The native cryptocurrency of Ethereum is known as the ETHER or ETH. You can actually buy Ethereum by making use of your credit card. While there are quite a number of cryptocurrency exchange platforms that will enable you to buy ETH using your credit card, this article will show you how to use two online marketplaces to buy ETH. These online marketplaces are; Coinmama and Coinbase.
How To Buy Ethereum With Credit Card Using Coinmama
Coinmama is a cryptocurrency exchange that was officially launched back in 2013. As one of the first cryptocurrency exchanges around, Coinmama is reputed to be a secure and stable exchange. The crypto exchange comes with a user-friendly interface that is great for anyone new to crypto trading.
If you intend buying ETH with your credit card, then Coinmama is one of the best exchanges to do so. The only drawback to using Coinmama into ETH is that it only permits EUR or USD payments for crypto.
Here’s a step-by-step guide to buying ETH on Coinmama with a credit card.
- You first have to register with Coinmama. To do this, you will need to visit their “Homepage” here and fill a form titled “Register.”
- Next, after filling the “Register” form, you will receive an email address verification link from Coinmama. You should receive this email in your inbox but check your spam mail as well.
- To verify the email used in registering with Coinmama, click on the verification link.
- You should then go back to the Coinmama site and log in to your account. After you log in you will see “My Account” menu click on this menu to reveal “Verify My Account” option.
- You then have to select the “Verify My Account” option to unveil a form requiring an acceptable national identification. For this purpose, you can make use of an international passport or national identity card.
- You have to scan the front as well as back side of the national identity card or international passport. The scanned copies of the acceptable national identity should then be uploaded.
- In order to ensure that you are who you say you are. Coinmama would require you to upload a photograph of you lifting up your national identity. In this photograph, you have to hold up a paper with “Coinmama” and the current date clearly written on it.
- You should then attach your photograph to the Register form and click on the upload button.
Buying Ethereum with your credit card
- To buy Ethereum, click on the “ETHER” located on a menu at the top part of the Coinmama website.
- Next, you need to type in the quantity of ETH you intend purchasing. Once that is done, click on the “Buy Now” button.
- Using the Simplex option, select your credit card.
- You then need to enter the address of your digital wallet after which click on the “Complete Payment” button. A note of warning: Confirm that the digital wallet address you entered is a correct one. The ETHER will be sent to whatever wallet address you provide.
- You then need to enter all your payment information before you click on the “Pay Now” button.
- Coinmama will facilitate the transfer of ETHER to the digital wallet address that you provided. Note that the ETHER may not be reflected in your digital wallet immediately. So wait a while and refresh your wallet as well.
Buying Ethereum with your credit card using Coinbase
Coinbase is not just a popular cryptocurrency exchange, but one that offers an easy to use an interface similar to Coinmama. You can also purchase ETH and other digital assets with your credit card straight from the Coinbase exchange. However, there are two major drawbacks to using Coinbase in buying ETH. These include;
- The transaction fees are on the high side. The fees are usually between a low of 1.5% and a high of 4% of the volume of a transaction (credit card fees are usually approximately 4%). Whatever fee you get to pay can also be directly linked to your preferred method of transaction payment. Note that using credit cards to buy cryptocurrencies will attract a much higher transaction fee than purchasing ETH through a bank transfer.
- Coinbase is not open to everyone. There are country restrictions limiting the use of the cryptocurrency exchange.
If you are still interested in using the credit card payment method in purchasing ETH despite the high transaction fees.
Here are steps you can take to affect the transaction on Coinbase.
- First of all, open an account with Coinbase by visiting their website here then click on the “Sign Up” icon.
- Coinbase would then send you an email verification link. Check your inbox or spam mail for the Coinbase email then click on the link provided.
- As soon as you log in to your account on Coinbase, type in your mobile phone number and then click on the “Send Code” button. Coinbase will then send you an SMS with a code. This code should be entered in the space provided.
- Go to the payment method section and select your mode of payment (i.e., credit card).
- Click on the “Buy” option and then type in the quantity of ETH you intend purchasing. Coinbase allows you to purchase ETH with your credit card paying in EUR, USD or GBP.
Coinmama and Coinbase are two cryptocurrency exchanges that will allow you to buy Ethereum with your credit card. With Coinmama you can only purchase ETH with EUR or USD. On the other hand, Coinbase allows you to buy ETH with USD, GBP or EUR. However, buying ETH on the Coinbase platform with your credit card will attract high transaction fees. There are also other platforms that will allow you to buy ETH with credit cards and these include; CEX, Changelly, and BitPanda.