How to Buy Crypto with American Express [2023] | Step-by-Step - The first knowledge sharing application in Vietnam

Summary: American Express doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, AMEX card holders can connect their banking accounts to a Financial Industry Regulatory Authority (FINRA) licensed cryptocurrency broker to buy digital assets like Bitcoin (BTC) and Ethereum (ETH).

In short, to buy crypto with AMEX, investors in the US will need to sign up with a FINRA-regulated crypto exchange like eToro and deposit USD from their American Express card.

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Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Mục lục bài viết

Can you buy crypto with American Express?

You can buy crypto with AMEX, but you need to connect to a FINRA-licensed cryptocurrency exchange. As mentioned above, this is because American Express does not offer the buying and selling of Bitcoin or any other cryptocurrency directly through its online banking platform. To summarize, you can use AMEX to buy crypto but can’t buy crypto directly on the American Express online banking services.

How to buy crypto with American Express?

The best way to buy Bitcoin or any other cryptocurrency with AMEX in the US is through a FINRA-regulated broker like eToro, which is a licensed and widely trusted multi-asset investing platform with over 70 cryptocurrencies and unique features such as “Copy Trading,” which enables users to copy top-performing crypto traders, in addition to a staking service, custom watchlist, as well as advanced charts and technical analysis tools.

Crypto on eToro.Source: eToro.com

How to buy crypto with AMEX: Step-by-Step

You can get started in minutes with four simple steps:

Step 1: Create an account on eToro and complete your verification (personal or company);
Step 2: Enter the USD amount you want to deposit on the eToro platform;
Step 3: Connect your AMEX credit card to deposit your selected fiat currency;
Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.

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Best for:

Intermediate Traders and Investors

2.8 Million

Active Accounts Get Started

About American Express

American Express (AMEX) (NYSE: AXP) is an American financial services company specializing in payment cards. Founded in 1850 as an express mail dispatcher, the company later expanded its services to include money orders, traveler’s checks, and credit cards. American Express operates worldwide, with 56.4 million cards in use in the US and 121.7 million cards globally (as of 2021).

American Express’s homepage. Source: Americanexpress.com/us

Services offered by American Express include:

Personal banking: Checking accounts, savings accounts, credit cards (rewards/cash back/travel/no annual fee), mortgages, home refinancing, certificate of deposits (CDs), individual retirement accounts (IRAs), high-yield savings accounts (HYSA);
Business banking: Business checking and savings accounts, lines of credit, credit cards;
Wealth management: Automated investing, personalized consultation, rewards as you invest.

American Express crypto policy

While American Express doesn’t provide access to crypto trading directly from its platform, customers can link their AMEX credit cards to FINRA-regulated crypto exchanges to buy digital assets.

As of 2023, American Express had not announced any official AMEX crypto policy. However, AMEX executive Gonzalo Pérez del Arco, director of government affairs in South Europe, stated in June 2022 that the bank is bullish on crypto and is actively aiming to add more crypto-related services. For example, American Express has even launched its own crypto rewards card, the Abra Crypto Card, in June 2022.

However, it is also important to note that American Express, like many other financial institutions, has historically been cautious regarding cryptocurrencies and has expressed concerns about their volatility and lack of regulation.

American Express may update its policy on cryptocurrencies as the use and acceptance of digital currencies continue to grow. If you have specific questions about the American Express crypto policy, we recommend contacting their customer service or help center directly for the most up-to-date information.

How to buy crypto safely

A cryptocurrency’s value can change frequently and dramatically, making them much riskier than traditional asset classes such as stocks or bonds. Even worse, if the value goes down, there’s no guarantee it will rise again. In addition, the space is rife with scams, such as rug pulls, Ponzi schemes, and phishing, putting both seasoned and inexperienced investors at risk.

Furthermore, although cryptocurrency broker-dealers in the US are required to register with FINRA, which imposes several requirements on them, including implementing and maintaining both anti-money laundering (AML) and customer identification programs (CIPs), crypto assets themselves are not regulated.

Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. Let’s look at a few tips on what you should do when getting started with digital assets and how to best protect yourself and your money:

Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks of buying crypto are;
Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web, keeping your sensitive information safe;
Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where your money is kept and what happens to your funds if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
Secure your account: Use two-factor authentication and a strong password to protect your account;
Use a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
Don’t invest money you can’t afford to lose: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, have a look at our guide on investing mistakes to avoid;
Monitor your investments: Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about how to buy crypto with American Express:

Can you buy crypto with American Express?

While American Express doesn’t offer crypto trading directly through its own platform, customers can link their credit cards to a FINRA-regulated crypto broker to buy digital assets.

How to buy crypto with American Express?

You can buy crypto with American Express by connecting your AMEX credit card to a licensed third-party cryptocurrency platform.

Where can I buy crypto with American Express?

Customers can connect their AMEX card to a FINRA-licensed cryptocurrency exchange to buy crypto with American Express.

What is American Express’s crypto policy?

American Express allows its customers to use their credit cards or services to buy, sell and trade digital assets through regulated exchanges.