Choosing a crypto ATM card
You have bought, mined or earned a nice amount of Bitcoins together. You want to start using it now, so you logically have the next question.
Which Bitcoin debit card (s) is (are) the best in 2020 and therefore reliable?
A very essential question because a lot of offered Bitcoin debit cards turned out to be fake. Or never yielded anything.
An example of such a fraudulent provider is Centra Tech’s ICO. This company claimed to have partnerships with Visa and Mastercard for the creation of debit cards. Ultimately, the partnerships turned out to be fraudulent. Fortunately, no one lost money as the fraudsters were quickly dealt with by the Securities and Exchange Commission, SEC, of the US.
While no one has suffered any financial loss, there is a wise lesson to be learned from this. And that is, take extreme caution when selecting a debit card provider. Also with providers of Bitcoin debit cards.
The list is led by the Wirex debit card, which is very popular. And like many other Bitcoin debit cards, it is also available in a limited number of countries. In this case, countries belonging to the European Economic Area (EEA).
However, Wirex does offer an online-only subscription for users from most countries. The United States. and China are excluded.
The pro’s and con’s
- You get a 0.5% BTC cashback on in-store purchases.
- The monthly costs are very low for this debit card.
- The usage limits for this debit card are generous.
- Limited possibilities.
- Unclear profit margins when changing currencies.
- Lights up money at the ATM is not free of charge.
Wirex is one of the few to offer customers Bitcoin rewards when making in-person purchases. Customers receive 0.5% through its Cryptoback ™ service. There is no limit to this service and the service does not cost you anything.
Wirex is one of the cheapest debit card providers, but it offers fewer options than its competitors. But for the price of only USD 1.50 per month you can expect excellent quality service from Wirex.
Furthermore, the Wirex app is compatible with Android and iOS. It allows the user to manage his / her finances and track payments. Via the app you can also freeze your Wirex debit card if it is lost or stolen.
The Wirex debit card works just like any other debit card. You can do your personal purchases as well as online purchases, as long as Visa is accepted. It is important to know that Wirex withholds a fee of USD 3 when collecting money at the ATM. Although this amount is lower within the EEA.
The Wirex debit card offers generous daily spending limits of USD 10,000. The downside we find with the ATM limit which is set at £ / € / $ 250 per day.
All in all, Wirex is one of the best debit cards for those who don’t like hassle and need to use their cryptocurrency quickly. Especially because with Wirex you can also exchange and pay cryptocurrencies directly in 8 different types of cryptocurrencies.
Cryptopay is one of the first and is one of the oldest Bitcoin debit cards released. The prepaid Cryptopay debit card is available in the UK, Singapore and Russia. As in almost the rest of Europe.
Advantages and disadvantages
- You have access to contactless support.
- Cryptopay can be used in Russia.
- You do not have to meet strict KYC requirements.
- The costs are higher than with the competition.
- It is difficult to use outside of Europe.
- The costs are quite high for applying for such a Cryptopay debit card.
Cryptopay, like many other Bitcoin card providers, offers the option of a plastic prepaid card and a virtual prepaid card. The latter is pre-eminently the debit card for online shopping. While the plastic debit card allows you to withdraw money at the ATM and make personal purchases in shops.
The plastic version of Cryptopay costs a nice USD 15, while the virtual version for USD 12.50 is not much cheaper.
Apart from the options for a plastic and a virtual version of the Cryptopay debit card, there are also versions for the GBP, EUR and USD. Regardless of which one you choose, the cost is USD 1 per month.
Furthermore, the Crypto debit card is one of the few anonymous Bitcoin debit cards still available today. Nevertheless, unverified users are limited to certain services of this debit card. Your KYC verification is important to remove most of this limitation.
To give you an idea, non-verified users with a EUR card can send a maximum of EUR 1,000 online. A maximum of EUR 400 per day can be lifted per day, while combined you can only load EUR 1,000 on the card.
Authenticated users, on the other hand, can send unlimited amounts online. They may collect EUR 2,000 per day at the ATM and can add unlimited money to the card.
Finally, it should be noted that both the plastic and virtual debit card charge a fee of 3% for currency conversions. Also when topping up the card, a 1% fee is charged and deducted from deposits. When lighting, you will have to deal with costs of EUR 2.75 / GBP 2.25 / USD 3.50 although these may be lower at the domestic ATMs.
