How to buy Bitcoin with Afterpay in 2023

This introductory guide explains how to buy Bitcoin with Afterpay. Follow our simple three step guide to make your first purchase.
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Updated: Jan 25, 2023
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Firstly, the most important question to answer is: can I buy Bitcoin with Afterpay?

No, Afterpay doesn’t allow you to purchase cryptocurrency. However, you can use Afterpay to fund a trading account and buy Bitcoin that way.

You just need a crypto exchange that accepts Afterpay deposits. And we’re here to help.

How to buy Bitcoin with Afterpay – a step-by-step guide

It takes about 15 minutes to buy BTC with Afterpay. Have a copy of your photo ID to hand and follow this guide to get started.

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Step 2. Create an account

You need an account before you can buy anything. Sign up with your contact details and a form of ID for verification.

Step 3. Make a deposit via Afterpay

Enter how much you want to deposit and select Afterpay as your payment method from the list of options.

Step 4. Use the search box to find Bitcoin

Use the search box on the home page to search for Bitcoin and the currency you want to pay in (such as GBP).

Step 5. Make your purchase

Enter how much Bitcoin you want to buy, check the details and process the transaction. Once the payment goes through, your new Bitcoin will show up in your exchange account.

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Quick answers to key questions

Can I buy crypto with Afterpay?

Yes, you aren’t limited to buying Bitcoin alone. The only limit is which coins are available on the exchange you’ve chosen. Most crypto exchanges that support Afterpay as a payment method offer 50+ cryptocurrencies and many offer hundreds more.

Is Afterpay safe?

Yes, it’s completely safe to use Afterpay. The only risk to look out for is to make sure you sign up to a regulated Afterpay Bitcoin broker when buying Bitcoin. Using an unregulated broker platform can put your money at risk.

How much does it cost to buy Bitcoin via Afterpay?

The only cost is the trading fees, which are between 1-2% with most crypto brokers. There’s no additional fee for using Afterpay, and it does not charge any interest.

The caveat is that you must obviously pay each of the instalments in time. You will be charged a late fee of up to 25% of the order value if you miss a payment.

Can I store Bitcoin in my Afterpay account?

No, Afterpay is a buy now, pay later (BNPL) platform, not a crypto wallet. 

However, that might change in the future. Jack Dorsey’s crypto-friendly company, Block, acquired Afterpay in 2021, and the long term goal is to link it to another of his companies, Cash App, which does allow you to buy and hold Bitcoin.

For now, though, it’s impossible to hold Bitcoin in your Afterpay or Clearpay account.

Why don’t more crypto platforms support Afterpay?

Many do, because you can link your Afterpay/Clearpay account to Google Pay or Apple Pay and use that to make a deposit. 

Should I buy Bitcoin using Afterpay?

It can be a good way to spread the cost of your Bitcoin purchase out over a few weeks. You can buy as soon as you see an opportunity, rather than having to worry about whether you can afford the whole cost right now.

However, be very careful when buying crypto this way. BNPL is a useful tool for occasional purchases, but don’t rely on it. Buying volatile cryptocurrencies on credit can be dangerous and you must always make sure you can make your payments on time to avoid very costly fees.

Here are some of the pros and cons of using Afterpay.

Pros

  • Spread the cost of buying Bitcoin out over a series of instalments
  • Zero interest Bitcoin purchases
  • As it’s owned by Block, Afterpay is likely to add more crypto options in future
  • Can link Afterpay to your Apple/Google Pay wallets to buy Bitcoin easily

Cons

Is there an alternative to buying cryptocurrency with Afterpay?

There are plenty of alternatives, whether you want to pay through an online payment provider or go down a more traditional route. Here are some of the different ways to pay for your Bitcoin purchase.

FAQs

Can I buy Bitcoin with Afterpay on Coinbase?
Can I buy Bitcoin with Afterpay on Cash App?
How do I fund my crypto account with Afterpay?
Can I buy Bitcoin with Afterpay instantly?
Can I buy Bitcoin with Afterpay anonymously?
Can I buy Bitcoin with Afterpay in the UK?
Can I buy Bitcoin with Afterpay in Europe?
Are Afterpay and Clearpay the same?

Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.