How to Buy Bitcoin With a Prepaid Card: Proven Strategies

Seeing that you are reading this article, you're probably searching for how to buy Bitcoin with prepaid card. You might have already tried popular exchange platforms like Kraken and Binance but encountered issues. Therefore, I'll try to help you with this conundrum.

Prepaid cards give traders more control over their spending. That said, not all exchanges accept them as payment methods. Some may outrightly charge fees or impose spending limits.

Since buying crypto with a prepaid card is filled with ups and downs, it’s essential to decide if the method works for you before proceeding to the actual steps. So, let’s break down everything you need to know and answer several commonly asked questions, like "Where can I buy crypto with a prepaid card?" so you’ll have a smooth journey for your next purchase.

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Can I Buy Bitcoin With a Prepaid Card?

When dealing with how to buy Bitcoin with a prepaid card or crypto transactions in general, centralized exchanges are competing in terms of who can give out the most comprehensive payment options for customers.

One method that traders commonly request is buying crypto with a prepaid card. So, the short answer to "Can I buy Bitcoin with a prepaid card?” is yes, you can. A prepaid card actually works similarly to a debit card, as it requires to be pre-loaded with funds before being used for purchases, bill payments, or cash withdrawals.

Each time you purchase Bitcoin with a prepaid card, no credit checks will be required nor are any interest rates incurred. It is no wonder that some people opt for this payment method as it is perceived to be more convenient.

Keep in mind that prepaid cards are still less popular, and not all crypto exchanges support them. Still, for households without access to bank accounts or those that prefer a middle ground between a debit and credit card, let’s find out where you can buy crypto with a prepaid card, specifically Bitcoin.

Where Can I Buy Bitcoin With a Prepaid Card?

So, how to buy Bitcoin with a prepaid card? Although not all exchanges support this unique payment method, some specific ones make it possible to buy crypto with a prepaid card, even streamlining the whole process to be secure.

CEX.IO

CEX.IO is one of the oldest crypto exchanges, having carved a mark in the crypto world since 2013. It has even received a 4.5 out of 5 stars from BitDegree’s real-time audit and external user reviews. In addition, CEX.IO has secured a license to fully operate as a Money Service Business in jurisdictions as assertive as the US.

On this particular platform, traders can instantly buy 200+ cryptocurrencies with fiat (USD, EUR, or GBP). But our concern right now is how to buy Bitcoin with a prepaid card on CEX.IO. Here are the steps:

Step 1: Open the CEX.IO official website on your browser and click “Register”.

Step 2: Provide all the information needed to create an account, like your email, password, and country of residence.

Step 3: Since CEX.IO is a highly compliant exchange, it’ll also ask you to complete a Know-Your-Customer (KYC), which verifies your identity. This prevents illicit practices like money laundering. The process is conducted through the platform’s mobile app, so ensure you’ve downloaded and registered on the CEX.IO app to proceed seamlessly.

Step 4: Head to the “Instant Buy” page (or simply navigate to the homepage). Choose the fiat currency for the transaction.

Step 5: In the “You get” dropdown, select Bitcoin as the crypto you want to buy. Mind that there are a hundred other options, like Cardano and Ethereum.

Step 6: Check the details carefully. Once you’re sure the amount you pay is equivalent to the real-time market rate, click the "Buy crypto instantly" button.

Step 7: Click "Debit Card" as the payment method and link your prepaid VISA/Mastercard details.

Congratulations! You have successfully navigated how to buy Bitcoin with a prepaid card on CEX.IO. That said, the developers have also noted that there is a possibility it won't work.

Read More: Cex.IO Review

BitPay

If CEX.IO didn't work or you didn't like its interface, there are other platforms where you can buy Bitcoin with a prepaid card. One such application is BitPay. The platform is different from the aforementioned CEX.IO because it's not actually an exchange, but a crypto-focused payment gateway. That's why BitPay is pretty flexible when accommodating payment options, including prepaid cards.

The platform supports 60+ cryptocurrencies and allows you to buy crypto on its mobile app or your PC. I’ll show you how to buy Bitcoin with a prepaid card on the BitPay app.

Step 1: Download the BitPay app on the App Store or Google Play Store.

