Afterpay is one of the big “buy now, pay later (BNPL)” companies out there, and now crypto enthusiasts can take advantage of their payment method services to buy Bitcoin and other cryptocurrencies.
If you want to fund your Bitcoin wallet using Afterpay, this article is for you. We’ve compiled all the information you want to know about buying Bitcoin with Afterpay from how to buy Bitcoin with Afterpay to how to know if Afterpay is the right financing option for you.
We’ll start with the most pressing question you have: Does Afterpay allow users to buy Bitcoin? The answer is no. You cannot directly buy crypto on Afterpay. However, you can fund your trading account with Afterpay and then buy Bitcoin.
Before we go further, here’s a quick summary of what you should know about buying Bitcoin with Afterpay:
Let’s see how this is possible…
The first thing to do is to choose a platform. Keep in mind that the platform you choose should be reliable to avoid any future complications. We’ve done all the heavy lifting for you and have created a list of reliable platforms.
Visit the websites of any of them and click on the sign-up button. Follow the instructions and submit all required information. You might need to verify your email address and phone number.
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After you sign up, the next step is verification. You’ll need to submit some documents and once you’ve been verified, you can deposit and use your account. Go to the deposit page. Enter the amount you want to deposit and click on deposit.
Once the money has entered your wallet, you can then buy Bitcoin. Simply, find the trading pair for your currency and BTC. For example, if you deposited dollars, find a dollar and BTC pair. Type in the amount you wish to purchase and execute the transaction by clicking “Buy”. Your BTC would be sent to your account as soon as possible.
Trading platforms and cryptocurrencies abound where you can buy BTC with Afterpay. Which of the crypto platforms you choose to patronise may be purely preferential. However, we’ve curated a list of some of the best platforms to buy Bitcoin below:
Afterpay is a digital payment system that enables customers to purchase items when they want to, without having to worry about the cost. The customers then pay for their purchases in installments over a short period of time, a repayment business model known as ‘buy now, pay later’.
The company was founded in Melbourne, Australia in 2015 and allows users of the platform to pay for their items in equal installments. All customers who pay on time are not liable for any additional charges, however, if a customer is late in making payment, they will be subject to interest fees.
AfterPay offers an excellent service by letting people purchase Bitcoins with the Afterpay app and pay later in instalments. It relieves the pressure of paying for your Bitcoin and other crypto purchases at once and allows people who may only have part of the amount to invest.
Their staggered payment plan with zero interest is one major benefit an Afterpay account has over credit cards and ensures that if you pay on time, you won’t have to pay anything extra in the long run.
All these services and benefits are fantastic but are they perfect for you?
That’s a question you’ll have to answer for yourself but we can help you with a few guiding factors to consider.
A BNPL service is great but not when you have poor spending habits. If you struggle with impulse buying, or other poor spending habits, using a service like Afterpay as a payment method can encourage you to develop more damaging habits. You may enter into further debt if you can’t afford to pay on the due dates. On the flip side, people who make healthy financial decisions will benefit from the ease of payment options Afterpay offers.
For Afterpay to work for you, you need to have good payment habits. The Afterpay platform might not charge you interest for the instalment payments but if you pay late or skip their warning period, they charge an extra late fee. This wouldn’t be a problem if you have healthy money payment habits. If you can’t afford to pay 25% upfront and the rest over two weeks, Afterpay may not be the best BNPL option for you.
The payment option services offered by Afterpay are beneficial to everyone but if your spending and payment habits are not ideal, you’re better off using another option to avoid going into debt.
Yes, buying Bitcoin with Afterpay is safe. To start with, Afterpay employs a high level of cyber security measures to protect its users’ data. So, you can be certain, your data won’t fall into the wrong hands.
The only other risk in using Afterpay lies in the user and the third-party exchange platform. As long as you use a regulated exchange account platform, you won’t run into any problems. We recommended a few regulated Bitcoin exchanges above that you can use for safe transactions of digital assets.
Lastly, users have a part to play in their safety while using Afterpay. There is a risk of debt and incurred fees when using Afterpay. To avoid these risks, you should pause using Afterpay if you don’t have regular income to pay off your instalments or control your spending.
Yes, you can. You can buy Bitcoin with Afterpay, but not as a direct purchase on Afterpay, but as a payment channel on a crypto exchange.
Purchasing Bitcoin through Afterpay requires a trustworthy exchange that accepts Afterpay deposits. Be careful choosing a trustworthy crypto exchange. You can choose an exchange from the list above.
There aren’t any extra fees for buying Bitcoin with Afterpay. The only cost is two standard fees and these are – trading fees and the cost of the Bitcoin you want to purchase.
The standard trading fees remain the same at 1-2% and when you buy with Afterpay, you won’t need to pay any interest fees like you would if you used a credit card.
Outside the 25% deposit on the Bitcoin, and the 4-part instalment pay spanning two weeks, there are no hidden or extra fees to buy crypto with Afterpay.
Using Afterpay is still a relatively new option for purchasing Bitcoin. There are so many other options if you don’t want to use Afterpay. From traditional to non-traditional, we’ve compiled a list of other safe options for buying Bitcoin and how to use them.