A growing number of crypto exchanges accept deposits via Google Pay, making it easier and faster to buy Bitcoin.
Scroll down for a list of crypto exchanges that support Google Pay deposits and our comprehensive guide to buying Bitcoin with Google Pay in New Zealand.
Unsure about what exchange to use?
Where to buy Bitcoin with Google Pay
First time buying?
How to buy Bitcoin with Google Pay
Step 1: Choose a crypto exchange that supports Google Pay deposits
To buy Bitcoin with Google Pay, you need to open an account with an exchange that accepts Google Pay as a deposit method.
You can use Finty to compare different crypto exchanges, their fees to deposit and withdraw fiat, tradable coins, etc.
Step 2: Verify your identity
The second step is to verify your identity. This usually requires an image of your driver’s licence, passport, or another form of officially-issued photo ID.
Step 3: Decide how much you want to invest
Bitcoin is a highly volatile commodity. The market can flip from bull to bear very quickly. Therefore, it’s best to consider its price volatility and carefully consider the amount you want to buy.
Step 4: Deposit funds
Now that you have decided how much you want to invest, you’ll need to fund your exchange account.
In the exchange dashboard, locate the page for depositing funds, select ‘Google Pay’ as a payment method, and proceed to deposit the funds.
Not every card issuer allows purchases of cryptocurrency. If yours doesn’t, the payment may fail at this stage. Depositing funds with PayPal is a popular workaround in this situation.
Step 5: Make an order
You typically have a choice of orders, namely market order (the easiest to use), trigger order (automatically executes when the price hits a set target), and recurring (allowing you to build your holdings over time).
Step 6: Buy
The final step is to fill out the order form and complete the purchase. Once processed, your Bitcoin will be in your wallet at the crypto exchange.
Still not sure?
Pros and cons
- No extra charges: Google Pay does not charge transaction fees for making purchases.
- Secure: Digital wallets such as Google Pay and Apple Pay are very secure, using several layers of authentication and end-to-end encryption to protect transactions.
- Private. Because you don’t provide your actual card details, it's more difficult for anyone to profile you should the exchange ever sell transaction data or suffer a data breach.
- Fast. Depositing funds with Google Pay is very convenient.
- Not widely supported by exchanges. Google Pay is available to use at several of the larger exchanges, but many exchanges are yet to adopt it as a funding method.
How long does it take for funds to transfer using Google Pay?
It takes a few seconds or minutes for funds to transfer into your exchange account through Google Pay.
Can I buy Bitcoin with Google Pay anonymously?
Paxful, which is a peer-to-peer exchange, supports Google Pay for anonymous purchases.
Can I buy other cryptocurrencies with Google Pay?
Yes, you can buy other cryptocurrencies with Google Pay. All you have to do is enter the desired cryptocurrency in the place of Bitcoin on the order form.