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How to Buy Bitcoin With American Express in 2024

Amala Pillai
Amala Pillai
Amala Pillai
Author:
Amala Pillai
Senior Content Editor
Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.
October 11th, 2024
Editor:
Ruby Layram
Ruby Layram
Editor:
Ruby Layram
Crypto Content Editor
Ruby is a seasoned Editor with 5 years of experience working in the cryptocurrency space. She currently works as a Crypto Content Editor for BanklessTimes with a focus on creating informative content that helps our readers navigate cryptocurrency with confidence. Ruby discovered crypto whilst working as a freelance writer at University. She has been passionate about shedding light on crypto and DeFi through valuable content ever since. Before joining the team at BanklessTimes, Ruby worked on a number of established finance sites including The Motley Fool, TradingPlatforms.com, StockApps, ICOBench, and MoneyMagpie.com.
Fact Checker:
Ruby Layram
Ruby Layram
Fact Checker:
Ruby Layram
Crypto Content Editor
Ruby is a seasoned Editor with 5 years of experience working in the cryptocurrency space. She currently works as a Crypto Content Editor for BanklessTimes with a focus on creating informative content that helps our readers navigate cryptocurrency with confidence. Ruby discovered crypto whilst working as a freelance writer at University. She has been passionate about shedding light on crypto and DeFi through valuable content ever since. Before joining the team at BanklessTimes, Ruby worked on a number of established finance sites including The Motley Fool, TradingPlatforms.com, StockApps, ICOBench, and MoneyMagpie.com.

Buying Bitcoin with American Express is a convenient and secure way to invest in cryptocurrency. As a widely accepted payment method, American Express offers a seamless experience for those looking to enter the world of digital assets.

A handful of Bitcoin brokers and exchanges accept American Express, making it easier for you to purchase Bitcoin using your Amex card. In this guide, we will walk you through the process of buying Bitcoin with American Express, highlighting the benefits and drawbacks of using this payment method.

Whether you’re a seasoned investor or a newcomer, understanding how to use your American Express card to buy Bitcoin can help you make informed decisions and optimize your investment strategy.

Benefits of Using American Express to Buy Crypto

Using American Express to buy crypto offers several notable benefits:

  • Convenience: American Express is a widely accepted payment method, making it easy to buy Bitcoin instantly. The process is similar to making any other online purchase, providing a familiar and straightforward experience.
  • Rewards programs: One of the standout features of American Express is its rewards programs. Cardholders can earn cashback, points, or travel miles on their purchases, adding extra value to their transactions.
  • Enhanced security: American Express is known for its robust security features, which protect against fraud and unauthorized transactions. This includes advanced encryption and two-factor authentication, ensuring your financial information remains secure.
  • Credit limit: American Express credit cards often come with higher credit limits compared to other cards. This allows for larger purchases, which can be particularly useful when buying significant amounts of Bitcoin.

How to Buy Bitcoin with an American Express Card

Here is an overview of how to buy Bitcoin using an Amex card. Further down the page, we provide a closer look at the ins and outs to provide you with everything that you need to know before making a purchase.

Step 1: Find a reputable exchange

The first step is to do your research and find a cryptocurrency exchange that accepts payment via AMEX. Top options include Paxful, Crypto.com and BitPay.

We recommend spending time at this stage to research each provider and find an exchange that meets your needs. If you are a seasoned trader, you might be looking for an exchange that provides technical analysis tools and supports complex strategies. However, if you’re a beginner you may prioritise usability and customer support.

Either way, you should make sure that the exchange you pick has a robust reputation and transparent fee structure.

Step 2: Create an account

Once you have found a reputable exchange that accepts American Express cards, navigate to the registration form and complete the sign up process.

This will usually involve submitting your name, email address, phone number and proof of ID. The account set up process can take up to 24 hours, depending on which exchange you choose to use.

If you are looking for a quicker way to buy Bitcoin, check out our list of the best non-KYC crypto exchanges.

Step 3: Search for BTC

Once you have created your account, use the explore feature to search for Bitcoin (or any crypto that you wish to buy). You will be able to see the current price of Bitcoin and fill out the details of your order.

