Quick Overview: Our Top 2 Ways To Buy Bitcoin With American Express
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There is a growing number of people looking for the best way to buy bitcoin with American Express. Amex is a popular payment method but not all exchanges allow you to buy bitcoins with it. I found it frustrating to discover this only after opening accounts at several exchanges.
Luckily for you, I have listed the best ways to buy bitcoin with American Express. Paxful has a good number of sellers offering bitcoin with Amex and Abre stands second. I presonally liked Paxful more because they have more features and exposure to other alt coins and payment methods too.
Top 5 Best Ways to Buy Bitcoin with American Express
Paxful is another major crypto exchange platform that allows users to make payments with American Express. Paxful also offers Tether exchanges along with bitcoin. It is undoubtedly one of the safest bitcoin exchange platforms out there.
All the exchanges that take place through the platform are completely secure. Detracting such signals can indeed take a long time.
Paxful also has a live chat interface to talk to possible buyers and sellers. It offers a bunch of payout methods as well. You can either trade it for cash using a private vendor or no vendor. However, if you’re looking to buy in bulk, it’s best to use the online transfer method.
The numerous buying and selling methods it offers have made Paxful the real deal. You can also exchange the coins for gift cards, direct payouts, other digital currencies, and goods and services.
It also has the latest security features. If a buyer or a seller backs out after the money transaction is done, Paxful will take care of that. Once a transaction is agreed upon and has begun, the coins will leave the seller’s account. However, they won’t go to the buyer’s account either. They’ll remain in the space until further investigations are completed, rendering the coins absolutely useless.
Escrow has a large customer base of around 4.8 million customers, which makes it hard to keep up with all the new features.
Along with buying and selling bitcoins, you can also become a Bitcoin vendor. The sole reason for its success is the easy-to-use interface, intuitive UI, and a clean UX. Paxful makes crypto trading as smooth as gets.
All the trading features Paxful offers and the reasonable commission rate is what makes Paxful a fantastic crypto exchange platform.
Abra is a new age app which lets you store, buy and invest in various cryptocurrencies and fiat currencies all in one place. It is a bitcoin wallet app that can be used by both, Android and iOS users. It even lets users exchange up to 50 fiat currencies and 28 cryptocurrencies through 100% peer-to-peer technology and prides itself on this feature. It ensures that you are the one who would be in complete control of your money.
Abra also offers you a choice of funding your account using bank transfer, credit or debit card, litecoin bitcoin or bitcoin cash and then you can start investing in cryptocurrencies.
Abra makes the entire process quick and easy to invest bypassing the complexity of managing multiple services. It has a user-friendly interface and lets you check current prices, track progress, as well as access your cryptocurrency investments in just one place. You can exchange cryptocurrencies at any time, and the process is completed almost instantly.
Abra allows you to trade bitcoin for any other cryptocurrencies on their platform. Abra uses a decentralized approach, which means that Abra does not have any custody of its customers’ assets – thus making customers’ money less vulnerable to hacking and also exempts Abra from money-transfer regulations.
Unlike most cryptocurrency exchanges, Abra is fully integrated with the US and Philippines banking systems, as this is where Abra first started out. American Express lets US cardholders pay for deposits via the Abra app.
However, t the way Abra stores currency in a Litecoin wallet and earns revenue on currency trades confuses first-time users, as they are unfamiliar financial concepts like Forex spreads or exchange-traded funds.
Pros and Cons
Abra offers direct bank transfers although this service is available in the US and Philippines only. It also lets you fund deposits with American Express in the US.
Abra offers a wide variety of fiat currencies and cryptocurrencies to choose from, leaving you quite literally spoilt for choice. The mobile apps are also quite easy to use, and they have ensured a reduction in the costs of remittances.
Abra does have some setbacks too. It does not offer cross-platform access, and there are no advanced tools available for high-frequency trading. The synthetic currency system is quite difficult to understand, and last but not the least the remittance system is only available completely in the Philippines.
Coinbase is one of the largest and most well-functioning cryptocurrency exchange services around the world. It extends its operations up to a good number of countries and is generally regarded as a fine service for carrying out cryptocurrency transactions, irrespective of the type of currency you are interested in. For Bitcoins especially, Coinbase will let you buy up to $150 worth of coins per week, using an American Express credit card.
Now as with any other service, the very first thing you need to consider is the fee. Unfortunately, for all consumers, transacting with Bitcoins at any of these exchanges comes at a price. There is often a price involved which is roughly around 0-5% of your total transaction value. For credit cards specifically, such as the American Express card we are currently interested in, this fee has been set at 3.99% by Coinbase. A primary reason why this is so great is that for American or European users, out of all the services they can opt for, the fee for Coinbase happens to be one of the very least.
Signing up on Coinbase and making purchases with your Amex credit card isn’t much of a complicated process. For starters, you simply need to log on to the website and create an account. Once you do that, you need to make sure that your credit card is connected to your account. The only way to do this is by supplying some of your credit card details. Once you give away the information, your card will be listed and added on to your Coinbase profile. The next step involves you verifying the account you have just created by clicking on the verification link. Finally, all you need to do is begin your purchase, and you will find that buying Bitcoins with Amex cards is easier than ever.