The thinking behind the release of the Uquid Bitcoin debit card was only to release an actual unlimited Bitcoin debit card. Customers in the United Kingdom, in particular, benefit the most from the disproportionately lower costs in the United Kingdom.
Pros and cons
- You can do business in 90 different cryptocurrencies with this debit card.
- The card is available in almost every country.
- You are not limited in spending with this card.
- There are costs associated with requesting the balance of the account.
- There is a fee of 18% for topping up via the Paysafecard.
- This debit card is not available in the United States of America.
To apply for the Uquid debit card, you will first need to create an account on the website. Then you can choose between the cards available in your country. Account creation is free of charge but applying for the physical card costs USD 16.99 / EUR 14.99 / GBP 9.99 depending on the currency of the card.
In addition to the costs for issuance, you also pay a monthly fee of USD 1.00. Apart from this, other costs are also charged. Such as USD 3.00 at ATMs and 3% when changing currencies.
As stated at the beginning about the Uquid debit card, this card has the striking feature of unlimited use. That means unlimited deposits and withdrawals, no monthly quotas and absolutely unlimited spending. Nevertheless, there is a condition, because a fee is charged for POS transactions under EUR 80.
By the way, Uquid’s offering is one of the most widely available Bitcoin debit cards. The map is available in 174 countries with the assurance of fast shipping as standard.
Even more unique reasons to choose Uquid. Because this debit card supports a sea of digital assets. It is compatible with 90 different digital coins separate from Bitcoin. Includes Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and many ERC20 tokens.
Overall, the Uquid debit card is one of the more expensive debit cards. But it makes up for this with its widespread availability and compatibility with many other cryptocurrencies. Ideally suited for people who frequently use various cryptocurrencies.
New to this list is this MCO Visa debit card which was released, aimed at cryptocurrency customers who travel and shop abroad more often.
The pros and cons
- No monthly costs.
- Pleasant limits for exchanging currencies free of charge.
- Up to 5% cashback when making purchases.
- To take advantage of the many benefits of this debit card, you must hold MCO tokens for at least 6 months.
- KYC verification is mandatory.
- This card is only available in the United States of America and Singapore.
For those who like to be pampered, this MCO Visa debit card is the best choice. About being spoiled by a Bitcoin Visa card. You can take advantage of the best rewards on any debit card available. So not just the Bitcoin cards.
MCO Visa customers can earn back up to 5% cashback for regular purchases. Regarding Spotify and Netflix up to 100%.
Rather than requiring a monthly registration fee to issue rewards, MCO Visa does it differently. Customers are required to hold their crypto.com tokens for 6 months in order to qualify for the rewards. The amount of tokens can vary from 0 to 50,000 MCO tokens.
Due to the high demands of MCO Visa debit card for depositing tokens, it can be seen as a great offer. Since you must have a total of 50,000 MCO (more than USD 100,000) to take advantage of all the benefits. This means that even the cheapest MCO card is worth ordering.
As the cheapest debit card, MCO offers the free Midnight Blue card with a monthly limit of USD 200 in free ATM withdrawals. This amount increases to USD 1,000 for the Obsidian Black card. But after exceeding the monthly limit, you pay 2% per ATM withdrawal.
Cryptocurrencies topped up on the card are automatically converted to USD. This can then be withdrawn at the ATM, spent online or in person. The Obsidian Black card is the only card on the market that offers unlimited and free currency conversions at the interbank rate.
This debit card was released in 2016 and is used satisfactorily by tens of thousands of users. This will have to do with the one-time low investment of USD 9.95 while no monthly costs are required.
Some advantages and disadvantages
- ID verification required when making purchases.
- Payments can be made free of charge in the U.S.
- No monthly costs.
- Unfortunately only available to US citizens.
- 3% fee for currency exchange.
- USD 5 per month will be charged for inactive card.
Currently, the BitPay Bitcoin Visa card can be used in all 50 states of the US. The company has not made any announcements of expansions outside of the U.S. However, Americans are able to use the card abroad where Bitcoin payments are settled in their own currency.
To provide your Bitcoin Visa debit card with money, you charge it with Bitcoin. It will then be automatically converted to USD. And so you will be able to make personal purchases in stores and through online shops that accept Visa.