Before you reach this step, make sure that you are familiar with your risk tolerance and understand best practices for buying crypto safely.

Step 4: Buy Bitcoin with American Express Card

Once you have filled out the order form, select American Express from the list of supported payment methods.

If you haven’t already connected your card to your account, you will need to enter your card details at this stage. Double-check the details of your order and then click ‘buy’ (or equivalent). You Bitcoin will be sent to your exchange account within minutes.

Step 5: Send Bitcoin to a crypto wallet

Storing Bitcoin on an exchange is very risky. For this reason, the next step is to send your crypto to a supported cryptocurrency wallet. You can do this by entering your unique wallet address.

Always use a secure internet connection to send crypto to a hot wallet and double-check the address that you enter before confirming the transaction.

Top Bitcoin Brokers That Accept American Express

First things first, let’s examine some of the best brokers that let you buy Bitcoin with an American Express card.

BitPay

bitpay logo

BitPay is a great option that offers over 60 cryptocurrencies that can be bought with American Express.

I personally like the platform because it comes with a native self custody wallet which makes it easier to store your Bitcoin off of the trading platform.

BitPay supports instant crypto trading and is available on both mobile and desktop. You can browse through different partners to find the best rates and take advantage of the BitPay card to spend your crypto like cash.

Crypto.com

Crypto.com accepts payments in American Express and other credit card options. This platform is appealing because it offers a pretty long list of tokens, over 350, and a plethora of trading features.

The exchanges selection of features make it a good option for experienced users however, I have also heard of beginners who love the platform.

Perhaps one of the platform’s most appealing, yet largely unknown, features is the native crypto Telegram group. Here, you can join part of a growing crypto community, share ideas and connect with others.

If you want to expand your card collection past Amex, Crypto.com offers a crypto card of its own that you can use to spend your Bitcoin.

Paxful

Paxful stands out by offering over 350 different payment methods including 19 credit card options. Amongst these, the platform accepts deposits with Amex and charges relatively low fees.

Paxful is a peer-to-peer marketplace which means that you can buy Bitcoin directly from other investors. All trading takes place under escrow and the platform is known for facilitating instant transactions. Paxful also allows users to buy Bitcoin using a bank account, which can be a convenient and low-fee option.

There are no fees for trading crypto on Paxful. However, the selection of tokens available is limited and dependent on what other users are selling.

I recommend having a shop around different platforms to find a Bitcoin broker that suits your needs.

What Is an American Express Bitcoin Broker?

American Express is a popular brand that offers credit, debit, prepaid, and gift cards. It’s one of the most popular card brands, next to Visa, Master Card, and Discover, and if you’re in the US, the chances are you already have an Amex card. The brand is also available in many other countries, so millions of people worldwide use Amex daily.

American Express Bitcoin brokers are crypto platforms that enable you to use your Amex card to fund your BTC purchase.

Depending on where you purchase Bitcoin with American Express, you will incur different transaction fees. On peer-to-peer exchanges, you can buy Bitcoin anonymously with your Amex card, but you will have to pay additional fees, which can be as high as 4% of your purchase.

What Crypto Platforms Accept American Express?

Unfortunately, as American Express charges higher merchant fees than other credit card providers, most crypto platforms choose not to accept it. You will have a hard time finding a centralized exchange or broker that accepts Amex.

The majority of platforms that accept Amex as a payment method are P2P marketplaces, such as Paxful.

P2P platforms connect buyers directly with sellers and may not require you to complete ID verification. This anonymity may attract some users with malicious intentions so caution is advised when using these platforms.

What Should I Look for in an Amex Bitcoin Broker?

It’s no secret that some brokers are better than others, and you want to have the best possible experience when buying Bitcoin with American Express.

Once you check all the essential traits of a Bitcoin broker and ensure that they are of high quality, you’ll be able to buy BTC effortlessly.

Here’s what to take into account when buying Bitcoin with Amex:

Cost: Certain brokers are more expensive than others as the fees they charges may differ. P2P platforms don’t tend to charge fees for buying crypto, but as sellers decide the price you may want to hunt around for sellers offering lower prices.

