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July 22, 2019

How to buy Bitcoin Cash with a credit card or using bank transfers

bitcoin cash bch

The 1st of August 2017 saw the launch of Bitcoin Cash as an alternative to other cryptocurrencies as a peer-to-peer electronic cash system. It is a little different from altcoins as it was developed from the original Bitcoin network. This means it is not an altcoin, but rather a Bitcoin hardfork. Founder Roger Ver created it from the Bitcoin blockchain hoping for it to be the original vision of Bitcoin and reclaiming certain characteristics which were previously held by the original Bitcoin software.

Over a year later, the Bitcoin Cash network saw itself as part of another split. This time, the split happened on the Bitcoin Cash network because of differences in ideas held by Roger Ver and Craig Wright. As a result of unreconcilable differences, Bitcoin Cash split into Ver’s camp: Bitcoin ABC (which is known as Bitcoin Cash) and Wright’s camp: Bitcoin SV (standing for Bitcoin Satoshi’s Vision).

Read more about Bitcoin Cash in this coin profile.

How to create a Bitcoin Cash wallet

Sign up for a free Coindirect account and you will automatically get a free Bitcoin Cash online wallet . You can use your Bitcoin Cash wallet to buy, sell, store, send (withdraw) and receive (deposit) BCH.

How to create Bitcoin Cash address?

Once you have signed up for a free Coindirect account all you need to do press the ‘Receive’ button to reveal your Coindirect Bitcoin Cash wallet address.

How to buy Bitcoin Cash with a credit card

  1. Sign up for a free Coindirect account
  2. Find your Bitcoin Cash Wallet and click the  ‘Buy’ button in your Bitcoin Cash Wallet.
  3. Select “New VISA Card (EUR)” or “New credit card (NGN)” if you are in Nigeria.
  4. Enter EUR value of BCH you want to purchase (more than the minimum limit) or the BCH amount you want to buy and then click ‘Preview Buy’
  5. You will receive a quote, press ‘confirm’ before timer runs out (counts down from 55 seconds)
  6. Type in your credit card details and pay
  7. You will be taken to a page to verify your transaction
  8. Finally you will be redirected back to your Coindirect Wallet once the payment is successful

How do I purchase Bitcoin Cash from my bank account?

If you are in South Africa or in Europe in a SEPA country you can deposit ZAR and EUR into your Coindirect ZAR Wallet or Euro Wallet respectively.

To fund your account you have to transfer money using bank transfers. To get the funding instructions so that your account is credited:

  1. Go to your ZAR/EUR wallet and click the “Fund now” button. Alternatively, click the Fund tab in your Coindirect wallet and click on “Transfer Now”.
  2. Select the bank to transfer to from the drop-down menu to get payment details and the reference you should use (highlighted in blue)
  3. Transfer the money from your bank account into the account shown on the screen then wait for the bank transfer to be processed (0-3 business days depending on the bank).
  4. Once the funds reflect in your ZAR wallet, go to your Bitcoin Cash wallet and click “Buy” and select “Wallet (ZAR)” or “Wallet (EUR)” as you payment method.

Where can I sell my Bitcoin Cash?

You can sell Bitcoin Cash from your Coindirect wallet by clicking the ‘Sell’ button in your Bitcoin Cash wallet.

If you are in a SEPA region or South Africa. You can sell your Bitcoin Cash and instantly get money transferred to your Wallet (ZAR or EUR).

If you are in another region with no local currency wallet. You can sell your Bitcoin Cash by creating a sell offer on the marketplace

You now know how to buy Bitcoin Cash instantly from almost anywhere in the world. Make sure to download the Coindirect App to trade Bitcoin Cash from the palm of your hands. 

Credit card limits

Please note that Coindirect has limits for credit card purchases in place.

Make sure that your account is verified so that your credit card purchase limits are increased.

Currently, the limits for credit card purchases are:

Unverified users – R3000/€178

Verified users – R15000/€893

Earn XRP when you refer others

Earning free Ripple through the Earn program can be doubly beneficial: Firstly, you introduce your friends to the world of cryptocurrency and, secondly, you make free Ripple (XRP) when they transact. Make sure you get your unique earn link through the Earn tab when you log into your Coindirect wallet, and if your friends sign up to Coindirect and transact, you will both receive 5 XRP for free. Find out more here.