- Cryptocurrency debit cards just like a traditional card debit card or credit card is a form a card which allows to you to complete the transaction using any cryptocurrency.
- Investors are now seeking new ways into invest in cryptocurrencies to maximise their returns or to ease payment system.
- Cryptocurrency debit cards just like a traditional card debit card or credit card.
The cryptocurrency industry today has not only expanded in terms of market capitalisation, but it has also diversified into different fields such as NFTS, DeFis etc. Today investors are seeking new ways into invest in cryptocurrencies to maximise their returns or to ease payment system to ensure that along with traditional fiat currency, they can maximise the potential use of cryptos in daily transactions.
One such way is do transactions with crypto debit cards. In fact, for many companies the race is on to dominate the crypto debit card industry. For now, Visa and Mastercard are the market leaders who have a large market share courtesy of their alignment with major cryptocurrency exchanges which help smoothen the transaction. But for a layman, what does a crypto debit card mean and which one to choose from?
What is a crypto debit card?
Cryptocurrency debit cards just like a traditional card debit card or credit card is a form a card which allows to you to complete the transaction using Bitcoin, Ethereum or any other form of cryptocurrency. The crypto card come on both physical as virtual form.
Also read: Should UK investors go for HNT token?
With a crypto debit card, one doesn’t have to worry about whether your traditional debit card will be accepted by the merchant or not. It can be used in multiple locations which accept crypto debit cards and eases the transaction for the customers.
As the UK is one of the progressive countries where crypto cards and crypto transactions takes place in various stores, lets look at the some of the top 5 crypto debit cards that fellow investors can consider.
- eToro Money Card
eToro Money card is overall considered to be one of the best crypto debit cards operating in the UK. Primarily operating as a brokerage firm UK, it is authorised and regulated by the Financial Conduct Authority (FCA). It is issued by Visa and directly connects to the main account. Through this one can easily access the funds without having the need to withdraw it. The eToro Money card gives the freedom for anyone to access their cryptocurrency and complete the transaction. Besides, one can also save up on 0.5% FX fee, which other providers charge at the time of transaction.
The eToro Money Card also offers a personal bank account number, where in one can either send or receive funds to other bank accounts as well. The eToro Money card accepts leading cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dogecoin etc.
The Cryptopay debit card is ideal for larger purchases. Founded in 2013, Cryptopay allows you to buy, sell, and trade crypto assets and it is priced in GBP. Issued by Visa, the Cryptopay debit card covers online purchases, in-store transaction as well as allows ATM withdrawals. This is ideal for someone who is looking for large-scale purchases and can execute transactions worth up to £30,000. This too supports multiple cryptocurrencies thereby giving the luxury to the users to trade in multiple.
- Binance Visa Card
Backed by Binance, world’s largest cryptocurrency exchange, Binance Visa card is ideal one for cashbacks. With the Binance Visa card, you also get a chance to be associated with the exchange and can trade cryptocurrencies at just 0.10% commission per slide. With the Binance debit card one can shop at an array of retail shops or withdraw funds from ATMs around the world. One can also earn reward points up to 8% thereby making it one of the cards with maximum rewards points on each purchase. However, the only drawback it one needs to hold atleast 600 BNB tokens in order to get the reward points.
- Coinbase Crypto Debit Card
Another Visa issued card which has a low issuance value of £4.95. No transaction fee is charged on the domestic transactions with the Coinbase crypto debit card. Any domestic withdrawals which are more than £200 is charged 1% fee, while the international withdrawals are charged 2%.
The Coinbase crypto debit card is issued by Paysafe and has a top-notch security feature which is similar to that of the Coinbase cryptocurrency exchange. However, one to drawbacks is there is a limit to daily transactions that one can do as well as on withdrawals. One can do daily transactions up to £10,000 or withdraw funds up to £500
- Revolut debit cards
The Revolut debit cards are for those who are completely new to Bitcoin debit card market. Revolut mobile app, gives access to a wide variety of banking services courtesy of a unique account number and sort code. The Revolut app allows the users to invest in digital currencies from within its app. However, the users will not be able to withdraw the crypto assets out and this has been considered to one of drawbacks of Revolut.
But if one has to access the funds, then you need to sell the crypto and the funds will be credited to the account. As the cryptos are directly linked to your Revolut account, it is an ideal card of convenience.