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Is It Possible for You to Buy Cryptocurrency with Debit Card?
Now that the world has realized the importance of cryptocurrencies in the world economy, everyone is interested in being a part of this market. More and more online brokers are introducing cryptocurrencies as one of the financial assets for people to trade. In addition to that, people can now buy cryptocurrencies on various online exchanges. They can use many different methods to buy the digital coins of their choice. From bank wire transfers to credit cards, they can now use many different methods to buy cryptocurrencies. However, many people still wonder if they can use their personal debit cards to buy cryptocurrencies.
Can You Buy Cryptocurrency with Debit Card?
The simple answer to the question is “yes”. You can now buy cryptocurrency with debit card just like you can with your credit card. It has become a priority for cryptocurrency industry to make it convenient for people from around the world to get their hands on cryptocurrencies. This is how they can help this industry grow and spread in all parts of the world. Making it possible for people to buy cryptocurrencies with their debit cards is one of those steps. However, there are a few things that you must know before you make up your mind to buy cryptocurrency with debit card. Let’s find out about those factors.
Considerations before You Buy Cryptocurrency with Debit Card
It Is Not a Common Option
As stated earlier, the cryptocurrency industry is still doing its best to make the easiest modes of transactions available to people. However, it will take some time before things become accessible for the common man in his/her bedroom. You are still going to face some challenge before you can land on a cryptocurrency exchange that allows you to buy cryptocurrency with debit card. In most cases, you will find exchanges that have the credit card option. Yes, if you don’t have a credit on you, they might give you the debit card option later. You just have to keep in mind that exchanges that allow the use of debit cards for buying cryptocurrencies are still quite rare.
It Is the Safer Option
You have to know that buying cryptocurrency with debit card is the safer option. One of the things about cryptocurrencies is that they can be quite unpredictable. The volatility of cryptocurrency market is something that any investor in the market quickly finds out. Things can go in upward or downward direction faster than you realize. This volatility can play against you when you buy cryptocurrency with credit card and fail to gain any advantage. If you have invested in a cryptocurrency that goes down, you will have trouble recovering the money you have already put into the trade.
This makes it difficult for you to return the money to the bank. Of course, whatever you spend from your credit card has to be returned. On the other hand, the money on your debit card is your own money. It comes from your account and you don’t have to return it to anyone.
The Exchange Fees and Commissions Interfere
It does not matter whether you use the credit card option or the debit card option, you will have to deal with exchange rates. How much exchange rate affects you depends on the platform you are using for exchanging the currency. Let’s say you have US dollars in your account. If a website only accepts Euros, you will first have to convert your US dollars into Euros and then go on to purchase the desired currency. In addition to that, you might come across a situation in which you have to convert your money into a digital coin and then use that coin to buy another digital coin because the exchange only accepts cryptocurrencies. In any case, you will have to incur the fees and commissions associated with these trades.
The Track Record of the Exchange
The record of the exchange that you are about to do business with is extremely important. As sad and disturbing as it sounds, the cryptocurrency industry has seen some big mishaps in the past. Cryptocurrency exchanges with millions of digital coins from the traders disappeared or end up getting hacked. When such a thing happens, you usually don’t get anything back as the user of the platform. However, the record of the company can tell you whether or not you should sign up with it based on its reputation and performance in the past.
If you see that some security compromise did take place in the past, you can tell that the exchange is no serious with how it is doing business. it is even scarier when the hacks and security compromises are new.
Of course, the most important thing for someone who wants to purchase cryptocurrencies is the budget. You now have more than a 100 cryptocurrencies in the market today. Picking one that meets your requirements can be a tricky task. You have to be sure that the cryptocurrency you are choosing is going to fit into your budget. Do not forget that you are going to buy cryptocurrency with debit card i.e. the money will be coming out of your personal account. At no point should you be convinced that you have to put all your hard-earned savings into buying cryptocurrencies. It is best that you test the waters with a small investment at first.
It is amazing that the world has come to a point that a currency that was only a concept just a little more than a decade ago is a reality today. Not only is cryptocurrency a reality but you are now in a position to buy any cryptocurrency you like with your debit card. However, before you buy cryptocurrency with debit card, you should make sure that the cryptocurrency you are buying has some future. You will have to do some research on the cryptocurrency, the concept behind its creation, and the team that has developed it to know where the digital coin will go in future. Spend your money only when you are satisfied that the cryptocurrency is here to stay.
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