How to buy Bitcoin with American Express in 2024

By:

James Knight

James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.

Updated: Aug 22, 2023

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Firstly, the most important question to answer is: can I buy Bitcoin with American Express?

American Express doesn’t support the purchasing of cryptocurrency but you can use it to fund a trading account which you can use to buy Bitcoin.

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

How to buy Bitcoin with American Express – a step-by-step guide

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

Step 1. Sign up with Plus500

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We recommend Plus500 as the best platform to use to buy BTC with Amex

Most Popular

1

Min. Deposit

$ 100

Best offer

User Score

9.6

CFDs on BTC, ETH, LTC, NEO, XRP, IOTA, EOS, BAB, ADA, TRX, XMR

No need to open a crypto exchange account or use a special wallet

Regulated Broker – FCA, ASIC, CySEC (license number 250/14)

Start Trading more info

Payment Methods:

American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill

Full Regulations:

ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Step 2. Create an account

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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 American Express.

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

Step 4. Use the search box to find Bitcoin

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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

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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 American Express

1. Plus500. Best for international CFD trading*

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2800

No. assets

$100

Minimum deposit

Crypto

Platform type

Pros & Cons

Can get a free demo account A great mobile platform Well regulated in multiple jurisdictions Wide variety of CFDs to trade Several good risk management tools

No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to over 2800 instruments, including CFDs on stocks, forex, commodities, and cryptocurrencies among several others.

Plus500 has something for all types of traders, no matter what level of experience. It’s zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% or 0.9 pips and varies depending on the instrument. Additional fees include overnight funding which is dependant on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Visit Plus500 Plus500 Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. KuCoin. Best social trading altcoin exchange

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1

No. assets

...

Minimum deposit

Crypto

Platform type

Pros & Cons

Anonymous trading with up to 2 BTC withdrawals/24 hours Wide variety of cryptocurrencies No deposit fees

Low trading volumes not suitable for big traders Doesn’t support U.S. customers You might experience delays and lags during high-traffic times.

Overview

We love KuCoin because it;s a great place for beginners to trade more than 700 altcoins. KuCoin is a social trading platform with 20+ million investors worldwide in 200+ countries.

KuCoin’s beginner zone offers up rewards up to $500 for new users. The rest of the platform has plenty of features for the crypto enthusiast: a staking service to earn money on your stored crypto, an NFT marketplace, and margin trading features to buy leveraged tokens.

The fees: Trading fees are charged on a sliding scale. Fees are 0.1% on trading volumes below 50 BTC in a 30 day period. Discounts are available if you pay fees in KCS or store more than 1000 KCS in your account.

Visit KuCoin KuCoin Review

What is an American Express Bitcoin broker?

An American Express Bitcoin broker is a cryptocurrency exchange or platform that allows you to buy Bitcoin and other digital currencies using an American Express credit or debit card. 

These brokers have partnered with Amex to provide crypto purchasing services to Amex cardholders. They allow instant purchases and integrate directly with the Amex network to process transactions, often with fraud protection and escrow systems to secure funds.

What should I look for in an Amex Bitcoin broker?

When choosing an American Express Bitcoin broker, here are key factors to consider.

• Accepts American Express cards. The broker must directly support Amex credit or debit card purchases. Not all exchanges allow Amex transactions so if you want to use it, ensure your broker accepts this payment method. 
• Reasonable fees. The broker should charge reasonable fees for purchases, withdrawals, and deposits using Amex. Compare rates across brokers, as Amex fees can be high.
• High buying limits. Check the maximum daily or monthly buy limits to ensure they meet your purchasing needs. Different platforms impose limits for certain payment methods, like American Express. 
• Secure platform. The broker should use top security like two-factor authentication and cold storage to protect your funds and personal data.
• Quick account setup. The sign-up and verification process should be quick and easy to start buying Bitcoin with American Express fast.
• Good customer support. The broker should have responsive customer service to assist with questions or issues. The best American Express Bitcoin brokers all offer good customer support features. 