Pros & Cons
While Coinbase offers high liquidity and buying limits, it does restrict you in the sense that all purchases made with bank transfers can take as long as five days to complete. Since the Bitcoin has been inherently designed to be quick and seamless, it does come across as a hiccup to most users that the service can take that long to process a single transaction. As for newcomers or people who have just joined the platform or even those who are new to the cryptocurrency domain altogether, Coinbase works great since it allows for them to easily gain Bitcoins. This further encourages newcomers to use more of Bitcoins and actually facilitates the overall development of the domain. On the other hand, since Bitcoins have been created for the purpose of keeping financial dealings private and helping certain individuals and interested parties keep their transactions to themselves, it in a way defeats the very purpose of these coins if an organization keeps track of these transactions or even remotely monitors them. As far as Coinbase is concerned, there have been reports that the service actually monitors the coins you buy and may track your expenditures and purchases that you make with the concerned coins. There is, however, another big advantage for Amex users which is that they get to make use of the Instant Buy option, which lets them easily and swiftly buy coins.
As one of the oldest operating Bitcoin exchange services ever, CEX.io deserves a place in this list simply because of the sheer amount of experience associated with it. It works in the United States, Europe and even some countries in South America. With a service that has been around for that long, you can be sure to get the best of services. The one problem with CEX however, is that it comes with a pretty lengthy verification process, which could take up as much as half an hour to complete.
Pros & Cons
First of all, you have got to commend the sheer reach of the platform, since it is available in so many countries and regions. Secondly, the fee charged by CEX.io, which is priced at just 0.2%, is one of the lowest in the cryptocurrency trading business. Finally, as detailed earlier, CEX.io has been around for quite long and is thus quite established and trusted. Now to talk about the cons, the verification process is definitely a bit of a pain, since no one wants to sit around for half an hour just to get verified. Also, it asks for a lot of personal information such as photographs. Also, the GBP market for the platform lacks liquidity.
BitPanda operates from Austria, as the central headquarters for the service is stationed there. It is available currently only for the residents of the European continent, although they do have plans of expanding it further in the future. The very first thing that comes to mind about the service is the amount of fee they are willing to charge, and BitPanda charges you anywhere between 3-4% of your total transaction fee. A certain anomaly when it comes to the services of BItPanda is that the fee is not actually displayed publically on their website but rather appears in your final buy price when you go on to complete the purchase.
Pros & Cons
As far as Amex payments are concerned, BitPanda offers one of the lowest transaction fees in the business and just like CoinMama, they too have the reliability and trust factor going for them. The only con we could find though is as mentioned before, the buyer is somewhat kept in the dark when it comes to the fee since they can only see it when the purchase is being completed.
American Express: The Options You Have
Generally speaking, buying Bitcoins with a credit or a debit card can get pretty confusing. However, if done in the right manner, it can actually prove to be quite fast and one of the best methods around. To begin with, you must first choose a decent exchange service that actually allows the user to make payments using their cards. Furthermore, you need to look for some much-desired characteristics in the concerned exchange, such as affordable exchange fees, quick service and a good record when it comes to handling Bitcoin transfers.
To give you a little background, while buying coins with credit or debit cards used to be a complicated process in the past, technological modifications along with sincere efforts from companies like Coinbase and CoinMama have ensured that the entire process is now much more streamlined and functions pretty smoothly.
The article below presents to you a few exchange services worthy of your attention and proven to be effective when it comes to paying for Bitcoins with credit cards, especially the American Express card. Before you start buying Bitcoins or even log on to any of these services, it might do you well to actually sign up for a wallet service which is good enough to hold all your coins with ease and makes no compromises for their security. Once you have done that, you are good to go on choosing a cryptocurrency exchange service.
For anything to do with Bitcoins, and to actually make something worthwhile, such as a business opportunity, the very first step is for you to go ahead and get these coins. Now, as mentioned before, you can do that by cryptocurrency mining, which is an emerging field these days. However, there are a few shortcomings associated with the trade that you must be aware of. First of all, cryptocurrency mining is not always profitable. In fact, it actually takes a good deal of careful planning and execution to get things just right and earn substantial profits with Bitcoin mining.
For starters, these mining rigs essential for mining often consume a good deal of electricity, which means a good amount of whatever profits you make will go into compensating for your heightened energy bills. What this means for your business is that you will be spending more than you earn, which is obviously not a very smart choice. The other safer and more commonly used option is that of directly buying coins. The only problem is that people often tend to get confused and lost on how they can go about purchasing these coins when there are literally hundreds of options and hundreds of ways for them to actually do so. It can get really difficult to tell which payment method to choose and which service to go for, especially for people who are new to the trade and are not overly familiar with what the standards are.
But to pull you out of such problems, we believe it is best to tackle the problem one method at a time, that is, we take our time and take a good look at each of these payment methods individually, while also listing the best services that can be used for the purpose. And that is exactly what this article aims to do. We hope our guide for you on buying Bitcoins and will help you make an informed decision when it comes to buying Bitcoins with American Express.
Anish loves reading, researching, and writing about crypto and blockchain. He started his crypto journey early in 2017, what started as a fad is now a full-time hobby. He curates guides after thorough research on platforms and is responsible for the most in-depth guides on the site. You will find him walking his dog (not Doge) when he is from his Laptop.