Many investors and traders are facing difficulty buying cryptocurrency from their bank credit or debit cards. The reason is a very clear bank is not allowing them to buy cryptocurrency. There are many reasons why banks are not allowing people to buy cryptocurrency.
Some of the reasons are maybe banks think it will affect the traditional fiat currency, maybe the investors and traders could start claiming the space in the trading market. Whatever the reason, the problem is investors are in trouble because they are not able to buy cryptocurrency from credit cards. The cryptocurrency can be beneficial for the investors because it costs in low taxes, and it allows them to invest with low transaction charges. So in this way, they need cryptocurrency but because of the bank’s restriction, they can’t buy it.
There is a big debate on the issues caused by the bank in the purchasing of cryptocurrency. Every bank has its own policy and we can’t force them to let you purchase cryptocurrency. So I would suggest you don’t go against the policies of the bank. If you do think the bank will have the right to put a legal case on you.
In this article, I will guide you on how to buy yuan cryptocurrency in case your bank is not allowing you.
1. Online Cryptocurrency Platforms
Peer-to-peer or cryptocurrency exchange platforms are working as the third party in the means of buying the cryptocurrency. In this process you are paying the exchange from your credit card and the exchange will purchase the cryptocurrency for you. This process is somehow risky because you can’t trust the words of the exchange especially if you are dealing for the first time. So make sure you are choosing the reputed peer-to-peer platform. If you don’t know which platform can be good then you may ask the experts or professional investors. For sure they will recommend you the trusted one. I will suggest you do proper research and analyze the facilities and tools provided by the platforms. The most necessary thing you need to look at is the transaction charges.
2. Use Cryptocurrency ATM
Like bank ATMs, now cryptocurrency ATMs are introducing the world. Till now you can see them at a few places but it is increasing day by day and in the future, you can see ATMs in every town. The Bitcoin Era is legal in all counties because there is no high power on who is controlling them. Blockchain technology is installing the cryptocurrency ATM for helping people to buy cryptocurrency easily. With the help of an ATM, you can easily sell and purchase cryptocurrency. Some ATMs are also allowed to perform cryptocurrency trading. ATMs will always keep your transactions anonymous but of course, they will keep in the blockchain public ledger.
3. Use of the Payment Portals
Usually, cryptocurrency exchanges and platforms are considered the standard way of purchasing cryptocurrency. Over the internet, you can find hundreds of exchanges, but choosing the good one is tricky. You need to be a good researcher and analyst when it comes to choosing the right trading platform or exchange. The best thing about the exchange is that they also do not keep your transaction history; the transactions will be recorded in the public ledger. So the problem is just you have to find the best exchange and then deposit your money and buy the cryptocurrency. You can also buy the other cryptocurrencies through the exchanges.
There are many other ways of buying cryptocurrency but the safe and secure methods are mentioned below. I repeat again, never dare to go against your bank’s policies. Many card sports like Mastercard and Visa are starting to believe in crypto but still, banks are not allowing their cards to make the payment for the cryptocurrency purchase. Many banks think this is illegal, actually, this is not.
They are doing this because it will decrease the value of the fiat currency. If the value of the fiat currency goes down then how banks will survive. Banks have a strong motive: the cryptocurrency can be used for the gambling and the purchasing of illegal things, banks are 100% right but cryptocurrency is used for dynamic purposes.
This is wrong to say cryptocurrency can only be used for gambling or for illegal stuff.
If your bank is not allowing you then don’t worry you have now other ways. Use them and get your own cryptocurrency easily.