Ethereum — the world’s second-largest cryptocurrency — is often traded with a credit card. Today, there are many cryptocurrency exchanges that support credit card payments and there are even a few which specialize in Ethereum. Few others accept only a few other cryptocurrencies.
However, it’s worth noting that not all exchanges offer the ability to purchase Ethereum with a credit card. And, while there are many reputable exchanges to choose from, it’s important to do your own research and ensure that the platform you decide to use is secure and meets your trading needs.
Moonpay, Changelly, and Simplex are some of the best Etherium-focused exchanges and all support credit card purchases.
Buy ETH on Moonpay
In this section, we discuss how to buy ETH on Moonpay.
- Visit https://moonpay.io/ and register an account.
- Select Ethereum as the currency you want to buy.
- Choose your payment currency, i.e. the currency you are using to pay for Ethereum.
- Enter the amount you want to buy and click “Continue”.
- Select your payment method, either credit card or bank transfer.
- Enter your payment details and click “Pay Now”.
- Wait for your payment to be processed and your Ethereum to be received.
You can also buy Ethereum via other payment methods such as local payment, bank transfers or even with other cryptocurrencies. Moonpay offers several options allowing you to buy Ethereum easily and securely.
Rules to trade ETH with credit card
In this section, we discuss 13 rules to follow when you’re trading ETH with your credit card.
Know your cards’ spending limits
Before you begin, check the spending limits your card has set for crypto purchases. Some issuers limit the amount of crypto you can buy in a given month. For example, some limit the number of crypto purchases to $5,000 per month. This helps to protect you from spending money you don’t have.
Use a secure exchange
Make sure you’re also using a secure exchange that is known to protect its users. This means you should only use exchanges that use two-factor authentication (2FA), have secure wallets, and require you to verify your identity. This is important when using your credit card to buy cryptocurrency.
Confirm the exchange’s fees
Always check the fees charged by the exchange you’re trading on before you buy. Exchanges may charge a fee for processing a card purchase, as well as a flat fee for buying or selling ETH and other cryptocurrencies. Certain exchanges will also have higher fees for credit card payments.
Verify the exchange rate
It’s also important to double-check the exchange rate offered by the exchange you’re using. This rate is the number used to determine the amount of ETH you receive for the amount you’re paying with your credit card
Get ready to verify your ID
Some exchanges will require you to verify your ID before you can purchase ETH with your credit card. This can involve providing a government-issued photo ID and proof of address.
Understand taxes
Before you begin trading, make sure you’re aware of the tax implications of buying and selling cryptocurrency. Depending on your country, you may need to pay taxes on any profits you’ve made or even — in some cases — on any cryptocurrency purchases.
Keep your funds safe
As with any financial transaction, it’s important to keep your funds safe when trading ETH. Most exchanges recommend you transfer your purchased ETH to a wallet that you control. This gives you full control over your coins, rather than keeping them on an exchange’s server.
Be aware of chargeback risks
As with any online payment method, there is always the risk of chargeback. This means that the buyer can reverse the payment, and the seller is not able to recover the money. In the cryptocurrency world, chargebacks are usually not possible, but they remain a risk when using a credit card.
Monitor your spending
Before you buy ETH using a credit card, make sure you’re aware of your current budget and only buy what you can afford. Monitor your spending to help you stick to your budget and stop you from overspending.
Don’t forget to check the market
Before you make a purchase, it’s important to check the current market rate. This will help you make sure that you are paying a fair price for your purchase
Update your wallet address
When buying with a credit card, it’s important to make sure you update your wallet address. This address is where your purchased ETH will be sent. If you’re using a wallet that you don’t have control over, you will have to ask the wallet provider to update your address.
Be selective with your exchanges
Don’t just take the first exchange you come across. Shop around and compare fees and exchange rates before you make your purchase
Check your statements
Finally, make sure you keep a close eye on your credit card statements. Look out for any suspicious transactions or charges that don’t look like they were made by you and inform your card issuer immediately if you notice anything unusual.
Buy Ethereum with a credit card today!
While Ethereum is currently the second-largest cryptocurrency by market cap, it has a lot of potential for growth in the future. For those looking to take advantage of this growth, buying Ethereum with a credit card is a great option.
It’s important to do your own research and find the right exchange for you. By following the 13 rules mentioned above, you can be sure that you’re taking the right steps to protect your funds and purchase ETH securely.
Good luck and happy trading!