You can also top up the card using GreenDot or Western Union. However, there are costs associated with this of USD 4.95 per top-up. With regard to transaction costs, it is best to use this debit card in the US. use. Since no transaction fees are charged within the U.S.
Outside the U.S. costs rise by 3% when converting to other currencies. While domestic and foreign ATM withdrawals will cost you USD 2.00 and USD 3.00 respectively.
An important option of BitPay is its mobile app, especially on the go. This allows you to easily manage your funds and also make payments to other BitPay users. This through the integration of the app with the secure BitPay wallet.
BitPay is one of the simpler debit cards that does not offer insurance and cash back. On the other hand, it is an ideal debit card for beginners to improve the purchasing power of your digital assets.
BitPay is reassuringly transparent about fees charged. BitPay offers, among other things, help in avoiding unpleasant surprises, so that you are saved from unsavory situations. BitPay accomplishes this by making a concrete full reimbursement schedule on how to minimize or avoid costs available to users.
The Bitcoin debit card from Revolut is one of the best known Bitcoin debit cards. With over 4 million users and 250+ million transactions processed to date, Revolut is clearly one of the largest players in the industry.
Some pros and cons
- Up to 0.1% cashback on purchases within Europe and a maximum of 1% outside Europe.
- Generous allocations with a free plan.
- Low cost of 1.5% when making cryptocurrency purchases.
- Compatible with a limited number of cryptocurrencies.
- You can only buy cryptocurrency with it, not spend it.
- Currently this debit card is not available in Asia, Canada and the US.
Initially, Revolut was released in the UK and has its largest customer base there too. However, the services are also available within the EEC, as well as in Switzerland and Australia.
Revolut is currently not available in the U.S. but the company has started a waiting list for customers from this country. As the platform continues in the US later this year. starts.
Nowadays you can choose from 3 account types on the Revolut website. These are: Standard, Premium and Metal. Standard plans are free, while Premium and Metal plans cost GBP 6.99 / 12.99, respectively. Or EUR 6.99 / 13.99 in the EEC and AUD 13.99 / 22.99 in Australia.
All subscriptions include a free account with an IBAN account. With the subscriptions you can spend cryptocurrency in more than 150 countries worldwide at the interbank rate. You can manage your accounts via the free Revolut app.
With a Standard subscription you can collect a maximum of GBP 200 free of charge at an ATM daily. With a Premium subscription, the withdrawal amount is up to GBP 400, while the Metal subscription allows you to withdraw up to GBP 600. Above the set limits it is still possible to make withdrawals, but then a surcharge of 2% will be added.
Additionally, the Premium and Metal plans offer overseas medical insurance and priority support. The Metal subscription also offers personal assistance and 1% cashback on payments made with the card.
Revolut now allows users to purchase Bitcoin and four other cryptocurrencies directly through the Revolut card. These cryptocurrencies are Litecoin, Ethereum, Bitcoin Cash, and Ripple. For this extra service you pay 1.5% extra on the final purchase price.
Crypto balances can be transferred to other Revolut users free of charge. And also be converted to fiat money to be spent through the Revolut card. The latter conversion does not take place automatically.
The last, but certainly not the least, as this prepaid card from SpectroCoin is available to customers in almost 200 countries. Apart from the prepaid card, SpectroCoin offers various other services such as an online wallet and a share exchange platform.
What advantages and disadvantages?
- Ample ATM withdrawal limit of USD 1,500 daily.
- Unlimited number of pos and online transactions.
- With a VIP subscription you are not limited to a certain level regarding the balance.
- Privacy-violating KYC requirements for taking out a VIP subscription.
- Limited functionality.
- 3% extra fee when changing currency.
SpectroCoin offers 2 types of cards: virtual cards and plastic cards. The virtual cards cost USD 9.00 each and the plastic cards cost USD 50.00 each. After this purchase price you also pay a monthly cost allowance of USD 1.00.
SpectroCoin prepaid cards are topped up with cryptocurrency. Your cryptocurrency is automatically converted to fiat money when paying in the physical store or in the online store. You can set the process to take place automatically via the SpectroCoin web wallet.
Considering the cost of use, the SpectroCoin prepaid cards are not the cheapest on the market. A 1% fee is charged when placing crypto in the wallet. While 3% expense allowance is added when changing currencies.
