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How to buy Bitcoin with American Express
Our step-by-step guide takes you through how to get Bitcoin with an American Express card, the benefits of doing so, and the low-free brokers that accept Amex as a payment method.
Here is a list of services to buy Bitcoin with American Express
Here’s a list of some of the best brokers that let you use American Express. You can use these platforms to get Bitcoin and then transfer the coins to your private wallet instantly.
What is an American Express Bitcoin broker?
A broker that lets you deposit money from your American Express card to fund your account. More broadly, a Bitcoin broker is a service that executes trades for you, acting as a middle man and charging small fees for doing so. It’s worth noting that the fees are usually more expensive than other payment methods.
How to deposit and withdraw via American Express
The method of depositing funds with can differ a bit depending on which platform you use. Generally speaking, though, it goes something like this:
- Go to the broker or exchange you want to use
- Select the “American Express” option on the “Add money” screen.
- Enter your American Express card details (including the card number, expiry date, and security code).
- Add money to your virtual wallet by entering an amount with your Amex card (you will typically have to pay a fee to complete the funds transfer)
You cannot withdraw Bitcoin to your card, but if you’re selling your coins for fiat currency, then some brokers allow you to withdraw those funds to your Amex.
If you have set up your card with your chosen broker/exchange in order to deposit funds (as explained above), then you’ve already done the hardest part and can just select your American Express from the withdrawal options. Otherwise you simply need to select the “Withdraw” button and enter your American Express details to withdraw funds.
What should I look for in an American Express Bitcoin broker?
In addition to finding a broker that accepts American Express, you’ll want your broker to provide superior service. Here are some important qualities to look for to make sure you’re getting a good deal.
- Low withdrawal and deposit charges. Using Amex typically comes with substantial fees, so shop for the broker or service that offers the lowest fees for deposits and withdrawals.
- Speed. Look for an broker that will execute your trades quickly and efficiently.
- Ease of use. The best brokers are easy to use, and often come with both a website platform and an app so that you can access it from anywhere.
- A strong reputation. You’ll want to have the peace of mind that your broker you’re using is well reviewed or has won industry awards.
- A verifiable track record. The broker you choose should have a track record of solid performance that is independently verified.
Should I buy Bitcoin using American Express?
- Familiarity. You get to trade Bitcoin using a payment method that you use all the time, eliminating a lot of the mystery behind the process.
- Security. Your purchases are backed by Amex’s security and Know Your Customer protocols, offering enhanced security.
- Increasingly mainstream. American Express is becoming a more widely accepted method of payment for Bitcoin platforms.
Yes, but not with all brokers and exchanges. You can use peer-to-peer marketplaces (similar to eBay) that you can use to be anonymous. If you go this route, though, you’ll need to watch out for scams.
This will vary depending on which method you use. Once your card is verified, it’s usually quick, but the verification process can take a while.
Not necessarily. With most online brokers, the coins will be credited to your account with the broker. This is not the case with all brokers, however, and some platforms will require you to input a wallet address for the coins to be sent to.
It is advisable to transfer your Bitcoin to a personal wallet (ideally a hard wallet) for secure storage if you do not plan on trading them in the near future. Brokers and exchanges have advanced security settings, but your coins will always be more at risk if held in a wallet connected to the internet.
Generally speaking, no. This is usually more expensive than other methods, with fees of around 4%.
Yes. You can buy Ethereum, Litecoin, and a whole variety of other cryptocurrencies. Check the exchange, peer-to-peer marketplace, brokerage website, or app that you prefer to verify which cryptos are available.
You can’t yet, because there’s an initial step that involves processing, identity verification, or both. However, the fastest methods enable the process to be completed in just a few minutes.
That depends on how you define “easiest.” People who are used to using their Amex card may feel most comfortable using that same card for cryptocurrency. But there are other methods that can be just as easy, if not more so.
Yes. Coinbase accepts all major credit cards (including American Express). Just be aware that using your American Express card will result in higher fees than using other methods such as bank transfers.
The biggest pro is that there’s no ID required to set up your account. The biggest con is that the same lax requirements that allow you to sign up without ID also make some peer-to-peer exchanges more vulnerable to fraud.
The answer depends on where you live. The easiest places to find peer-to-peer exchanges are the financial powerhouses of the world, such as the United States and the UK. You’ll likely have more trouble finding a peer-to-peer exchange if you live elsewhere.
Amex is mostly widely accepted in the United States, which means that some of the top marketplaces in Europe may not accept the American Express card. One prominent example is Bitit. A marketplace available in Europe only, Bitit accepts Visa, MasterCard/EuroCard, and N26 as valid credit cards, but it does not accept American Express.
Not really, because of the cost involved. For instance, using American Express on Coinbase costs 3.99% in fees. As a novice investor, that puts immediate pressure on you to turn at least a 4% profit, which isn’t always easy.
Here, the answer is yes. Bitcoin can be volatile, so recouping your fees – let alone actually making money – may not happen right away. That said, Bitcoin has generally trended higher for the past decade, with the only major exception being the gigantic selloff that occurred after the huge price surge in 2017. So holding it as a long-term investment could be your best bet.
Fact-checking & references
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