Buy Bitcoin with a credit card (beta)
At Luno, we focus on helping customers get Bitcoin in the easiest and fastest ways.
Bank transfers are by far the most common funding method supported by Bitcoin providers, including us. Customers make a deposit in their local currency, and then once the funds reflect, they use it to purchase Bitcoin.
This, however, is often a hurdle for new customers to buy Bitcoin: it just takes too much time.
The other hurdle is that we can only accept bank deposits from customers with bank accounts in our supported countries. This excludes many people from getting access to Bitcoin and our products.
We are excited with the slow rolling out of a new feature, still in beta testing mode: buying Bitcoin with a credit card.
Note that this is currently only available in Canada, India and (most of) Europe.
We have partnered with Simplex to provide this feature. Simplex’ expertise lie in reducing credit card fraud - a key issue that prevents most Bitcoin trading platforms from accepting payments that way. They have extremely sophisticated tracking and monitoring systems and use tons of data points to identify potential fraud. This was very important to us.
All a customer needs to do is enter their credit card details and the amount of Bitcoin they wish to purchase in USD and in a few minutes, the transaction will be processed.
- Buying Bitcoin with a credit card on Luno is currently only available in Canada, India and most of Europe (Austria, Belgium, Switzerland, Cyprus, Germany, Denmark, Estonia, Spain, Finland, France, United Kingdom, Greece, Ireland, Italy, Lithuania, Luxembourg, Latvia, Malta, Netherlands, Poland, Portugal, Romania, Sweden, Slovenia, Slovakia, Ukraine), but will come to more countries around the world soon.
- Note that we have seen some credit cards being rejected while going through the process. This is usually due to your bank not approving the payment. In such cases, we would urge you to try another credit card if possible and make sure it is a reputed international credit card.
- Customers who purchased Bitcoin with their credit card can safely store, spend or send it elsewhere. Currently, we/Simplex can't support the selling of Bitcoin that was bought with a credit card. We are working on solutions to get customers to sell their card-purchased Bitcoin using Luno. We'll send updates on this as the product evolves.
- For step-by-step guidance on buying Bitcoin with your credit card, see our Help Centre article.
For Luno, this is a big step towards reaching our end goal: making Bitcoin easily accessible to everyone, everywhere.
You can expect to hear more updates and features like this in the near future.