Lindsey, do you know if Coinbase accepts prepaid cards? This is one the questions my readers ask a lot. Well, I´ve got you covered.
Trading and cryptocurrency have become increasingly hot topics in recent years, and some platforms have grown massively as a result. If you are thinking of getting involved then you will probably want to know: does Coinbase accept prepaid cards?
Coinbase does not accept prepaid cards or cards without an associated billing address. They do, however, accept Visa and Mastercard debit cards.
Read ahead to find out all you need to know regarding what payment methods you can use with Coinbase and how it all works.
What Is Coinbase?
Before we get into the payment methods that you can use with Coinbase, we should first explain a bit about what the company actually is and what they do.
Coinbase (officially known as Coinbase Global, Inc.) is a company that operates a cryptocurrency exchange platform. In fact, by trading volume, it is the largest platform of its kind in the United States. The company was founded by Fred Ehrsam and Brian Armstrong in 2012 and has gone on to serve more than 100 different countries today.
The company is based in America but it does not have a physical headquarters and, as of 2021, Coinbase employed more than 3,500 people remotely with revenue of more than $7 billion.
What Services Does Coinbase Offer?
There are a number of different products that retail traders can access from Coinbase, including:
- Coinbase: An app used for buying, storing, and trading cryptocurrencies.
- Coinbase Pro: A professional platform for digital asset trading.
- Coinbase Wallet: An app for accessing decentralized crypto apps known as “dapps”.
- Coinbase NFT: A marketplace for buying and selling NFTs.
The company also offers services and platforms for institutional traders, like Coinbase Prime and Coinbase Custody, as well as other crypto-related products like USD Coin, the Coinbase Card, Coinbase Commerce, and Coinbase Earn.
If you do want to start utilizing any of their various products and services, though, then you will need to know how they will actually let you move money around.
Can You Use Prepaid Cards For Coinbase?
While prepaid cards are very useful for many people, they are not as versatile as traditional debit cards that are directly linked to your bank account.
Coinbase does not accept prepaid cards at this time, and they don’t accept any card that does not have an associated billing address. The cards that they do accept are Visa and Mastercard debit cards.
The main reason why companies like Coinbase tend not to accept prepaid cards is that there is no bank backing up the payments. With a traditional debit card, any payments made will have rules for the transactions which are pre-authorized. With a prepaid card, however, it can be difficult for the company to retrieve the funds that they are owed.
Additionally, it costs time and money to set up new payment methods for any service, and includes prepaid cards.
What Is A Prepaid Card?
A prepaid card is simply a card that can be loaded with money from your account so that you can spend it relatively easily without acquiring any debt.
It does not directly spend funds from a bank account (like a debit card) nor does it incur debt (like a credit card).
Pros of Prepaid Cards
- A convenient way to pay without cash
- You don’t owe a bill on payments
- You don’t need a bank account
- You don’t need good credit history
Cons of Prepaid Cards
- You may pay fees for activation, adding money, making payments, etc.
- Some locations and services do not accept them as a form of payment
- Funds need to be added directly
What Payments Does Coinbase Accept?
You might not be able to use a prepaid card at Coinbase, but there are a number of ways that you can add and remove funds. It is important to be aware, however, that certain methods can only be used for certain services.
| Payment Method | Buy | Sell | Add Cash | Retrieve Cash | Time |
|---|---|---|---|---|---|
| Bank Account | Yes | No | Yes | Yes | 3-5 Business Days |
| Instant Cashouts to Bank Accounts | No | No | No | Yes | Instant |
| Debit Card | Yes | No | No | Yes | Instant |
| Wire Transfer | No | No | Yes | Yes | 1-3 Business Days |
| PayPal | Yes | No | Yes | Yes | Instant |
| Apple Pay | Yes | No | No | No | Instant |
| Google Pay | Yes | No | No | No | Instant |
If you want to buy cryptocurrency, then you can directly link a bank account or you can use a Visa or Mastercard debit card, PayPal, Apple Pay, or Google Pay.
You can add cash to your Coinbase via a linked bank account, with a wire transfer, or through PayPal, and you can retrieve cash from your Coinbase with a bank account, debit card, wire transfer, or PayPal.
Coinbase does not accept physical checks or checks from bill pay services. If you do send a check to the company, then it will be voided and destroyed.
How Do You Add A Payment Method To Coinbase?
Actually adding any payment method to Coinbase is a pretty simple process.
- Go to the Coinbase website and travel to the Payment Methods page or go to “Settings” and then “Payment Methods” on the Coinbase app.
- Click on “Add a payment method”.
- Choose the type of account that you want to use.
- Follow the instructions. You will need to verify the account and these instructions will be different depending on the payment method you choose.
What Is The Coinbase Card?
Coinbase does offer a card of their own called the Coinbase Card. This is a Visa debit card that is funded by the balance on your Coinbase account.
It allows you to spend your crypto funds instantly in the same way that you spend money in the bank, and it is ready to use in a lot of different locations around the globe. It offers contactless and PIN payments, and you can use it to retrieve money from an ATM.
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Summary
So, does Coinbase accept prepaid cards? They do not. Prepaid cards are not a viable payment method for any Coinbase products and services, so you cannot add or retrieve funds from your account using one.
You can, however, use a number of other payment methods – including both Visa and Mastercard debit cards.
Not every payment method that Coinbase accepts can be used for buying, selling, adding cash, and removing cash, so it’s important to make sure you are attaching the right kind of account for what you need.