The growing interest in cryptocurrencies is now pushing payment processing companies like Stripe to support digital asset purchases. This guide will take you through the steps to follow when buying Bitcoin and other coins with Stripe. But first, let’s know more about this payment company.
Stripe is an American-based financial technology firm that facilitates online payments. It is popular among e-commerce businesses. However, many crypto exchanges have recently integrated Stripe to allow users to convert their fiat money to digital assets.
Stripe operates as a middleman, letting users use their bank balances to purchase crypto assets, as most exchanges do not support direct bank transfers or the use of credit cards.
Does Stripe Allow Businesses to Accept Crypto Payments?
Yes! Companies running e-commerce websites are able to accept payments in cryptocurrencies thanks to Stripe. The FinTech firm allows these businesses to integrate its fiat-to-crypto onramp API on their checkout pages.
How Do You Buy Cryptocurrencies With Stripe?
As mentioned earlier, Stripe is only an intermediary. Therefore, you cannot buy digital assets directly through the platform. This means you need to register with a crypto exchange that supports Stripe payments. One of them is Bitstamp. We will use this exchange in our guide.
Here is what you must do to start buying crypto with Stripe:
Step 1: Set up a Stripe Account
Registering an account on the Stripe platform is the first step. Visit Stripe.com and click “Sign in.” On the page that opens, press “Register Account” and provide your email address and password. Once you verify the provided email, enter your business details.
Step 2: Connect Your Bank Account
When buying crypto with Stripe, the platform deducts funds automatically from your linked bank account. Now this is how you can connect the bank account with your Stripe account: Press “Activate Payments” and choose how you will use Stripe. It could be as a business entity or just as an individual. After that, the platform will ask you to input all the relevant details of your bank account. Once done, review the information given and then complete the process.
Step 3: Use Stripe to Add Funds to Your Bitstamp Account
Do you have a Bitstamp trading account? If not. Here is how to create one. Download the app on App Store or Play Store, then key in your email and phone number and verify them. You will also need to create a unique password. After doing so, complete the know your customer process by providing your government-issued identification document and proof of residence.
For the safety of your account, it is important to put in place two-factor authentication. After doing this, you can go ahead and make your first deposit using Stripe. Click “Deposit” on the main menu and then select “Bank Transfer.” Enter the amount of USD or Euros you wish to transfer and choose Stripe as the payment method. Now initiate the transaction.
Step 4: Purchase Cryptocurrency
After Stripe completes the transaction, funds will be available in your trading account. To buy crypto, press the “Market” button and select the crypto you wish to purchase and the amount you want to spend. Immediately after the transaction is executed, your digital asset will reflect in your trading account. You can then transfer it to a decentralized wallet if you want total control over the crypto.
What You Should Know Before Buying Crypto With Stripe
It is important to check the transaction fees imposed by Stripe before proceeding to use the platform. The fees range between 1.5% and 2.8%. There are also currency conversion charges to be incurred. Another thing to consider is transaction limits. Most payment processing platforms have put a cap on the amount that users can spend to buy cryptocurrencies, usually $1,000 per month.
As you can see, buying crypto with Stripe is super easy. The platform is making it possible for users to add their favourite tokens to their portfolios. However, if you are looking to buy crypto with Stripe for the first time, you should keep in mind that digital assets are highly volatile, and therefore, you risk losing all your money. So invest carefully.
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