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How to Buy Bitcoin With an American Express Card in 2024
American Express cards, or Amex cards, are popular with business people and those who want access to exclusive membership rewards. The cards can also be a good choice for buying crypto instantly. If you’re wondering how you can buy Bitcoin with your Amex card, then that’s exactly what we’re going to explore in this guide.
We’ll take a look at some of the top Bitcoin brokers that accept American Express. Then, we’ll guide you through the entire process of how to buy Bitcoin with American Express, pointing out important pieces of information to help you get the best possible experience when buying Bitcoin with Amex. We’ll also answer popular questions regarding the purchase of Bitcoin using the Amex card.
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: Pick a Platform
Find a platform that supports American Express, such as Paxful or LocalBitcoins.
Step 2: Open an Account
Provide an email address and a password to create an account. Depending on the platform and what you want to do with it, you may or may not need to complete a verification process.
Step 3: Find a Seller
You will be able to browse a list of ads from people who have BTC to sell. Look for one who accepts American Express and offers a price and limits you’re happy with.
Step 4: Buy Bitcoin
Follow the onscreen instructions to use your Amex card to send a payment to the seller. Most P2P platforms use an escrow system for security. You shouldn’t release your payment from escrow until you receive your BTC.
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 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.
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.
However, there are a handful of peer-to-peer (P2P) platforms that accept Amex, and these include Paxful and LocalBitcoins.
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.
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.
What are the Benefits of using American Express to Buy Crypto?
American Express may offer benefits such as convenience, rewards programs, and enhanced security when used for cryptocurrency purchases, depending on the specific card.
However, the acceptance of American Express for buying cryptocurrencies varies among platforms. Thus, users should check specific terms and conditions before making transactions.
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.
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
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