How to buy Crypto & Bitcoin with Discover Card

Interac is a Canadian interbank network that facilitates electronic transactions. This widely used platform powers debit cards, online payments, and money transfers between Canadian bank accounts, making it a cornerstone of the country's digital economic landscape.

This guide offers a comprehensive approach to acquiring cryptocurrencies, including Bitcoin, through CEX.IO, specifically focusing on utilizing popular Canadian payment methods facilitated by Interac.

Step-by-Step Guide: How to Buy Crypto & Bitcoin with Interac

Before learning how to buy and sell cryptocurrency through an Interac debit card, curious participants must register and verify their accounts with CEX.IO. This not only allows them to receive complimentary crypto wallets but also unlocks access to a massive library of features and services. 

One such feature is Instant Buy, facilitating convenient and almost instantaneous purchases through credit and debit cards, including those issued by Interac. Below, we outline the steps for acquiring crypto through our Instant Buy functionality: 

1. Log in using your credentials. 
2. Head on to Instant Buy from the dashboard. 
3. Choose the asset you wish to purchase from the dropdown menu. 
4. Indicate the fiat currency to be used for acquiring crypto.
5. Specify the amount you want to allocate for your crypto purchase. 
6. Choose credit/debit card as your preferred funding method. 
7. Enter your Interac card details. 
8. Follow the on-screen (in-app) instructions to complete the transaction. 

Disclaimer: Please note that transaction confirmation methods may vary. Users may be required to verify their transactions through a One-Time Password (OTP), email verification, or the Interac mobile application, depending on their security preferences.

Requirements

To use Interac, a Canadian-based payment network, users generally need a Canadian bank or credit union account that supports Interac services. They must also be at least 18 years old or the legal age to hold a bank account in their province or territory. 

Access to Interac typically requires a valid debit card issued by a participating economic institution. Some services, such as Interac e-Transfer, require an email address or mobile phone number for sending and receiving funds. Additionally, participants must have an online banking account set up with their economic institution to access Interac services.

Alternatives to Interac

Since Interac is exclusively available for Canadian residents, those outside Canada or looking for broader payment gateways may consider other alternatives. CEX.IO offers multiple convenient funding methods that cater to users from various jurisdictions. 

These alternatives include widely recognized methods which provide secure and quick transactions, like:

• PayPal*
• Google Pay
• Apple Pay 

Additionally, our platform supports direct Bank Account transfers for seamless and reliable funding, as well as digital wallets like Skrill and Neteller, which are popular choices for users seeking flexible and fast online payment methods. These methods ensure that users can transact globally with ease, regardless of their location.

*Please note that PayPal is available only in U.S. jurisdictions.

Disclaimer: The availability of specific payment methods may differ by country, as seen with PayPal and Interac. We recommend that users verify the availability of their preferred funding gateways in their respective countries before making a purchase on CEX.IO.

FAQs

Is it safe to buy crypto with Interac?

Yes, it is safe to buy crypto with Interac. Interac transactions are secured with advanced encryption, ensuring your data is protected. Additionally, Interac uses strong authentication methods and operates through well-established institutions, making it a reliable choice for purchasing cryptocurrency.

Can I buy Bitcoin with Interac on CEX.IO?

Yes, you can buy Bitcoin with Interac just like any other debit card. Make sure to register and verify your account before purchasing Bitcoin on CEX.IO.