Buy Bitcoin With American Express | Beginners Guide | BanklessTimes
If you want to become part of the Bitcoin community and call yourself a proud owner of “digital gold,” you’re on the right page. Chances are you have an American Express card and want to use it to buy Bitcoin, and that’s exactly what we’re going to explore in this guide.
First of all, we will show you some of the top Bitcoin brokers that accept American Express. Then we’ll guide you through the entire process to invest in Bitcoin using this payment method, 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.
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Top Bitcoin Brokers That Accept American Express
First things first, let’s examine some of the best brokers that let you buy Bitcoin with American Express card.
1
Minimum Deposit
$ 50
Exclusive Promotion
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
Start TradingCompare Brokers
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
2
Minimum Deposit
$ 200
Exclusive Promotion
Variety of Crypto CFDs and Crypto Indices
In trading crypto CFDs you do not own or have any rights to the underlying assets
Fast execution speed
Start TradingCompare Brokers
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.8% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
3
Minimum Deposit
$ 100
Exclusive Promotion
Easy to use tool
High profit potential
Offers Phone Support
Start TradingCompare Brokers
Crypto assets are highly volatile and largely unregulated. There is no guarantee that any crypto asset will have at any time in the future certain value (if any) or market liquidity. Crypto assets are at risk of losing substantial (or all) value within a short time period.
4
Minimum Deposit
$ 50
Exclusive Promotion
Trade and invest in over 25 cryptocurrencies
Extremely simple user interface
Over 68 million customers
Start TradingCompare Brokers
5
Minimum Deposit
$ 1
Exclusive Promotion
Funds protected up to £85,000
24/7 support
Buy stocks and ETFs with zero commission
Start TradingCompare Brokers
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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.
That’s also the reason why many online cryptocurrency exchanges and brokers accept it as a payment method. Mind you, these brokers accept fiat money, as that’s the only type of money that you can store in an Amex card.
American Express Bitcoin brokers allow you to deposit fiat funds and then use the funds in your balance to purchase Bitcoin — simple as that. We’ll explain the depositing and withdrawal process in more detail below.
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?
As stated above, the crypto platforms that accept American Express are the ones that can process fiat money, usually centralised exchanges, and brokers.
On the other hand, their decentralised counterparts cannot accept fiat, only cryptocurrency, and that’s why they never list American Express among its deposit and withdrawal methods.
Apart from the Bitcoin exchanges and brokers, there are plenty of other peer-to-peer (P2P) lending platforms, marketplaces, and more that allow you to acquire Bitcoin in some way using American Express as a preferred payment option.
Remember, trading in crypto is high risk and speculative.
How to Buy Bitcoin With American Express in 2023?
Buying Bitcoin using American Express is no different from buying anything else with credit and debit cards on the internet.
Using Bitcoin brokers can be complex if you’re new to the world of online cryptocurrency trading, but if your goal is just to buy Bitcoin with American Express credit card, then the entire operation is relatively simple.
Let’s take a look at how to buy Bitcoin with Amex below:
Step 1: Pick a Platform
Go through the list of the best American Express Bitcoin brokers presented in this article and pick the one that meets your needs.
Step 2: Open an Account
Centralised exchanges and brokers usually require you to become a registered member to buy, sell, and trade cryptocurrencies. Therefore, you might have to provide your email, password, address, first and last name, and more. Mind you, some brokers might even require you to verify your identity by requesting additional documents.
Step 3: Connect Your Amex Card
This step requires entering the essential card data in the fields necessary to connect it and make a deposit to your account. Pay attention to the minimum and maximum Amex deposit limits.
Step 4: Buy Bitcoin
Once your account is topped up with fiat money, all you have to do is buy Bitcoin. This process might be slightly different depending on the platform you select, but each site will do its best to help you make your purchase as effortlessly as possible.
How to Deposit and Withdraw via American Express
In this part of the guide, we’ll walk you through the deposit and withdrawal processes when buying Bitcoins using American Express in online cryptocurrency brokers.
Deposit: Depositing fiat currency with American Express is a pretty quick process, and deposits are instant in most cases (although that also depends on the broker of your choice). Here’s what you need to do:
Step 1: Find a Broker
Find a broker to buy Bitcoins with American Express
Step 2: Log In
Log in to your account.
Step 3: Select American Express as Your Preferred Deposit Method
Go to the banking section of the site and select American Express as your preferred deposit method.
Step 4: Connect Your Card
Connect your card by providing your card number, expiry date, security code, or any other required information. If you already connected your card during the registration process, there’s no need to do this step.
