Summary: Afterpay doesn't offer direct support for cryptocurrency transactions through its Afterpay Card. Nonetheless, investors have the opportunity to invest in digital currencies by depositing money via their Afterpay Card (Mastercard) to a third-party exchange that is licensed in your jurisdiction.
After assessing several regulated platforms, eToro came out on top for Afterpay Card users. This platform is secure and trusted by over 10 million investors in over 100 countries, permitting swift, cost-effective deposits via credit cards like Afterpay. It allows users to trade over 70 cryptocurrencies and more than 3,000 other financial instruments at competitive rates.
Can I Buy Crypto with Afterpay?
Yes, you can buy Bitcoin and other cryptocurrencies using an Afterpay Card. To accomplish this, investors must sign up with an exchange that abides by the relevant regulations to their jurisdiction and accepts deposits via Afterpay Card, among other methods. Since Afterpay doesn't directly handle cryptocurrency transactions, choosing a regulated broker is crucial for maintaining a safe and reliable trading environment.
How to Buy Bitcoin and Crypto with Afterpay
The most secure and intuitive way to purchase Bitcoin and other cryptocurrencies using an Afterpay Card is through a regulated exchange. This method permits users to securely transfer funds from their Afterpay Card. We advocate for eToro due to its seamless integration with Afterpay, its adherence to strict regulatory standards, its availability of over 3,000 assets, and competitive transaction charges.
Here is an easy 4-step guide to getting started:
- Visit eToro to create an account and authenticate your identity.
- Click the 'Deposit Funds' button located at the bottom left of your screen.
- Choose your payment method (e.g., Afterpay Card) and finalize your transfer from Afterpay.
- Once the deposit is complete, use the credited funds in your account to invest in cryptocurrencies.
What are the Fees?
The fees for purchasing Bitcoin and other digital currencies with an Afterpay Card depend on the chosen crypto exchange. Common costs can encompass deposit fees, withdrawal fees, spread percentages, and trading fees.
It's important to note that credit card deposits, such as those made with an Afterpay Card powered by Mastercard, will typically incur a fee of at least 2.49%, a charge that varies depending on the platform and is imposed by the card provider.
Is Afterpay Crypto-Friendly?
Afterpay provides its users with the ability to invest in various digital assets, such as Bitcoin, Ethereum, and stablecoins. It does this by facilitating transactions with exchanges that are authorized by reputable regulatory bodies, such as FinCEN in the U.S. or ASIC in Australia. The significance of this approach lies in its security - it enables users to safely invest in cryptocurrencies on exchanges that are strictly regulated to prevent financial malpractices, including fraud and money laundering.
To that end, by using Afterpay Card in conjunction with a regulated exchange, users can ensure their cryptocurrency transactions are both secure and legally compliant.
In conclusion, while Afterpay doesn't directly facilitate cryptocurrency transactions, its cardholders can safely and effectively invest in cryptocurrencies through regulated platforms such as eToro. This platform's robust security, compliance with global regulations, and wide variety of available cryptocurrencies make it an optimal choice for Afterpay Card users interested in digital currency trading.
Investors should know any applicable fees tied to their transactions and understand that selecting a well-regulated exchange is crucial for ensuring a secure and legally compliant trading environment.