How To Buy Altcoins With Credit Cards

July 7, 2022

Reading Time: 4 minutes

The crypto industry continues to attract more attention daily. This means that more users are added to the crypto ecosystem daily. Thus, to properly integrate these new users into the crypto space, various methods are created to simplify the process of depositing funds into a crypto exchange or wallet. One of the top means of depositing fiat into a crypto exchange is the P2P method, which is widely used among crypto traders currently. There is a crypto-to-crypto transfer, a bank transfer such that people might begin to wonder if they can still use a credit card to purchase crypto.

Therefore, this article explains how to purchase crypto using your credit card. The rapid increase in altcoins in the market and the various mediums through which users can trade altcoins. Users need to be able to deposit funds with their credit cards and purchase altcoins.

This article will explain how to buy altcoins using your credit card.

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What are altcoins?

An altcoin is simply an acronym for an alternative coin. Initially, the term was used to refer to crypto like ETH, but now, it is used to classify any cryptocurrency that isn’t Bitcoin. So, all the numerous coins and tokens available to crypto users in the market to trade and purchase, which are not BTC, are altcoins. It could be ETH, USDT, SOL, XLM, BNB, or any other crypto you can think of which is not BTC.

Now, since you understand what altcoin is, let us highlight how you can purchase altcoin using your credit card. Firstly note that you can buy altcoins on various crypto platforms such as exchanges like Binance, KuCoin, or decentralized wallets like Trust Wallet, etc. The diversity of crypto exchanges is often evident when trading signals for crypto. You would often find that some crypto signals on telegram are for altcoins on Binance, while others are for those on KuCoin or Bybit.

Buying Altcoin With Credit Card

The question of whether you can purchase altcoin with your credit card or not often has more to do with regulations and your bank services than it does with the crypto platform. Most crypto platforms allow users to buy altcoins with credit cards, but sometimes the restrictions often come from users’ banking services which restrict transactions in crypto, or a national policy that prohibits direct credit card transactions in cryptocurrency.

So, before you think about how to purchase altcoins with your credit card or how to trade crypto signals, you should first check to know if your region and your banking services allow such service on your credit card.

If it does, great. If it doesn’t, continue reading.

Cryptocurrency Exchange

The following are the steps you need to take to buy altcoin on a crypto exchange like Binance and Kucoin with your credit card:

First, you’ve to select your preferred platform, create an account on that platform and verify your identity to remove deposit restrictions on the account.

For instance, if you’re using Binance exchange, you would need to create an account or log in to your account. After you do that, click on Buy Crypto, and among the options, select Credit/Debit Card as your preferred payment option.

The following step would need you to confirm the fiat currency you would use to buy the altcoin. This could be determined from the currency of your credit card or the fiat currencies compatible for payment on the crypto payment. For Binance, it accepts payments in USD, GBP, EUR, and RUB. So, you can select any of these and move to the next step. Then, fill in the amount you would like to purchase.

For the next step, click on add new card, which requires you to input your credit card details. These details include; the card number, expiry date, CVC code at the back of the card, name of the cardholder, and billing address. After this, verify all the details, including the fiat currency and amount, and then confirm.

You would be redirected to your bank’s OTP transaction page, where you need to confirm the transaction by inputting the OTP code sent to you by your bank. After that, verify and confirm the transaction. Shortly after, you would have your altcoin deposited into your Binance wallet. You can confirm this by checking the wallet section of your Binance account. The altcoin would appear under the name of the coin you bought.

That is simply how you purchase altcoin on Binance using a credit card.

Conclusion

In summary, this process is easy, efficient, and quick to purchase altcoins. Also, it is a secure means of buying altcoins on crypto exchanges like Binance. So, the next time you want to buy crypto, consider using your credit card.

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