How to buy Bitcoin with Discover Card in 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.
Step 1. Sign up with eToro
We recommend eToro as the best platform to use to buy BTC with Discover Card.
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.
Top Bitcoin platforms that accept Discover Card
1. eToro. Best for beginners, copy-trading & demo-account
Pros & Cons
We love eToro because it makes it simple to trade crypto at home or on the go. If you’ve never bought cryptocurrency before, then eToro makes it simple to buy 75+ of the leading coins, including the likes of Bitcoin, Ethereum, and Dogecoin. Every crypto trade comes with a flat 1% fee, which makes it one of the cheapest crypto brokers on the market to boot.
As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the crypto market every day, browse the latest technical analysis about every one of those tokens, and copy other people’s trade suggestions from your desktop or the eToro app.
The fees: You will be charged a 1% fee every time you buy or sell crypto. The charge is included in the market price that’s displayed on eToro. CFD trades may be charged an overnight or weekend fee if you leave the position open.
2. Public. Best for sharing beginner trading ideas
Pros & Cons
We love Public because it’s a social platform where you can share trading tips and get ideas from other people. Public offers 9,000+ financial instruments, including cryptocurrencies and stocks from around the world.
Alongside a community of other investors all sharing their ideas, Public offers real time news and information so that you can see the full picture before you invest. And the assets don’t just include your run-of-the-mill assets; you can make alternative investments in things like handbags and comic books as well.
The fees: Cryptocurrency trades are charged a 2.5% fee per transaction.
3. Bitstamp. Best for professionals & trading with APIs
Pros & Cons
We love Bitstamp because it has a proud reputation for top performance over more than decade. Bitstamp offers trading on 75+ cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, while staking is available on Ethereum and Algorand.
Bitstamp was one of the first crypto platforms to set up shop in 2011 and has built up trust since. It’s designed with institutional traders in mind, so it prides itself on near 100% uptime. It stores 95% of assets in cold storage and offers a sliding scale of fees so that high volume traders get the best rates.
The fees: There are no trading fees if you trade less than $1,000 in a rolling 30-day period. Above that, fees start from 0.4% and decline the higher your trading volume is. There is a 15% charge for staking. Withdrawals are charged a flat €3 fee.
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.
- 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
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.
- Buy Bitcoin with Afterpay
- Buy Bitcoin with American Express
- Buy Bitcoin with Apple Pay
- Buy Bitcoin with bank transfer
- Buy Bitcoin with cash
- Buy Bitcoin with Cash App
- Buy Bitcoin with Discover Card
- Buy Bitcoin with gift card
- Buy Bitcoin with Google Pay
- Buy Bitcoin with Neteller
- Buy Bitcoin with Payoneer
- Buy Bitcoin with PayPal
- Buy Bitcoin with Paysafecard
- Buy Bitcoin with Paytm Wallet
- Buy Bitcoin with Revolut
- Buy Bitcoin with Skrill
- Buy Bitcoin with Swish
- Buy Bitcoin with Venmo
- Buy Bitcoin with Zelle
- Buy Bitcoin with Zippay
No, Coinbase does not accept deposits via Discover Card.
No, you can’t link your Discover Card account to Cash App.
Go to the account settings to make a deposit. Enter the details and choose Discover Card from the list of payment options. If it is available, you’ll then be asked to add your Discover Card account details before confirming the payment.
No, the purchase will take a little while to go through. That’s because when you buy from another seller through a P2P exchange, the seller waits to receive payment before sending the Bitcoin back the other way.
As a result, there might be a short lag between sending your money and receiving the Bitcoin.
No, because your Discover Card is linked to your bank account. Anyone who receives payment from your card will be able to link it back to you.
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