If you have ever considered buying crypto, then you have probably also considered using a credit card to do it because you avoid the extra hassle of bank transfers, which can take days, and you receive your crypto instantly. You also don't have to use ATM’s which can have high extra fees added on, so considering all of this, it's not surprising to know that buying crypto with credit cards is one of the most popular methods in the world. This probably leaves you asking, How can I buy crypto with a credit card in France? Well, you just go to the deposit section, enter the amount you wish to buy, select deposit via credit card, enter your card details, and you will receive the crypto into your wallet.
A few important things to note before you make your purchase though, you have to complete a KYC (know your customer) check before making any crypto purchases, which is important because it ensures that the customer is who they say they are, and it also avoids money laundering through crypto exchanges. These KYC checks usually ask for a few documents like a passport, ID or driver's license, some form of address verification, like a utility bill and a financial check, for proof of funds. It’s also important to note that your account name on our site must match your credit card name. In France, Cryptocurrencies are regulated by the PACTE law since 2019, which is a law that ensures that cryptocurrency service providers are fully regulated, meaning more protection for buyers. It is also important to know that crypto is subject to taxation in France, so we will look at the different tax rates in France and help you choose which one is best for you.
Things to Consider Before Purchasing Crypto with a Credit Card
Let's remember that nothing in life is ever just black and white, and while buying crypto with a credit card is one of the most common methods because it is convenient and fast.Using a credit card also comes with some downsides. Thankfully, knowing these downsides can also help mitigate them, so we will take a look at the main things you should consider before buying crypto with a credit card in France.
- Credit cards will generally incur a higher transaction fee than bank transfers.
- Banks will usually impose a conversion fee if your native currency is not US Dollars.
- You may have a monthly limit in place on your credit card, meaning you can only invest smaller amounts at any one time.
- Some credit card companies impose blocks on buying crypto, as they don't want to deal with high-risk industries.
However, as I said, some of these downsides can be mitigated with a little bit of extra preparation, for example, some credit card companies will allow you to contact them and lift blocks that are in place for high-risk industries. The main reason credit card companies put these blocks in place is that some people will buy crypto with a credit card and then request a chargeback for the transaction if the trades don't go their way. We will look more at this later, but it's important to check with your card provider and make sure there are no blocks in place for crypto purchases before buying.
How to Buy Crypto on your Plasbit Wallet in France
Now, the moment you have all been waiting for (drumroll please), how to buy crypto with your credit card in France? For this guide, we will assume you already have a PlasBit account.
Step 1
Go to the deposit section on your Plasbit dashboard, enter the amount you wish to transfer (under 50$, as this is a low limit deposit), find the option “Debit Card - Low Limits" and click on Deposit.
Step 2
Fill out the required information, as marked in this form:
Step 3
Ensure that the amount displayed on this screen matches the amount you intend to transfer,
then click 'Buy Now'.
Step 4
Add your card details and click “Add Card”.
Step 5
Verify the order details and press "Confirm"
Step 6
You will receive a code to your email, add the code, mark the “agree to the terms” checkbox and then click continue.
After you enter the code sent via e-mail, you will receive an SMS message to your phone with another code. Enter it to complete the 3D Secure verification process.
Step 7
Your order may take a few minutes to process, and then you should see a pop up with order confirmation.
Step 8
After confirmation, the amount of Bitcoin will be shown in your wallet.
A Deep Dive into Purchasing Limits
Now, let's take a look at the different limits in place on PlasBit, when it comes to purchasing crypto, which we will visualise with a chart of the daily, weekly, monthly and yearly limits in USD and other currencies like Euros available on the PlasBit website.
USD Purchasing Limits
| USD Purchase Limits | ||||
|---|---|---|---|---|
| KYC Level | Maximum Limit Per Transaction | Daily Maximum Limit | Monthly Maximum Limit | Yearly Maximum Limit |
| 1 | $50 | $150 | $500 | $500 |
| 2 | $3,000 | $5,000 | $25,000 | $100,000 |
| 3 | $3,000 | $10,000 | $50,000 | $200,000 |
Other Currencies Purchasing Limits
| Other Currencies Purchase Limits | ||||
|---|---|---|---|---|
| KYC Level | Maximum Limit Per Transaction | Daily Maximum Limit | Monthly Maximum Limit | Yearly Maximum Limit |
| 1 | GBP & EUR - $100 / Rest - $50 | $300 | $1,000 | $3,000 |
| 2 | $3,000 | $15,000 | $50,000 | $100,000 |
| 3 | $6,000 | $30,000 | $100,000 | $200,000 |
**For other currency purchases, limits apply in the equivalent amount of the purchase currency.
Understanding the Different KYC Verification Levels
You may have noticed that there are different levels of KYC verification in our chart, with the higher levels unlocking a higher spending limit. This is simply because the more money you plan to invest in crypto, the more rigorous the verification process needs to be, with these verification steps in place to protect the consumer, and while they may be annoying to complete, they are necessary. Now, let's take a look at the different levels of KYC verification and what they require.
- Level one: simplified verification - This is the most basic level of verification, and so requires the least details. To unlock level one, you will need to provide your full name, date of birth, and complete address.
- Level two: full verification - This level includes an ID verification process and a quick liveness check, which aims to check for a live, present individual and not a photo, video, or digital simulation
- Level three: enhanced due diligence - Requires you to submit additional financial statements, such as bank statements, along with proof of funds.
