If you’ve been monitoring the market for some time now, you probably know that crypto prices move at lightning speed. With credit card payments on Coinhako, it’s love at first swipe — paying via credit card grants you access to instant trades, lets you beat the deposit queue and strike while the market is hot. Coinhako lets you buy crypto with credit card fast and easy!
Earlier in January this year, we expanded our payment rails to include debit or credit card payments for our users, as we believed it would streamline the user journey and make the crypto-buying process even easier.
Buying bitcoin and other crypto with credit card payments is a seamless process. Let’s get you started!
What you need before buying crypto on Coinhako:
- A verified Coinhako account
- A credit or debit card issued by VISA or Mastercard, in Singapore.
How to buy crypto with credit or debit card on Coinhako
Step 1: Log in to your Coinhako account
After you have successfully logged into your Coinhako account, tap on the “Account” tab, located on the bottom right corner of the screen.
Step 2: On the “Account” screen, select “Credit/Debit Cards”
Under Account, select the “Credit/Debit Cards” option. You can find this right under section your name and transfer limits.
Step 3: Add your credit or debit card by entering your card details
Select “+ Add new Credit/Debit card” and enter your credit card details. Kindly note that only cards issued by VISA or MasterCard are supported at the moment.
After entering your credit card details, tap on the blue “Add card” button.Done! You have successfully added your card to your Coinhako account. You only have to do this once!
👉 Try adding your card to Coinhako now
How to buy crypto with credit or debit card on Coinhako
Once you have added your card to your Coinhako account, purchasing crypto becomes an extra simple process. It’s no different from online shopping, or ordering groceries online!
Step 1: Log in to your Coinhako account
Step 2: Select the crypto you wish to buy with your debit or credit card
Select any crypto from our wide range of supported cryptocurrencies on the Super Wallet that you wish to buy with your debit or credit card.
Step 3: Select “Credit/Debit Card” as your payment method
Ensure that you have your mobile phone close by, so that you can receive the OTP sent by your credit card provider for verification where needed.
Your trade should be processed immediately and the crypto you have bought with your credit card will show up in your Super Wallet.
Types of crypto you can buy with a credit or debit card on Coinhako
You can buy any of our supported crypto on Coinhako with credit or debit card. For the full range of our supported cryptocurrencies, please visit HERE.
How much does it cost to buy crypto with a credit card?
There are a couple fees that you should be mindful of before you buy crypto with a credit card:
Transaction Fees
Transaction fees are the charges imposed by cryptocurrency exchanges or platforms for processing a credit card payment when you buy cryptocurrencies. These fees can vary widely from one exchange to another.
Exchange Rate
When you use a credit card to buy cryptocurrencies in a currency different from your credit card's currency, you need to consider the exchange rate. The exchange rate plays a significant role in determining the final cost of your crypto purchase.
Your credit card company or the exchange will convert your credit card's currency into the currency of the cryptocurrency you're purchasing. This conversion process involves an exchange rate, and the rate can fluctuate based on the global forex market. Fluctuations in exchange rates can affect the final amount of cryptocurrency you receive for your payment.
Sometimes, credit card companies may apply a margin to the exchange rate, which results in a less favorable rate for the cardholder. This margin can add hidden costs to your purchase, making it more expensive than you initially anticipated.
Interest Charges
Interest charges are a critical consideration when buying crypto with a credit card, especially if you don't pay off the credit card balance used for the crypto purchase immediately.
Credit cards typically have variable interest rates that can be relatively high. If you carry a balance from the crypto purchase, you'll be subject to these interest rates. The longer it takes to pay off the balance, the more interest you'll accrue, increasing the overall cost of your crypto investment.
Credit card companies require you to make a minimum monthly payment, which usually covers only a portion of the balance. If you pay only the minimum amount, the remaining balance will continue to accrue interest, potentially leading to substantial interest charges over time.
Is it safe to buy crypto with a credit card?
Before you decide to buy Bitcoin with a credit card, there are several factors to take into account:
Platform Security
Ensure that the platform you select has a solid reputation and a proven track record of safeguarding customer data. Look for security measures such as 2-factor authentication and SSL encryption.
Fees and Costs
It's vital to be mindful of any fees or expenses associated with purchasing Bitcoin using a credit card. Compare these charges with alternative purchase methods to guarantee you receive a reasonable deal.
Bitcoin's Volatility
Keep in mind that the value of Bitcoin can exhibit substantial volatility. Be prepared for the potential of significant price swings after your purchase.
Legal and Regulatory Compliance
Different countries have diverse regulations and laws governing the buying and selling of Bitcoin. Make sure to research and understand the applicable laws and regulations in your country before making a purchase.
Wallet Security
If you plan to store your Bitcoin in a wallet, opt for a secure and reputable wallet provider to ensure the safety of your digital assets.
Credit Card Debt
Buying Bitcoin on credit carries the risk of accumulating credit card debt if not managed responsibly. Thus, it's crucial to spend only what you can comfortably repay to avoid financial strain.
Other ways to buy crypto
If you're looking for alternatives to buying crypto with a credit card, here are some options:
Bank Transfers: Link your bank account to a cryptocurrency exchange and use it for purchasing crypto. This method often has lower fees compared to credit cards.
GrabPay: Singapore users can also use GrabPay to instantly pay for their trades.
Peer-to-Peer (P2P) Platforms: P2P platforms enable you to buy crypto directly from other individuals. You can choose from various payment methods, including bank transfers and cash.
Cryptocurrency ATMs: In some regions, cryptocurrency ATMs allow you to buy crypto with cash or credit/debit cards.
Exploring alternative methods to purchase crypto can provide more cost-effective options and diversify your investment strategies. Remember that the cryptocurrency market can be highly volatile, so it's essential to make informed decisions and manage your investments responsibly.
FAQs about Credit Card transactions
How do I add my card to Coinhako?
- Go to the ‘Settings’ tab
- Under Account, select ‘ Credit/Debit Cards’
- Select the “Add New Credit/Debit Card” option
You only need to add your card details once. For subsequent transactions, simply select the “Credit/Debit Card” option and fund your trade instantly. Please note that cards with cardholder names that are different from the registered Coinhako account name are also accepted.
What kind of cards are accepted?
We currently accept cards issued by VISA and Mastercard. However, please note that these cards must be issued in Singapore – foreign cards are not accepted.
Are there fees for card payments?
Card payments will incur applicable platform fees. The full fee breakdown will be reflected on the Trade page and you can review it before executing your trade.
Got more questions? 👉 Check out our FAQs here
Disclaimer: All writers’ opinions are their own and do not constitute financial advice. As a company, we do our best to provide information that is accurate and valuable. The contents of this blog post are intended for educational purposes only. Individuals are advised to perform due diligence before purchasing any cryptocurrencies as these assets are subject to high volatility, and understand the risks associated with trading cryptocurrencies.
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🤔 For any queries, please reach out to us here, or visit our Help page.Copyright © Coinhako 2023 All Rights Reserved. Read more on our terms of use of this blog. All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.
