How to Buy Bitcoin with Gift Card 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 21, 2024

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

Yes, you can use Gift Card to buy Bitcoin, but not directly. Instead, you can use Gift Card to fund a trading account and buy Bitcoin that way.

This means you’ll need to select a crypto exchange that accepts Gift Card deposits. And, we’re here to help you do that.

How to buy Bitcoin with Gift Card in 5 steps

It takes between 15-45 minutes to buy BTC with Gift Card the first time. After you’re all set up, it takes just a minute. You’ll want to have a copy of your photo ID, a computer or smart phone, and some cash to invest.

Let’s get started.

Top Bitcoin platforms that accept Gift Card

Quick answers to key questions

Can I buy crypto with Gift 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 Gift Card as a payment method offer 50+ cryptocurrencies and many offer hundreds more, so you have plenty of options.

Is Gift Card safe?

Yes, it’s completely safe to use Gift Card. The only risk to look out for is to make sure you sign up to a regulated Gift Card Bitcoin broker. Regulated platforms offer greater investor protection, and usually mean the service has had to abide by certain rules – such as storing your funds separately to the money it uses to run its business, or auditing its reserves to proof it has capital on hand.

Using an unregulated broker platform, on the other hand, can put your money at risk, because you won’t benefit from these protections.

How much does it cost to buy Bitcoin via Gift Card?

The cost to buy Bitcoin via Gift Card varies depending on the exchange or brokerage platform you use. Using Gift Card is free of charge, but you’ll need to pay a fee with your broker; generally, anything above $3 or 2% is expensive, with most platforms charging you around the 1% mark.

Can I store Bitcoin in my Gift Card account?

No, Gift Card is a payment processing service and you cannot store Bitcoin on it. You have two choices when it comes to storing your BTC: keep it on the exchange you used to buy it, or use a dedicated Bitcoin wallet.

Why don’t more crypto platforms support Gift Card?

One reason can be that not enough customers use it, and so the cost and resources required to accept Gift Card simply aren’t worth it. Another reason is that some payment processing systems charge quite high fees to the merchant, which again means it makes less financial sense to allow payments that way.

Ultimately, if Gift Card grows in popularity, then it’s likely that more crypto exchanges or brokers will start accepting it. Most brokers tend to accept a few popular payment methods, like debit cards, credit cards, and bank transfers.

Can I buy Bitcoin using Gift Card with no ID verification?

It’s not possible to buy Bitcoin using Gift Card without ID verification, as this goes against the Know Your Customer (KYC) and anti-money laundering (AML) regulations. These regulations mandate ID verification to prevent illicit activities, like money laundering or fraud. 

Most payment providers, as well as trading platforms or centralized exchanges allowing cryptocurrency transactions, require users to verify their identity. This process typically involves submitting personal information, including but not limited to: 

• Full, legal name,
• Address, 
• A government-issued photo ID. 

These steps are legally necessary and serve as security measures to protect users from fraud and prevent illegal activities. 

Some peer-to-peer platforms facilitate Bitcoin purchases using Gift Card without ID verification, but these transactions carry significant risks, including scams and higher fees.

Should I buy Bitcoin using Gift Card?

Yes, you may want to consider buying Bitcoin with Gift Card. It all comes down to personal preference. If it’s easy for you to fund your crypto brokerage account and offers you an easy way to use your online banking details to make payments, then yes, absolutely.

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