Other Things to Note Before Buying Crypto
Some other important information to bear in mind when purchasing is that limits can vary based on the payment method you are using. You cannot purchase crypto on Plasbit from any country that is on the list of prohibited countries, but the good news for our French readers is that France is not on this list. We have already looked at the transaction limits, but it's important to note that there is a minimum purchase amount of $5 per transaction, and every purchase you make will count toward your spending limit. Additionally, all purchases are subject to a slight fee, which will be displayed to you in full before you confirm your purchase, with all purchases being final and nonrefundable, so remember to check and double-check your purchase before confirming (sorry honey, I accidentally spent $2,000 on Bitcoin and they wouldn't let me cancel) Now for some good news! There are currently no crypto purchasing methods that are banned in France, so you should have no problem finding the right method that suits you. There are also no restrictions on wire transferring from your bank account to your crypto exchange of choice, however, it is worth noting that because of France's strict regulations around crypto exchanges, it is illegal to transfer to unlicensed crypto exchanges, so the crypto exchange you choose must be regulated in France. There is also high liquidity in France, as it is considered a very crypto-friendly country, so there are a lot of choices when it comes to P2P marketplaces to make your crypto purchases.
What is the Tax Rate on Crypto Gains in France?
If you have a good year and you make a nice profit on your crypto investment, the next thing you should be aware of is that all cryptocurrency profits in France are eligible for tax (the same as most countries where crypto trading is legal). This naturally leads to the question, What is the tax rate on crypto gains in France? It’s between a 30% flat tax rate (12.8% income tax and 17.2% social security contribution) or a progressive income tax scale. Gains of up to €305 per year are also tax-free in France, so if you're new to trading crypto and just want to make small investments, then it's worth keeping in mind. If you’re wondering which rate is better, it's important to note that since January of 2023, the French government has now allowed all investors to choose between the progressive or flat tax rate. Professional or long-term investors were automatically placed in a flat tax bracket, with the progressive tax bracket generally thought to be the better choice of taxation for low-income earners on crypto. The flat rate is generally the rate chosen by those who earn a significant amount of money every year from crypto, but individual circumstances like your other earnings outside of crypto may make the progressive scale a better choice for you. This is why France is considered one of the more crypto-friendly countries on earth, because the more choice the investor has, the better.
Can I Buy Bitcoin With a Debit Card in France?
Now that you're fully up to date on the question of how can I buy crypto with a credit card in France, you may be considering other options, like purchasing with a debit card. The difference between a debit card and a credit card is that it’s connected directly to your checking account, so you are using money that you own, on the other hand, a credit card lets you access borrowed money, which you may have to pay interest on. So that probably leaves you asking, Can I buy Bitcoin with a debit card in France? Yes, you can. Simply go to the deposit section, enter the amount you wish to buy, select deposit via debit card, enter your card details, and you will receive the crypto into your wallet. If you have the funds available and would rather not take out a loan to invest, than investing with a debit card is a solid and reliable way of buying crypto in France.
Can you buy Bitcoin in France to join the Climb to a Million?
Bitcoin is the most commonly traded crypto in the world, so it probably leaves you asking, Can you buy Bitcoin in France? Yes, you can buy Bitcoin and other Cryptocurrencies in France with a credit, debit or prepaid card instantly using Plasbit exchange. Here at Plasbit, we also offer over 100+ other cryptocurrencies, low fees and a safe purchasing environment.
Why do Banks Decline Crypto Purchases?
It is also good to note that some banks can decline crypto purchases because they consider crypto to be a high-risk sector. They associate these high-risk sectors with an increase in scams, chargebacks and disputes, and so they block transactions, although it is usually a simple process to counter this block. You can start by contacting your bank and letting them know that the charges are legitimate, at which point the bank or credit card company might lift the restrictions over the phone, or they may offer you the ability to purchase if you give them written or verbal consent, acknowledging the risks of these types of purchases. If you’re wondering why banks are taking this step, well, it's pretty simple. Some people have started using credit cards to buy more crypto than they can afford, with the hope that the price will rise. The aim is that when the crypto rises in value, they will return the initial investment to the credit card company and take the extra profits for themselves. The problem with this is that crypto is extremely volatile, and when you combine this with the fact that most traders have limited knowledge of risk management when they trade, many end up losing the money they borrow from the credit card company. They are then left in a position of debt to the credit card company, so you need to remember to only trade with money you can afford to lose. The crypto market is an extremely volatile one, and no matter how certain you are of a trade, it may not go the way you were expecting, so you should always diversify your assets and have a backup plan.
Time to Buy Your Crypto
By now, you should no longer be wondering how can I buy crypto with a credit card in France, since we have taught you all you need to know with our step-by-step guide. You should be aware that while buying crypto with a credit card has some downsides, like extra fees, it is also one of the most convenient ways to make your crypto purchases, which is why it is one of the most popular methods used in the world today. Just remember, buying crypto is about choosing the method that works best for you, so if you want the quick and easy way of buying, then using a credit card is probably the method for you, but if speed is less important and you want to avoid extra fees, then bank transfers are probably the way to go. No matter what method you choose, you should be fully informed about your purchase before you buy, and ultimately, you should know that France is one of the most crypto progressive countries in the world today, so if you are confident that you want to invest, there are plenty of marketplaces and ways to invest, whether that is with a credit card or not.
