A guide on how to buy Bitcoin using a credit card for first time users and steps to use when registering an account.
If you were considering an asset to add to your portfolio in January this year, you would have been faced with various moving markets. If you chose cryptocurrency and picked Bitcoin you would have made the right call looking at the market at the current time.
Bitcoin started the year at a low $3700 (£3061), after crashing from the $6500 range it had been holding for several months. Currently, the token is almost triple that value; showing a 189% increase to see a $10707 (£8835) price figure.
If you had invested way back in 2013 when the token launched, you would be sitting on a whopping 7417.11% return on that investment.
Investment is a long-game. But the process of buying Bitcoin isn’t. It can take less than five minutes if you trade with the right platform.
If you are based in Europe, Coindirect offers the platform to buy and sell more than 40 cryptocurrencies in two ways using fiat currency (EUR/GBP). Which method you choose will depend on how fast you want to purchase bitcoin and how much bitcoin you are going to buy. In addition to this, the amount of bitcoin you are able to purchase will depend on whether your identity is verified or not. This process of verifying your identity is otherwise known as KYC [know your customer] which is an anti-money laundering measure used to prevent financial crime.
Buying bitcoin with your VISA credit card or debit card
- Sign up for a free Coindirect Account (simply log in if you already have an account).
- Find your way to your bitcoin wallet.
- Click ‘Buy’ and then select ‘New credit card (EUR)’ from the drop-down.
- Enter EUR value of BTC you want to purchase (more than the minimum limit) or the BTC amount you want to buy and then click ‘Preview Buy’.
- You will receive a quote, press ‘Confirm’ before the timer runs out (counts down from 55 seconds).
- Type in your credit card details and hit “Pay”.
- You will be taken to a page to verify your transaction.
- Finally, you will be redirected back to your Coindirect Wallet once the payment is successful.
Currently, the daily limits for credit card purchases are:
Tier 1 countries: €500 unverified/€3000 verified
Tier 2 countries: €250 unverified/€500 verified
Buying bitcoin using SEPA Transfers (Eur Wallet)
How to deposit EUR into your Euro Wallet:
- Log in to your Coindirect account, you will see that the Euro wallet is automatically generated if you are from a SEPA region.
- Click the “Fund” button and you will be taken to a “Transfer Now” screen.
- Click the transfer now button and you will be taken to the screen with Funding Instructions.
- Click on the bank dropdown, select Single Euro Payments Area (SEPA), after which the Coindirect SEPA banking details will appear. Add Coindirect as a beneficiary and make the transfer by following steps 1 to 3 to make a Euro deposit into your Coindirect account.
Please use your unique beneficiary reference highlighted in blue when making deposits
How to Buy Cryptocurrency with EUR
- Once your funds reflect in your Euro Wallet you can now click on any of the 40+ coins we support in your Coindirect wallet and click the Buy now button.
- Then insert a Euro amount that is greater than the minimum amount shown in the wallet, as long as it’s available in your Euro wallet.
- Click Preview Buy to get a quote and to see fees and then confirm.
How to Sell Cryptocurrency for EUR
- Go to the wallet of the coin you want to sell and click the Sell button.
- Either put in the EUR amount you want to sell for or the coin amount you want to sell.
- Click Preview Sell to get a quote and to see the fees and then confirm.
How to Withdraw EUR
- If you have funds in your Euro wallet or you sell some coins and you want to withdraw the cash, you must navigate to the Euro Wallet and click the Withdraw button. You will then be taken to a “Withdraw Euro” screen.
- Type the amount of Euro you want to withdraw and select the SEPA bank account you want to withdraw to in the Withdraw to dropdown. This bank account is the bank account you added to your profile.
- Click Preview Withdraw to see quote and fees and then confirm.
Now you know how to buy, sell and withdraw Bitcoin in the UK. Invite your friends to trade using Coindirect’s platform through the Earn programme and you will both receive 5 XRP when they sign up and perform their first transaction. The more friends you refer the more you earn. Learn more about the earn program here.