How to buy Bitcoin with Discover Card in 2023

This introductory guide explains how to buy Bitcoin with Discover Card. 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 Discover Card?

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

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

How to buy Bitcoin with Discover Card – a step-by-step guide

It takes about 15 minutes to buy BTC with Discover Card. 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 Discover Card

Enter how much you want to deposit and select Discover Card 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 Discover Card?

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 Discover Card as a payment method offer 50+ cryptocurrencies and many offer hundreds more.

Is Discover Card safe?

Yes, it’s completely safe to use Discover Card. The only risk to look out for is to make sure you sign up to a regulated Discover Card 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 Discover Card?

It varies, depending on the broker, but Discover is one of the more expensive ways to invest in Bitcoin. That’s because you have to use a P2P exchange where there are fewer sellers, and those few sellers have more power to dictate the price.

If you buy Bitcoin with Discover on Paxful, for example, the price can be as much as 10-25% above the current market value.

Can I store Bitcoin in my Discover Card account?

No, Discover does not let you store Bitcoin. Credit card companies like Discover rarely allow for storing Bitcoin, and often have strict policies surrounding whether you can buy it at all.

The best alternative is to get yourself a crypto wallet. Then when you use Discover to buy Bitcoin on a peer-to-peer exchange, your crypto can be sent straight to your new wallet.

Why don’t more crypto platforms support Discover Card?

Discover only updated its policies so that it could be used to buy Bitcoin in 2022. Until then, using the Discover card to buy crypto was banned. As such, no major mainstream crypto exchange has made it an acceptable payment method yet.

Should I buy Bitcoin using Discover Card?

You can, but be prepared to pay over the odds for the privilege. Few, if any, crypto brokers accept Discover and you have to use a P2P exchange like Paxful or LocalBitcoins.

Those platforms are perfectly good options, but they cost a bit more because there are fewer sellers. The plus side is that you can often buy without providing ID, and have Bitcoin sent directly to your crypto wallet.

Here are some pros and cons of using Discover to buy Bitcoin.

Pros

  • Buy Bitcoin with the same card as you use for day-to-day purchases
  • Credit card companies offer protection on your purchases
  • Can earn cashback on your crypto purchases

Cons

Is there an alternative to buying cryptocurrency with Discover Card?

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 Discover Card on Coinbase?
Can I buy Bitcoin with Discover Card on Cash App?
How do I fund my crypto account with Discover Card?
Can I buy Bitcoin with Discover Card instantly?
Can I buy Bitcoin with Discover Card anonymously?

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.