Pros

  • list bullet Very low fees, highest spot trading commissions capped at 0.25%
  • list bullet Very easy-to-use and user-friendly dashboard, one of the best UX scores on the market
  • list bullet Over 200 crypto markets to choose from, all accessible from their comprehensive mobile app too

Cons

  • list bullet Different fees for different payment methds
  • list bullet Some features are exclusive to US customers
Binance Review

Binance Review

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Pros

  • list bullet Advanced charting with a variety of choices for overlays and indicators.
  • list bullet Has the option to use Binance Lite which is very useful for beginners.
  • list bullet Low fees and one of the most reputable crypto brokers.

Cons

  • list bullet Digital wallet is third-party software.
  • list bullet UI can be most suited for professionals and may be complex at first glance.
  • list bullet Strict account verification.

CEX.IO: Most Secure Exchange in the Market

CEX.IO is a Bitcoin exchange that allows users to buy and sell Bitcoins with a debit card. It is one of the most user-friendly exchanges available, and it offers a variety of payment options. CEX.IO is registered with the Financial Crimes Enforcement Network (FinCEN) and is compliant with all the regulations set forth by FinCEN. It also has a high level of security, with multiple layers of verification and two-factor authentication. On CEX.IO, trading fees are calculated using a user’s 30-day trading volume, which is updated each day at midnight (GMT). There is a 0.25% fee for taker trades and a 0.15% cost for maker trades for users who are new to the platform or have low trading activity. These costs could change, and they might be different for users who indulge in more trading. Overall, CEX.IO is a reliable and user-friendly Bitcoin exchange that is perfect for those who want to buy Bitcoins with a debit card.

 

CEX.IO

Admiral Markets: One of the World’s Leading Brokers

Admiral Markets is a reputable crypto, Forex, and CFD trading platform that offers users the ability to trade Bitcoin and other cryptocurrencies using a debit card. The platform allows for seamless integration of debit card payments into the trading process, making it easy for users to purchase Bitcoin and other digital currencies. Admiral Markets supports a range of debit card types, including Visa, Mastercard, and Maestro, making it accessible to a wide range of users.

One of the key advantages of using Admiral Markets to buy Bitcoin with a debit card is its low fees. Admiral Markets charges a small fee for processing debit card transactions, which is typically lower than fees charged by other platforms. Furthermore, Admiral Markets offers competitive spreads starting from 0.1 pips, ensuring that users get the best value for their trades.

Admiral Markets also provides its users with a range of analytical tools and educational resources to help them make informed trading decisions. The platform offers access to market analysis, trading signals, and a range of technical indicators to help users analyze market trends and develop effective trading strategies. Additionally, Admiral Markets offers a range of educational resources, including webinars and tutorials, to help users improve their trading skills and stay up-to-date with the latest market trends.

In summary, Admiral Markets is a reliable and cost-effective platform for buying Bitcoin with a debit card. The platform offers low fees and competitive spreads, as well as access to a range of analytical tools and educational resources. With its user-friendly interface and robust trading infrastructure, Admiral Markets is an excellent choice for both novice and experienced traders looking to invest in Bitcoin and other cryptocurrencies.

Libertex: Featuring the Lowest Fees on the Market

Libertex has originally started as a brokerage for stocks and forex, but has grown into offering commodities, ETFs and – as of late – cryptocurrencies. It has actually quickly become one of the world’s leading crypto exchanges due to its unmatched user-friendly dashboard, swiftly and easily allowing even the most novice investors to catch on in no time at all. Furthermore, it only requires a deposit of $10 or equivalent for one to start trading, whilst charging 0% commission on most trades.

The most attractive and alluring feature however – arguably for many new investors – consists of the many prizes and rewards up for grabs, including a 500 BTC draw for new Indian users, whilst also allowing runner-ups to win a new Tesla, iPhones and many other prizes.

 

Binance: Overall, One of the Best Bitcoin Broker in India

Binance is the leading bitcoin broker in India, with over 90 million users and a USD 78 billion daily trading volume. It is also one of the best cryptocurrency exchanges for many of the 115 million Indian crypto investors. After it acquired WazirX, Binance became the first global cryptocurrency broker for Indian investors.

Binance logo

Binance is one of the best Bitcoin brokers in India regarding user accessibility. Buying Bitcoin is simple and the user interface is easy to understand. In addition to buying or selling bitcoin, investors can benefit from Bitcoin Flexible Savings. Here, the users can earn up to a 5% Annual Percentage Return on their Bitcoin holdings in their Binance portfolio.

Overall, Binance is the best bitcoin broker for Indian Bitcoin investors. It is secure, provides ample options and offers multiple technical indicators for those wanting to engage with spot trading.

How to Buy Bitcoin with a Debit Card in India and Abroad

Here are the steps to buy Bitcoin through a debit card in India;

  1. Select the Bitcoin broker carefully
  2. Create a crypto account
  3. Search and select Bitcoin
  4. Enter the amount for which you want to buy Bitcoin
  5. Select Payment Method
  6. Confirm the order

The first step is to choose the Bitcoin broker. Interested parties must research and select a suitable cryptocurrency exchange. Afterward, the account creation process can begin. Once the investor has created the account, they can go to the search bar and choose Bitcoin. In the resulting dialogue box, the investor must enter the amount. The broker will then give them the option to select a payment method. They can choose a debit card and buy Bitcoin.