Step 2: Create and verify your account once the app is set up.

Step 3: Once your account is up and ready, create, import, or join a shared wallet, also referred to as "key". Otherwise, the platform won't allow you to go to the next step, as there's no wallet to store your purchases.

Step 4: After connecting your wallet, head back to the main page and navigate to "Buy".

Step 5: Choose the fiat currency and enter the amount you'd like to convert into BTC. For instance, if you pay in USD, a minimum of $20 is required.

Step 6: Go ahead and choose a crypto. From the dropdown, select Bitcoin as the crypto you want to purchase. However, BitPay also supports Dogecoin and Litecoin, among others.

Step 7: When you're on the "Order Summary" page, select a payment method and choose “Debit Card”. When prompted, enter your prepaid debit card details. Just make sure that your account has sufficient balance.

Step 8: Afterward, BitPay will show a couple of offers from its partner sites. Take note that Simplex, MoonPay, Banxa, and Sardine may accept Visa or Mastercard prepaid debit cards, with the exception of Ramp.

And you’re done! Not so difficult, right? Likewise, you can also buy Bitcoin with a prepaid card on the desktop version, BitPay.com. All you have to do is visit the "Buy" crypto page and go ahead to finalize your Bitcoin purchase.

Just make sure to transfer your crypto to the most secure wallet possible. Although BitPay does have a free hot wallet, it’s wiser to stick with a cold storage like Ledger Flex or Stax to avoid online theft altogether.

Finally, once you have connected your wallet, pay with a prepaid debit card. For maximum compatibility with BitPay’s transaction partners, VISA/Mastercard prepaid cards are advisable. Users of American Express (AMEX) and Discover cards may only have little to no options or may experience card declines.

Read More: BitPay Wallet Review

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How to Buy Bitcoin With a Prepaid Card: The Step-by-Step

I have shown you where you can buy Bitcoin with a prepaid card, one on an exchange and the other on a cryptocurrency payment provider.

However, you may still be curious about how to buy Bitcoin with a prepaid card in a more general way. Well, the steps are actually pretty straightforward. Let me walk you through the entire process from a more theoretical perspective, from choosing a platform to completing your purchase.

Step 1: Get a Prepaid Card

If you don’t already have a prepaid card, now is the time to get one. Prepaid cards are quite widely accepted^[1] and make buying Bitcoin a breeze, especially those offered by VISA and Mastercard.

Although other providers also offer prepaid cards, such as American Express and Discover, it’s important to check whether they are accepted as payment methods in your cryptocurrency exchange.

The simplest way to understand a prepaid card is to approach it like a gift card. You load money onto it first and can spend only what’s available.

Before you start, though, double-check that it can be used for crypto purchases, as not all banks or cards allow transactions for cryptocurrencies. Some banks may block certain types of purchases, so make sure everything is set up for smooth transactions.

Step 2:  Add Funds to Your Prepaid Card

Once you’ve gotten your hands on a prepaid card, time to top it up with some funds, plan ahead by determining how much Bitcoin, or any other cryptocurrency for that matter, you intend to purchase.

Most importantly, ensure that your deposit adequately covers the total amount to complete the payment.

Better yet, add a bit of extra funds to account for potential price fluctuations. Take time to analyze market trends and movements to decide when to enter the market. Doing so will help you estimate the ideal spending limits you’ll need to have ready.

Step 3: Choose a Crypto Exchange

A crucial step in buying Bitcoin with a prepaid card is finding a crypto exchange or payment provider that accepts this method. Platforms like CEX.IO and BitPay are examples where you can do so securely and easily.

If you're unsure, review the exchange's list of supported payment options, which are typically detailed on their official website. Should your search hit a roadblock, consider testing the process with a small trial transaction to confirm whether prepaid cards are supported.

If it turns out they aren’t, simply cancel the transaction and explore alternative platforms that accommodate this payment option.

Step 4: Register on the Exchange

Once you find an exchange that you like and supports prepaid cards, begin by creating an account.

Some platforms might be available on both desktop and mobile, so choose which platform caters to your trading habits. Those who prefer quick transactions may go with the latter option. Others who are drawn into full-fledged trading may choose the PC version to access a more robust interface.

