Interested in buying Bitcoins? Here is how you can buy Bitcoin via credit card
This week the price of Bitcoin touched an all-time high of US$4,500 – nearly three times more valuable than an ounce of gold.
The surging value makes Bitcoin a hot subject all across the world and many people are searching for options to get this cryptocurrency.
So, if you are looking some way to buy bitcoin using credit/debit card in Pakistan, We are sharing an easy way for general knowledge.
CoinMama is a bitcoin broker that specialized in the facility of letting you exchange bitcoin via debit or credit card.
Currently credit/debit cards are only mode of payment accepted there. The method and functions of the website you see here may vary depending on your location.
CoinMama will charge you a 6% fee due to the risks and processing fees that come with credit card payments. CoinMama offers high limits. You can buy up to:
- $5,000 worth of bitcoin per day
- $20,000 worth of bitcoins per month
Here is a guide that tells you step-by-step for using CoinMama.
- Signup on Coinmama, by giving your email address for creating an account.
- Verify your account. Unless you verify, you won’t be able to make large transactions on Coinmama. After your account is verified and a purchase is made you will receive your Bitcoin within a few minutes.
You will need pictures of the following, each picture should be high quality and less than 4MB.
- National ID card (both sides)
- International Passport (double page)
- Utility Bill/Driver’s License
- Your picture holding CNIC
- Get a Bitcoin wallet. Coinmama doesn’t offer wallets unlike many other exchanges. You can get your own wallet from info.
- Go to the Buy Bitcoins select one of the available amounts or use the use “slider” (the price calculator) to buy more or less than the amounts offered. Select the amount and proceed.
- Select the payment method. At the moment Coinmama offers payment through any Credit or Debit Card only as long as it’s Visa or MasterCard.
- Enter your Bitcoin wallet address. You will receive a wallet confirmation email. After you verify it, Bitcoins will be transferred to your wallet. You may experience delays if you are transacting outside their business hours (GMT+3). Otherwise, transactions are processed immediately.
- Check your Bitcoin wallet for new Bitcoins you bought.
Every exchange has different Bitcoin rate, as Bitcoin network has no central body regulating it. It’s better to compare the rates with that of the average market rate by using websites like TradeBlock. Rates you see on Coinmama include 6.3% fee, additionally, for credit/debit card transactions 5% payment processor charges are applied.