Saturday, January 18, 2020

How To Instantly Buy Ethereum With A Credit/Debit Card

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

It is quite easy to buy Bitcoin with credit or debit card since several platforms use payment processors such as Simplex to facilitate such transactions. You’ll also find peer-to-peer platforms like LocalBitcoins and Paxful allowing you to buy Bitcoin with cash, but what happens if you want to instantly buy Ethereum with a credit/debit card, is it possible? Definitely!

However, you should not be expecting a wide range of options as is the case with Bitcoin. But then, each of the methods on how to buy Ethereum with cash which we’ve outlined below will see your wallet funded in no time with the second most popular cryptocurrency.

How to Buy Ethereum with Credit Card

You can buy Ethereum with credit or debit card by employing Luno or cryptocurrency exchanges such as Coinbase, Cex.io, and Coinmama.

1. Luno:

Luno is a payment platform that supports about 43 countries and as such, chances that you can buy Ethereum from this provider are high. Some of the supported countries include Austria, Bulgaria, Belgium, Czech Republic, Croatia, Cyprus, Denmark, Estonia, France, Finland, Greece, Germany, Guernsey, Hungary, Iceland, Indonesia, Isle of Man, Ireland, Italy, Jersey, Latvia, Luxembourg, Liechtenstein, Lithuania, and Malaysia.

Now all that is required, is to access Luno’s web page to download its application for Android or iOS. You can then proceed to set up an account in order to begin your first transaction. However, there will be a limitation as to how much you can transact unless you go through the Know Your Customer (KYC) procedure.

The downside of using Luno is its transaction fees which may take a toll on your funds. Other than that, you are dealing directly with the London-based platform and not a third party as is the case on peer-to-peer platforms. Luno also allows you to resell your Ethereum for cash, and it credits funds directly to your bank account.

That aside, follow the steps below to buy Ethereum from Luno:

  • Download the Luno app from the official site
  • Install the wallet on your iPhone or Android phone
  • Register an account
  • Click on the ‘More’ Button
  • Select ‘Deposit Money’
  • Depending on your country, you can settle for ‘Bank transfer’ or ‘Debit or credit’ card payment
  • You’ll be redirected to a payment processor for either
  • Once you’ve successfully funded your wallet with fiat, you can proceed to buy Ethereum with it
  • Select the ‘Buy’ button on the app’s homepage
  • Below the section, ‘Buy Ethereum’, choose your fiat currency
  • Enter the amount you want to exchange for Ethereum
  • Enter your wallet’s password and the transaction will be confirmed

Note: The latest version of the app requires that you turn on/off a block on deposits to banks and it’s in a bid to prevent your funds from being stolen if one tampers with your phone.

2 . Cryptocurrency Exchanges:

While there are exchanges that offer support to buy Bitcoin with a credit card, not all have made provision for Ethereum. That being the case, you can check out one of these exchanges where Ethereum can be bought using a credit card. They are:

  • Coinbase
  • CEX.io
  • Coinmama
  • BitPanda
  • Changelly

The processes involved in buying Ethereum from each will differ, but the basic idea is the same. They usually involve the following:

  • Creating a new account on the exchange
  • Verifying your email, phone, number, and identity
  • Selecting the payment method which in this case is credit/debit card
  • Choosing the fiat currency to be deposited into your account (It can be detected automatically based on your region)
  • Converting your fiat currency to Ethereum on the exchange

3. Peer-to-Peer Exchanges:

If push comes to shove, you can buy Bitcoin from Peer-to-Peer exchanges using a Bank transfer and then transfer it to a cryptocurrency exchange. You can then convert the Bitcoin to Ethereum. Here’s our guide on how to use buy Bitcoin from Peer-to-Peer Exchanges.

Following the simple steps on how to instantly buy Ethereum with credit or debit card as outlined, you can fund your wallet easily and do so safely.

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