Experiment: I bought BTC with Credit Card, Money to be returned in 45 days
SEPTEMBER 4, 2020
3
SHARES
I deposited 100000 INR on Bitbns using my credit card and bought BTC. Paid 1.77% fee. The credit card bill is to be paid in 45 days.
Let me start this article by saying that I do not recommend buying cryptocurrencies with credit cards. I do these experiments with proper risk management. I also do these experiments knowing that it could back fire 99% of the times. So you can learn from my experience without taking a risk.
My experiment series is a reflection of what Crypto traders desire to do but shouldn’t. So please, I reiterate, do not try this yourself without proper risk management. If you want it to be spoon fed, it means that don’t invest more than you can afford to lose.
Earlier, users were easily able to buy crypto with credit cards across various international merchants. Now, most such merchants are black listed by Indian banks and hence the credit and debit cards don’t work. So this is not an article to bypass the existing laws and conditions, this is also not an opportunity to arbitrage. Infact, it is more expensive to buy crypto using credit cards than it is to buy directly from your bank account in India. Now let’s see how I did it.
Deposit INR on Bitbns with Credit Card
Bitbns is one of India’s popular crypto exchanges. Users can buy or sell crypto with INR on the exchange. To buy crypto, users must deposit INR using one of the several methods available. Some are free, some have a fee.
To deposit using credit card, user must use Mobikwik as payment method. When depositing with Mobikwik, the platform acts as a payment gateway between Bitbns and your card. They charge a 1.5% fee plus GST for the transaction, which totals to roughly 1.77%.
While depositing 100000 INR, I received 98230 INR on Bitbns
Experiment: I bought BTC with Credit Card, Money to be returned in 45 days SEPTEMBER 4, 2020 3 SHARES I deposited 100000 INR on Bitbns using my credit card and bought BTC. Paid 1.77% fee. The credit card bill is to be paid in 45 days.
Let me start this article by saying that I do not recommend buying cryptocurrencies with credit cards. I do these experiments with proper risk management. I also do these experiments knowing that it could back fire 99% of the times. So you can learn from my experience without taking a risk.
My experiment series is a reflection of what Crypto traders desire to do but shouldn’t. So please, I reiterate, do not try this yourself without proper risk management. If you want it to be spoon fed, it means that don’t invest more than you can afford to lose.
Earlier, users were easily able to buy crypto with credit cards across various international merchants. Now, most such merchants are black listed by Indian banks and hence the credit and debit cards don’t work. So this is not an article to bypass the existing laws and conditions, this is also not an opportunity to arbitrage. Infact, it is more expensive to buy crypto using credit cards than it is to buy directly from your bank account in India. Now let’s see how I did it.
Deposit INR on Bitbns with Credit Card Bitbns is one of India’s popular crypto exchanges. Users can buy or sell crypto with INR on the exchange. To buy crypto, users must deposit INR using one of the several methods available. Some are free, some have a fee.
To deposit using credit card, user must use Mobikwik as payment method. When depositing with Mobikwik, the platform acts as a payment gateway between Bitbns and your card. They charge a 1.5% fee plus GST for the transaction, which totals to roughly 1.77%.
While depositing 100000 INR, I received 98230 INR on Bitbns