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Simple ways to Buy Ethereum with Debit Card

Ethereum (ETH) is one of the most promising cryptocurrencies to have been developed. Its launch back in 2015 changed the crypto industry, as the project focused on how its native token could be integrated with decentralized platforms instead of purely being a store of value — setting it apart from Bitcoin.

It’s numerous applications and use cases could mean Ethereum becomes an integral part of future financial systems. With the recent rise of DeFi projects built on the Ethereum blockchain, the second-largest cryptocurrency has a great deal of potential and could one day surpass Bitcoin as the market leader, as some analysts have speculated.

One of the easiest and the most widespread methods for buying Etherum is using a debit card — offering ease of use and reduced fees compared to other methods, such as a credit card or using PayPal.

Steps to Buy Ethereum with Debit Card

  1. Find a trusted cryptocurrency exchange that accepts debit cards as a payment method
  2. Create an account on your chosen exchange and verify your identity
  3. Go to a payments page on the exchange and select the option to deposit funds
  4. Select debit card as the payment option and enter your details
  5. Put in the amount of ETH that you wish to buy and make your purchase

Advantages and Disadvantages of Buying Ethereum with Debit Card

Pros

Buying Ethereum with a debit card is a very quick way to obtain your coins
You can only spend the money that you already own, without borrowing from the bank
It is a very easy process to purchase coins with debit cards, even for first-time users
Most exchanges accept debit cards as payment methods

Cons

Processing fees are often high for debit card purchases
Your card might not work if your bank is unsupportive of crypto purchases

Buying Ethereum with Debit Card Fees

Buying digital currencies with debit cards has a lot of benefits. It is secure, fast and accepted by most platforms.

However, using a credit card to buy digital currencies might come with even higher fees than normal.

The reason behind this is the fact that a lot of websites cannot process payments on their own. Instead, they hire a third party to do this for them; that usually charges its own fees on top of the usual ones. In the end, you might pay anything from 2.5% to over 11% of the sum of your purchase in fees alone.

One of the main purposes of buying and using crypto is to avoid fees associated with fiat currencies. Cheap transactions and fast payments are the biggest strengths for digital coins, after all. However, it is undeniable that this method of obtaining crypto can be quite costly.

Is Buying Ethereum with a Debit Card the Best Method?

Buying ETH with a debit card is a method that has its benefits, as well as its issues. However, there are alternatives to consider, such as using a credit card, PayPal or a bank transfer.

Using a debit card is a good way to pay if you want to keep an eye on your spending and not borrow it and pay interest, as the case is with credit cards if the balance is not paid off straight away.

However, if you think you’ve spotted a good time to buy in the market, you may wish to buy coins and pay for them later — just ensure that you are not spending more than you can afford.

Alternatively, if you don't mind waiting a little longer in order to pay fewer fees, you can always use a bank transfer instead. This way, you will still ensure high levels of security — as your bank will validate the transaction — but there will be reduced fees and no APR interest to pay, as seen when paying for Ethereum with a credit card.

PayPal is another option, although it can be riskier and potentially expensive. However, PayPal is best used for one off purchases like a credit card, as fees can quickly grow.

Lastly, you can, once again, buy Ethereum by exchanging some other cryptocurrency for it.

Frequently asked questions

  1. A lot of different crypto exchanges — centralized and decentralized — support debit card purchases. However, it depends on which exchanges are available in your region.

  2. Yes and no. Ethereum has been recognized by the SEC in the US as a legitimate investment, so you can be safe in the knowledge it is not a scam. However, the crypto market can experience high volatility; which means your investment may grow or lose its value very quickly. Never invest more than you can afford to lose.

  3. Yes, but only if you wish to participate in its ecosystem through smart contracts, dApps and DeFi projects. Ethereum is not a coin meant to be used in the real world. As a result, you won't be able to use it to pay for goods and services — if you’re looking to buy so you can make crypto purchases, Bitcoin might be a better option.

  4. No, Ethereum is a blockchain-based cryptocurrency that can be withdrawn into trusted wallets, but you cannot withdraw it or use it on a standard debit (or credit) card. You will first need to sell your ETH holdings in exchange for your local currency and then withdraw this money to your debit card’s associated bank account.

  5. Yes, you can safely buy ETH by using your debit card, although the safety of your investment still depends on market conditions and price behaviour. In other words, your money is not at risk of being stolen on trusted exchanges, but you may lose it if prices drop.

  6. Ethereum purchases are not instant, because any transaction you make needs to be recorded on the block, and become a part of the blockchain. Provided you pay a high enough gas fee, and the transaction ends up on the very next block, it will still take up to five minutes to complete.

  7. Unfortunately, no. Banks around the world are becoming more open to the crypto industry. However, there are still many of them that do not support using their services for buying crypto.

  8. As mentioned before, this is something that depends on your priorities. If you value speed and do not mind paying some fees then this is a great method for making your purchase. However, if you are not pressed for time you might want to change to a cheaper alternative, such as bank transfers, depending on your own bank’s policies to cryptocurrencies.

  9. Ethereum has countless use cases within its ecosystem, and it is very sought-after by long-term investors, as well as day-traders. So, while the coin wasn't intended for real-world use, there are still a huge number of use cases that it has in the crypto world, which could mean its value increases as demands for these use-cases grow.

  10. Ethereum, like the rest of the crypto market, is available for purchase, sale, trade, or exchange at any time of day and night. The crypto industry doesn't have working hours like the stock market, so the you can buy at your convenience.

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Advantages and Disadvantages of Buying Ethereum with Debit Card