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How to buy Bitcoin with Apple Pay
This beginner’s guide walks you through which Bitcoin brokers let you deposit money with Apple Pay, and breaks down some of the most important things to think about when using one.
Where can you buy Bitcoin with Apple Pay?
Here’s a run-down of the best brokers that accept Apple Pay, which have been chosen by our team of experts based on how quick, easy, and inexpensive they are to use.
What is an Apple Pay Bitcoin broker?
A broker that offers Bitcoin and lets you fund your account using Apple Pay. In general, a Bitcoin broker is a service that offers Bitcoin at a fixed price and executes your trades for you. It usually charges a small fee for doing so, and one of the features of using Apple Pay is that it tends to be a bit more expensive than using a standard payment method, like a bank transfer.
How to deposit and withdraw via Apple Pay
To deposit money , you generally need to follow the these steps:
- Open an account and then verify your identity
- Go to your broker’s website, and select the “Apple Pay” option on the “Add money” screen.
- After that, you’ll be prompted to link your Apple Pay account to your brokerage account.
- Add money to your Bitcoin wallet by entering an amount and selecting Apple Pay as the payment method.
You cannot withdraw Bitcoin to your Apple Pay account as it cannot hold cryptocurrency. However, if you’re selling Bitcoin and need to withdraw your money afterwards, you can simply select Apple Pay as the withdrawal option if you’ve already linked your account to the broker. If not, then select “withdraw” and follow the same steps as above.
What should I look for in an Apple Pay Bitcoin broker?
As well as accepting your payment method of choice, make sure your broker offers superior service too. Here are some key traits to look for:
- Low withdrawal and deposit charges. The fees you’ll have to pay are typically a bit higher than what you’d have to pay if you use a credit card for the purchase instead. Still, rates can vary. Our guides will help you find the best deal around.
- Speed. Ideally, your broker will enable you to execute trades quickly.
- Ease of use. The best platforms are quick and easy to use, with a clean interface that means you can always find what you want without spending a long time looking. You should also look for platforms that have their own app so you can access your account on the go.
- A strong reputation. Positive reviews and industry awards are two of the most positive indicators for a broker’s reputation. Take the extra time to read up on the accolades of the platform you plan to choose.
- A verifiable track record. Make sure that your broker has been around for long enough to build up a track record of solid performance.
Should I buy BTC with Apple Pay?
- Fast and easy. Apple Pay is one of the fastest and easiest ways to make purchases around the world.
- Secure transactions. It offers robust security features, giving you an extra layer of protection.
- Increasingly mainstream. Apple Pay is being accepted by more and more brokers all the time.
Yes, you can, but not with every platform.
One way to do so is to use one of the peer-to-peer marketplaces (similar to eBay) that offer you the option remain anonymous; just beware of potential scams. It’s often more expensive do this than it is to verify your identity.
The speed may vary, depending on if you use a broker or another service, such as a major cryptocurrency exchange or a peer-to-peer exchange.
In general, though, you should be able to find reputable brokers and exchanges that execute transactions in a matter of minutes, and other services that can facilitate instant purchases.
Not always. Online brokers and exchanges will usually allow you to store your coins in your account without the need to transfer to a personal wallet. However, some services will require you to enter an already existing wallet address to send the coins to, and for security reasons it is recommended that you move any coins you’re not planning on selling or trading in the near future to an external wallet – ideally a hardware wallet.
It’s usually a bit cheaper than, say, American Express. Still, it’s all relative. Take the time to research the multiple different ways you can use Apple Pay, as the size of the fees involved can vary. That said, a typical fee will be around 3%.
No, you cannot. Apple Pay simply links to your credit or debit card. It does not hold cryptocurrencies.
Yes. Other available cryptocurrencies include Ethereum and Litecoin. Check the exchange, peer-to-peer marketplace, brokerage website, or app that you prefer to check which ones it offers.
In certain cases, yes. Certain crypto marketplaces such as Paxful enable instant Apple Pay purchases. Just keep in mind that such services often charge higher fees.
It’s certainly up there. Apple Pay’s easy-to-use interface means it’s one of the simplest methods to use.
As of now, Coinbase doesn’t yet accept Apple Pay.
There’s no ID required to set up your trading account on a peer-to-peer exchange, so that’s a huge plus if you want to start buying immediately. The biggest con, though, is that peer-to-peer exchanges are more vulnerable to fraud.
In major financial centres such as the United States and the UK, you’ll have no trouble at all finding peer-to-peer exchanges. Countries with emerging economies are less likely to offer that option.
Coinbase sits at the top of the list. But there are multiple other prominent crypto exchanges and brokers that don’t yet allow you use it.
With a typical initial transaction fee around 3%, a beginner will need to understand that they must make at least that much on his trade just to break even. On the plus side, Apple Pay is easy to use, and in some cases you can even execute your trade instantly.
You can make that argument, yes. Bitcoin can be volatile, so an instant profit is no guarantee. The good news is that Bitcoin’s long-term trend points upwards, so a patient buy-and-hold approach can allow you to recoup your transaction fees and hopefully turn a healthy profit over the long haul.
Fact-checking & references
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