• Positive reputation. Consider reviews and community feedback regarding the broker’s services and reliability.

Quick answers to key questions

Can I buy crypto with American Express?

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 American Express as a payment method offer 50+ cryptocurrencies and many offer hundreds more.

Is American Express safe?

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

The exact charge depends on the broker but you can end up paying to 2-5% in fees. However, you should note that American Express itself may charge an additional fee. 

Crypto transactions are sometimes treated as a cash advance by the credit card company, which results in much higher fees. We have seen fees of up to 10%, which can make the purchase very expensive.

Can I store Bitcoin in my American Express account?

No, you can’t store Bitcoin or any other cryptocurrency in your AMEX account. You have to use AMEX to fund a trading account with a company like Plus500 and then store your coins on that platform.

What are the limitations of using American Express to buy Bitcoin?

There are some limitations to using American Express to buy Bitcoin, including:

• Fewer crypto exchanges accept Amex cards. Many major exchanges like Coinbase don’t support Amex. This limits where you can directly purchase Bitcoin.
• Higher fees. Amex tends to have higher processing fees than other payment methods like bank transfers or debit cards. This increases the cost of buying Bitcoin.
• Credit card transaction limits. Amex may impose lower limits on credit card crypto purchases to manage risk, restricting how much bitcoin you can buy.
• Lack of anonymity. Buying Bitcoin on Amex links your ID to the purchase, reducing anonymity compared to cash or other payment methods.

• Risk of fraud. Credit card crypto purchases carry a higher risk of being flagged as fraudulent and cancelled by Amex.

Why don’t more crypto platforms support American Express?

Card issuers charge the merchant a percentage of each transaction in fees and AMEX fees are among the highest. 

Visa and Mastercard charge roughly 1-2% per transaction, while the AMEX processing fee can be nearly 4%, so many platforms simply choose not to offer it as an option.

Should I buy Bitcoin using American Express?

It depends on the perks you receive for making purchases through American Express. The fees for using an AMEX card to buy Bitcoin are steep, higher than most other options, so you should only do so if you earn enough in cashback, points, or rewards to make it worth it.

Similarly, if it’s your only payment card and you want to buy crypto then it’s perfectly safe to use it, just note that it’s more expensive than using a Visa or Mastercard.

Here is a quick summary of the pros and cons of buying Bitcoin with AMEX.

Is using American Express the best method to buy Bitcoin?

American Express is not usually the best way to buy Bitcoin. While Amex allows quick and convenient purchases, it has some downsides compared to other options which you can find below. 

• Higher fees.  Amex charges higher processing fees, around 4% or more per transaction.
• Lower purchase limits. Credit card buys often have lower limits than bank transfers or wire transfers.
• Less anonymity. Amex purchases require personal information and link your ID to crypto purchases.
• More risk of fraud. Banks view crypto bought on cards as higher risk and may cancel transactions.
• Fewer exchanges. Many top exchanges, like Coinbase, don’t support American Express.

For lower fees, higher purchase amounts, greater anonymity, and access to more exchanges, alternatives like bank transfers, debit purchases, or P2P platforms may be preferable for most Bitcoin buyers.

Is there an alternative to buying cryptocurrency with American Express?

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

How much does it cost to use an AMEX crypto broker?

Using an American Express card to purchase Bitcoin through a cryptocurrency broker typically incurs fees between 4% to 8% of the total transaction amount. This includes purchase fees charged by the broker, usually around 1-2% of the amount of crypto bought. 

American Express charges processing fees on cryptocurrency transactions made with its cards, typically 2-4%. In addition, if your Amex card is in a different currency than the crypto purchase, you may pay around 2% in currency conversion fees. 

For example, buying $500 worth of bitcoin with Amex may incur $20-$40 in broker fees, $10-$20 in Amex processing fees, plus any currency conversion costs. When these broker fees, card fees, and conversion fees are added together, American Express becomes one of the more expensive payment methods for buying Bitcoin compared to alternatives like bank transfers or debit card purchases.

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