How to buy Bitcoin with American Express in 2023

This introductory guide explains how to buy Bitcoin with American Express. Follow our simple three step guide to make your first purchase.

James Knight

James is a lead editor for Invezz, where he covers topics from across the financial world, from the stock… read more

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Jan 25, 2023

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Firstly, the most important question to answer is: can I buy Bitcoin with American Express?

American Express doesn’t support the purchasing of cryptocurrency but you can use it to fund a trading account which you can use to buy Bitcoin.

You just need to use a crypto exchange that accepts AMEX deposits. And we’re here to help.

How to buy Bitcoin with American Express – a step-by-step guide

It takes about 15 minutes to buy BTC with American Express. Have a copy of your photo ID to hand and follow this guide to get started.

Step 1. Sign up with

Start Trading

We recommend Start Trading as the best platform to use to buy BTC with American Express

Step 2. Create an account

You need an account before you can buy anything. Sign up with your contact details and a form of ID for verification.

Step 3. Make a deposit via American Express.

Enter how much you want to deposit and select American Express as your payment method from the list of options.

Step 4. Use the search box to find Bitcoin

Use the search box on the home page to search for Bitcoin and the currency you want to pay in (such as GBP).

Step 5. Make your purchase

Enter how much Bitcoin you want to buy, check the details and process the transaction. Once the payment goes through, your new Bitcoin will show up in your exchange account.

Top Bitcoin platforms that accept American Express

Quick answers to key questions

Can I buy crypto with American Express?

Yes, you aren’t limited to buying Bitcoin alone. The only limit is which coins are available on the exchange you’ve chosen. Most crypto exchanges that support American Express as a payment method offer 50+ cryptocurrencies and many offer hundreds more.

Is American Express safe?

Yes, it’s completely safe to use American Express. The only risk to look out for is to make sure you sign up to a regulated American Express Bitcoin broker when buying Bitcoin. Using an unregulated broker platform can put your money at risk.

How much does it cost to buy Bitcoin via American Express?

The exact charge depends on the broker but you can end up paying to 2-5% in fees. However, you should note that American Express itself may charge an additional fee. 

Crypto transactions are sometimes treated as a cash advance by the credit card company, which results in much higher fees. We have seen fees of up to 10%, which can make the purchase very expensive.

Can I store Bitcoin in my American Express account?

No, you can’t store Bitcoin or any other cryptocurrency in your AMEX account. You have to use AMEX to fund a trading account with a company like Start Trading and then store your coins on that platform.

Why don’t more crypto platforms support American Express?

Card issuers charge the merchant a percentage of each transaction in fees and AMEX fees are among the highest. 

Visa and Mastercard charge roughly 1-2% per transaction, while the AMEX processing fee can be nearly 4%, so many platforms simply choose not to offer it as an option.

Should I buy Bitcoin using American Express?

It depends on the perks you receive for making purchases through American Express. The fees for using an AMEX card to buy Bitcoin are steep, higher than most other options, so you should only do so if you earn enough in cashback, points, or rewards to make it worth it.

Similarly, if it’s your only payment card and you want to buy crypto then it’s perfectly safe to use it, just note that it’s more expensive than using a Visa or Mastercard.

Here is a quick summary of the pros and cons of buying Bitcoin with AMEX.

Pros

• A secure way to buy crypto, backed by AMEX’s security features
• Funding a trading account with AMEX is simple and only takes a few minutes
• AMEX is accepted by most major crypto platforms
• You can earn cashback and rewards for your purchase

Cons

• The fees for using AMEX are higher than most other payment options
• You can’t hold or store crypto in your AMEX account
• AMEX isn’t accepted by all platforms because of the cost of offering it

Is there an alternative to buying cryptocurrency with American Express?

There are plenty of alternatives, whether you want to pay through an online payment provider or go down a more traditional route. Here are some of the different ways to pay for your Bitcoin purchase.

FAQs

Can I buy Bitcoin with American Express on Coinbase?

Yes, you can buy Bitcoin with American Express on Coinbase.

Can I buy Bitcoin with American Express on Cash App?

Yes, you can buy Bitcoin with American Express on Cash App.

How do I fund my crypto account with American Express?

Go to the account settings to make a deposit. Enter the details and choose American Express from the list of payment options. If it is available, you’ll then be asked to add your American Express account details before confirming the payment.

Can I buy Bitcoin with American Express instantly?

Yes, AMEX transactions take place more or less instantly. Card payments are the fastest and easiest ways to fund a Bitcoin trading account.

Can I buy Bitcoin with American Express anonymously?

No, you can’t remain completely anonymous while using your AMEX card. To create one you must provide lots of personal details and there’s no way of hiding those when you use it to fund your trading account.

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

Generally speaking, no. This is usually more expensive than other methods, with fees of around 2-5%.

Can I get other cryptos with American Express?

Yes. You can buy Ethereum, Litecoin, and a whole variety of other cryptocurrencies. Check the exchange, peer-to-peer marketplace, brokerage website, or app that you prefer to verify which cryptos are available.

 

Is American Express the easiest way to pay for Bitcoin?

That depends on how you define “easiest.” People who are used to using their Amex card may feel most comfortable using that same card for cryptocurrency. But there are other methods that can be just as easy, if not more so.

 

What’s the biggest pro and con of using Amex on a peer-to-peer exchange?

The biggest pro is that there’s no ID required to set up your account. The biggest con is that the same lax requirements that allow you to sign up without ID also make some peer-to-peer exchanges more vulnerable to fraud.

How easy is it to find a peer-to-peer crypto exchange that lets you use Amex?

The answer depends on where you live. The easiest places to find peer-to-peer exchanges are the financial powerhouses of the world, such as the United States and the UK. You’ll likely have more trouble finding a peer-to-peer exchange if you live elsewhere.

What’s a well known cryptocurrency marketplace that does not accept American Express?

Amex is mostly widely accepted in the United States, which means that some of the top marketplaces in Europe may not accept the American Express card. One prominent example is Bitit. A marketplace available in Europe only, Bitit accepts Visa, MasterCard/EuroCard, and N26 as valid credit cards, but it does not accept American Express.

Is using American Express recommended for beginners?

Not really, because of the cost involved. For instance, using American Express on Coinbase costs 3.99% in fees. As a novice investor, that puts immediate pressure on you to turn at least a 4% profit, which isn’t always easy.

Is using American Express a more viable strategy if you plan to hold Bitcoin for the long term?

Here, the answer is yes. Bitcoin can be volatile, so recouping your fees – let alone actually making money – may not happen right away. That said, Bitcoin has generally trended higher for the past decade, with the only major exception being the gigantic selloff that occurred after the huge price surge in 2017. So holding it as a long-term investment could be your best bet.

Sources & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

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