Limits: All brokers have transaction limits when depositing, withdrawing, buying, or selling. Please take all of them into account when choosing the best trading site for you.

Security: You should verify that your broker of choice has all the security protocols. This is essential for keeping your funds and your sensitive data safe and secure. You shouldn’t trust a P2P platform unless it provides escrow.

Speed: Sometimes, transactions can take a couple of minutes, especially when trading Bitcoin, which is one of the slower cryptocurrencies. However, various brokers have different speeds, and you definitely want to avoid the slow ones.

Ease-of-use: Check the broker’s user interface and see how easy or difficult it is to use the platform to buy Bitcoin with American Express. If you’re new to the world of crypto trading, go for the simplest-looking ones.

Security and Protection When Buying Bitcoin

When buying Bitcoin with American Express, it’s crucial to consider the security and protection measures in place to ensure a safe and secure transaction. American Express offers several features designed to protect your financial information and prevent fraud.

Security Features of American Express

American Express has implemented several security features to safeguard against fraud and unauthorized transactions:

  • Advanced encryption: American Express uses advanced encryption technology to protect sensitive information during transactions. This ensures that your data is secure and cannot be easily accessed by unauthorized parties.
  • Two-factor authentication: To add an extra layer of security, American Express offers two-factor authentication. This requires an additional verification step, making it more difficult for unauthorized users to access your account.
  • Fraud protection: American Express has robust fraud protection measures in place. These systems detect and prevent unauthorized transactions, providing peace of mind when buying Bitcoin.
  • Zero-liability policy: With American Express’s zero-liability policy, cardholders are not held responsible for unauthorized transactions. This policy ensures that you are protected in the event of fraud.

Regulation and Reputation of Bitcoin Brokers

When buying Bitcoin with American Express, it’s essential to choose a reputable and regulated Bitcoin broker. Look for brokers that are licensed and regulated by top-tier regulators, such as the Financial Conduct Authority (FCA) or the Securities and Exchange Commission (SEC). Additionally, research the broker’s reputation online by reading reviews and checking for any negative feedback.

By understanding the benefits and drawbacks of using American Express to buy Bitcoin, as well as the security and protection measures in place, you can make an informed decision and ensure a safe and secure transaction.

Should I Buy Bitcoin Using American Express?

American Express is one of the most popular fiat payment methods, but it also comes with a couple of disadvantages.

Let’s take a look at the main benefits and drawbacks of using Amex to buy BTC.

Pros & Cons of Amex

  • Fast — Amex transactions are instant, meaning you should be able to get hold of BTC pretty quickly.
  • Rewards — American Express provides exclusive perks to users of its cards, such as travel rewards and priority booking.
  • Secure — American Express is one of the most prominent payment institutions in the world, and it uses cutting-edge security features to make all transactions safe and protected from any kind of cyberattack.
  • Easy to use — You probably already know how to use an Amex card to buy stuff on the internet. Buying Bitcoin is no different.
  • Fees — Credit cards are typically one of the more expensive payment methods to use due to the fees involved.
  • Lack of acceptance — The vast majority of crypto platforms don’t accept Amex, so you may need to use a P2P platform to pay with Amex.
  • Your credit card information could be at risk

Is Using American Express the Best Method to Buy Bitcoin?

American Express is certainly easy to use and the membership rewards make it attractive to many people. However, when it comes to buying Bitcoin, Amex certainly isn’t the best method due to how few platforms accept it.

You will have a much greater choice of platforms if you opt for a Mastercard or Visa card instead.

How Do I Convert My American Express Gift Card to Bitcoin?

Buying Bitcoin using American Express is a straightforward process, similar to making online purchases with credit and debit cards.

For those using Amex gift cards, the recommended platform is Prestmit. To do so, users need to download the app on their iOS or Android device, create or log into their account, navigate to the Buy/Sell Gift Cards section on the dashboard, select Sell Gift Cards, and opt for Bitcoin as the preferred payment method.

The American Express gift card details, including the category, amount, and Bitcoin wallet address, should be filled out. After proceeding, users can follow the prompts to complete the transaction, receiving their Bitcoin in their wallet within minutes.

What Are the Alternative Payment Methods to Buy Bitcoin With?

