With the boom of crypto in place, many retail investors have flooded the crypto space and want an easy way to enter it. The most practical and easiest way seems to be through credit cards or debit cards but these investors face hurdles while buying through these payment modes. So, is it possible to buy cryptos using credit cards?

A lot of crypto exchanges do not allow buying digital assets using credit or debit cards due to the risks involved. This is because the credit card companies allow chargebacks if you have made a transaction that you didn't intend to. On the other hand, crypto payments are irreversible unless the receiver pays them back. This is also the reason why many exchanges have banned using PayPal as a payment mode. This is where exchanges like THODEX help the consumers by allowing them to buy cryptos using their VISA or Mastercard. The problem of chargebacks is solved by their partnership with Simplex, an EU-licensed financial institution that ensures secure credit card payments for cryptocurrencies. Not only does this allow investors an easy way into the crypto market but it also promotes adoption in the long run.

What is THODEX?

THODEX is a Turkish crypto exchange that allows the trade of multiple cryptocurrencies with low commission rates. With an exchange score of 4.6, THODEX is ranked at #53 on coinmarketcap. It provides decent liquidity for a lot of currencies including BTC, ETH, LTC, LINK, etc. It currently has over 30 active markets with a lot of possibilities to trade.

THODEX is making a name for itself by introducing new markets as well as adding facilities like stop-loss, which make the trading experience less risky as compared to the traditional way. They also allow users to enter their affiliate program as a way to make money by partnering up with the exchange through referrals. 

So, how do we purchase cryptos using credit cards on THODEX?

The process is fairly simple. To buy currencies using a credit card you make an account on the exchange's website. Buying digital assets through online exchanges is a matter of trust. So, to make the process secure, the exchange requires the approval of Level 1 membership on their exchange, the details of which can be found on the website. Once you're done with the aforementioned procedures, you may proceed to buy your desired digital currency using USD, TRY, or EUR. The interface is also very user-friendly as it has a text field that asks for the amount in fiat against which you want a particular cryptocurrency. This takes you to a page where you add your credentials and get access to the digital asset. 

The overall process is safe, fast, and easy. The only point to note here is that THODEX only allows the purchase of BTC, ETH, BCH, LTC, XRP with your credit or debit card. Other currencies, however, can be accessed through different trading pairs that THODEX allows on its platform.

Security and commissions

These credit card transactions are secured through Simplex's payment gateway that ensures security by allowing no chargebacks. This ensures an overall smooth experience on the user as well as the merchant’s end. The commissions for purchases of cryptocurrencies with credit or debit cards are as follows: Simplex commission is 5% or 10USD, whichever is higher. Also, Koineks A.S. (THODEX) adds a 2% commission to the total price.