Step 5: Verify Your Account

Most exchanges require you to verify your identity to comply with regulations, or what's also known as KYC. To do this, provide documents like an ID card or a driver's license and prepare your best smile, as the platforms usually ask for a selfie.

Although KYC seems like a hassle, it’s actually a standard procedure that ensures the utmost safety when you’re buying crypto with a prepaid card.

Step 7: Start the Purchase

Once your account is all set up and verified, head to the “Buy” section. Some exchanges allow you to buy cryptocurrency with a prepaid card on-ramp. Select Bitcoin or other cryptocurrencies you wish, like Solana. Once you’ve decided, choose a prepaid card as the payment method.

Typically, the platform will ask you to link your prepaid VISA or Mastercard to buy Bitcoin. Please input your card number and other required details carefully, preferably away from anyone’s sight.

Step 8: Confirm the Transaction

Review the transaction details to ensure everything is correct. Double-check the fees and the amount of Bitcoin you’re purchasing. Once satisfied, confirm the transaction.

Step 9: Receive Your Bitcoin

After confirmation, your Bitcoin will appear in your wallet on the exchange. You can either leave it there or transfer it to an external wallet, like Ledger Flex or Trezor Safe 5, for added security.

Pros of Buying Crypto With a Prepaid Card

Understanding how to buy Bitcoin with prepaid card options provides several key benefits that make it appealing to many investors. Let’s examine each one.

Disciplined Spending

First of all, a prepaid card helps you stay within your budget. Unlike traditional credit cards, which allow you to overspend and accumulate debt, prepaid cards only let you spend what you’ve loaded onto them. This feature is particularly useful when investing in volatile markets like cryptocurrency.

By buying Bitcoin with a prepaid card, you can set a firm limit on how much crypto you want to buy, ensuring that you don’t go overboard with your purchases. The setup is suitable for those who want to manage their crypto investments carefully and stick to their financial goals.

Protected Payments

Can you buy Bitcoin with a prepaid card securely and transparently? Yes, you absolutely can.

With a prepaid card, you're adding an extra layer of protection since it isn’t linked to your bank account. This means that even if your card information is compromised, your personal financial details remain secure.

By isolating your main bank account, the balance in your prepaid card stays safe, reducing the risk of fraud and unauthorized transactions. So, if security is a top priority for you, buying cryptocurrency with a prepaid card can provide you with the necessary consumer protections.^[2]

Accepted Quite Broadly

A decent number of cryptocurrency exchanges accept prepaid cards from VISA and Mastercard, making them a convenient option. As we’ve figured out, CEX.IO and BitPay are amongst the platforms where you can buy crypto with a prepaid VISA or Mastercard.

Suffice it to say, when you're ready to buy Bitcoin with this specific payment method, you'll have, while admittedly not the most—a couple of options.

Overall, buying crypto with a prepaid card offers controlled spending, increased security, and the convenience of quite a widespread acceptance. Whether you’re looking for a simple way to manage Bitcoin purchases or keep your financial information secure, prepaid cards provide a flexible and reliable option.

Cons of Buying Crypto With a Prepaid Card

Aside from the benefits, there are downsides to consider when buying crypto with a prepaid card. While it does help you save up, in a way, you can only spend what’s loaded onto the card, which may not be enough for larger purchases. Unlike credit cards, prepaid cards do not incur overspending into the exceeding balance.

Instead, they are ideal for smaller, controlled investments. You might wonder, "Where can I buy crypto with a prepaid card while avoiding spending limitations?". The answer often depends on how much you plan to invest at a given time.

Another major consideration when using prepaid cards is the fees. Can you buy crypto with a prepaid Visa and avoid high costs? Unfortunately, not always. Prepaid cards tend to come with higher transaction fees compared to other methods like bank transfers.

These fees may include activation charges, transaction fees, or even expenses for reloading the card. In the long run, purchasing Bitcoin with a prepaid debit card can end up being more expensive compared to other payment methods due to additional fees or limitations. It's important to factor in these costs before choosing this method for your crypto purchases, especially if you plan to invest frequently.

Moreover, while prepaid cards offer privacy and security, they can be inconvenient when it comes to reloading funds. Different from a linked bank account, which allows for quick and easy transfers, reloading a prepaid card can take more time and effort.

