How to buy Bitcoin (BTC) with a prepaid card from the USA

By   |   Verified by Andrew Boyd   |   Updated 29th August 2022

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.

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

eToro Crypto

On eToro's website

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

eToro Crypto

Highlights

  • Buy $100 worth of crypto and get a bonus of $10.
  • Trade and stake a range of crypto assets with low fees.
  • Copy successful traders. Practice with a demo account.
  • eToro is regulated by CySec, FCA and ASIC.

Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
Coinmama

On Coinmama's website

Coinmama

Highlights

  • Buy Bitcoin and Ethereum with a credit card, debit card, Apple Pay, or bank transfer.
  • Place your order and get your coins instantly.
  • Fast-track verification with excellent customer service.

Pros

  • Start with as little as $50.
  • Accepts multiple types of payment options.
  • High spending limits.

Cons

  • Fees are higher compared to other providers.
  • Limited cryptocurrency selection.
Coinbase

On Coinbase's website

Finty may be compensated when you click on the link.

Highlights

  • Get $5 in Bitcoin after your first trade on Coinbase.
  • Buy and sell popular digital currencies, keep track of them in the one place.
  • Invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly.
  • Maintains crypto-insurance and all USD cash balances are covered by FDIC insurance, up to a maximum of $250,000.

Pros

  • Get access to a wide variety of altcoins.
  • Start trading with as little as $2.
  • Offers Coinbase card which allows you to spend crypto anywhere.

Cons

  • Fees are higher compared to other exchanges.

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

Pros

  • 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.

Cons

  • 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.

Extra help

FAQs

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.