There are many methods you can use to buy Bitcoin, and one of these is the use of credit cards. It is important to remember that many large banks and credit card issuers don’t allow their customers to purchase cryptocurrencies with their cards. For this reason, you may have to use credit cards from smaller financial institutions. When you buy bitcoin with credit cards, you should carefully examine the charges imposed by your service provider. Some credit card companies have significantly raised the fees for purchasing cryptocurrencies in an effort to discourage Bitcoin purchases. You should especially pay attention to these fees if you purchase cryptocurrencies as an investment. So, how exactly can you ensure security when you buy Bitcoin with credit card? Let’s find out.
- Always Work with Reputable Exchanges
If you buy cryptocurrencies from a reputable exchange, you will be extremely unlikely to lose your credit card information. Many of these exchanges have been around for a long time, so you can easily find reviews on how they work. When evaluating the reputability of a cryptocurrency exchange, you should also check whether the company is affiliated with any government or non-government institutions. Such affiliations can add to the legitimacy of the exchange. Also, you can check whether the exchange has received any notable awards.
- Check for the ‘S’ in the website URL
When you open the cryptocurrency exchange, you will be able to see whether or not it is SSL encrypted. This is indicated by the ‘S’ in ‘HTTPS’. If a website uses SSL technology, all communication made between users and the platform will be encrypted, meaning hackers will not be able to gain access to your information. You should also note that SSL certificates prevent fraudsters from pretending to be someone else.
- Use Credit Cards as Opposed to Debit Cards
You can purchase Bitcoin with either credit or debit cards, but it is a lot safer to transact with credit cards. When you make purchases with debit cards, you will not be entitled to fraud protection measures. Whenever fraud is detected on a debit card, the issue may or may not credit the amount back to your account. On the other hand, fraud committed using a credit card will be covered by the bank immediately, as long as you report the matter within the stipulated time. Many financial institutions also pay attention to the transactions made using credit cards, and they will inform you whenever a purchase seems suspicious. This means you will always be able to recover your card before large transactions are made.
- Update Your Computer, Phone, Anti-Virus, and Browsers
In order to stay on top of security issues, you should always update your systems. Whenever a new update is available, you should make sure you download it immediately. In many cases, your devices will only download updates when you have access to WiFi connections, so you can consider changing these settings. Alternatively, you can make sure you get an unlimited internet data plan. When using credit cards on your phone or tablet, you should avoid connecting to public WiFi services. This is because such connections will expose you to hackers and other security breaches.
- Keep Your Credit Card Details Private
When you buy cryptocurrencies with a credit card, you should avoid exposing your sensitive details. You should avoid sharing your credit card number with unverified representatives as they may end up stealing your identity. Also, avoid opening cryptocurrency exchange websites from emails since some of these may be an effort at phishing. Once you add your credit card information on such websites, your identity will be stolen and may be sold on the dark web.
You can buy cryptocurrencies using credit cards on many exchanges on the internet. In order to prevent fraud and identity theft, you should only purchase the currencies on exchanges that feature SSL encryption. Also, try to look for exchanges that are affiliated with reputable bodies and government institutions. You should avoid making purchases using debit cards since you will not have access to good security systems. Another important tip is to avoid sharing your credit card details with the exchanges and any other unverified representative.