Step 5: Deposit the Amount You Want
Enter the desired amount of money and proceed with the deposit.
Step 6: Buy Bitcoin
Finally, buy Bitcoin with the deposited money.
Withdraw: The withdrawal process is more straightforward compared to depositing. Please take into account that you cannot actually withdraw your cryptocurrency to American Express directly.
You need an appropriate Bitcoin wallet to do it. We’ll describe below how to withdraw your fiat funds from the broker to your Amex card.
Step 1: Log In
Log in to your account.
Step 2: Select Amex as Your Preferred Withdrawal Option
Go to the cashier section and select Amex as your preferred withdrawal option. Connect your card if you haven’t already.
Step 3: Withdraw the Amount You Want
Enter the amount of money you’d like to withdraw.
Step 4: Confirm Your Transaction
Confirm the transaction.
Bear in mind that Amex might be available for deposits but not withdrawals in many online brokers, so that’s one of the things to check before joining a broker.
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:
Fees: Certain brokers are more expensive than others. If you’re on a budget, your job is to find the platform with the lowest fees. However, if you don’t mind paying more, try looking for the best price/quality ratio.
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 in check. This is essential for keeping your funds and your sensitive data safe and secure.
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
Pros
Fast — Amex transactions are instant, meaning you should be able to see your funds in your balance as soon as you initiate the transaction.
Affordable — American Express transaction fees aren’t that big compared to other fiat payment options, such as e-wallets.
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, you can easily buy Bitcoin with Amex using a Bitcoin exchange or a broker platform.
Cons
It doesn’t accept cryptocurrencies — Amex cards are made for fiat money. When they were invented, cryptocurrencies didn’t even exist, so you can only use your card to deposit and withdraw USD or whichever fiat currency you’re using.
Not available with some brokers — Plenty of brokers out there don’t accept Amex payments. However, the good news is that most of the best platforms take it, and you can find them on this page.
Your credit card information could be at risk
Is Using American Express the Best Method to Buy Bitcoin?
Using American Express is one of the easiest methods out there. We wouldn’t dare call it the best method, as there are plenty of other credit and debit card brands that are just as good. Essentially, there isn’t much difference between using Amex and Visa or Mastercard — the main competitors to American Express. Still, there are subtle differences, and some people just prefer using one brand of cards over the other.
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, Mastercard, and Discover.
E-wallets: Many brokers accept e-wallets, such as PayPal, as deposit and withdrawal methods. What’s more, PayPal has recently become a cryptocurrency wallet as well.
Bank Transfer: Some brokers allow you to transfer your funds directly from your bank account to them. However safe, this payment method is usually much slower compared to other options featured in this article.
Apple Pay: If you own an Apple device, you’ll be happy to know that many brokers accept Apple Pay. It’s a convenient and highly secure payment option.
Following the information mention 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. Coinbase charges 3.99%, while Coinmama charges almost 5.9%. CEX IO charges only 0.2%, but using this exchange requires a time-consuming verification process.
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, using American Express to purchase Bitcoin is a great way to become a proud owner of the most popular cryptocurrency in the world. Amex is easy to use, and millions of people worldwide make daily transactions using this payment method. The good news is that many great online brokers also accept American Express payments, and we listed many of them on this page, so we encourage you to explore the list and pick the one that works best for you.
FAQs
Can I buy Bitcoin anonymously with American Express?
Unfortunately, American Express is not an anonymous payment method, and it’s only available on centralised trading platforms. Therefore, the answer is no. You cannot trade anonymously with Amex.
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 make a deposit and buy BTC without as much of a delay.
Do I need a crypto wallet?
Since Amex cannot store cryptocurrencies, you’ll have to find a Bitcoin wallet if you want to withdraw your BTC from the broker of your choice.
Are there low fees when using American Express to buy Bitcoin?
Amex features very low fees, but brokers might impose additional charges, so pay attention to those when selecting the best platform for you.
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, you can buy other crypto with Amex card. If the broker of your choice features cryptocurrencies other than Bitcoin such as altcoins (and it probably does), you can use the money you deposited via Amex to purchase the crypto you want.
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?
It probably is. If you already have experience using American Express for deposits and withdrawals, you won’t have any trouble buying BTC with it. However, other credit and debit card brands are just as easy to use.
Does Coinbase accept American Express?
Coinbase accepts all major brands of credit cards, including American Express. However, please be careful of the fees when using Amex on Coinbase, as it has higher fees than other deposit options available on Coinbase.
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.
