(NewsNation) — Can you buy cryptocurrency using a credit card?
Cryptocurrency, a digital currency managed online through secure technology, was first introduced in 2009. Bitcoin, the first decentralized cryptocurrency, hit a boom around 2013, and public interest soared from there.
Investors can buy cryptocurrency using a variety of payment methods, including bank transfers, debit cards, PayPal — and, yes, credit cards.
Ex-FBI agent: Crypto kidnapping blends ‘old-school, new-school crime’
The exchanges that accept credit cards may be subject to certain limits, locations or policies, according to Forbes.
“Using a credit card can be convenient but usually involves higher transaction fees and can also incur cash advance fees,” Forbes reported. “Some credit cards have policies that limit their use for purchasing cryptocurrency; in these cases, attempted purchases of crypto may be declined.”
Although paying with a credit card is fast and easy, Forbes warned of security risks.
“While many reputable exchanges prioritize security, the crypto market is also filled with hundreds of platforms that vary widely in legitimacy,” Forbes reported. “Some may be vulnerable to hacks, while others, in the worst cases, are outright scams.”
