Today, we will see how to buy Bitcoins using credit/debit card. Coinmama is the exchange that offers this facility. Only cryptocurrency offered at the moment on Coinmama is Bitcoins and 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.
Here is walk through the process.
- Signup on Coinmama. It’s an easy process, you just need your email address for creating an account.
- Verify your account. Unless you verify, you won’t be able to make large transactions on Coinmama. You will need pictures of
- National ID card (both sides)
- International Passport (double page)
- Utility Bill/Driver’s License
- Your picture holding CNIC
- Each picture should be high quality and less than 4MB. Almost every exchange requires the identity verification in order to control money laundering. Coinmama claims to ensure the privacy of your personal information by storing data after encryption.
- Get a Bitcoin wallet. Coinmama doesn’t offer wallets unlike many other exchanges. You can get your own wallet from Blockchain.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.
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