Problem with crypto purchase using credit cards

There are many places that offer a crypto purchase service using a credit card, but it seems that many card companies in Korea often block this kind of transaction. Any of these problems in other countries as well?

Most countries have reports of this.

Tbh it could be every bank doing it and just the bank thinking whether you're a risk or not some random stuff... I've heard banks in the UK blocking people doing stuff and some of them are ones I use to do transactions between exchange so...

Yep, happened to me a few times in euro zone! It would be interesting to know what flags come up that alerts the credit card companies? Is it the name of the exchange, IP address ......?

You can always try to call them and ask the bank as long as crypto is not illegal in your country.

If they're blocking exchanges, then they've probably done it only to the big ones, therefore you can always try and use less known exchanges. Which exchanges have you tried so far? Maybe we can suggest some other names for you.

Via google search, you can read that most credit cards were banned from buying cryptocurrencies, except for Master Card. Not sure if the mentioned issuer still allows crypto purchase today. It similar to the gambling ban because of the risk involved in both activities (buying crypto and gambling).

It's probably because they don't want any transaction to do with crypto, and it seems to be a common problem in different countries. I would suggest you use alternative means of purchasing Bitcoin such as using other electronic payments like Alipay, Advcash, cashapp, worldremit, Skrill (I am not saying this work in Korea, but I am just giving examples of other electronic payment methods) or use p2p exchanges that have offers to buy Bitcoin

People love Peer-to-peer or decentralized exchanges because of those stupid responses from banks.

You can have a little bit secret for your crypto exchange deals with them and can reduce your risks to get frozen. However, there are other risks: money laundering (banks can freeze your account, card if you have trades with other accounts that are detected with money laundering, even they don't know your trades are cryptocurrency), unprotection of local laws for cryptocurrency trades. If crypto exchanges are not protected by laws in your nations, when you are scammed by crypto trade partners, you will lose all money and can not find any help from police, banks or governments.

Very little true decentralized exchanges. Some good DEX I know are:
https://bisq.network/
https://hodlhodl.com/
Help: A list of LocalBitcoin alternatives (P2P marketplaces)

Quote from: manul888 on April 05, 2021, 02:36:14 PM

Surely there will be countries like these. With the volatility of crypto and some scam attempt and reports for sure they are so prrcautious to accept and utilise the debit and credit card payment for this. There are some whose accepting but trust me, many still afraid of it that it could cause hacked or breach of system.

It is the banks distinction on crypto and that's why they're blocking such purchase related to crypto, although not all of them are.

They may have a circular law that mandates every crypto purchase with their customers credit card, they would automatically block it. You can ask that to your credit card company why they're like that.

Quote from: manul888 on April 05, 2021, 02:36:14 PM

I ever read this news about Korean Credit Card companies that block purchasing for cryptocurrencies.
However, it was in 2018.
What's about now? I tink that Korea is one of the countris that really welcome to cryptocurrencies.ANd yes you must ranalyse which companies that elgalize using it to buy crypto.

And have you tried it on Binance? Binance accepts patment with CC.

Quote from: SquirrelJulietGarden on April 06, 2021, 12:51:53 AM

People love Peer-to-peer or decentralized exchanges because of those stupid responses from banks.
(....)

Using a peer-to-peer exchange is a different story from OP's concern.

Indeed OP using a centralized exchange for purchases using credit cards.
So for OP, I think the best thing to do before using credit cards for buying crypto is to have some research or ask some community in your country or bank accounts the same with you about their experience for buying crypto using credit cards.

Don't credit card companies charge higher fees than P2P/ transfers? It would be best avoiding doing so unless you're really left with no choice.

Quote from: manul888 on April 05, 2021, 02:36:14 PM

~snip~
Any of these problems in other countries as well?

Yes, it is not possible to buy crypto with a credit card even in my country (Pakistan). But that's not a problem. As we can buy crypto on any P2P exchange through our bank account.

For example, if you want to buy bitcoin, first of all, go to paxful P2P exchange create an account and find a seller who is selling bitcoin through a bank account.

Always remember do not transfer funds until you get your bitcoin.

Instead of using your credit card to buy bitcoin directly why can't you use P2P platform like binance and pay the receiver with your bank account straight away? Or fund your paypal with your credit card and send money from your paypal to receiver's paypal account? This is the best way to avoid credit card blocking in some countries

Quote from: Skinny48 on April 07, 2021, 10:23:42 AM

That's one way to do it, but there is always that risk of having the transaction reversed when dealing with PayPal and bank accounts.

Quote from: manul888 on April 05, 2021, 02:36:14 PM

Unfortunately, it is also an issue in our country however in all the banks though. I remember that my friend once used his bank account to store his earning in crypto but the bank questioned it where does it all money came from and he tells from crypto trading. It turns out that even the crypto is accepted in our country there are still a few institutions that are not ready to accept it, perhaps it would take more time for them to accept it. Anyway, there is still some way to purchase crypto, instead of using a credit card why not use peer-to-peer service.