Cryptocurrency is now one of the most consistent financial instruments in the market in the last few years. Save for volatility, digital assets have become the pick of most traders in the financial space. With that, most traders are looking for ways to buy a lot of the assets. For the ease of purchasing assets, traders are looking for crypto debit cards to buy assets. The debit cards help users in purchasing assets online, in selected stores, and can also use it to withdraw in ATMs. In this article, we will be looking at the top 3 crypto debit cards for traders in the market.
What Are crypto Debit Cards?
Crypto debit cards are used to buy crypto or withdraw crypto from ATMs. To fund the debit card, traders can send cryptos from the wallet into it. Besides sending from wallets, traders can also top up the card from crypto exchanges or crypto payment providers. Some of the most popular and efficient crypto debit cards are either supported by Mastercard or Visa. This is because they are the biggest payment companies in the world.
The card allows traders to hold the fiat equivalent of their assets. In this way, the transactions processed on the card mirrors that of a typical card transaction. Traders can use the card to purchase different goods and services in selected stores that accept crypto debit cards. They can also use it to withdraw from crypto ATMs.
How Does A Crypto Debit Card Work?
The company in charge of the card allows traders to top up their crypto debit card using various means. Asides from topping up from crypto exchanges, users can send crypto from their wallets to the card. Traders can also top up their crypto debit card using other digital assets supported by the payment merchant.
The majority of the companies use either MasterCard or Visa. This means that traders can use the debit card in any of their supported outlets. The crypto debit card should not be confused as belonging to crypto as the digital asset does not have a company backing it. Most of the companies with debit cards are crypto exchanges that have teamed up with payment merchants.
Top 3 Crypto Debit Cards In The Market
3- BlockFi
The BlockFi crypto debit card is judged to be one of the best in the crypto market at this time. This is because of the mouth-watering offers that its users enjoy while using the card. Aside from their excellent welcome package, the company collaborated with Visa to reward active card users. The card provides users with an opportunity to earn massive rewards in Bitcoin whenever they spend using the card.
Users that want to sign up for the card are allowed to do that for free. Asides from the free sign-ups, using the card comes with various freebies. One great feature of the card is the BlockFi Interest Account. Users on this account are eligible to earn close to 7.5% APY on digital assets. Overall, the card is one of the best in the market, going by the various offers to their users.
2- Coinbase
Coinbase is one of the biggest and best crypto platforms across the world. The platform boasts over $20 billion in trading volume. One of its great offers to its users is the Coinbase Card. Coinbase allows traders to link their physical cards to their wallets on the platform. By this, they would be allowed to spend digital assets or USDC. The stored digital asset is converted to a cash equivalent of their preferred currency to make a transaction.
The card is accepted at major stores across the globe that supports VISA. Coinbase also allows traders to earn great rewards when they use the card. To sweeten the deal, users can choose between earning rewards in XLM or BTC. However, the company does not pay out rewards immediately. Traders are mandated to wait for up to 5 days after their transactions are confirmed. Coinbase allows linking to Google Pay to provide users with an easy and fast way of making transactions.
1- Binance
Binance is also another successful crypto exchange that came to the scene in 2017. The crypto platform ranks in the 1st position when it comes to specific analytics. They have the highest traffic and have one of the highest trading volumes in the market. The Binance VISA card allows traders to exchange their digital assets for fiat at certain selected stores.
The Swipe technology backs the card, and it works like a regular debit card. However, traders can only load the card with digital assets. They can also link the card to their spot wallet to top it up when needed. The asset is converted to fiat currencies at point of sale terminals of supported VISA outlets. Rewards on the Binance card depend on the amount of BNB that a trader chooses to stake on their wallet. Traders can also earn 1% in rewards when they use the card without choosing to stake it.
Conclusion
Crypto is presently cementing itself up there with fiat currencies. Crypto exchanges know this and are working towards creating their debit cards. With most companies now producing their crypto debit cards, one must be careful to pick. Even though the ones listed are the top three, there are other worthy mentions. Crypto cards such as Cryptopay VISA card, Paxful debit card, and Nexo debit card are top picks. To pick a crypto credit card, traders should look out for things like security, transaction fees, and sign-up fees, among other things.