Can I Buy Bitcoin (BTC) With American Express?

Buy Bitcoin With American Express

✍️ 22 November, 2022 - 6:03 👤 Editor: Jakub Motyka

If you want to buy Bitcoin (BTC) and are wondering whether you can use the American Express card, you are on the right page. That is exactly what we are going to explore in this article. The answer is a definite yes. You can use your Amex card to buy the ‘digital gold’ across multiple brokerages and exchanges.

Some popular platforms that support BTC purchases with an Amex card include crypto exchanges like Coinbase, Crypto.com, and brokerage firms like eToro. For those who do not know, American Express is a popular card payment service provider in the US - rivaling MasterCard and Visa - that supports credit cards, debit cards, and gift cards.

Buy Bitcoin (BTC) With American Express Across Supported Brokers And Exchanges

Buying Bitcoin with American Express means using fiat currency to acquire the digital asset. Here, your broker will let you deposit the fiat currency for use in the purchase.

Buying BTC With American ExpressSource: Pixabay

One disadvantage of using American Express, or any other card, is the high transaction fees. For instance, Amex Express will charge additional fees of up to 4% per transaction.

Similarly, users cannot use the card or any fiat crypto purchase option in decentralized exchange – crypto exchange with no central authority – it is only possible on the centralized ones.

Step-By-Step Guide On How To Buy Bitcoin (BTC) With American Express

So what are the steps in buying bitcoin (BTC) with an American Express card? Simple. Just like any other purchase that you make with a debit or credit card, you can buy BTC the same way with your Amex card. Once you have picked a preferred platform – a centralized exchange or a broker – open an account with them (after confirming the charges by your selected broker, which usually vary). Afterward, add your Amex card to the account and buy bitcoin.

Similarly, the withdrawal process follows almost similar steps; however, it is not possible to withdraw BTC to your Amex card directly. To withdraw your BTC, you will require a suitable crypto wallet. With your wallet, log in and choose American Express as the preferred withdrawal option. Select the amount you wish to pull out, and confirm the transaction.

More crypto articles:

Jared Kirui

Image sources:

  • buying-btc-american-express: Pixabay
  • buy-bitcoin-with-american-express: Pixabay

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