Many people dream of investing profitably in cryptocurrency but at the same time, do not understand where to start. It is important to study not only the availability of cryptocurrencies, and more than 10,000 types of them have been registered to date, but also to find out where you can make a profitable purchase, sale, exchange, where you can store cryptocurrency, where you can make good money. To do this, there are a number of platforms that you can turn to, but you should also explore all the possibilities that the platform can give, find out what points to pay attention to. Many people are interested in crypto and ask — how can i buy bitcoin with credit card?.
Features of buying cryptocurrencies
You should clarify this point if your goal is to pay for cryptocurrency with fiat money from a credit card. In fact, this is quite real but quite difficult. You need to find a suitable crypto tax calculator Australia exchange. This is something like a stock exchange, where transactions are made only with crypto, you will also need an exchange that works specifically with credit cards. Many popular platforms do not allow purchases of such a plan, they accept credit cards, but for this, you will have to pay 3% or more for your transaction.
When choosing an exchange, much attention is paid to such a factor as the search for an exchange, it should:
- be reliable;
- be verified;
- offer the most favorable conditions;
- offer to conduct transactions almost instantly;
- work with all currencies.
The platform ChangeHero.io has been working in this area for a long time, takes care of its customers, and offers the most favorable conditions. You can easily make all possible transactions, buy, sell, exchange, store, while you do not have to pay huge commissions. The company constantly highlights something new and tries to make the exchange work smoothly and be profitable for each client. The main task of the platform is to provide convenience for each party to the transaction, as well as to guarantee the security and reliable protection of the process.
Risks when using credit cards to purchase cryptocurrencies
There are a number of reasons why many people do not want to work with the purchase of cryptocurrencies with a credit crate. Many are afraid of uncertainty, if you have spent enough time studying all cryptocurrencies, you will see what ups and downs await each type of currency, including bitcoin. Most cryptocurrencies have an identical history. Volatility makes cryptocurrency stocks very risky. Also, many people note poor regulation, most products with cryptocurrency are poorly regulated, they do not belong to any country, and do not fall under the legislation. Because of this, uncertainty is added, and the product is considered as risky as possible.
Various legal complications are also possible if you decide to make a deal through a bank. In addition, many believe that cryptocurrency is an excellent equivalent of cash, that is, cardholders are fans of cryptocurrency, and because it can be exchanged for real currency, and this leads to problems in the field of potential money laundering, which is tax evasion and a number of legal problems. It is for these reasons that many card issuers do not allow transactions of this type. You need to choose a credit card company that will not block the purchase of cryptocurrencies directly. Very often, purchases in cryptocurrency can be considered transactions that are equivalent to cash as an addition to the commission. The exchange will charge a certain percentage for using a credit card, but it is not so huge, everybody can allow such waste.
The process of buying a crypt with a credit card
Before submitting an application, it is necessary to determine exactly how the process of buying a crypt using a card works. You need to find a credit card issuer who will offer you to purchase cryptocurrency, then find a special exchange that will make such a transaction and buy cryptocurrency.
The most difficult part is exactly the search for the issuer and the exchange, the step-by-step process may vary slightly depending on which exchange you go to. You specify the currency, the amount you want to buy, and tell us exactly where to send the currency itself. If the issuer allows you to buy cryptocurrency, it will consider a cash advance.
Some distinguish a number of features when buying currency from a credit card. But many also note a large number of disadvantages, for example:
- will not be able to receive awards;
- a bonus for registration may not be taken into account;
- credit card protection measures will not apply;
- huge fees.
All these disadvantages will not allow you to earn on cryptocurrency since you will initially be forced to spend a larger amount than when buying crypts in other ways. Many are also concerned about the issue of uncertainty regarding the crypt. Risks can await a person with any method of purchase, this is due to the fact that it is necessary to study in detail each type of cryptocurrency in order to find the best option.