Most cryptocurrency exchanges accept prepaid cards as a payment method for buying Bitcoin.
Compare exchanges that accept prepaid card deposits and follow a step-by-step guide to using a prepaid card to buy Bitcoin in Australia.
Prepaid cards are not the same as gift cards. If you want to buy Bitcoin with a gift card, please visit this page for more information.
Unsure about what exchange to use?
Where to buy Bitcoin with a prepaid card
First time buying?
How to buy Bitcoin with a prepaid card
Step 1: Find an exchange that accepts prepaid card deposits
The first step is to choose an exchange that accepts deposits made with a prepaid card. Fortunately, many more exchanges accept prepaid cards than gift cards.
The cost to deposit funds with a prepaid card is one of the key differentiating factors. It’s free to deposit with a prepaid card at many top exchanges, but it can cost as much as 5%. If your deposit is large, this fee can make a big difference. The minimum required deposit size is also important, especially if you want to open a new account but have a small balance on your prepaid card.
Other features to consider include the availability of staking, leveraged trading, copy trading, and trading and withdrawal fees.
At Finty, we only list established exchanges with a proven track record.
Step 2: Complete the verification process
To complete the account setup, you must verify your identity with photo ID. You might need to take a selfie while holding your ID. Having signed up for my fair share of exchanges, I can tell you there are a few hoops to jump through, but it won’t take too long.
Step 3: Determine the amount you want to invest
Bitcoin — and crypto in general — is extremely volatile in comparison to other types of investment. It can be tempting to get over-excited and allocate more than you can afford to an investment in Bitcoin. Take a step back and consider the risk to your investment.
Step 4: Deposit funds into your exchange account
Enter your prepaid card details on the deposits page to fund your exchange account. The amount transferred should be displayed instantly (or very shortly after).
Step 5: Make an order
Once your exchange account has been successfully funded, you can use the funds to configure an order to purchase Bitcoins.
Step 6: Buy
Once you have arranged the order, execute the trade. Your Bitcoin will be deposited in your wallet on the exchange.
Still not sure?
Pros and cons
- Availability. Prepaid cards are widely accepted, so you have a broad choice of exchanges.
- Speed. You don’t have to wait long for funds to deposit into your wallet.
- Secure. Prepaid cards protect your funds from fraudulent acts. Even if the exchange is compromised, an attacker could get your prepaid card number, which is disposable.
- Fees. It may cost more to deposit funds from a prepaid card. This is due to the perceived higher risk of fraud.
- Not every exchange accepts prepaid cards. But plenty of the big ones do.
Why doesn’t my prepaid card work?
If your prepaid card has expired, it will not be accepted. Also, if the card is on a network that the exchange’s card processor does not support, it will not be processed.
How long does it take for funds to transfer using a prepaid card?
Funds are transferred from a prepaid card to your exchange account immediately.
Can I buy Bitcoin with a prepaid card anonymously?
Yes, some platforms allow you to buy bitcoin with a prepaid card without asking for proof of identification.
Can I buy other cryptocurrencies with a prepaid card?
Yes, you can buy other cryptocurrencies with a prepaid card. Simply enter the desired cryptocurrency on the order form and execute the transaction.