How to Buy Bitcoin With Paysafecard in 2024

How to Buy Bitcoin with Paysafecard

The easiest way to buy Bitcoin with paysafecard is to purchase it online from a crypto exchange. Exchanges make it easy to buy and sell Bitcoin and other cryptocurrencies directly from your smartphone, tablet or computer. Check out our recommended platforms below and follow the steps to safely buy Bitcoin with Paysafecard.

1. Choose a platform

Hit the sign-up button and provide any details requested. You may also need a photo ID and/or proof of address to complete the KYC process. The safest place to buy Bitcoin is a regulated platform and you can register with one of our top recommendations below.

2. Make a deposit using Paysafecard

To fund your account, go to the deposit page. You will be given a list of available payment options from which you can select Paysafecard. Enter the amount that you want to deposit, then enter your 16-digit paysafecard code and transfer the funds to your account.

3. Buy Bitcoin

Now that you have funds in your account, you can find the BTC trading pair for your local currency and create a buy order for the amount you wish to purchase. A market order will execute immediately, while a limit order will execute once BTC reaches your chosen price.

What is Paysafecard?

Paysafecard is an eCash payment solution from the Paysafe Group, a company dedicated to providing solutions that make sending and receiving payments as easy as paying with cash. The parent company, founded in 2001 and located in Vienna Europe, offers several payment solutions. The Paysafecard is the more privacy-focused option as you do not need to register for an account to obtain a card. Simply walk into one of their 650,000 global sales outlets and buy one.

The card, which works like a voucher, prepaid card, or gift card, comes with a 16-digit number called a code or PIN which is used for payments online. Because the card is similar to a prepaid card or gift voucher, you buy it and load the code with cash at the outlet.

After getting the card, navigate to your preferred crypto broker that supports paysafecards to purchase crypto and enter the 16-digit code at checkout to complete your purchase. Because you don’t need an account to get a card, you can get several cards and use them simultaneously to make large singular purchases.

What to Look for in a Paysafecard Bitcoin Broker

Low or No Transaction Fees

Before you buy Bitcoin on any platform, ensure that you take a look at the fee structure. In general, most platforms have a trial period without fees or will waive fees if you invest enough with them. Also remember to check any closure fees if you are unsure if you will keep your account forever.

Buy/Sell Controls and Tools

Some apps will have a watch list or notifications to help you track the market. Some brokers may only provide the ability to sell and buy at the current market rates, while others will give you options but with limits.

Ability to Take Crypto Off-Platform

Some crypto brokers will allow you to hold Bitcoin in an account on their platform. This can be problematic as if there is a major market move, the app could have performance issues with the volume of traffic logging on to make trades.

Pros & Cons of Buying Bitcoin with Paysafecard

Here are some advantages and drawbacks of using a Paysafecard to help you decide whether it’s right for you.

Pros

• Fast. All you need to do is enter your 16-digit code and you can make a payment in seconds.

• Accessible. You don’t need to have a credit card or even a bank account to use a Paysafecard.

• Feeless payments. Using a paysafecard to make payments is generally free of charge.

• Anonymous. You can make limited payments with a Paysafecard without registering, meaning you don’t need to give up any personal information.

• Convenient. There are many places you can buy and spend a Paysafecard, and you can also download the app to manage your account on the go.

Cons

• Payment limits. There are limits on the amount you can spend per transaction with a Paysafecard, and the limit is fairly low without registration.

• Limited acceptance. Not everywhere will let you pay with a paysafecard so you may find your choice of crypto platforms is limited.

Fees When Buying Bitcoin with Paysafecard

Although it is generally free to pay with a Paysafecard, crypto brokers and crypto exchanges may choose to charge a deposit fee—check the platform website for details. Other costs to watch out for include blockchain transaction fees, spreads, and trading fees.

Is Buying Bitcoin with Paysafecard Right for Me?

If you want the convenience and anonymity of cash and the ability to spend online, a Paysafecard could be just what you need. In particular, Paysafecards are a great way for people without a bank account to purchase Bitcoin.

Is it Safe to Buy Bitcoin With Paysafecard?

Paysafecard is a safe method of purchasing crypto because of its privacy. You do not need to provide your personal information so your details are kept away from your crypto transactions at all times. However, you should be careful how you use the card because safety on a payment level does not mean safety on a platform level.

For example, you can still get duped on p2p markets if you do not leverage their escrow services. Also, the privacy that Paysafecards provides is rendered irrelevant if you provide personal information to your broker account.

Final Thoughts on Buying Bitcoin With Paysafecard

Paysafecards are an eCash payment solution that allows you to make payments without having to disclose your personal or banking information. The card provides a 16-digit code that you use to pay, similar to a prepaid voucher.

Major exchanges do not accept Paysafecard as a direct deposit method, but you can either use it on other p2p marketplaces like LocalBitcoins and Paxful or with electronic wallets like Neteller as a middleman to move your funds between Paysafecard and major exchanges.

Although there are other alternatives to buying with Paysafecard, it is the best option for those who wish to maintain anonymity. However, just because your payment method is anonymous doesn’t mean your transactions are anonymous. If you register on an exchange, then a record of your crypto transactions will be held by that exchange.