As more investors see the value in crypto, more platforms and payment systems are becoming available. However, it’s still not always possible to pay for crypto using a credit card or through a normal bank transfer on exchanges. Other payment methods, such as Stripe, are now available. In this step-by-step guide, we walk you through the process of how to buy bitcoin with Stripe, along with some safety and security measures to get you started.
What is Stripe?
Stripe is a popular Irish-American payment processing platform that allows users to accept payments over the internet. It enables secure and convenient transactions for e-commerce websites and other digital platforms.
In regards to cryptocurrency, many popular exchanges allow investors to buy crypto using a Stripe account instead of a direct credit card transaction or bank transfer. Stripe works as the middleman, in other words. Basically, when a customer purchases anything online, Stripe allows them to use their credit card or bank and transfers those funds to the user’s account.
Why is Stripe interested in crypto?
Interest in bitcoin has steadily increased over the years, as illustrated by the chart below. It’s no wonder that already available payment systems are expanding to fit demand, especially for bitcoin trading.
Does Stripe support cryptocurrency?
Stripe supports crypto, allowing businesses to accept payments in various coins and tokens through its platform. You can buy bitcoin safely (plus lots of other cryptos) on selected exchanges using a Stripe account. Stripe’s new fiat-to-crypto onramp also lets you embed crypto purchases directly into your online checkout flow. This means you can top up your crypto wallet in just a few minutes with a card payment or instant bank transfer.
In addition, crypto businesses can take advantage of Stripe’s fiat payment APIs. These offer fraud prevention, issuer-level optimizations, and conversion increases. The Stripe Identity feature allows you to verify your ID documents for over 33 countries for NFT marketplaces.
How to buy bitcoin with Stripe
You cannot purchase cryptocurrency directly through Stripe. However, you can use the Stripe payment option on an exchange that supports Stripe payments. For this guide, we will use the Bitstamp crypto exchange as an example.
Step 1: Register a Stripe account
You need to first register an account on Stripe. Follow the instructions on-screen. Verify your email, and click the link to activate your account. After you are registered, you will need to set up your business and link your bank account details.
Step 2: Link your bank account
When you choose to use Stripe as a payment option for buying bitcoin, it will automatically pull the funds from your bank account. For this, you need to link the bank account to your Stripe account. Click on “Activate Payments” and verify your business. Choose whether you will use the platform as an individual or business entity. From here, you will be prompted to add your bank account details which will be the account you will use to buy bitcoin with Stripe.
Step 3: Top up your Bitstamp account with a transfer
Go to Bitstamp and register an account. You must follow the instructions to verify your email address and the KYC (know your customer) process. You will be asked to verify your identity with a form of ID card and home address. If you’re looking for greater privacy, take a look at some of these non-KYC crypto exchanges. In addition, the platform will ask you to set up two-factor authentication (2FA) for your security. Next, make a deposit and enter how much you want to deposit. Select Stripe as your payment method.
Step 4: Buy bitcoin with Stripe
Now your account has funds, go to the “Market” section and click on bitcoin. Select the currency you wish to pay in, then pull from the available funds. Enter how much bitcoin you want and confirm the transaction. Your cryptocurrency will show up in your exchange account. In some spot trading crypto exchanges, you will have to go to move to where it says “Spot” to see your funds.
Things to consider when buying Bitcoin with Stripe
One important thing to consider when buying bitcoin with Stripe is the transaction fees charged by both the exchange and Stripe. Additionally, check for any transaction limits imposed on Stripe payments to purchase bitcoin. Furthermore, make sure the crypto exchange you choose offers security measures, such as two-factor authentication, to protect your account and funds.
And always remember that cryptocurrencies like bitcoin are known for their extreme price volatility. Be prepared for price fluctuations, and always consider where your money is best placed. Consider the benefits of crypto vs. stocks, or even if putting money into an art investment platform might be a good option for you. In web3, you’re not short of options!
Did you know? Despite the crypto market being the most volatile financial market in existence, recently bitcoin volatility has hit an all-time low on the crypto options exchange Deribit. This signals sideways action price and future lack of price turbulence.
Are Stripe fees high?
You can set up an account on Stripe for free. In addition, the company does not charge a monthly or annual fee for using its services. The Stripe fees you do encounter are on a per-transaction basis. There is a 1% fee for international and currency conversion transactions. However, in-person transactions cost 2.7% plus 5 cents per transaction. And this is with the same added 1% for any currency conversion or international card use. These fees are charged automatically and will be deducted from your final payout.
Buying bitcoin with Stripe has never been easier
By now, you should know how to buy bitcoin with Stripe with ease. The payment platform has provided a convenient and accessible way to enter the world of cryptocurrencies. As with any other investment, always consider the essential factors so you can confidently buy bitcoin using your Stripe account and explore the potential of this exciting digital asset. This includes the fees for both the exchange and the payment processor, price volatility, and transaction limits. And always do your research before buying any crypto asset.
Frequently asked questions
Can I buy Bitcoin with my Stripe account?
Can I transfer money from Stripe to Binance?
Where can I buy crypto with Stripe?
Can Stripe receive bitcoin?
Does Stripe offer crypto?
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