How to Buy Bitcoin with American Express in 2024

What is an American Express Bitcoin Broker?

An American Express Bitcoin broker is an online crypto platform that enables you to buy BTC with your Amex card. You will be able to make a deposit on the platform using American Express and then use your deposited funds to buy or trade Bitcoin.

Alternatively, some platforms may support instant card purchases. In this case, you don’t need to make a deposit. You just enter how much BTC you want to buy and fill in your Amex card details.

How to Deposit and Withdraw Using American Express

First, you will need to create an account with one of the platforms above. After that, you can make deposits and withdrawals by following these steps.

How to Deposit Using American Express

1. Click “Deposit”: Click the “Deposit Funds” button or go to the deposit page of your platform and click “Deposit”.

2. Select currency and payment method: Make sure your local currency is selected, and choose American Express or a bank card from the list of payment options.

3. Enter your card details: If you haven’t used your Amex card on the platform before, you will need to add a new card and fill in all the card details.

4. Transfer funds: Enter how much you wish to deposit and click “Deposit”. You may have to go through a security check from your bank, and then your funds will be transferred.

How to Withdraw Using American Express

1. Click “Withdraw”: Click on “Withdraw Funds” or go to your deposits and withdrawals page and click the “Withdraw” button.

2. Select currency and payment method: Choose your local currency and select American Express as the withdrawal method.

3. Enter the withdrawal amount: Fill in the amount you wish to withdraw. Remember that many platforms charge a withdrawal fee; it is worth checking how much it will be.

4. Withdraw funds: When you are ready, click the “Withdraw” button. You may need to wait a few business days for the funds to reach your account.

Why Should I Buy Bitcoin With American Express?

Here are some of the benefits of using an Amex card as a payment method.

Security

American Express provides strong credit card security. The card provider uses sophisticated technology in its intelligent security systems and has invested in advanced machine learning.

American Express uses data from millions of transactions to build complex algorithms that spot irregularities. As both a card provider and payment processor, Amex is better placed to spot and deal with issues than most other card providers.

Familiarity

If you use your Amex card to make other online purchases, you will find the process of paying for Bitcoin online just the same. This makes it a convenient choice of payment method, with no need to create a new account or learn to use a new technology.

Improve credit score

Using your American Express credit card could improve your credit score, as long as you don’t make big purchases you can’t afford to pay off. Buying Bitcoin with your Amex card and making regular repayments on time will show lenders that you are financially responsible.

Increase spending power

A great benefit of using an Amex card is that it enables you to boost your spending power. You will be able to make a large BTC purchase without having the necessary funds in your account yet, as you can pay for it later or pay in manageable monthly installments.

Protection

American Express has strong security systems in place to protect you from fraud. Your spending patterns will be monitored, and you can set up various account alerts. The SafeKey authentication technology should protect your account from unauthorized access. What’s more, you can benefit from credit card insurance and purchase protection.

Rewards

Some American Express credit cards reward you each time you spend. When you make purchases, you will receive reward points, and these can be redeemed on shopping, holidays, and special experiences such as concert tickets.

Buying Bitcoin Without Verification Using American Express

The platforms we recommend are regulated, which generally means that you will need to undergo some form of identity verification as part of their Know Your Customer requirements. If you want to buy Bitcoin anonymously, you will therefore need to find an unregulated platform.

You can do so on a peer-to-peer platform such as Paxful, which accepts Amex as a payment method. You only need an email address to set up a Paxful account, and some BTC sellers accept purchases from unverified users.

However, unregulated platforms tend to be less secure and could put your funds at risk. They also don’t provide as much when it comes to features, crypto wallets, and ways to trade and earn. For these reasons, we suggest you take a few minutes to verify your account on a regulated platform instead.

How Much Does it Cost to Buy Bitcoin Using American Express? - What are the Fees?

Fees for using American Express can be as much as 4%. American Express charges merchants a higher fee than other payment processors, which is why using your Amex card can incur a higher fee than using other cards.

Depending on which Amex card you choose, you may have an annual fee to pay for your card. Other charges from Amex you could encounter include currency conversion fees, returned payment fees, and late payment fees.

There will also be fees charged by your crypto platform, which may include deposit fees, withdrawal fees, trading fees, overnight fees, and account management fees.

Is Using American Express the Best way to Buy Bitcoin?

You have now seen the benefits and drawbacks of buying Bitcoin with an Amex card, but it remains to be seen how it compares to other payment methods. There are plenty of alternatives, and which is right for you depends on your individual situation. Let’s take a look at some of the most popular payment methods for buying Bitcoin.

Credit card

Buying Bitcoin with a credit card other than American Express is just as fast and convenient. You will get similar flexibility and security, with the added benefits that the fees may be a bit lower and they are more widely accepted. The vast majority of crypto platforms accept Mastercard and Visa credit cards.

Debit card

Buying Bitcoin with a debit card has some of the same advantages as using a credit card. It is also fast and convenient, and you can use your debit card on almost any crypto platform. A debit card won’t improve your credit score or give you the flexibility to pay later, but on the plus side, using a debit card can’t harm your credit score or get you into debt.

