Kucoin just announced earlier today, that you can now buy Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) instantly on their exchange using your credit card.
For beginners getting hold of your first Bitcoin can sometimes feel hard. Coinbase is, by far, the most popular entry point for people wanting to enter the crypto-world, but Kucoin has now taken a step in the right direction.
Kucoin has now made it much easier for their users to buy Bitcoin, Litecoin, and Ethereum using their new payment system. This is a part of their cooperation with the service named Simplex, and it is already up and running.
Buy crypto with your credit card on Kucoin
If you want to buy one of the mentioned cryptocurrencies directly on Kucoin using your credit card, you need to log in to your account first. Then you choose Assets and later go to Deposit. If you select Bitcoin, Litecoin, or Ethereum you will see a little text in the right corner which says “Buy Crypto with Credit Card.” If you press this, you can set the amount of Dollar you want to use, or the amount of the given currency you want to buy. After this, you will be given the chance to enter your credit card details and to purchase the crypto right away. You can purchase cryptos in both Euro and in USD.
The fees for crypto purchases with a credit card on Kucoin
If you purchase crypto with your credit card on Coinbase, the fee is normally 3,95%. If you decide to purchase cryptos with your credit card on Kucoin, the fee is 5%. That is a very steep price, but if you are in a hurry, that is the price you will have to pay! If you purchase cryptos for less than 200 USD, there will be a one time fee of 10 USD (not the 5% fee). But, for all purchases above 200 USD, the 5% fee is the one in use.
There are some countries in which this isn’t supported, and there are six US states in which this isn’t supported. You can find the full list of countries that are not supported in this article.
A step in the right direction
This is for sure a step in the right direction, and it will make it easier for beginners to get hold of their first cryptos. It is sad that the fees are so high, but when the bull-market returns, people will be in such a hurry to buy, that they will not care.
Do you have any thoughts about this service from Kucoin or the exchange in general? I would love to hear your experiences and opinions as you write a comment!