A Paysafecard provides a simple and secure way to buy Bitcoin with cash—even if you don’t have a bank account or credit card. In this article, we’ll go through how to buy Bitcoin with Paysafecard and the best places to do it.
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.
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.
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.
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 you want from a platform will help you choose which to use. This may include security, low fees, or specific features such as copy trading. The best and safest platforms that support paysafecard are listed below.
eToro is an online broker with a global reach and a local feel. They offer crypto brokerage services to a large user base of 25 million clients from around the world via their mobile Android and iOS apps. Their selection of cryptos includes major coins and tokens (like Bitcoin and Ethereum) across several blockchain networks.
While eToro only supports USD as the base currency, they allow deposits in other major currencies, however, they charge a conversion fee. Deposit methods include electronic wallets like PayPal, bank transfers, credit/debit cards, and Rapid Transfers. Certain currencies are supported by some deposit methods. For example, PayPal supports deposits in EUR, GBP, USD, and AUD.
After depositing, head to their exchange to purchase crypto. You can read our full eToro review here.
Binance is the largest crypto broker and exchange in the world. They offer multiple services like staking, saving, NFT trading, crypto bot trading, and a list of others, however, they are most popularly known for their exchange. Binance is trusted by more than 28 million users across the world and has one of the largest collections of coins and tokens on its global exchange. In the US, however, its collection is limited to 60 cryptos, still more than many of its US peers.
The goliath exchange supports deposits in 13 currencies including USD, GBP, EUR, TRY, AUD, and even more exotic currencies like the Peruvian sol, the Ugandan Shilling, and the Kazakhstani Tenge. You also have the option of depositing funds through their P2P market which supports 59 payment methods around the world.
You can read our full Binance review here.
Local Bitcoins is a global peer-to-peer (P2P) marketplace that exchanges only Bitcoin. Buyers and sellers from all walks of life meet to trade BTC securely. The marketplace also acts as an escrow account to ensure all counterparties act honestly.
Traders can create listings in their local currencies and include payment methods of their choice. Local Bitcoins support several payment methods including paysafecards. You can buy crypto using a Paysafecard in the same currency as your card by searching for a seller who accepts it. However, pay attention to the number of reviews they have.
When you find a seller whose price and quantity match yours, click on Buy and send over your code. After confirmation, your BTC will be released to you.
You can read our full LocalBitcoins review here.
Skrill is another broker that allows direct deposits with Paysafecard. Skrill is an online wallet that allows users to pay, send and receive money, and buy cryptos. It is most popularly known for allowing users to send money to foreign bank accounts at reduced (if not free) rates.
While Skrill is primarily a digital wallet, it is integrated with reputable exchanges to deliver crypto exchange services to its users although it does not swap these cryptos itself, at least not on the backend.
You can buy Bitcoin with a Paysafecard by first depositing your funds in your Skrill wallet and then swapping for your choice of more than 40 cryptocurrencies.
Paxful is a P2P marketplace that supports several funding methods including the paysafecard. You’ll need to sign up for an account using your email to get started. Afterward, you can search the marketplace for a seller. Filter your search to narrow your results to sellers who accept Paysafecard.
When you find one, ensure their price and quantity match your expectations. Click Buy and complete the transaction. Usually, you’ll send your code to the seller to consume before they send your crypto so it’s wise to have some extra funds on the code to cover price differences but not so much that you’re overpaying.
Also, ensure you check sellers’ ratings before transacting with them as Paxful has a reputation for being riddled with crypto scammers. While there are authentic sellers on the platform, you should trade with caution at all times.
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.
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.
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.
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.
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.
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.
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.
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.
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.