Bitcoin is the most-priced digital asset today, Most people acquire it with other crypto or with fiat currency. Some digital traders are now aware that you can also acquire it with gift cards. Among the many gift cards, both closed-loop and open-loop, the easiest ones to swap with traders are open-loop cards. One of them is the American Express or Amex gift card. And that’s what this blog will focus on today – how to buy Bitcoin with Amex gift cards.
Amex gift cards are one of those gift cards that you use for extremely important needs because it’s versatile and universally recognised. You can buy them on a digital exchange platform- whether it’s a regular gift card vendor or a P2P platform.
Let’s dive right into how you can buy Bitcoin with your Amex gift card. Before that, some introductions.
What is Bitcoin?
Bitcoin is a decentralized digital currency without a central bank or single administrator. It can be sent from user to user on the p2p Bitcoin network without intermediaries.
The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.
As of today, Bitcoin is the largest and most popular cryptocurrency. Several other coins have been created using its model and are known as altcoins i.e. alternative currency.
As of writing, the price of BTC is $37,337.70 USD with a 24-hour trading volume of $23,589,316,362 USD on CoinMarketCap. BTC has hit a high in recent weeks, up 1.93% in the last 24 hours. BTC is still the number one ranked cryptocurrency today with a live market cap of $727,427,162,883 USD. It has a circulating supply of 19.54 million BTC coins and a max. supply of 21,000,000 BTC coins.
What are Amex Gift Cards?
American Express (AMEX) is an American multinational that provides payment cards. The company provides its clients with payment card options like credit cards, debit cards and AMEX gift cards.
An AMEX gift card, unlike the other AMEX cards, can not be used to withdraw cash; rather, they are pre-loaded with cash. The holder is allowed to redeem items with the gift card till the cash loaded on it is exhausted.
Amex gift cards are unique because they can be used to purchase anything from a store that accepts American Express. Unlike most gift cards, it is not tied to a particular brand. The American Express brand of gift card is a prepaid payment card that is used as a gift or incentive.
Which Crypto Platforms Accept AMEX Gift Cards to Buy Bitcoin?
The crypto platforms that accept American Express are the ones that can process fiat money, usually centralized exchanges and brokers.
On the other hand, their decentralized counterparts cannot accept fiat-only cryptocurrencies, and that’s why they never list American Express among its deposit and withdrawal methods.
Apart from the Bitcoin exchanges and brokers, there are plenty of other P2P lending platforms, marketplaces, and more that allow you to acquire Bitcoin in some way using American Express as a preferred payment option.
Factors to Consider When Choosing a Platform to Buy Bitcoin with Gift Cards
Here’s what to take into account when buying Bitcoin with your Amex gift card.
1. Fees
It’s no secret that exchange platforms are more expensive than others. If you’re on a budget, your job is to find the platform with the lowest fees. However, if you don’t mind paying more, try looking for the best price/quality ratio.
2. Limits
All brokers have transaction limits when depositing, withdrawing, buying, or selling. Take all of them into account when choosing the best trading site for you.
3. Security
This is very important when choosing the right marketplace. You should verify that your broker of choice has all the security protocols in check. This is essential for keeping your funds and your sensitive data safe and secure.
4. Speed
Sometimes, transactions can take a couple of minutes, especially when trading Bitcoin, which is one of the slower cryptocurrencies. However, various brokers have different speeds, and you definitely want to avoid the slow ones.
5. Ease-of-use
Check the broker’s user interface and see how easy or difficult it is to use the platform to buy Bitcoin with American Express. If you’re new to the world of crypto trading, go for the simplest-looking ones.
Best Place to Buy Bitcoin with Amex Gift Cards
As stated earlier, you can buy Bitcoin with the Amex gift card via Bitcoin exchanges, P2P lending platforms, marketplaces, and so on.
The best place to buy Bitcoin with Amex gift cards in Nigeria and Ghana is Prestmit. The company is a digital exchange platform that gives the best rates while using its site or mobile app. It also meets the requirements you need to have a wonderful trading experience.
You can get the best rates for all subcategories of AMEX gift cards by simply selecting “AMEX” as a category of gift cards on the platform.
How to Buy Bitcoin with Amex Gift Cards
Buying Bitcoin using American Express is no different from buying anything else with credit and debit cards online.
If you’re buying Bitcoin with Amex gift cards, then you have to choose the best platform for this purpose. We’ve already established that your best bet is Prestmit. Here’s how to buy BTC with Amex gift cards on Prestmit.
- Download the app on your iOS or Android device
- Create an account or sign in if you have one already
- On you dashboard, select Buy/Sell Gift Cards. Then select Sell Gift Cards.
- Choose Bitcoin as your preferred payment mode.
- Fill out the details of the gift card you want to use for this trade. Under Gift Card Category, choose American Express. Fill out the other fields including the amount, and you Bitcoin wallet address. The amount of Bitcoin you’ll receive in dollars will be displayed at the bottom of the page.
- Tap Proceed to continue. Follow the prompts to complete the transaction. You will receive your Bitcoin in your wallet within minutes.
Conclusion
Bitcoin is the most popular and highest-valued cryptocurrency. There are various ways you can acquire it, one of which is with gift cards. There are many gift cards you can use to buy Bitcoin, but our focus in the blog is on how to buy Bitcoin with Amex gift cards.
Amex gift cards are open-loop gift cards issued by the American Express payment processing company. The cards are prized for their versatility. You’ll find the practical steps to take to buy Bitcoin with Amex gift cards above.
The good thing about this is that you can do everything from the comfort of your house. So start trading those Amex gift cards for Bitcoins. Just trade carefully. Choose a secure platform and report any suspicious activity to the platform’s customer support.
