It seems that it is increasingly easy for consumers to buy crypto with their debit or credit card.
Crypto.com, a Singapore-based crypto exchange, is allowing 50 million users to start buying crypto on its app with a debit or credit card connected to Google Pay. , according to a recent press release.
Android users will be able to choose from over 250 cryptocurrencies to purchase with their smartphone, tablet or virtual wallet.
However, as with all things crypto, there are risks involved. Here are the things to know.
Things to know before buying crypto with Google Pay
To start using Google Pay for purchases on Crypto.com, Android users must first ensure that a debit or credit card is connected to their Google Pay account. Then, when the user makes a purchase in the Crypto.com app, they simply select the Google Pay option. All that’s left to do is accept the card processing fee and complete the purchase.
User’s crypto balance will update accordingly and they will be able to review their transaction history in the app.
This move by Crypto.com speaks to a growing trend. Coinbase, a popular cryptocurrency exchange based in San Francisco, has begun allowing its nearly 98 million verified users buy crypto via Apple Pay and Google Pay last year.
“Adding these types of payments helps people buy money,” said Kris Hansen, co-founder and chief technology officer at Synctera, a fintech startup that connects app builders with financial institutions. electronics more convenient in ways that they are familiar with.
“The ability to buy crypto from a checking account makes it easy for anyone to incorporate crypto into their overall financial life,” he added.
Investors should still be careful
However, making it easier for consumers to buy crypto with credit card loans could be risky and land them in financial trouble, Hansen warned.
Experts often warn against charging more to your credit card than you can comfortably pay each month.
And while the ease of buying cryptocurrencies may be welcome news for some investors, it’s important to remember that these digital assets can fluctuate wildly in value. and price. Usually, experts recommend investing only in the amount that you are willing to lose.
Potential investors should also do a thorough check before buying. While easy, cryptocurrency is not something to buy impulsively.
“There have been many unfortunate losses associated with people posing as exchange representatives and making money with them,” Hansen said. “Doing research is important.”
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