In this article, we will introduce Plaid—a crypto payment method that works with your exchange and allows you to buy Bitcoin and crypto quickly. Plaid is a digital payment gateway that facilitates transfers from a linked bank to crypto exchanges. This way, users can purchase diverse crypto assets directly on their exchanges, and also pay for other crypto transactions via a secure network. Here’s a guide on how to buy Bitcoin and crypto with Plaid.
Can I Buy Bitcoin and Crypto With Plaid?
Yes, you can buy Bitcoin and all other crypto using Plaid as the payment system. Although Plaid does not independently execute crypto transfers, it integrates with crypto exchanges, allowing you to connect your bank account to buy cryptocurrencies. Gemini is a great example of a crypto exchange that allows Plaid transfers as a payment method.
Gemini offers Plaid integration for direct payment options in the UK. This allows users to make quick, secure deposits directly from linked bank accounts to purchase Bitcoin and the crypto of their choice. Hence, to access the Plaid option, we recommend registering an account with exchanges like Gemini, which incorporates the Plaid payment method for crypto purchases.
How To Buy Bitcoin and Crypto With Plaid on Gemini
Once you’ve registered your account on Gemini and completed all necessary verification processes, you can buy Bitcoin and crypto with Plaid on the website. To do that, simply follow the steps below:
- Visit the Gemini website or app and log into your pre-registered account.
- Click the Buy Crypto option on the website’s homepage. Next, select Bank Transfer as your preferred funding option.
- Choose Plaid as your payment method to link your bank account securely. Plaid will display a list of supported banks; select your bank and input your bank credentials to link with Gemini. If you have linked your bank account beforehand, just choose it from the list displayed by Plaid.
- Choose the amount you want to deposit into your Gemini account and Confirm.
- Once the funds are in your account, navigate to the Buy section, choose Bitcoin or another cryptocurrency, and complete the transaction.
You may need to refresh your asset page before the purchased crypto is reflected in your Gemini account. However, the entire process doesn’t take more than 2–10 minutes.
Fees When Buying Bitcoin and Crypto With Plaid on Gemini
There are certain extra fees attached to buying crypto and Bitcoin on Gemini using the Plaid payment method. Gemini typically charges a 0.5% convenience fee on all trades, along with a 1.49% transaction fee for transfers. However, if you are funding your account using a bank account (via Plaid), there is typically no extra fee attached. Always review Gemini’s fee structure, as rates can vary depending on the type of transaction, bank, payment method, size of transaction, or region.
About Plaid
Plaid is a popular Fintech company that primarily connects bank accounts to various apps, allowing users seamless access to their finances. Founded in 2013, Plaid is incorporated in exchanges like Kraken, Gemini, and Coinbase to connect with users’ banks securely. This way, you can fund your crypto accounts, verify balances, and purchase crypto within your exchange using funds in your bank accounts.
Plaid is popular for facilitating transfers through an Automated Clearing House (ACH) transfer mechanism. It is also praised for its enhanced data security, open banking, and wide integration of apps in diverse sectors, such as personal finance (e.g., Mint), investment (e.g., Venmo), and cryptocurrency (e.g., Gemini).
Bottom Line
Crypto trading is more blissful when you know how to get your preferred digital assets and have a trusted gateway for all your crypto purchases. Plaid is integrated into exchanges like Kraken, Gemini, and Coinbase, allowing you to buy Bitcoin and crypto wherever you are! Simply follow the highlighted steps above to purchase BTC, ETH, SOL, or other crypto of your choice today.
