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Everything you need to know
The popularity of cryptocurrency has really taken off in recent years, and even months, and perhaps you’re keen to get involved but aren’t quite sure how to buy Bitcoin online with a debit card. Read on to find out everything you need to know to get started with your purchase.
Increasingly, high profile individuals and companies have been turning to cryptocurrencies such as Bitcoin, while some banks are even planning to offer cryptocurrency services to customers. As with any investment, there are risks and plenty of things to consider, but getting set up shouldn’t be any more complicated.
Below we’ve created a step-by-step guide for purchasing Bitcoin online with a debit card.
There are many places you can acquire Bitcoin from, such as various crypto exchanges, but perhaps the safest and most reliable is through a broker, just as if you were investing in traditional stocks. The broker will handle the technical and admin side of things, carrying out your orders for you.
Your cryptocurrency broker will need some information from you in order to open your account, much like would be the case with a bank or traditional stockbroker. Through your account you’ll be able to track your investments, manage your crypto finances and prepare your taxes.
If you want to use your debit card to purchase Bitcoins, you’ll need to link it to your account, which is easily done. Most brokers will now let you do this instead of linking a traditional banking account, which may be more convenient for you.
To help you manage, send and receive your Bitcoins or other cryptocurrencies safely, you might want to look into getting a ‘wallet’, which can be hardware or software. Hardware wallets can resemble USB drives, while software wallets include mobile applications.
You should now be all set to start trading Bitcoin and other cryptocurrencies with your debit card. Just place an order with your broker and sit back and watch it come in.
There are lots of options when deciding where to buy Bitcoin with your debit card, so make sure you do your research to find the right one for you. Some options include Gemini, Interactive Brokers, eToro, Money Lion and Voyager.
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