Regarding limitations, the subscriptions at SpectroCoin can be divided into two types: standard and VIP. Standard subscribers can deposit a maximum of USD 250 per day and have a maximum of USD 2,500 in their account. While VIP subscribers can deposit a maximum of USD 5,000 per day and have as balance.
The SpectroCoin debit cards are unique compared to other similar offers. SpectroCoin allows very high ATM withdrawals, allowing customers to raise USD 1,500 per day. That is more than is the case with most standard bank cards.
All things considered, the SpectroCoin prepaid card is best equipped with options for users looking for convenience. And to the possibilities for high transaction limits. Even if it is at the expense of the general functionality.
What are Bitcoin debit cards?
After being announced with much fanfare in 2009, Bitcoin quickly became a global phenomenon. Thanks to the cheaper price and secure capacity to send value between people in minutes.
Despite the enormous popularity that Bitcoin enjoys today, BTC has suffered from major liquidity problems. Because it is time-consuming and expensive to make payments for services and goods with BTC.
Furthermore, very few popular retailers and merchants have accepted Bitcoin. Bitcoin owners must first convert their crypto to fiat money by trading their Bitcoin on the stock exchange. And then transfer the money to their bank account.
Several companies have therefore taken it upon themselves to solve this liquidity problem. By bridging the gap between cryptocurrencies and traditional markets with the Bitcoin debit card.
The very first Bitcoin debit cards were released by Xapo in 2014. These debit cards allowed users to spend their Bitcoins just like fiat money with any online or offline merchant that accepts Visa. At the time, the Xapo debit card was heralded as the last necessary to make Bitcoin a common currency.
Since then, more than a dozen companies have released their own Bitcoin debit card. They have improved their debit cards in terms of usability and functionality, using the first generation cards. You can think of things like contactless payment, automated billing and cashback.
For the most part, Bitcoin debit cards allow users to easily convert their BTC to fiat money. This can then be spent through personal and online purchases. The way of implementation differs per brand. Among other things, it can be done by automatic conversion after deposit. Or through a manual conversion as and when needed, usually from an integrated app.
Despite the benefits, Bitcoin debit cards have faced quite a few problems over the years. The most notable case was that of the companies that released their Bitcoin debit cards through Wavecrest. They were forced to stop or suspend services because the payment provider’s Visa license was revoked. One of the companies most affected was TenX. A company that offered a debit card at 0% cost and was constantly dealing with delays in issuing the debit card. As a result, it also had to deal with negative media reports because it had taken about a year to finally reach its customers.
What are the benefits of Bitcoin debit cards?
Do you belong to the group of cryptocurrency enthusiasts, which is getting bigger and bigger, who want to be less or no longer dependent on centralized banks? Then Bitcoin may be the solution you have been looking for.
Easily spend cryptocurrency
Bitcoin debit cards make it possible for you to easily spend your cryptocurrency. Without having to exchange cryptocurrencies first and without visiting a bank.
In many countries, access to financial systems is severely limited. That is why Bitcoin is especially popular in the economically less developed countries. With the advent of Bitcoin debit cards, residents of such countries are finally able to access financial service options that they did not have before.
With the Bitcoin debit cards, people from such countries have a way to easily convert their Bitcoin, and often other types of cryptocurrencies, into fiat money. To be able to spend this, in person or online, wherever the Visa logo can be seen.
Rewards and cashback
Like many standard debit cards, some Bitcoin debit cards now offer cashback options. This way you can earn rewards on your purchases, which can become a nice amount if you regularly use your debit card.
Support for various fiat funds
Furthermore, many Bitcoin debit cards allow you to store fiat money of different currencies in separate accounts. This way you can make international purchases without getting stuck with all kinds of additional costs for currency conversion. You also experience this advantage with cash withdrawals where you have the option to also use various currency types. Without having to pay for currency exchange fees.
Virtual maps are also an option
Several Bitcoin debit cards are also available in a virtual form. The advantage of this is that you don’t have to walk around with a physical card. This entails a degree of freedom and flexibility for the cardholder. Which are not possible with a physical card and you can easily manage your money through an app.
