Risks While Buying Bitcoins with Credit/Debit Card
The provider could use your credit card details to make fraud purchases without you finding out until it’s too late or could do other things to steal your identity. Be very careful giving out your credit card information, make sure that you understand the risks, and use a reputable exchange to minimize risks when buying bitcoin with a credit card or debit card.
Buy Bitcoin with Credit Card Anonymously
Some exchanges profess to offer the anonymous purchase of bitcoin without any sort of verification apart from a credit card, but be very careful with these sites. Any transaction with a credit card will never truly be anonymous, and the limits. If you want to buy anonymously, check out our guide on Buying Bitcoin with Cash. The fees may be slightly higher, but in many cases you can but without giving any bank details or other verification.
Is It Risky to Enter My ID?
Many exchanges require that you submit you ID for verification. This is very common in he industry, but be aware that the information that your ID contains should be protected and the exchange is obligated to protect your information. As long as you stick with reputable exchanges you’ll be OK, but we encourage you to check out our Bitcoin Buying Guides for more information.
Is It OK to Leave My Bitcoins on the Exchange?
Many cryptocurrency and bitcoin experts recommend strongly that you hold your bitcoin on a privately controlled wallet. As long as it is held by an exchange, you are not truly in control of your bitcoin and there is a risk that they could be stolen or lost by the exchange. That said, keeping your bitcoin stored on a privately held wallet can also be risky in that you absolutely need to record your private key and /or password securely. If you lose your login information, your bitcoin could be lost forever.
As always, you can always check out breaking crypto news on our Breaking News page, check out all of our Frequently Asked Questions, and reach out directly to us for help setting up your account or with any other questions about cryptocurrency and digital payments. One of our experienced team members will be happy to help point you in the right direction!
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