If you’re looking to buy crypto with Wise, there’s some important information you need to know first. Per the company’s Acceptable Use Policy, Wise does not support transfers to “companies involved in the exchange or trading of cryptocurrencies, or any other virtual currencies”.
However, this limitation does not include payments made with the Wise card. If you have the Wise card, you can use it to deposit funds to cryptocurrency exchanges. You can use the Wise card to make deposits to exchanges like Binance, Coinbase and Kraken.
In this article, we will show you the platforms where you can buy Bitcoin with Wise or use your Wise card to buy crypto.
Buying crypto with a Wise card
If you have a Wise card, you can use it just like any other debit or credit card to purchase crypto on exchanges. As long as you stick to the top cryptocurrency exchanges, they will provide you with a simple and quick way of buying crypto with your Wise card.
For example, if you’re using Binance, simply go to the “Buy Crypto” section and select “Debit / Credit” card. Choose how much you want to spend and the cryptocurrency you would like to buy, and the platform will provide you an estimate of how many coins you will be getting.
You will then be asked to enter your card details and verify your card’s CCV number. After this is complete, you will receive cryptocurrency directly into your Binance account.
Buy crypto with your Wise card on Binance
How to buy crypto with Wise if you don’t have a Wise card
If you don’t have a Wise card and want to buy cryptocurrency with a Wise transfer, your best bet is to use a peer-to-peer (P2P) cryptocurrency trading platform where you will be buying directly from another user, and not a cryptocurrency exchange.
Please note that you might have some difficulties using this method, as your transaction could be declined. A passage from Wise’s Acceptable Use Policy reads:
“We do not support businesses or transactions which are involved in any of the following categories, such businesses or transactions may be declined.”
One of such categories mentioned in the policy include “payments for the purpose of purchasing cryptocurrencies”.
On the platforms highlighted below, Wise is featured among the payment options that traders can choose to accept and we’ve seen several online posts from uses saying that they are paying with Wise on P2P crypto trading platforms like Binance P2P without issues.
However, given Wise’s official policy on not supporting transfers to buy cryptocurrency, we would recommend you choose another payment method if possible.
Binance P2P
Many crypto sellers on the Binance P2P marketplace accept Wise as a payment option. The first step to buying crypto on Binance P2P is to create an account with the Binance cryptocurrency exchange.
Create Binance Account
Please note that you will need to verify your identity if you want to use services provided by Binance. This is required to prevent abuse and comply with the relevant regulations.
Once your account is all set up, head over to the Binance P2P marketplace. First, choose the cryptocurrency that you want to buy. We’ll buy USDT with Wise in our example. Then, select the currency you plan to pay with.
Next, choose your location under “Available Region(s)”. We’ll use Germany in our example. Finally, select Wise under “Payment”.
After choosing the options, the list of available sellers will be filtered down automatically. Please note that depending on the options you selected, there might only be a small selection of sellers, or even no sellers at all. In this example, only two sellers satisfy our criteria.
If you find an offer that you like, click on the “Buy” button. You will be prompted to input the amount of cryptocurrency you want to purchase. The platform will display how much crypto you will receive based on how much you will pay. This is calculated automatically based on the price offered by the seller.
Transactions between buyers and sellers on the Binance P2P marketplace are facilitated by an escrow service. The escrow service acts as an intermediary and temporarily holds the seller’s cryptocurrency until the buyer successfully completes the payment.
While Binance has taken several measures to make the Binance P2P platform as safe as possible, all peer-to-peer cryptocurrency trading unfortunately involves the risk of scams. So, if you’re buying cryptocurrency on Binance P2P, you need to be on the lookout for red flags. Most importantly, you should stay away from sellers you find on Binance P2P that try to convince you to complete the trade outside of the Binance P2P platform.
Noones
Noones is a relatively new P2P marketplace, but it offers an impressive suite of features. The platform also gives sellers the option of accepting payments with Wise.
On the Noones marketplace, you can easily find cryptocurrency sellers accepting Wise transfers by choosing Wise as a payment method in the “Pay via” menu. You should also choose the appropriate location so that you’ll be able to find sellers willing to work with buyers from your country.
Please note that sellers on P2P marketplaces will usually be selling cryptocurrency at a markup. Thankfully, the Noones platform makes it easy to see how much of a premium you will be paying with each offer, so you can only select deals that make sense to you.
The bottom line
If you have a Wise card, you can use it just like any other card to buy cryptocurrency on top cryptocurrency exchange.
On the other hand, if you don’t want to use the card and are looking to transfer funds on the Wise platform to buy crypto, your options are a lot more limited as the platform’s official policy is that they don’t support transactions for purchasing cryptocurrency. While some P2P crypto trading platforms list Wise as a payment option, there is a chance that Wise could decline to process the transaction.
All in all, using Wise to buy crypto is not recommended. If you’re also interested in other ways of buying cryptocurrency, make sure to take a look at our ultimate guide to investing in crypto.
FAQs
How to buy crypto with Wise?
If you want to buy crypto with Wise, you’ll have to use a peer-to-peer cryptocurrency trading platform as Wise does not support cryptocurrency purchases according to its Acceptable Use Policy. This limitation does not apply to the Wise card, which you can use to buy cryptocurrency on exchanges that support debit and credit card crypto purchases.
Can you buy crypto with Wise on Binance?
You can only buy crypto with Wise on Binance if you use the Binance P2P marketplace. However, if you own the Wise card, you can use the card to buy crypto on Binance normally.