Bank Transfers

Using a bank account to buy Bitcoin is one of the most popular options as it is often the cheapest—the fees tend to be low or even non-existent. There are loads of crypto platforms that accept bank deposits, but it could take a few days to process the transfer unless you can use a network like Faster Payments for immediate transfers.

PayPal

Buying Bitcoin with PayPal is a popular option due to its convenience and speed, but hardly any crypto platforms accept PayPal deposits from users outside the US. You can buy Bitcoin directly on the PayPal platform, but your choice of altcoins and features will be far more limited on PayPal than on a crypto platform.

Apple Pay

The checkout process is speeded up when you buy Bitcoin with Apple Pay. It provides an easy, private, and secure payment method, but you will likely find that your choice of platforms that accept Apple Pay is rather limited.

Google Pay

Buying Bitcoin with Google Pay brings many of the same benefits as using Apple Pay, such as speed and security. There is no limit on transactions, and it is easy to set up your account, but there aren’t that many crypto platforms that accept Google Pay as a payment method.

Skrill

If you use Skrill to buy Bitcoin, you will benefit from speed, ease, and security. Skrill is a digital wallet, and although it is not as widely accepted as cards and bank transfers, you can use Skrill to make deposits on platforms such as eToro, Bitpanda, and Capital.com.

Neteller

Using the digital wallet and e-money transfer service Neteller to buy Bitcoin is somewhat similar to using Skrill. You will find that many of the same crypto platforms accept both Skrill and Neteller deposits.

Venmo

You won’t be able to buy Bitcoin with Venmo on a crypto platform, but you can purchase as little as $1 of BTC on the Venmo platform in the crypto tab. Similar to PayPal, however, you won’t have access to many coins or features, and the fees can be higher than on crypto platforms.

Paysafecard

Those who don’t have access to a credit card or bank account may find it convenient to buy Bitcoin with a Paysafecard, as it provides an easy way to pay with cash. However, you may find that your options are limited when it comes to where you can use it and how much you can spend.

Further Tips for Buying Bitcoin With American Express

When choosing a platform to use to buy Bitcoin, there are other things you should look for besides which payment methods it accepts. Some of the most important factors are explained below.

Features

Which features platforms offer can differ greatly, so it is worth doing some research into them, especially if there are particular things you want to do on your platform. Most trading platforms have some kind of charting tools, which can be handy for analyzing the price of Bitcoin, but the number of drawing tools and technical indicators can vary.

Many platforms provide different order types and may allow you to set up price alerts and recurring purchases. Other features you might come across include leverage, Bitcoin derivatives, NFT features, and products for earning interest on your coins. Some platforms also offer less common features, such as eToro’s unique CopyTrader.

User experience

If you are going to use your platform a lot and/or trade large amounts, then it is crucial to choose a platform you find intuitive. If you have never traded or invested before, then it could be a good idea to find a platform that is designed for beginners and easy to navigate.

Experienced traders will likely prefer a platform that provides advanced tools. The speed of the interface could also be key. If you want to be able to make snap decisions and place trades instantly, then a platform that lags isn’t useful.

Fees

Which fees a platform charges and how much they are is an important factor when choosing a platform, especially if you are trading on a budget and want to lower your costs. On most platforms, you will need to pay a fee when you deposit or withdraw, or both.

You will also most likely need to pay a fee when you purchase Bitcoin, in the form of a trading fee, commission, or spread. Some platforms could impose other charges, such as overnight, inactivity, or account management fees. You will need to consider and aggregate all these costs to work out which platform is the cheapest.

Security

Security should be one of your top priorities, especially if you are investing a significant amount of money. Regulated platforms tend to have the best security as they are held to higher standards.

Platforms that store most of their crypto offline are safer for buying and storing BTC. Other features you should check for include data encryption, two-factor authentication, address whitelisting, and crypto insurance.

Regulation and reputation

As already mentioned, platforms that are regulated tend to be safer than unregulated platforms. Ideally, you want to find a platform that is regulated in your country or by a regulatory authority that your country recognizes.

Reputation can also tell you a lot about a platform, as it takes time and quality services to build a strong one. You can check forums and online review sites such as Trustpilot to see what other users are saying about a platform and get a better idea of whether it will be the right fit for you.

Limits

All brokers will have transaction limits when a user wants to deposit, withdraw, buy, or sell crypto. Remember to consider these when choosing the best crypto broker or exchange to use.

Final Thoughts on Buying Bitcoin with American Express

Perks and high credit limits have earned American Express a reputation as the card for high flyers. If these benefits are important to you and you don’t mind paying a bit more in fees, An Amex card could be a great way to buy Bitcoin quickly through a trusted service.

We’ve covered the fees and benefits of using American Express, how it compares to other payment methods, and what else you should look for in a platform. If you now feel you are ready to make a Bitcoin purchase, follow the step-by-step instructions at the top of this page.

Methodology - How We Picked the Best Platforms to Buy Bitcoin With American Express

We have a commitment to provide our readers with only the best and most accurate information. Before recommending a platform, we put it through our rigorous testing process to ensure its quality and reliability.

Our quality control procedure involves testing the registration and deposit processes, ease of use, features, number of coins, types of trading, speed, fees, security, regulatory status, educational resources, and customer service.

You can find out more on our How We Test and Why Trust Us pages.