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The approval for mainstream use in cryptocurrency remains a central theme, and crypto debit cards have been adopted as a great way to bridge the gap between traditional finance and digital currencies. These cards have introduced significant transaction speed, privacy, cost, and convenience improvements.
Crypto debit cards have eased the combination of cryptocurrency and fiat currency, where cardholders can make transactions and payments at restaurants, cinemas, retail outlets, and other places. In addition, when spending cryptos, you often don’t require much-specialized knowledge to obtain and store digital assets since these cards make it more straightforward.
Characteristics of the Best Crypto Debit Cards
Before deciding on a crypto card to use, several factors should be taken into consideration, and these include:
Ease of Use
Crypto cards should be easy to use, but fees, spending limits, and funding options can confuse the whole experience. Since these cards are often attached to online exchange accounts, eased access to your account or contacting a support team member will significantly influence your overall experience.
The core function of all crypto debit cards is to facilitate online/offline spending and allow cardholders to make ATM withdrawals. Besides, having more features like banking services, payment/remittance services, and altcoin support could also come in handy.
Unlike in the past, the crypto industry is now regulated, making each debit card solution available only in certain areas. Cardholders should make sure a debit card provider supports their region. The provider should aim to stay up to date with any legislation changes and remain regulatory compliant.
The crypto space is still young and trying to choose the most established and respected service providers makes a lot of sense. Crypto debit cards supported by fully transparent projects and integrated with the traditional and modern (Visa and MasterCard) banking systems stand the best chance of surviving in the long run without suddenly halting their services.
The crypto market is quite volatile, but cardholders are still motivated to get the best price rates so that an overly restrictive fee structure shouldn’t hinder spending on a card. Therefore, having a debit card that maintains a transparent and straightforward fee structure will save you more.
Top Crypto Debit Cards
Nexo tops our list. It is a platform that allows you to acquire loans using your crypto as collateral. You deposit cryptocurrency to their platform, and they send you cash. Nexo doesn’t sell your crypto; instead, they hold it for you while you repay the loan.
Some benefits are that you never lose access to your cryptocurrencies and get them back once the loan is paid off. In addition, Nexo is easy to use, and you can begin the depositing process after signing up, which takes just a couple of minutes.
Nexo has an incredible feature called the free Nexo Mastercard for people who are not looking to spend using their cards, allowing you to access your money worldwide with no monthly fees and no foreign exchange fees.
Wirex is another popular option based in London, which provides a cryptocurrency-oriented range of personal and business solutions. It also has offices in Ukraine, Japan, and Tokyo.
Wirex is among the most established companies in the crypto space, with close to 3 million users and a $2.0 billion transaction volume. It features a contactless multi-currency Visa Card, enabling you to connect your debit and credit cards, store crypto and purchase Bitcoin and selected altcoins with high limits and competitive exchange rates.
The platform allows you to make low-fee direct money transfers and exchange crypto and Fiat currency using transparent live prices and exchange rates.
Additionally, it features a Crypto back Reward Program, which allows you to earn crypto each time you use the Visa debit card. Getting back 0.5% of your spending whenever you make payments or purchases sounds like a good offer.
Revolut is a well-known firm that has set about disrupting the finance industry through its mobile banking app. Revolut operates in the EEA, Switzerland, and Australia, and the UK-based company provides mobile banking services and allows its customers to purchase cryptocurrencies.
Once you have signed up for one of the paid monthly subscription plans, you instantly access the digital assets integrated into the platform and purchase Bitcoin and other altcoins.
However, Revolut will not suit everyone since you do not have your private keys and cannot transfer your crypto holdings outside the Revolut system. This is because the platform effectively retains custody of your digital assets. As a result, many crypto advocates have considered it not a “true” method of purchasing Bitcoin. Nevertheless, the mobile bank has features that make it a solid choice, including free unlimited FX volumes, overseas medical insurance, virtual cards, delayed flight, and delayed baggage insurance.
BitPay is a US-based cryptocurrency payments provider established in 2011 and has over 10,000 merchants on board. It offers its US residents a BitPay Bitcoin debit card loaded with funds through a BitPay account. However, since BitPay is only available to US residents, users must give their home address (no PO boxes), government-issued ID, and their Social Security number.
BitPay is well suited for anyone looking for a reliable, straightforward Bitcoin payment solution since their cards are widely accepted worldwide. However, using the card doesn’t incorporate discounts or special incentives.
SpectroCoin Prepaid Card
SpectroCoin is a platform based in Lithuania that enables its users to purchase a range of cryptocurrencies and store/transfer them through its mobile wallet. In addition, SpectroCoin provides debit cards that use EUR or USD and allows the exchange of Bitcoin and other digital assets to be spent in it.
SpectroCoin Prepaid Card Program primarily focuses on European crypto users who must pass KYC verification. In addition, cardholders must provide a passport or ID and a utility bill to use a VIP card with an unlimited maximum card balance. Also, it allows complete POS/ online transactions.
With the above examples, there are many options to choose from if you are looking for an available crypto debit card. US citizens should choose BitPay, and European citizens should go with Wirex or Revolut. All in all, the best crypto debit card option is based on each person’s requirements. Make sure you do proper research to find the debit card service that best suits you.