Bitcoin tokens

KYC and Verification

While cryptocurrency doesn’t have any legal protection, Bitcoin brokers have taken steps to ensure that all platform users are legit. The most important step in this process is KYC verification when signing up.

Users can upload any government-issued ID as a KYC document, such as an Aadhar card, Voter ID card, or PAN card.

Buy Bitcoin with Debit Card on Binance

Here are the steps to buy Bitcoin with a debit card on Binance;

  1. Log in to the Binance account.
  2. Click on the “Buy now” Button.
  3. Enter the fiat amount to exchange for Bitcoin.
  4. Press “Continue” and select “Visa/Mastercard” as the payment method.
  5. Enter card Information.
  6. Confirm order.

Buy Bitcoin with Debit Card on Libertex

Here are the steps to buy bitcoin with a debit card instantly on Libertex;

  1. Log in to the official account.
  2. Go to the user’s account.
  3. Navigate to the Payments Methods page.
  4. Add a credit/debit card.
  5. Go to the Buy/sell digital currency page.
  6. Enter the amount of fiat to exchange for bitcoin.
  7. Continue and select the payment method.
  8. Confirm the order.

Benefits and Drawbacks of Using a Debit Card for Buying Bitcoin

Pros

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    It is inclusive and allows first-timers to buy Bitcoin easily.

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    The transaction can happen instantly.

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    It is a simple process.

Cons

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    The transaction costs can be high in some cases.

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    Transactions cannot be cancelled once started.

Choosing the Right Bitcoin Exchange for You

Here are the tips for selecting the right Bitcoin exchange

  1. Conduct thorough research into the broker beforehand
  2. Figure out if you want Bitcoin as a long-term or a short-term investment
  3. Understand the volatility of the market
  4. Pay attention to the transaction fees for buying Bitcoin with a debit card.
  5. Assess your expectations before investing in the crypto market.

Vetting Our Recommended Brokers

We implement the following strategies before recommending bitcoin brokers:

For those who want to learn more, our list of the best cryptocurrency trading platforms is available for reading.

What to Know About Bitcoins?

Indian women selling Ethereum - artworkBefore buying bitcoin, investors should know the following:

Invest Responsibly

Bitcoin is a volatile crypto asset. Currently, it is trading far lower than its 2021 bull market when its price surpassed $6700k. However, it has slowly started gaining ground and is steadily climbing above $21k. That said, investors must assess their risk tolerance and do their research before investing.

Latest Updates

Block, a financial services and technology company owned by former Twitter CEO Jack Dorsey, has developed a new Bitcoin (BTC) mining chip. The new five-nanometre (5nm) chip aims to decentralize the supply of BTC mining rigs and overcome the excessive concentration of custom BTC mining silicon in the hands of a select few companies.

In a recent blog post, the San Francisco-based company explained that BTC mining application-specific integrated circuits (ASICs) are technically and financially challenging to develop. To tackle this issue, Block plans to make BTC mining technology open source by selling standalone ASICs and other hardware components to encourage innovation and maximize the size of the BTC mining hardware ecosystem. In a bid to accelerate development, Block has purchased a large batch of ASIC chips from Intel. The new proprietary 3nm chip, which Block claims will be the most advanced chip to date, is currently in the works.

Conclusion

Bitcoin is a volatile cryptocurrency but still is considered to be digital gold. It has led many early investors to attain incredible wealth over the last few years. However, investors must be careful while investing. They must wisely select their crypto exchange before buying Bitcoin and only support based on risk tolerance. Buying Bitcoin with a debit card is an option. However, investors must be careful about transaction fees.

Key Takeaways

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

FAQs

How to buy Bitcoin in India?

Bitcoin is available in India at many cryptocurrency exchanges. You can create an account, select bitcoin, choose the payment method, and complete the transaction to buy bitcoin.

Where to buy Bitcoin in India?

There are multiple bitcoin brokers active in India from whom you can buy Bitcoin,

What can I buy with Bitcoin in India?

You can exchange bitcoin for other cryptos or use it to pay retailers that accept bitcoin payments.

Can I use my debit card to buy bitcoin?

Yes, you can use a debit card to buy Bitcoin.

What are the best exchanges to buy Bitcoin from?

According to our list, the best exchanges to buy bitcoin from are Binance, Libertex, Admiral Markets, and Libertex.

Is Bitcoin safe?

Bitcoin is a volatile asset, and investors must be aware of it before investing.

Should I buy Bitcoin now?

Bitcoin is currently trading around a low $20k, which makes it a good time to buy the dip.

What are the pros of buying Bitcoin?

The biggest pro of buying Bitcoin is access to the upper echelon of the crypto market.

Is Bitcoin a good investment?

Bitcoin is a crypto asset and, thus, is a volatile investment. Therefore, research before investing to decide if it is a good investment.

How to buy Bitcoin online?

Bitcoin can be bought online via multiple bitcoin brokers.

When is the right time to buy Bitcoin?

The right time to buy bitcoin is when it is trending at levels that make experts speculate that the bottom is in.