Is buying Bitcoins with a credit card safe? Read this article and discover what to look for when buying Bitcoins Canada with a credit card.
If you planning to buy Bitcoins Canada, you probably are familiar with the Bitcoins exchanges or trading services in Canada. Each service has its own rules, restrictions, and fees when it comes to paying with a credit card, which automatically affects how long it takes for you to buy your first Bitcoin and how affordable the whole process really is.
There are a few things you need to consider when buying Bitcoins Canada with a credit card in order to ensure a safe and smooth process. So, before paying, take a look at:
Credit cards accepted – You probably know that not all credit cards are accepted everywhere, so before you decide to use a certain service, you need to ensure your credit card is accepted so you can continue with the transfer.
- Transfer limits – As you make more transactions, you might discover there are low transfer limits which rise over time. The credit card transaction limit usually varies from one payment method to another.
- Currency exchanges fees – This is really important and you should always watch out for currency exchanges fees. If you are using a Canadian credit card on an international exchange, then you might pay credit card currency conversion rates. In this case, a 0% foreign fee credit card might be really useful for cutting costs.
- Credit card surcharges – You will usually pay 1-2% credit card surcharge as an additional cost on top of any other commissions and fees. Some international services might charge even more. When it comes to credit card payments, it might be worth shipping around and double checking the fees at different exchanges and cryptocurrency services.
- How exactly they work – Before you decide to use a certain service, you need to check how exactly they operate. You need to look for a process that is in line with what you need and want. For instance, can you make just one-off payment, do you need to link a credit card to your account, and etc.
People have been using credit cards online for quite some time now. So, when it comes to safety, you can probably expect the cryptocurrency services to offer a better security than other merchants you give your personal or credit card information to.