If you’re looking to make frequent crypto purchases, such an issue can slow you down. Having to reload your card before each purchase, especially if you encounter reloading fees, adds an extra step to the process.

All in all, although you can buy Bitcoin with a prepaid card easily, there are some drawbacks that can potentially make your crypto transactions cumbersome. Make sure to look for actionable plans to counter any problems that may arise.

Other Payment Methods to Buy Bitcoin

Now that you know how to buy Bitcoin with a prepaid card, you might also want to consider other payment options that can offer different or broader benefits. While Visa and Mastercard prepaid cards can be convenient, they aren’t widely accepted on most crypto exchanges.

Here are several alternatives that might better suit your needs and preferences:

• Credit and Debit Cards. These payment methods are still the most popular ways to buy Bitcoin, giving you a fast and simple way to complete your purchase. Top exchanges like Binance, Kraken, and Bybit accept credit and debit cards, including those offered by VISA and Mastercard.
• American Express or Discover. While these cards are less commonly supported, they are still acceptable on certain exchanges. Always make sure to read thoroughly the payment policies on a specific exchange before committing to these cards to avoid surprises.
• Bank Transfers. For those aiming for lower fees, bank transfers are a reliable alternative. While direct bank transfers may take a few days to process, their processing fees may cost less, making them ideal for large transactions.

• Wire Transfers. If you’re looking to speed things up, wire transfers are the ideal solution, though they might come with slightly higher costs. But if you’re looking to make huge investments in Bitcoin, this particular method may offer better value compared to buying crypto with a prepaid debit VISA or Mastercard.
• Bitcoin ATMs. These machines allow you to purchase Bitcoin like how you’d transact at a usual ATM, using a cash or debit card—sometimes even a prepaid one. While this option gives you the flexibility of an in-person transaction, be aware that the fees at Bitcoin ATMs can be significantly higher than online exchanges.
• OTC (Over-the-Counter). OTC desks are best suited for large-scale investors, offering a more private and secure way to buy Bitcoin without tampering with market prices. These services are designed for high-volume trades and accept various payment methods. An example is Kraken OTC, known as the go-to solution if you prioritize privacy and large transactions.

Additionally, e-wallets such as PayPal, Skrill, and Neteller are also popular choices for crypto transactions. PayPal is particularly well-known and widely accepted by some exchanges, offering a familiar interface for users who want a seamless experience.

Just keep in mind that there may be restrictions on transferring Bitcoin out of the platform when using PayPal. Skrill and Neteller provide similar convenience, but as always, check if your crypto exchange supports them.

Finally, before choosing a payment method, always ensure your bank supports crypto purchases, as some may have restrictions. Using a bank that is crypto-friendly can help streamline the buying process.

The bottom line is that each method has its own set of fees. So, consider these costs when narrowing down your decisions. Whether you're using a prepaid card, credit card, or bank transfer, security should always be a high factor on the list. Make sure to use reputable exchanges and enable two-factor authentication to keep your funds safe.

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Conclusion

As you’ve discovered, the process for how to buy Bitcoin with a prepaid card is rather straightforward. Some traders prefer this option as prepaid VISA and Mastercards enable controlled spending and privacy, especially for small to moderate purchases.

While buying Bitcoin with a prepaid card serves as an accessible and secure method for users who want a simple entry into the crypto market without a traditional bank account, it also comes with some caveats. They might charge higher fees and limit spending amounts, which may not be especially suitable for crypto whales.

Plus, prepaid cards aren’t actually widely accepted. Reliable exchanges like Bybit and Binance, for instance, are known for their payment method flexibility, but prepaid cards aren’t accepted there.

As the crypto market continues to evolve, using prepaid cards for Bitcoin purchases remains an intriguing option. So, if you’re looking for a private, controlled way to get started with crypto, buying Bitcoin with a prepaid card might be the right choice for you.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Garrison, S.: 'Prepaid Cards: Advantages, Disadvantages, and How to Choose: FCS7244/FY1251, 2/2012';

2. Hayashi, F., Cuddy, E.: 'General Purpose Reloadable Prepaid Cards: Penetration, Use, Fees, and Fraud Risks'.