In this guide we are going to show you how to buy bitcoins easily using your credit or debit card at one of the top bitcoin exchanges that now offer ethereum trading too. CEX.io have added a no frills way to get your Bitcoin back into your bank account and local currency so you can go spending at shops with ease. The one click good two clicks bad - and intuitive design - make the process easy and enjoyable.
There are a number of options on the market already called prepaid bitcoin debit cards - but they have fees when you withdraw from an ATM or use you card in a shop. CEX.io has no fees as you are actually hooking up your existing bank card for then money to go into - so no extra bits of plastic and no extra pin numbers to remember. You can withdraw your Bitcoin in USD, EUR or RUB.
The first step is to withdrawing bitcoin is to make sure your card is synced with the CEX.io system. This is so they comply with local money laundering laws. This can be the most annoying part of the process but well worth doing for the future benefits of being able to easily get your bitcoin on your debit card and back into CEX.io for trading.
Provide Information About Your Card
Step 1: Card Information
You need to go to card Manager which is in the top right menu of the CEX.io interface.
Then you need to enter your card details as shown in below - this includes your name, card number and expiry date.
You need to then verify that the information you have provided is true.
Step 2: Selfie Time
You need to provide two photos - one of you with your bank card - and one of your bank card with your ID card.
When taking the photos it is really important that you don't wear anything that obscures your face. This is so CEX.io can easily verify that your card belongs to you as they don't want to get in any trouble with the regulators! So make it easy on yourself and them by providing clean and easy pictures where you are looking straight into the camera and that are of a good resolution.
If you have verified your identity already for trading limits you do not need to provide a photo of your card next to your identity card. Your identity card can be a passport, driving licence and cannot be a photocopy. And make sure it is clearly visible otherwise the legal department of CEX.io will just ask you to do it again.
Step 3: Your CVV Security Code
All you need to do is enter your CVV code with is the last three letters on the back of your card - usually in the signature slot.
Step 4: Charge Verification
The last step is to do a small charge from CEX.io to you. This is where you ask to pay CEX.io lets say 20 cents. This charge will then be refunded to you.
Now that you have provided all your information to CEX.io you are ready to bring your bitcoin back on to your debit card and into your bank account. Although you might have to wait a while whilst their compliance department checks your photos to see if you are who you say you are! You can add multiple cards if you want too - a nice portfolio of them!
Getting Local Currency into your CEX.io Account to Trade
Once you have tied in your card to CEX.io you are ready to buy bitcoins with the click of a button. Granted there are higher fees than usual with a 3.9% with a $0.25 surcharge (the latest fees can be seen here.), but that's what you pay for with the convenience. You can also use SEPA transfers too but they can take a bit longer and your standard bank transfer - again taking longer depending on where it is from and to. You can use any Visa or Mastercard issued in any currency!
Step 1: Got to the wallets section in the top menu and click on deposit.
Step 2: Select the type of deposit, which card you want to make it from and how much. This is the amount of dollars you want to deposit at the exchange.
Step 3: Click the deposit button.
Step 4: When the money is in you can go to the exchange and start buying bitcoin by going to the "Buy/Sell" buttons in the top menu - where you can buy at a fixed price with one click. Alternatively you can go to the "Trade" button in the top menu and start setting orders into the orderbook and hopefully get a better price!
Withdraw Bitcoin to Your Card
If you are holding Bitcoin on CEX.io and you want to use it to spend in shop then the first step is to trade it into your local currency - you can do this by trading BTC for USD - or BTC for EUR by going to the trading interface. Even if you have your BTC stored in another wallet like Blockchain.io then you can transfer your bitcoin to your CEX.io account and then trade it into your local currency of choice. You can use any Visa or Mastercard issued in any currency so no hassle here!
Once you have converted your Bitcoin to Dollars, Euros or Rubles, you are ready to go:
Step 1: Got to Wallet section in the Top Menu.
Step 2: Select balance your wish to withdraw from and the type of withdrawal as Visa or Mastercard.
Step 3: Type in how much you wish to withdraw on the right and select the card you want it to go to.
Step 4: Click The withdrawal button.
Step 5: Enter the 2FA (two factor authentication) code that was sent to your phone in the box.
Congratulations the funds should be in your account ASAP. There are fees involved and the latest can be seen here.