Free services included
Finally, various Bitcoin debit cards offer travel insurance and fraud protection. Handy for when you often travel. With the insurance you have a certain degree of security. And the fraud protection helps you if and when you need to change currency. Especially when the currency is not stable in the foreign country.
While many advantages have been put forward for owning a Bitcoin debit card, it should be noted the rapid growth of the industry. New products and services arise regularly, whereby the value of such cards increases even further.
What to consider when purchasing a Bitcoin debit card
Before you purchase a Bitcoin debit card, there are a few things to keep in mind. Below are some key conditions that should be taken into account when purchasing a crypto debit card.
When selecting the best option for a Bitcoin debit card, you should of course choose from options offered by established companies. Companies with a history of solid reliability.
It is unfortunate that there is also a lot of negative news around the Bitcoin debit cards where cards cease to exist prematurely. It is important that you convince yourself of doing business with a company that has sufficient knowledge of Bitcoin debit cards and crypto in general.
If you are solely concerned with making purchases online, a virtual Bitcoin debit card will suffice. But if you also want to make withdrawals at the ATM and make personal purchases, you need a physical card. Depending on your location, this is not always possible.
People with Bitcoin debit cards often have more Bitcoin than fiat money. And therefore look for a way to spend their crypto. However, there are Bitcoin debit cards that charge for every deposit on the debit card. It is therefore important that you carefully check the cost schedule of the different crypto debit card providers. So that you choose the right one based on your personal financial situation.
Due to an uncertain environment of cryptocurrency laws and regulations, most Bitcoin debit cards are only offered in certain countries.
For example, Americans should be extremely careful when choosing a Bitcoin debit card as only a handful of Bitcoin debit cards are fully functional in the U.S.
Most of the time, Bitcoin debit card providers advertise offering free debit cards or at a low cost. However, this means that the company earns its money in a different way. Such as charging high exchange or deposit costs. If a deal is too good to be true, it is best to check the cost schedule before purchasing the card.
Support for various currencies
Ultimately, almost all Bitcoin debit cards do what is indicated on their description. Enable users to use their Bitcoin with a debit card. However, this option does not work with all currencies. So it is also wise to first check with which currency types a particular Bitcoin debit card is compatible. Especially if you want to spend alternatives to Bitcoin in the same way.
Why Bitcoin debit cards are essential for crypto users
In November 2015, Coinbase released its first Bitcoin prepaid card. The main purpose was not to provide users with a crazy and new map. But a card that does the process of issuing Bitcoin efficiently. A few years ago, something as simple as doing a Bitcoin transaction was particularly difficult. This is still the case for a lot of new users. That is why adequate platforms and other technical matters are important for a good experience for the customer. So that Bitcoin becomes the currency we want it to be.
First of all, Bitcoin debit cards promote the adoption of crypto currencies. New users often leave the cryptocurrency space due to limited knowledge about the new technology. However, the debit cards work with simple and user-friendly apps. This has a positive effect on the newcomers who know little or nothing about the technology.
On the other hand, not only newcomers should be taken into account. But also with those technology fanatics who closely follow and support developments. They also deserve something.
A Bitcoin prepaid card can save users a lot of time and anxiety against platforms such as MyCrypto and MyEtherWallet. Some of the Bitcoin prepaid cards like the Wirex Bitcoin ATM card make the process of making a transaction super easy. Just a few clicks on your app and you are saved from a lifetime of struggling with confusing platforms.
Bitcoin debit cards United States of America
Until now, the United States of America has taken a rather aggressive stance in regulating bitcoin and other cryptocurrencies. Hence, most Bitcoin card providers do not conduct business within the United States of America.
Although it is a major problem for those looking for USA Bitcoin debit cards, the problem can be solved.
Americans looking for a BTC debit card can use the BitPay card to spend Bitcoin and other cryptocurrencies in the U.S.
Are there anonymous Bitcoin debit cards?
Unfortunately, there are no anonymous Bitcoin debit cards. The reason for this is simple. The Bitcoin card providers such as Wirex or BitPay must adhere to banking laws within the laws of where they are located.
These banking laws require Bitcoin ATM card issuers to request basic identity information from their users. When ordering a Bitcoin card, you will at least need to provide proof of ID such as a driver’s license or passport. And since all your Bitcoin debit cards are linked to your identity, there are no anonymous Bitcoin debit cards.