How to Buy Crypto With a Prepaid Card (VISA, Mastercard, Maestro) [2023] | Step-by-Step

Summary: To buy crypto with a prepaid card, you will need to sign up with a regulated crypto exchange like eToro and deposit your chosen fiat currency from your Visa, Mastercard, or Maestro 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.

Can you buy crypto with a prepaid card? 

You can buy crypto with prepaid cards at several exchanges, including eToro. 

While debit and credit cards are linked to a checking account, prepaid cards including gift cards aren’t and instead require you to load money onto the card first. In short, to buy Bitcoin with a prepaid card safely, cardholders can load it with cash, make their purchase, and add funds when it’s running low on money.

How to buy crypto with a prepaid card?

The best way to buy Bitcoin (BTC) or any other cryptocurrency with a prepaid card or a gift card is through a regulated broker like eToro, which is a widely trusted multi-asset investing platform with over 70 cryptocurrencies and unique features such as “Copy Trading” (enables users to imitate top-performing crypto traders), a staking service, custom watchlist, as well as advanced charts and technical analysis tools. 

While eToro doesn’t accept prepaid cards or gift cards, it does allow other deposit methods, such as PayPal. This is a simple and quick workaround to start using prepaid cards and deposit funds to eToro. For this method, prepaid cardholders will need an active PayPal account with a linked card or a PayPal account with available funds. As PayPal also accepts gift cards, the same method applies to prepaid gift cards.

How to buy crypto with a prepaid card: Step-by-Step

You can get started in minutes with five simple steps:

• Step 1: Create an account on eToro and complete your verification (personal or company);
• Step 2: Deposit money from your prepaid card (Mastercard (NYSE: MA), Visa (NYSE: V), AMEX (NYSE: AXP), Discover (NYSE: DFS)) to your PayPal (NASDAQ: PYPL) account;
• Step 3: Enter the cash amount you want to deposit on the eToro platform;
• Step 4: Connect your PayPal to deposit your selected fiat currency;
• Step 5: 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.

What is a prepaid card, and how does it work?

A prepaid card is a type of payment card that is pre-loaded with funds, this includes prepaid gift cards. It is similar to a debit card without being linked to a checking or savings account. Instead, the cardholder must load money onto the card before it can be used to make purchases or withdraw cash.

Prepaid cards are accepted nearly everywhere as debit or credit cards since major card networks (e.g. Mastercard or American Express) often back them. 

Buy Bitcoin with a gift card

You can buy Bitcoin with a Visa gift card. Both Visa and Mastercard are crypto-friendly companies, are open to the new blockchain technology, and making advances in the cryptocurrency space. 

Therefore, buying Bitcoin with a prepaid gift card, whether it is a prepaid Visa debit card, a prepaid Visa gift card, or a prepaid Mastercard, shouldn’t be a problem, as they usually allow bank transfers to purchase digital currencies. 

Most specialized crypto exchanges do allow gift cards; however, it can happen that some trading platforms or brokers don’t allow buying Bitcoin and other cryptocurrencies directly with prepaid cards or a gift card transfer. In that case, we recommend connecting to third-party payment platforms such as PayPal or Skrill to buy Bitcoin. 

Prepaid card crypto policy

Prepaid cards have no policies prohibiting users from buying and selling digital assets through licensed exchanges. Mastercard, for example, has even launched its Bitcoin card Bybit Card in the UK and EU markets, supporting a core group of cryptocurrencies.

However, some crypto exchanges won’t accept prepaid cards. In those cases, investors can use third-party payment platforms such as PayPal, Venmo, Skrill, or Stripe to deposit funds into their accounts. 

How to buy crypto safely

Though the crypto market has skyrocketed in popularity in recent years, crypto assets have remained a highly speculative investment and are still subject to vast price fluctuations, making them a much more temperamental financial vehicle than stocks or bonds. In addition, the crypto sphere is teeming with schemers, putting both inexperienced and seasoned investors at risk.

Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. We have put together a few recommendations 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 for each specific cryptocurrency; 
• 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. 

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