Some of the alternatives you’ll often find available in online brokers are:

Other Credit/Debit Cards: As mentioned above, apart from American Express, you can use other popular card brands for deposits, including Visa and Mastercard. These brands are a much more widely accepted method of buying Bitcoin with a credit card or debit card.

E-wallets: Many brokers accept e-wallets such as PayPal for buying Bitcoin. What’s more, PayPal has also become a cryptocurrency wallet itself.

Bank Transfer: Some brokers allow you to buy Bitcoin with a bank transfer. This is typically the cheapest option, but may also be the slowest depending on the transfer network available.

Apple Pay: If you own an Apple device, you’ll be happy to know that many brokers accept Apple Pay for buying Bitcoin. It’s a convenient and highly secure payment option.

Following the information mentioned above, we created the following guides on alternative payment methods to Buy Bitcoin with:

What to Consider Before Buying Bitcoin with American Express Card

You should be aware that most exchanges restrict major credit card purchases of cryptocurrencies. American Express, for example, has a daily and monthly cap on Bitcoin purchases. Users cannot spend more than $200 per day and $1,000 per month.

Depending on the exchange, the cost of buying Bitcoin or other cryptocurrencies with a credit card varies. Fees for cards, and particularly American Express, can be high.

There may also be additional fees, such as foreign transaction fees and exchange rates. A trustworthy exchange will disclose all fees before you complete your purchase.

Final Thoughts

To sum up, American Express may be popular and easy to use, but it isn’t a great option for buying Bitcoin as you will struggle to find platforms that accept it.

If you want to buy Bitcoin with a card, consider the more widely accepted Mastercard and Visa cards instead.

Nevertheless, you can use platforms such as BitPay, Crypto.com and Paxful to buy Bitcoin with Amex in 2024.

 

FAQs

Can I purchase Bitcoin with a credit card?

Many cryptocurrency exchanges and platforms allow users to purchase Bitcoin with a credit card. You can typically link your credit card to your account on these platforms and use it to buy Bitcoin at the current market rate.

How fast is buying Bitcoin with American Express?

American Express cards are pretty fast, but Bitcoin transactions might take up to 30 minutes sometimes. If you’re lucky, you’ll be able to buy BTC without as much of a delay.

Are there low fees when using American Express to buy Bitcoin?

Cards tend to involve higher fees on crypto platforms, and Amex fees may be higher still due to the higher merchant fees they charge.

Can I hold cryptocurrency in my American Express account?

No, you cannot. Amex is only available for fiat currencies.

Can you buy crypto with Amex (other than Bitcoin)?

Yes, if a platform that accepts Amex offers cryptocurrencies other than Bitcoin such as altcoins, you will be able to purchase them using Amex.

Can I buy Bitcoin with American Express instantly?

All American Express transactions are nearly instant, but brokers might need additional time to process the transaction when buying BTC. Still, that shouldn’t take more than half an hour.

Is American Express the easiest way to buy Bitcoin?

No, American Express isn’t the easiest way to buy Bitcoin as it can be hard to find somewhere that accepts it, and the P2P platforms that do accept it are typically less user0friendly than major exchanges.

Can I buy Bitcoin with Amex Serve?

Yes, you can buy Bitcoin with Amex Serve. Amex Serve is a pre-paid debit card from American Express. Buying Bitcoins with Amex Serve is easier than with a credit card and can be considerably cheaper if you take credit card fees into account.

Can you buy bitcoins with American express gift card?

Yes, you can use American Express gift card to buy Bitcoin. Just like you would use Amex card to buy Bitcoin, you can follow the same process with Amex gift card or pre-paid card as you would with American Express credit card.

Does Crypto.com accept American Express?

Yes, Crypto.com welcomes payments through a variety of methods. Accepted credit cards include Visa, Mastercard, American Express, JCB, Discover, and Diners Club. Additionally, users can make payments using cryptocurrencies through Crypto.com Pay.

Can I buy Bitcoin anonymously with American Express?

You may be able to sign up to a P2P platform anonymously, but American Express itself isn’t anonymous.

Here are some more ways to buy Bitcoin

Contributors

Amala Pillai
Senior Content Editor
Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.