How to Buy Crypto with Discover Card [2023] | Step-by-Step

Summary: Discover Bank doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, Discover customers 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 Discover card, investors in the US will need to sign up with a FINRA-regulated crypto exchange like eToro and deposit USD from their Discover account.

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Intermediate Traders and Investors

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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.

Can you buy crypto with Discover card? 

You can buy crypto with Discover, but you need to connect to a FINRA-licensed cryptocurrency exchange. As mentioned above, this is because Discover does not offer the buying and selling of cryptocurrency directly through its online banking platform.

How to buy crypto with Discover card?

The best way to buy Bitcoin or any other cryptocurrency with a Discover account 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.

How to buy crypto with Discover: 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 Discover account to deposit your selected fiat currency;
• Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts

Get Started

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.

About Discover Bank

Discover Bank is an American digital-only bank headquartered in Riverwoods, Illinois. As a Discover Financial Services subsidiary, it’s best known for its rewards credit cards. However, they also offer traditional banking, retirement, and lending solutions. As a strictly online bank, Discover doesn’t have physical branches that customers can visit in person for their banking needs. That said, Discover is known for its first-rate customer service, available 24 hours a day.

Discover’s crypto policy

Discover Bank doesn’t provide any products or services related to cryptocurrencies directly from their platform. However, Discover and Discover Credit Card holders can freely buy, hold, and sell digital assets through FINRA-regulated crypto exchanges.

How to buy crypto safely

As a relatively new asset class, crypto is expectedly more volatile than, say, stocks or bonds. In addition, as a less vigorously regulated financial device, cryptocurrencies seem to be particularly susceptible to fraud, such as pump-and-dump scams, putting both inexperienced and seasoned investors at risk. 

In fact, 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 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 Discover: