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 Abra stands second. I presonally liked Paxful more because they have more features and exposure to other alt coins and payment methods.
Top 5 Best Ways to Buy Bitcoin with Amex
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.
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.
If there’d be an award for the most flexible payment options, I’d give it to Masscoinex. They support more than 30 popular fiat currencies. Customers worldwide can buy crypto with American Express cards, Visa, MasterCard, and other major credit card issuers like Diners Cards and JCB Cards.
Additionally, you can also choose a local payment method such as mobile wallets and bank transfers. The list does not end here.
In Canada and other parts of the world, Masscoinex allows you to buy BTC with PayPal, Skill, Interac, EFT, and Bank wire.
As far as security is concerned, I found it a relatively safe exchange with RSA encryption and decentralized data storage. Another exciting feature of Masscoinex is its Non-KYC crypto-trading program. Yes! You heard it right; you can start buying, selling, and trading crypto on the platform without going through the complex identity verification process.
Although the website claims they have a 24 x 7 live chat support system, I tried to get in touch with the team. However, it seems that the live support is only available between 10:00 AM – 9:00 PM (EST).
Except for this one flaw, I think it is one of the genuine platforms that accept credit cards and offers a very user-friendly platform.
Cryptster.io is a peer-to-peer marketplace (P2P exchange platform), just like Paxful. The procedure to buy Bitcoin is also pretty similar. First, you need to sign up on their platform. You can then search for the crypto you want and use the filter to select your credit card issuer.
After you click the ‘Search’ button, the website gives you a list of users who are offering bitcoin in exchange. The platform has a secure escrow that functions like an American Express Bitcoin broker. Unless both parties verify the bitcoin transaction, the platform keeps the purchase on hold.
You can monitor the live status of your incoming and outgoing transactions when you buy Bitcoin on the platform. They also have zero network transaction fees on trading CFDs on certain user-to-user trades.
However, while actually using the platform, I found a lack of deals. For instance, when I used the filter options to change the location and payment method, many search results yielded ‘no offers found.’
As cryptster.io is still an up-and-coming platform, I appreciate its ability to buy BTC with American express instantly. However, they need more crypto purchases and a more extensive user base to display more offers with all payment methods like credit and debit cards, fiat currency, and bank transfer.
Please note that this article is not investment advice but a first-hand account of using various platforms that accept American Express cards to purchase Bitcoin.
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.
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.
Why are there Limited Options to buy Bitcoin with American Express?
If you own an American Express card, you might already have noticed the differences between other debit cards and Amex cards. All American Express credit cards have a 4-digit CVV instead of the conventional three digits for enhanced security.
Even when I wanted to purchase Bitcoin on platforms like eToro, the exchange explicitly mentioned that they only accept credit and debit payments from cards with a 3-digit CVV code. As an Amex cardholder, life can be tough if you want to tread on the path of trading crypto.
Even major issuers like Mastercard began declining purchases recently, and there was no option but to use my Amex card, but the options were limited. In general, there are hardly any crypto exchanges that offer credit card purchases.
While many websites claim that prominent bitcoin exchanges like eToro and Coinbase accept Amex, I wanted to check the actual ground situation. Whether these platforms accept American Express cards or not? To my dismay, none of these exchanges explicitly mention that you can buy Bitcoin with Amex.
Therefore, I created a resource for all my fellow Amex cardholders, where we can genuinely buy Bitcoin with American Express cards.
Those are the confirmed options/ ways for you to buy bitcoins with Amex. I am sure you have a lot of questions which is why I have picked some commonly asked questions and answered them below.
FAQs on Buying Bitcoins with American Express
Can you buy bitcoin with an AMEX gift card?
Only a few P2P platforms like Paxful allow you to buy Bitcoin with an Amex gift card.
Does Coinbase accept Amex?
In the United States, Coinbase only supports VISA and MasterCard debit cards for any transaction on its platform. They do not accept Amex or any other prepaid cards without an associated billing address. If you’re using a debit card, you’ll also have to complete photo ID verification for any Bitcoin transactions. Source
Does Binance accept Amex?
Binance does not accept American Express Cards. Currently, the platform only allows VISA and Mastercard debit and credit cards. The platform also levies a 3.5% transaction fee or USD 10 per transaction, whichever is higher.
Does FTX accept Amex?
FTX does not accept Amex Cards. You can only use Visa or Mastercard debit or credit cards. That too, after you complete KYC level 2 verifications. Source
Does eToro accept Amex?
Presently, eToro only accepts Visa, MasterCard, and Maestro credit and debit cards. The platform also explicitly mentions that you can receive funds with cards with a 3-digit CVV code only. Hence, you cannot trade crypto on eToro using Amex cards.
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.